Sebi Approves Initial Public Offerings for Three Companies

Sebi Approves Initial Public Offerings for Rodec Pharma, Renny Strips, and Krishna Buildspace

The Securities and Exchange Board of India (Sebi) has granted approval to Rodec Pharma, Renny Strips, and Krishna Buildspace to raise funds through initial public offerings (IPOs), as per an update from the markets regulator on Friday.

Renny Strips Ltd, a steel structural products manufacturing company, filed its draft papers in December 2025. Veterinary pharmaceutical firm Rodec Pharma and construction company Krishna Buildspace filed their draft papers in January this year. The three companies received Sebi's observations during May 26-27, 2026. Obtaining Sebi's observations is equivalent to securing approval to float a public offering in Sebi's parlance.

Rodec Pharma's maiden public offering will be an offer-for-sale of 56.5 lakh shares by promoter Mukesh Kumar Gupta. Consequently, the company will not receive any funds from the offer. Incorporated in 1997, Rodec Pharma manufactures animal feed supplements and markets veterinary pharmaceutical drugs and animal feed supplements to veterinarians, animal healthcare providers, and livestock farmers. The company has a manufacturing facility in Ghaziabad, Uttar Pradesh.

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Renny Strips proposed IPO will comprise a fresh issue of shares worth Rs 300 crore, in addition to an offer for sale (OFS) of 1.2 crore equity shares by promoters. The company plans to use proceeds from the fresh issue for setting up a new facility to manufacture scaffolding and formwork systems, along with ERW (electric resistance welded) pipes and tubes in Ludhiana. Funds will also be used for upgrade of existing manufacturing units, payment of debt, and general corporate purposes. Renny Strips offers a wide range of structural products across the value chain, from mild steel billets, wire rods, ERW pipes and tubes, and design-driven scaffolding and formwork systems, having applications across a diverse end-use industry.

Krishna Buildspace, a Gujarat-based construction company, proposed a public issue consisting of a fresh issue of 90 lakh shares and an offer for sale of 9 lakh shares by Mohanbhai Chanabhai Sorathiya and Jayantibhai Chanabhai Sorathiya. Incorporated in 1995, the contracting and building services provider has executed 82 projects covering 2.30 million sq ft of constructed area, with a total project value of Rs 639.2 crore, over the last decade. Shares of these three companies are proposed to be listed on the BSE and the NSE.