Eyewear retailer Lenskart Solutions Ltd and home furnishings company Wakefit Innovations Ltd, along with four other firms, have received approval from the Securities and Exchange Board of India (SEBI) to proceed with initial public offerings (IPOs), a regulatory update revealed on Monday.
The companies include Tenneco Clean Air India, Waterways Leisure Tourism, cotton yarn manufacturer Shree Ram Twistex, and industrial laminates producer Lamtuf. Collectively, these companies are expected to raise over ₹6,500 crore through their IPOs.
The six firms filed their preliminary IPO applications with SEBI between June and July, receiving observations—essentially approvals for public issues—between September 26 and October 3. This surge of IPO activity occurs against a backdrop of a robust primary market, even as the broader equity market faces challenges. To date in 2025, 80 companies have launched IPOs on the mainboard market, with several more expected this month.
Lenskart Solutions intends to raise ₹2,150 crore through a fresh issuance of equity shares. Promoters and existing investors plan to sell 13.22 crore equity shares, as detailed in the draft red herring prospectus (DRHP). The company aims to utilize IPO proceeds for various strategic initiatives, including establishing new company-operated stores in India, funds for lease and license agreements, investments in technology, brand marketing, potential acquisitions, and general corporate purposes.
Wakefit Innovations’ IPO consists of a fresh equity issuance amounting to ₹468.2 crore, along with an offer for sale (OFS) of 5.84 crore equity shares by existing stakeholders. The Bengaluru-based company plans to allocate ₹82 crore for 117 new company-operated regular stores and one jumbo store, alongside ₹15.4 crore for purchasing equipment and machinery, and ₹145 crore for lease-related expenses. Additionally, ₹108.4 crore will be directed towards marketing efforts to boost brand visibility.
Tenneco Clean Air India is planning a ₹3,000-crore IPO, which will be an entirely OFS, meaning no new shares are being issued, and the funds will benefit the selling shareholder, Tenneco Mauritius Holdings Ltd.
Waterways Leisure Tourism aims to raise ₹727 crore through its IPO, which will consist entirely of a fresh issuance of shares. Funds raised will primarily cover lease payments for its subsidiary, Baycruise Shipping and Leasing (IFSC) Private Ltd, as well as general corporate purposes.
Shree Ram Twistex plans an IPO comprising an entirely fresh issuance of 1.06 crore equity shares, with proceeds earmarked for a solar power plant, a wind power plant, debt repayment, and working capital needs.
Lastly, Lamtuf’s IPO will combine a fresh issue of 1 crore shares with an OFS of 20 lakh shares by its promoters, with proceeds to finance the expansion of its manufacturing facility in Telangana, as well as meet working capital and corporate obligations.
The IPO report was published on October 6, 2025.
