Liquid carbon dioxide (CO2) and dry ice producer Punjab Carbonic received approval from the Securities and Exchange Board of India (SEBI) on October 29 to proceed with its initial public offering (IPO).
The Punjab-headquartered company had filed its draft red herring prospectus (DRHP) with the capital markets regulator on March 31, 2026.
SEBI issued its observations on the company's draft papers on Thursday, enabling it to launch the IPO within the next year.
The IPO comprises 95 lakh shares, including a fresh issue of 60 lakh shares and an offer-for-sale (OFS) of 35 lakh shares by the promoters.
Incorporated in 1992, Punjab Carbonic, along with its wholly owned subsidiary Punjab Fusion (PFPL), produces and distributes liquid CO2 and dry ice. It also supplies and installs CO2 recovery units at distilleries. The company caters to several industries, including food and beverages, automobiles, chemicals and fertilisers, healthcare and pharmaceuticals, and aviation.