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After years of anticipation, PhonePe has moved a step closer to the public markets. The fintech major has received regulatory approval from the capital markets regulator, clearing a crucial hurdle for its much-awaited initial public offering (IPO).

The nod from the Securities and Exchange Board of India (SEBI) marks a significant milestone in PhonePe’s listing journey and signals regulatory comfort with the company’s structure and disclosures. The approval paves the way for formal IPO preparations and positions PhonePe among India’s most closely watched upcoming listings.

PhonePe’s IPO comes at a time when the company has strengthened its business fundamentals, expanded beyond digital payments into financial services, insurance, and wealth products, and completed its redomiciling from Singapore to India—an essential step for listing on domestic exchanges.

With SEBI’s approval in place, PhonePe is expected to move ahead with finalising its Draft Red Herring Prospectus (DRHP) and engaging investment bankers. The IPO is likely to be one of India’s largest fintech listings, with reports suggesting the company could seek a valuation of around $15 billion, making it a landmark event for India’s digital payments and fintech ecosystem.

Madhur Iron & Steel (India) Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI on January 23, 2026, proposing an initial public offering of up to 1,00,00,000 equity shares through a 100% book-built process. The IPO comprises entirely of a fresh issue of equity shares with no offer for sale component, indicating that all proceeds will be used to fund the company’s growth and balance sheet requirements.

The issue is being undertaken under Regulation 6(1) of the SEBI ICDR Regulations, as the company has a consistent track record of profitability, reporting a net profit of ₹18.12 Crores in Fiscal 2025 and ₹12.5 Crores in Fiscal 2024. As a result, the IPO represents a profitability-backed offering rather than a purely growth-oriented listing, with investor interest likely driven by the company's financial stability and operational expansion in the steel sector. The equity shares are proposed to be listed on both BSE and NSE.

Incorporated in 2012, Madhur Iron & Steel operates in the steel manufacturing and trading space, primarily catering to the infrastructure, construction, power transmission, and railway sectors. Headquartered in Bhilai, Chhattisgarh, the company manufactures structural steel products such as angles, channels, flats, and rods, and also engages in the trading of steel products to offer comprehensive solutions to its institutional customers. Its promoter is Jayant Agrawal.

The proceeds from the IPO are proposed to be utilised primarily towards financing capital expenditure for setting up a new manufacturing facility, Proposed Unit II (₹75.8 Crores), funding working capital requirements (₹35.3 Crores), and repayment or prepayment of outstanding borrowings (₹11.9 Crores). The substantial allocation towards capacity expansion highlights the company's focus on scaling its manufacturing capabilities to meet growing market demand.

Founded in 2005, ESDS has evolved from a traditional software services firm into a vertically integrated cloud and managed services provider, offering Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), disaster recovery, and managed hosting solutions. Its client base spans BFSI, government, telecom, healthcare, and large enterprises, supported by long-term contracts and recurring revenue characteristics.

The company is now preparing for a mainboard IPO aggregating up to ₹600 crore, entirely through a fresh issue, with an additional Pre-IPO placement of up to ₹120 crore under consideration. This capital raise marks a pivotal phase in ESDS’s growth journey, as it seeks to strengthen its balance sheet, fund expansion, and scale its data centre and cloud infrastructure footprint.

Business Model and Operating Footprint

ESDS operates a network of owned and operated data centres across Nashik, Airoli (Navi Mumbai), Bengaluru, and Mohali, giving it a geographically diversified and latency-optimised infrastructure base within India. 

A key strategic focus has been its proprietary automation platform and cloud management tools, which enable cost optimisation, uptime guarantees, and service reliability for enterprise clients. This technology-driven operating model is intended to enhance margins over time while improving scalability.

