The Securities and Exchange Board of India (SEBI) has given the final go-ahead for three companies to launch their initial public offerings (IPOs). The regulatory body has issued its final observations, a crucial last step before the public issue, to Onemi Technology Solutions, Alcobrew Distilleries India, and Kusumgar Limited. This move signals a fresh wave of companies preparing to tap into the Indian capital markets, offering investors new avenues for investment across diverse sectors like fintech, liquor manufacturing, and industrial textiles.
Onemi Technology Solutions: A Digital Lending Powerhouse
Mumbai-based Onemi Technology Solutions is a prominent tech-driven lender in India. The company operates primarily through its mobile application, offering digital loans for both personal and business needs. It focuses on providing quick, accessible, and customized credit solutions. As of March 31, 2025, the firm has achieved impressive scale with 53.23 million registered users and has served 9.16 million customers.
The company's loan portfolio is robust and diversified, featuring over 1.90 million active borrowers. Its assets under management (AUM) stood at a substantial ₹40,866.38 million as of the same date. Onemi had filed its draft red herring prospectus (DRHP) with SEBI on August 18, 2025.
The Onemi Technology Solutions IPO comprises a fresh issue of equity shares worth ₹1,000 crore. Additionally, there will be an offer-for-sale (OFS) of up to 8,879,575 shares by a consortium of investors, including Ammar Sdn Bhd, various Vertex Ventures funds, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, and AION Advisory Services LLP, among others.
The company plans to utilize ₹750 crore from the fresh issue proceeds to bolster the capital base of its subsidiary, Si Creva, for future financing requirements. Another ₹250 crore is earmarked for general corporate purposes.
Alcobrew Distilleries India: Premium IMFL Producer Expands
Headquartered in New Delhi, Alcobrew Distilleries India is a manufacturer of Indian Made Foreign Liquor (IMFL). The company produces and sells a range of premium products across categories such as whisky, vodka, gin, rum, and brandy, targeting the prestige and above segments.
Its business has grown significantly, with a distribution footprint spanning multiple states and union territories, including Delhi, Punjab, Uttarakhand, Uttar Pradesh, Himachal Pradesh, Goa, Telangana, and Odisha. To support its expansion, the company set up a distillery for distillation and bottling in Gamber Valley, Solan (Himachal Pradesh) in 2022. Alcobrew filed its IPO papers with the market regulator on September 25, 2025.
The Alcobrew Distilleries India IPO consists of a fresh issue aggregating up to ₹258.25 crore and an offer-for-sale of up to 18 million shares by promoter Romesh Pandita.
The allocation of fresh issue proceeds is detailed as follows:
- ₹140 crore for repayment of borrowings.
- ₹28.9 crore for constructing a visitor center and a new maturation hall at its Gamber Valley facility.
- ₹24.7 crore for marketing expenses related to new product launches.
- The remaining amount will be used for general corporate purposes.
Kusumgar Limited: Engineered Fabrics Specialist
The third company to receive SEBI's final observation is Kusumgar Limited, also based in Mumbai. The firm specializes in manufacturing high-performance woven, coated, and laminated synthetic fabrics, known as engineered fabrics. Its product offerings leverage polyamides, polyester filaments, and polyurethane chemistry to meet specific client requirements across various industrial applications. Kusumgar submitted its draft documents to SEBI on September 27, 2025.
Unlike the other two, the Kusumgar IPO is purely an offer-for-sale by the promoters. It involves a sale of shares worth up to ₹650 crore by promoters Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF.
The final observations from SEBI clear a major regulatory hurdle for these three companies. Investors can now expect the launch of these IPOs in the coming weeks, depending on market conditions. These issues represent a mix of new-age digital finance, traditional manufacturing, and industrial specialty products, reflecting the breadth of the Indian economy seeking public market funding.
