The capital market regulator, the Securities and Exchange Board of India’s (SEBI) has given approval to 3 companies to float initial public offerings (IPOs). These include infrastructure developer Dhariwal Buildtech, cloud and data centre solutions provider ESDS Software Solution, and polymer manufacturer BLS Polymers.
Each of the three public issues will be entirely fresh equity offerings, with no offer-for-sale (OFS) component. The companies had submitted their draft red herring prospectuses (DRHPs) to SEBI between April and September, and the regulator issued its observations between December 15 and 19. All three companies plan to list their shares on the BSE and NSE.
Dhariwal Buildtech’s proposed IPO will consist of a fresh issue of equity shares aggregating to ₹950 crore. According to its DRHP, the company plans to utilise ₹300 crore to reduce debt, ₹203 crore for the acquisition of construction equipment, and ₹174.2 crore towards repayment or prepayment of existing borrowings. The remaining funds will be used for general corporate purposes.
The company operates as a major infrastructure construction player, with expertise spanning highways and state roads, PMGSY projects, bridges, railway overbridges and tunnels, as well as railway, irrigation, rural infrastructure and other civil engineering works.
ESDS Software Solution, meanwhile, is looking to raise ₹600 crore through its IPO, also structured as a fully fresh issue. This will be the company’s second attempt to enter the capital markets, following an earlier filing in September 2021.
As outlined in its offer document, nearly ₹480.7 crore from the proceeds will be deployed for the procurement and installation of cloud computing hardware and allied infrastructure at its data centres, while the balance will support general corporate requirements.
ESDS provides end-to-end cloud and data centre services, offering infrastructure-as-a-service (IaaS) solutions such as colocation, data centre facilities and cloud computing, along with managed services and software-as-a-service (SaaS) products.
Also Read: SEBI Approves ₹150 Crore IPO Of SFC Environmental Technologies
BLS Polymers’ public issue will comprise a fresh issuance of 1.7 crore equity shares. The company intends to use approximately ₹69.84 crore to expand its manufacturing capabilities by increasing capacity for select products, and around ₹75 crore to meet working capital needs. Any remaining funds will be allocated to general corporate purposes.
The company specialises in the manufacture of customised polymer compounds for sectors including telecommunications, power, railways, water supply, and oil and gas distribution. Its products are widely used for wire and cable insulation, sheathing and jacketing, as well as protective coatings for underground pipelines to guard against corrosion and environmental wear.
With a diversified product portfolio, BLS Polymers offers tailored solutions to the wire, cable and broader infrastructure industries.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Dec 24, 2025, 8:37 AM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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