Vardhman Appliances and Shreejikrupa Project File Draft IPO Papers with Sebi to Raise Fresh Capital — October 2, 2026

India's primary market pipeline continues to see brisk activity as consumer electronics maker Vardhman Appliances Ltd and infrastructure development company Shreejikrupa Project Ltd submitted their Draft Red Herring Prospectuses (DRHP) to the Securities and Exchange Board of India (Sebi). Both companies intend to raise public capital through a combination of fresh issues and offers for sale to fund operational expansion, pare debt, and meet working capital requirements.

Vardhman Appliances IPO Breakdown

According to its preliminary prospectus, the initial public offering of Vardhman Appliances Ltd features:

• A fresh issue of equity shares aggregating up to ₹250 crore.
• An offer for sale (OFS) of up to 2.50 crore equity shares by promoters and existing investors, including The Wealth Company Alternates Trust and India Inflection Opportunity Fund.

Vardhman Appliances operates as a vertically integrated electronics manufacturing services (EMS) company. It provides 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, catering to prominent domestic and global consumer brands.

Proposed Utilization of Proceeds:

• Setting up a new manufacturing project in Baghpat, Uttar Pradesh.
• Repayment or prepayment of certain outstanding borrowings of the company.
• Investment in wholly owned subsidiary Lazer India for the repayment of its outstanding borrowings.
• Allocation towards general corporate purposes.

Shreejikrupa Project IPO Breakdown

Shreejikrupa Project Ltd, which is engaged in civil construction and infrastructure execution, has structured its IPO to raise capital for asset buildout and working capital needs.

Issue Structure:

• A fresh issue of equity shares worth up to ₹410 crore.
• An offer for sale aggregating up to ₹90 crore by existing selling shareholders.

The company undertakes a diversified range of construction activities spanning academic institutions, healthcare facilities, residential and commercial office buildings, and specialized civil projects.

Utilization of Fresh Capital:

• Funding capital expenditure for the purchase and installation of machinery, construction equipment, and scaffolding.
• Part-funding incremental working capital requirements.
• General corporate purposes.

Operational Footprint and Financial Snapshot

As of June 30, 2026, Shreejikrupa Project maintained a portfolio of 228 infrastructure projects spanning 11 states and two Union Territories. Out of these, 127 projects were completed and 101 remained ongoing, translating into an order book of ₹3,700.80 crore. In fiscal year 2026, the company posted revenue from operations of ₹1,385.68 crore and a net profit of ₹79.34 crore.

Both draft filings now await clearance and observations from Sebi before the issuers can determine formal price bands and launch timelines on domestic exchanges.

Tags: Vardhman Appliances Shreejikrupa Project SEBI IPO Infrastructure Electronics Manufacturing