India IPO SEBI DRHP Activity Filings — October 20, 2026

Price band fixed at Rs. 1,585 to Rs. 1,665 per share with offer for sale up to Rs. 12,000 million; subscription window Oct 26 to Oct 28 with anchor bidding Oct 23, giving a defined near-term valuation benchmark

Price band approved by the IPO Committee on Oct 20, one day after the RHP, indicating the process is moving on schedule toward listing

Listing is executed through a subsidiary rather than the parent, so the parent's own financials are not directly diluted by the issue; investors should assess the subsidiary's economics separately

Neither filing discloses revenue, profit, margins, or deal-size figures, so the Rs. 1,585 to Rs. 1,665 price band cannot be benchmarked against earnings or peers from the filings alone

The offer includes an offer for sale of up to Rs. 12,000 million by a parent-group entity, meaning proceeds accrue to the selling shareholder rather than the company's growth capital

Anchor bidding on Oct 23 followed by the Oct 26 to Oct 28 public window gives a clear, short-dated event for participants to assess demand and listing sentiment

The fixed band of Rs. 1,585 to Rs. 1,665 with a 9-share minimum lot offers a defined entry ticket and a reference for comparing post-listing trading against the cap price

Both filings concern an IPO executed by a subsidiary of a listed parent, with the parent's group entity acting as selling shareholder, a structure that separates the listed parent's balance sheet from the offering's economics and warrants separate due diligence on the subsidiary

Both filings in this session omit financial metrics, so the stream currently lacks the period-over-period data needed for trend comparison; investors should rely on the full RHP for financials

Anchor bidding on October 23, 2026, the first market signal of institutional demand

Public subscription window opens October 26, 2026 and closes October 28, 2026; watch subscription levels and the final issue price

Listing on BSE and NSE following close of the issue; watch listing-day pricing relative to the Rs. 1,665 cap

Parent-level disclosures on the subsidiary's IPO, including any change to the offer for sale quantum or valuation