Polite Powertech, a Gujarat‑based power infrastructure EPC firm, received SEBI’s approval on July 31, 2026. The company had filed its draft IPO papers in March 2026.
The approval means the company can launch its IPO within a year. It plans to raise Rs 100 crore for working capital and the rest for general corporate purposes.
Polite Powertech will issue 1 crore fresh equity shares and offer 25 lakh shares for sale by promoter Yogeshkumar Narottambhai Patel. The firm specializes in design, installation and commissioning of power transmission, distribution and renewable projects.
Kay Jay Forgings, a Punjab‑based auto components manufacturer, was cleared by SEBI on July 28, 2026. The company aims to raise Rs 360 crore through its IPO.
Its IPO includes a fresh issue worth Rs 300 crore and an offer for sale of Rs 60 crore. The Kothari family will sell shares in the OFS.
Kay Jay Forgings may also raise up to Rs 40 crore via a pre‑IPO placement, which would be part of the fresh issue. The proceeds will fund capital expenditure, new manufacturing facilities and a solar plant in Punjab.
The company plans to use Rs 118.8 crore of the fresh issue proceeds for capital expenditure, Rs 90.5 crore for debt repayment, and the remainder for general corporate purposes.
Arihant Capital Markets and Valmiki Leela Capital have been appointed as merchant bankers for Polite Powertech, while PL Capital Markets is the book‑runner for Kay Jay Forgings.