Swara Baby Products receives SEBI approval for INR 1000 crore IPO

One of the most anticipated Initial Public Offerings (IPOs) in India is the Jio IPO. As early as 2019, Mukesh Ambani, Managing Director of Reliance Industries, mentioned the company's plans to spin off Jio separately within five years at the annual shareholders' meeting. Following significant market share growth and portfolio expansion in recent years, Jio Platforms Limited filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 19, 2026.

The upcoming IPO will provide retail investors with an opportunity to invest in one of the most interesting and modern businesses of the Reliance group. Jio Platforms Limited is the flagship for Reliance's digital services and digital connectivity. Its key operating subsidiary, Reliance Jio Infocomm, provides mobile, broadband, and enterprise communication services across India. The business is also present in digital entertainment, cloud technologies, artificial intelligence, and other digital services.

The Jio IPO will be a fresh issue of up to 270 million shares with a face value of ₹10 each. The final offer price will be determined through the book-building process. Since the offering does not include an Offer for Sale (OFS) component, existing shareholders will not sell their shares, and all proceeds from the issuance will go towards raising capital for the company itself.

According to the submitted data, Jio Platforms Limited has Reliance Industries Limited as its promoter. The IPO type is a 100% fresh issue, involving the issuance of up to 270 million shares with a nominal value of ₹10 per share, with a proposed listing on NSE and BSE. The size of the upcoming IPO, amounting to up to 270 million shares, represents approximately 2.9% of the post-issue equity capital. Market reports estimate the potential offering size at around ₹37,700 crore.

Jio enters the IPO process with a vast customer base and a growing digital business. At the end of the fiscal year 26, Jio Platforms had 524.4 million customers. Operating revenue was approximately ₹1.47 lakh crore, and EBITDA was ₹76,255 crore, while Profit After Tax (PAT) reached about ₹30,049 crore. In addition to traditional telecom offerings, the business is expanding to include fixed broadband access, enterprise connectivity, cloud services, digital entertainment, IoT, and AI-related products.

Investors should note several points. Firstly, valuation; the final price band will determine the entry cost for investors, and the large size of the IPO does not guarantee a high or attractive valuation. Secondly, a significant portion of the IPO funds is planned for the repayment or early repayment of borrowings, allocated up to ₹27,500 crore. Thirdly, business concentration must be considered: telecommunications remains a vital part of Jio's operations, so investors should analyze competition, pricing, subscriber growth, capital expenditure, and regulatory changes alongside the company's new digital ventures.

Finally, investors are advised to wait for the Red Herring Prospectus (RHP) and final IPO details before applying. The price band, lot size, subscription dates, and final issue size will provide a clearer picture of the public offering. The launch of the Jio IPO has approached due to the filing of the DRHP and receipt of observations from SEBI. However, since the final price band, issue size, and subscription dates have not yet been determined, investors should evaluate the company's financial performance, projected use of funds, and business prospects before applying.

The Indian defense electronics manufacturer Tonbo Imaging has received approval from SEBI to conduct an Initial Public Offering (IPO).

This IPO will consist of an Offer for Sale (OFS) of up to 18,085,246 ordinary shares with a face value of 2 rupees each. The OFS includes shares offered by promoter shareholders, group promoter shareholders, and selling investor shareholders.

The company was founded in 2003 and transformed into a defense sector product manufacturing company in 2012 after being acquired by its former owner and promoters. The company's promoters are Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza.

Among the company's investors are Qualcomm Ventures, Artiman, Celesta, Edelweiss Value and Growth Fund, HBL Engineering, Tenacity Ventures, Export-Import Bank of India, and Florintree.

According to the report by Frost & Sullivan (F&S) provided in the DRHP, during the financial year 2024–2026, Tonbo Imaging was the largest producer of thermal imaging systems by sales volume supplied to government and defense departments in India. During this period, the company accounted for 94.3% of India's thermal imaging equipment exports by unit count.

As of March 31, 2026, the company had deployed over 28,000 systems in 24 countries. Its product portfolio includes thermal cores, weapon sights, thermal binoculars, guidance systems, anti-aircraft missile systems, fire control systems, and missile guidance systems.

Since the fiscal year 2024, Tonbo has owned 100% of its intellectual property, which covers optics, embedded software, and electronics. The company utilizes a low capital expenditure model, outsourcing production to certified EMS partners such as Kaynes Technology India and Avalon Technology, while prototype development, system integration, and qualification testing are conducted in-house.

The Initial Public Offering (IPO) of the National Stock Exchange (NSE) attracted applications for 50.58 crore shares against an offering of 8.86 crore, resulting in an overall subscription rate of 5.71 times. The total offering amounted to 22,562 crore rupees.

NSE shares demonstrated a steady start on the exchanges on Thursday, as they were listed near the IPO price, which aligned with 'grey market' expectations. NSE shares were registered on BSE with a premium of 0.84 percent at a price of 1,800 rupees.

Before trading began, the Grey Market Premium (GMP) for NSE shares stood at 38 rupees per share. According to tracking websites for the unofficial market, the GMP suggested an NSE share listing price of 1,823 rupees, representing a premium of only 2.13 percent over the IPO price of 1,785 rupees.

Qualified institutional buyers subscribed to their reserved portion 12.68 times, while non-institutional investors subscribed 6.55 times. The retail investor portion received applications for 6.13 crore shares against a reservation of 4.41 crore, equivalent to a 1.39 times subscription.

NSE IPO Details

The NSE IPO was open for subscription from September 17 and closed on September 21. The price band was set at 1,700–1,785 rupees per share, and the issue consisted entirely of a Follow-on Offer (OFS) by existing shareholders; NSE did not issue new shares.

The NSE IPO became the second largest public offering in India after the Hyundai Motor India IPO worth 27,858.75 crore rupees in 2024.

Prior to the IPO, the country's largest exchange raised 6,746 crore rupees from nearly 189 anchor investors. Key participants included the Life Insurance Corporation of India, Norway’s Government Pension Fund Global, Monetary Authority of Singapore, Abu Dhabi Investment Authority, and Société Générale, along with several other insurance companies and mutual funds. Most brokerage reports recommended subscribing to the offering from a medium-term and long-term perspective.

Book running managers for the NSE IPO included Kotak Capital, JM Financial, Morgan Stanley India, Citigroup, HSBC Securities, JPMorgan India, SBI Capital, Anand Rathi Advisors, Avendus Capital, Axis Capital, DAM Capital, Equirus Capital, HDFC Bank, ICICI Securities, IDBI Capital, IIFL Capital, Motilal Oswal, Nuvama Wealth, Pantomath Capital, and 360 ONE WAM.