Vardhman Appliances and Shreejikrupa Project File Draft Papers with SEBI for Public Listings — September 30, 2026

The Indian primary market continues to witness strong momentum as two diverse companies—consumer appliances maker Vardhman Appliances Ltd and infrastructure developer Shreejikrupa Project Ltd—have filed their draft red herring prospectuses (DRHP) with the Securities and Exchange Board of India (SEBI) to launch their respective initial public offerings (IPOs).

The proposed listings seek to tap public market liquidity to fund manufacturing capacity additions, pare outstanding debt, and finance capital expenditure for infrastructure projects.

Vardhman Appliances: Expanding Manufacturing Capabilities

Vardhman Appliances’ proposed IPO consists of a fresh issue of equity shares aggregating up to Rs 250 crore and an offer for sale (OFS) of up to 2.50 crore equity shares. Under the OFS component, company promoters and existing private equity investors—including The Wealth Company Alternates Trust and India Inflection Opportunity Fund—are offloading partial stakes.

According to the draft offer document, the company intends to channel the net proceeds from the fresh issue into several key strategic initiatives:

• Setting up a new manufacturing facility in Baghpat, Uttar Pradesh.
• Prepayment or scheduled repayment of certain outstanding borrowings availed by the company.
• Investing in its wholly owned subsidiary, Lazer India, to pare down debt.
• Supporting general corporate purposes.

Vardhman Appliances operates as a vertically integrated electronics manufacturing services (EMS) provider. It delivers original equipment manufacturing (OEM) and original design manufacturing (ODM) solutions across fast-moving electrical goods (FMEG), including fans, kitchen appliances, home comfort appliances, and electrical components. The company serves a portfolio of prominent domestic and international consumer appliance brands operating in India.

Shreejikrupa Project: Funding Capex and Equipment

Infrastructure development firm Shreejikrupa Project’s maiden public issue aggregates up to Rs 500 crore. The offering comprises a fresh issue of equity shares worth up to Rs 410 crore and an OFS of up to Rs 90 crore by existing selling shareholders.

The infrastructure company plans to allocate the fresh capital across operational and balance-sheet needs:

• Funding capital expenditure requirements, including the purchase and installation of new machinery, operational equipment, and scaffolding materials.
• Part-funding incremental working capital requirements for ongoing and upcoming project executions.
• General corporate purposes.

Shreejikrupa Project undertakes a diversified range of civil construction and infrastructure contracts, requiring heavy machinery and ongoing working capital support to meet delivery milestones.

Both companies will move forward with their pricing, anchor allocations, and issue timelines once SEBI completes its regulatory review and issues observation letters on the draft filings.

Tags: Vardhman Appliances Shreejikrupa Project SEBI IPO Electronics Manufacturing Services Infrastructure