Punjab Carbonic has received SEBI's approval for its IPO, as per a Moneycontrol report on 29 October 2026. The issue is 95 lakh shares, part fresh and part offer for sale (OFS). The company makes liquid CO2 and dry ice.
What is in the Punjab Carbonic IPO?
Punjab Carbonic filed its DRHP, the draft papers a company files with SEBI before an IPO, on 31 March 2026. SEBI gave its observations on 29 October. That is the green signal to launch.
| Detail | Reported figure |
|---|---|
| Total issue | 95 lakh shares |
| Fresh issue | 60 lakh shares |
| Offer for sale by promoters | 35 lakh shares |
| DRHP filed | 31 March 2026 |
| SEBI observations | 29 October 2026 |
| Merchant banker | Beeline Capital Advisors |
The price band and the rupee size of the issue are not out yet. They come only when the company files its final offer document.
What does the company do?
Punjab Carbonic was set up in 1992. It is based in Punjab. With its subsidiary Punjab Fusion, it makes and sells liquid CO2 and dry ice.
It also supplies and installs CO2 recovery units at distilleries. Its customers include food and beverage, automobile, chemical, fertiliser, healthcare and aviation companies.
The company has also entered ethanol through its subsidiary Pancarbo Greenfuels. When it filed the DRHP, it had 17 CO2 recovery units across India. Nine run on the build-own-operate model. The other eight are asset-light.
Where will the IPO money go?
Only the fresh issue money goes to the company. The OFS money goes to the promoters who sell. As per the report, the company plans to spend the fresh issue money as below.
| Use of money | Amount |
|---|---|
| Two CO2 recovery units in Andhra Pradesh (Nellore and Peddapuram) | ₹19.66 crore |
| CO2 transport tankers | ₹11.15 crore |
| Ethanol distillery expansion at Lehri, Punjab | ₹40.61 crore |
| Debt repayment | ₹8.5 crore |
The rest is for general corporate purposes. The two new units will have a capacity of 120 and 90 tonnes a day. The ethanol plant will add 35 kilolitres a day.
What our data shows
The SEBI queue is crowded. By our count, 72 companies have filed draft papers in October alone.
What happens next
SEBI's approval is valid for 12 months. The company can launch the IPO any time in that period. It has not announced a date. It will first file its red herring prospectus, the final offer document, with the price band.
We track every company with SEBI approval on our upcoming mainboard IPO page. For other approvals and filings, see our IPO news page.
