Mahanadi Coalfields, Sagar Defence Engineering, and Arjun Jewellers have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their proposed initial public offerings (IPOs).
Defence technology company Sagar Defence Engineering approached the capital markets regulator in August 2026, filing its draft red herring prospectus (DRHP) through the confidential route. Meanwhile, Mahanadi Coalfields and Arjun Jewellers filed their draft offer documents with SEBI through the regular route in the same month.
SEBI issued its final observations on the draft offer documents of all three companies on November 4. Following the issuance of observations, companies opting for the confidential filing route have 18 months to launch their IPOs, while those filing through the regular route have one year to open their public issues.
Founded by Captain Nikunj Parashar, Sagar Defence Engineering manufactures unmanned and autonomous systems across maritime, aerial, underwater, and land domains. Its products cater to a wide range of applications, including strategic defence surveillance, maritime security, oceanographic research, and search-and-rescue operations.
The company's IPO will comprise a fresh issue of shares and an offer for sale (OFS). Media reports have suggested that the issue size could be in the range of Rs 2,000-3,000 crore. However, Moneycontrol has not independently verified this information.