Royal Chain and Technopaints File DRHP with SEBI for Combined Rs 1,500 Crore IPOs

India's primary market continues to witness strong momentum as two companies from the consumer-driven manufacturing and building materials sectors—Royal Chain Ltd and Technopaints and Chemicals Ltd—have filed draft red herring prospectuses (DRHPs) with the capital markets regulator, the Securities and Exchange Board of India (SEBI), to raise a combined Rs 1,500 crore through initial public offerings (IPOs).

The draft filings outline a mix of fresh equity capital deployment aimed at business expansion and balance sheet deleveraging, alongside partial exits for promoters and selling shareholders.

Royal Chain Eyes Rs 1,000 Crore to Delever Balance Sheet

Mumbai-headquartered Royal Chain Ltd is planning a public offering worth Rs 1,000 crore. The proposed issue consists of:

• A fresh issue of equity shares aggregating up to Rs 850 crore
• An offer for sale (OFS) of up to Rs 150 crore by promoters and existing shareholders

The company intends to utilise Rs 650 crore from the fresh issue proceeds toward the repayment or prepayment, in full or in part, of its outstanding debt facilities, with the remainder reserved for general corporate purposes. As of the DRHP filing, Royal Chain reported outstanding standalone borrowings of Rs 820.4 crore.

Royal Chain operates as a vertically integrated and technology-driven original design manufacturer (ODM) specializing in gold chains and fine jewellery. It operates a manufacturing facility in Mahape, Maharashtra, with an annual installed manufacturing capacity of 12,000 kg.

The firm serves major organised jewellery retail chains across India, including Titan Company, Kalyan Jewellers India, P N Gadgil Jewellers, Senco Gold, Kalamandir Jewellers, Thangamayil Jewellery, and D.P. Abhushan. As of June 30, 2026, the company held a portfolio of more than 27,000 designs across in-house brands such as Rico, SAR, and Anamitra, alongside specialised collections including Aalishaan Jewels, Orant, and Indigo.

Royal Chain FY26 Financial Highlights:

• Revenue from operations rose 30.8% year-on-year to Rs 4,732.5 crore, compared to Rs 3,617.2 crore in FY25.
• Net profit nearly tripled to Rs 173.3 crore, up from Rs 63.3 crore in the previous fiscal year.

JM Financial and 360 ONE WAM are serving as the book-running lead managers for the issue.

Technopaints Seeks Rs 500 Crore for Greenfield Expansion

Hyderabad-based Technopaints and Chemicals Ltd has filed for an IPO of up to Rs 500 crore. The offering structure includes:

• A fresh issue of equity shares worth up to Rs 325 crore
• An offer for sale (OFS) of up to Rs 175 crore

Under the OFS, promoters Akuri Srinivasa Reddy and A. Sandhya propose to offload shares worth up to Rs 90 crore and Rs 30 crore, respectively, alongside share sales by other promoter group members.

Of the net proceeds from the fresh issue, Technopaints plans to allocate Rs 149 crore toward setting up a new greenfield paints manufacturing and innovation facility, while Rs 79.99 crore is earmarked for incremental working capital needs, with the remaining capital going toward general corporate purposes.

Technopaints operates an integrated "supply and apply" turnkey contract model alongside traditional over-the-counter sales, producing emulsions, primers, enamels, putties, and architectural textures. The company holds two manufacturing facilities with a combined capacity of 126,095 kilolitres/metric tonnes per annum.

Technopaints Operational & Financial Highlights:

• The company recorded revenue of approximately Rs 351 crore and a profit after tax of Rs 37.78 crore in FY26.
• Its order book stood at Rs 994.69 crore across 126 turnkey painting projects as of July 31, 2026.
• In August 2026, the company expanded its decorative portfolio by acquiring Richwaves Specialities, and cricket icon Sachin Tendulkar serves as its brand ambassador.

Anand Rathi Advisors is managing the Technopaints offering as the sole book-running lead manager, while KFin Technologies has been appointed the registrar. Both companies intend to list their equity shares on the BSE and NSE once regulatory clearance is obtained from SEBI.

Tags: Royal Chain Technopaints and Chemicals SEBI IPO Indian Primary Market Manufacturing