​Capex and Future Growth Drivers

The optics of ESDS’s IPO are notable given the capital-intensive nature of the data centre and cloud services business. The proceeds are primarily expected to be deployed toward:

• Expansion of data centre capacity and related infrastructure

• Investment in cloud platforms, automation, and cybersecurity capabilities

• General corporate purposes and balance sheet strengthening

Overall, ESDS Software Solution Ltd. represents a play on India’s domestic digital infrastructure build-out, combining owned data centre assets, recurring enterprise revenues, and a technology-led service model. Its upcoming IPO will be closely watched as a barometer for investor appetite toward India-focused cloud and data centre platforms

Indian Link Chain Manufacturers Ltd has entered into an agreement to acquire a majority stake in RRP Electronics Ltd, marking its strategic entry into the semiconductor and high-technology electronics space. RRP Electronics operates in advanced electronics, including semiconductor assembly and testing (OSAT), electro-optics, and medical device components.

Post the transaction, the company plans to rebrand as RRP Electronics India Ltd, signalling a structural shift away from traditional chain manufacturing toward high-value electronics and semiconductor manufacturing. The deal terms were not disclosed.

The acquisition represents a business model pivot and sector re-rating trigger, aligning the company with India’s broader electronics manufacturing push, but also introduces execution and integration risk given the sharp diversification.

After nearly a decade in regulatory limbo, the National Stock Exchange of India (NSE) has taken a decisive step closer to the capital markets. The exchange has received a No-Objection Certificate (NOC) from the regulator, formally clearing a key hurdle for its long-awaited initial public offering (IPO).

The approval from the Securities and Exchange Board of India (SEBI) marks a major milestone in one of India’s most closely watched listing journeys. The move signals regulatory comfort after years of heightened scrutiny and is expected to unlock the next phase of the IPO process.

​NSE IPO plans date back to 2016 but were repeatedly delayed due to governance concerns and the co-location network access controversy. Over the years, the exchange has worked to resolve legacy issues, strengthen internal controls, and settle outstanding regulatory matters—efforts that have now culminated in SEBI’s go-ahead.

With the NOC in hand, NSE is expected to move swiftly towards preparing its Draft Red Herring Prospectus (DRHP) and appointing investment bankers. Given its dominant position in India’s cash and derivatives markets and a large base of unlisted shareholders, the NSE listing is widely expected to be one of the most significant IPOs in India’s capital market history.

India’s semiconductor ecosystem is slowly shifting from being import-dependent to homegrown manufacturing, and Polymatech Electronics Ltd. is emerging as one of the most compelling pieces of that puzzle. 

The company widely regarded as India’s first opto-semiconductor chip maker is preparing for a mega IPO of around ₹10,000 crore, with its Draft Red Herring Prospectus expected to be filed in 2026. This marks a significant leap from its earlier proposed ₹750 crore offer, reflecting its ambitious expansion plans and capital needs. 

Founded in 2018 with an initial investment of just ₹14 crore, Polymatech’s growth has been rapid. Its global manufacturing footprint spans advanced packaging and testing in India and Singapore, PCB fabrication in Estonia and ingot/wafers production in France, with assembly in Bahrain, all supporting diversified revenue streams.

Earlier projections saw Polymatech targeting $2.5 billion (~₹20,000 crore) revenue by FY26 on the back of expanded chip capacity and an order book reportedly worth ~₹7,000 crore, mostly exports.

Capex and Future Drivers

The optics of a ₹10,000 crore IPO in the semiconductor space especially one focused on opto-semiconductors and next-generation chips is noteworthy for several reasons:

Strategic positioning in chips, Global production base, and Tech differentiation.

• A key milestone for the company is its GaN semiconductor plant in Nava Raipur, Chhattisgarh, backed by a ₹1,143 crore investment. This facility is poised to produce next-generation Gallium Nitride chips for 5G and future 6G networks, aligning with India’s technology and telecom ambitions. 

• Beyond domestic capacity, Polymatech has also commissioned a €100 million PCB facility in Estonia, enabling high-density boards for telecom, aerospace, automotive and defence applications, a strategic move toward end-to-end electronics manufacturing.

The Metropolitan Stock Exchange of India (MSEI), once a dormant stock exchange overshadowed by NSE and BSE, is quietly rebuilding itself in 2025–26 through strategic capital raises, liquidity initiatives and renewed investor interest. This rekindled momentum has translated into unlisted share price action and broader market conversation, though with clear performance caveats.

