Generic drug manufacturer Hindustan Laboratories and steel tubes and pipes producer RK Steel Manufacturing Company have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings (IPOs), an announcement from the markets regulator confirmed on Thursday.
Both companies filed their preliminary IPO documentation in September and received SEBI’s observations, which serve as the necessary approval to launch a public offering, on April 27.
According to the draft red herring prospectus (DRHP), Hindustan Laboratories’ IPO will consist of a fresh issue of 5 million shares, accompanied by an offer for sale (OFS) of 9.1 million shares by its promoter. The company intends to use the proceeds from the IPO to address its working capital needs and for general corporate purposes.
Hindustan Laboratories specializes in the large-scale production and supply of generic medications to government entities under a B2G (business-to-government) framework.
Meanwhile, RK Steel Manufacturing Company’s offering will be entirely a fresh issue of up to 20 million equity shares, with no offer for sale component. Draft documents indicate that the company aims to use the funds raised for the repayment or prepayment of certain borrowings, alongside working capital and general corporate needs.
Both companies’ shares are expected to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Published on April 30, 2026.
