SEBI's processing report of 16 October 2026 shows 64 draft offer documents under review, down from 77 in the report of 9 October. The regulator also shows two approvals, Cult.fit and Indian Gas Exchange, both dated 12 October. This is the latest read on SEBI IPO approval status.
What changed in the queue?
SEBI publishes a weekly list of every draft offer document (DRHP) it is looking at. A DRHP is the draft prospectus a company files before an IPO. Here is how the buckets moved in the week.
| Stage | 9 Oct | 16 Oct |
|---|---|---|
| Under review | 77 | 64 |
| Awaiting lead manager reply | 38 | 41 |
| Awaiting exchange | 4 | 7 |
| On hold | 1 | 1 |
| Approved | 1 | 2 |
The "awaiting lead manager" bucket means SEBI has sent queries and is waiting for the bankers to answer. The clock effectively sits with the company there, not the regulator.
Who got the nod?
Cult.fit was approved on 12 October, 97 days after it filed. Indian Gas Exchange was approved the same day, 80 days after filing. Axis Capital is the lead manager on both.
Seven other names dropped off the list since the previous report. That usually means observations were issued, but it can also mean a draft was withdrawn or returned. We do not say which without a second source.
Which drafts have waited longest?
| Company | Filed | Days pending | Lead manager |
|---|---|---|---|
| WOG Technologies | 29 Dec 2025 | 291 | Unistone Capital |
| Trenzet Infra | 23 Mar 2026 | 207 | Unistone Capital |
| Bvishal Oil and Energy | 31 Mar 2026 | 199 | Unistone Capital |
| Punjab Carbonic | 9 Apr 2026 | 190 | Beeline Capital Advisors |
| Sky Alloys and Power | 24 Jun 2026 | 114 | Gretex Corporate Services |
| Renfra Energy India | 1 Jul 2026 | 107 | Unistone Capital |
Four of the ten longest waits in our data have Unistone Capital as lead manager. Long waits are common for small issuers, so a long wait is not a sign of rejection.
Among all drafts under review, the median wait is 22 days by our count. Axis Capital is the busiest bank with nine drafts in the queue, followed by ICICI Securities and JM Financial with five each.
What happens next
An approval is valid for 12 months, and a company can launch at a time of its choosing within that window. SEBI's next report is due around 23 October. We track the names that are waiting on our upcoming mainboard IPO page. Last week's approval of Eswari Global Metal Industries is covered in our earlier report. The official list is on SEBI's processing status page.