In FY25, MSEI reported a net loss of ₹34.2 crore, despite some cost rationalisation, after operating revenue fell sharply and total income declined year-on-year. Yet the company took structural steps, including the amalgamation of its clearing subsidiary and a fresh ₹238 crore capital infusion from marquee investors such as Rainmatter (Zerodha), Groww’s parent, Share India Securities and others scaling up its equity base and strengthening its balance sheet for future growth efforts.

MSEI’s unlisted share price has seen volatility reflecting investor sentiment swings. 

• Historically trading in the ₹0.80–₹2 range for years, optimism around strategic fundraises and product expansion lifted prices towards the ₹10-plus zone in early 2025 before regulatory headwinds and operational uncertainty triggered corrections. 

• Currently, unlisted quotes sit below ₹5, down from prior highs, a drop of nearly 65% from peak levels, underscoring how sentiment can swing sharply in privately traded assets.​

• Adding to the structural push, MSEI’s Liquidity Enhancement Scheme (LES) incentivises market makers with up to ₹40 lakh/month plus zero exchange transaction charges to provide continuous buy-sell quotes, a bid to deepen liquidity and improve trading quality, especially for less-active stocks. This scheme runs until June 30, 2026, with bids due by January 23, 2026. 

The IPL ecosystem’s total business value jumped to $18.5 billion in 2025, with franchise valuations scaling up as media rights, sponsorship deals and fan engagement expand. Amid this growth, Royal Challengers Bangalore (RCB) became the most valuable franchise at $269 million, overtaking Chennai Super Kings (CSK), which was valued around $235 million. 

This macro shift underscores two things:

• franchises trade at real brand multiples

• ownership changes now drive unlisted pricing signals

CSK’s unlisted share price has climbed sharply trading up ~25% to ₹200–205, implying a valuation around ₹6,300–₹7,800 crore in private markets.

This development moves IPL valuation discussions from “sports passion” to institutional asset valuation:

• Ownership deals (KKR/RCB/RR) are becoming reference points for private pricing

• CSK unlisted investors may see improved pricing as valuation benchmarks shift up

Even if CSK’s on-field performance dipped in 2025 (which affected brand rankings), the broader business economics of IPL teams' annuity media rights, central revenue distribution, and sponsorship inflows  remain strong. 

Notice is hereby given that the Ninth (9th) Extra-Ordinary General Meeting (“EGM”) of the Members of Hindustan Power Exchange Limited will be held on Thursday, February 05, 2026 at 10:30 A.M. (IST) through Video Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”), to transact the following businesses:

Special Business:

To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:

Instructions at glance

After nearly a decade of delays, the National Stock Exchange of India (NSE) is finally on track for its long-awaited initial public offering (IPO). The Securities and Exchange Board of India (SEBI) is reported to be in advanced stages of issuing the No-Objection Certificate (NOC) that will clear the regulatory hurdle preventing NSE’s public listing.

SEBI Chairman Tuhin Kanta Pandey has indicated that the nod could come within this month, a significant development that could unlock one of India’s largest capital markets listings.

NSE’s IPO has been pending since the exchange first filed its IPO plans in 2016, but regulatory scrutiny especially around governance lapses and the co-location network access controversy repeatedly stalled the process. Since then, NSE has taken steps to resolve legacy disputes, strengthen compliance, and settle regulatory matters, clearing the path for formal IPO procedures. 

If the approval is formalised soon, NSE will begin preparing its Draft Red Herring Prospectus (DRHP) and engage with investment bankers for the next steps. With over 1.7 lakh unlisted shareholders and a dominant position in cash and derivatives trading, the listing is expected to be one of India’s most watched IPOs.

Financial Performance (Q1 FY26 vs Q1 FY25): OYO reported a robust financial performance in Q1 FY26, with Revenue increasing significantly by 47.26% year-on-year (YoY) to ₹2,019 crore, compared to ₹1,371 crore in Q1 FY25. This strong topline growth reflects sustained demand momentum across its core markets. Profit After Tax (PAT) more than doubled, surging by 135.29% YoY to ₹200 crore, up from ₹85 crore in the corresponding quarter last year. The profitability surge was further highlighted by Adjusted EBITDA, which grew 3.3x YoY to ₹550 crore, supported by enhanced operational efficiencies and higher operating leverage.

Operational Metrics (Q1 FY26 vs Q1 FY25): Gross Booking Value (GBV) expanded by 145.35% YoY to reach ₹7,277 crore, underscoring significant market share gains. The Hotels segment led the momentum with a 221% YoY increase in GBV (₹5,939 crore), while the Homes segment grew by 16% YoY (₹1,288 crore). The global supply footprint for Hotels grew by 29% (to 22K), and Homes increased by 44% (to 124K). Storefront Expansion: OYO rapidly scaled its mid-premium and premium company-serviced portfolio in India, with storefronts expanding 5x YoY to reach 1.1K. Managed Workspaces: The Innov8 segment reported revenue of ₹37 crore (up 55% YoY) and an EBITDA surge of 189%.

Strategic Developments & Outlook: OYO’s net worth and operational efficiency continue to provide strong capital support, with a strategic shift toward Company-Serviced properties, which now contribute 51% of GBV, up from just 9% a year ago. The company is maintaining a disciplined cost structure, with operating costs projected to fall from 12% to 8% of GBV by the end of FY26. A key strategic milestone is the IPO timeline, with the company planning to launch its public offering in the second half of 2026. Near-term focus remains on strengthening the balance sheet, maintaining positive cash flows, and leveraging technology to lift RevPAR and guest retention.

​Metropolitan Stock Exchange of India (MSEI) has introduced a Liquidity Enhancement Scheme (LES) to improve trading liquidity, market depth, and price discovery in equity shares traded on the exchange.

What the Exchange is Doing
Under this scheme, MSE will appoint designated market makers who will continuously provide buy and sell quotes in selected equity stocks, helping ensure smoother trading and narrower bid–ask spreads.

Key Features of the Scheme

• Mandatory two-way quotes for most of the trading day
• Defined order-book depth across multiple price levels
• Controlled bid–ask spreads to improve pricing efficiency
• Monthly incentives of up to ₹40 lakh for market makers meeting obligations
• Waiver of exchange transaction charges for trades under the scheme

Eligible Securities
The scheme includes a broad list of actively tracked stocks, and all new mainboard IPOs listed on MSEI will be added automatically.

Scheme Duration
The LES will remain in force until June 30, 2026, subject to review or modification by the exchange.

Why This Matters for Investors
The initiative is expected to improve liquidity, reduce trading costs, and support more efficient price discovery, making trading in MSEI-listed equities more seamless and transparent.

Some of India’s most interesting value creation stories are unfolding in 2026 beyond traditional avenues to unlisted shares, a select group of unlisted leaders are building scale, improving profitability, and preparing for eventual listings, quietly compounding away from daily market noise.

OYO: OYO is shifting from hyper-growth to profit discipline, with improving EBITDA, debt reduction, and better hotel occupancy  turning a crisis-era brand into a credible turnaround story on investor watchlists.

SBI Mutual Fund:SBI Mutual Fund, India’s largest AMC by AUM, is preparing for listing signalling monetisation of a powerful brand, sticky fee income, and a long-duration compounding business linked directly to rising financialization of savings.

Onix: Onix operates in premium consumer electronics with a strong retail network; it benefits from import substitution, the domestic manufacturing push, and rising discretionary consumption among India’s urban households.

Orbis: Orbis is positioned in security and surveillance solutions, riding structural demand from smart cities, logistics hubs, government infrastructure and corporate risk management, a space expanding quietly but rapidly.

Hero FinCorp:Hero FinCorp, backed by the Hero group, is gaining from a reviving credit cycle; used-vehicle finance, retail loans, and MSME lending give it operating leverage as growth and collections improve.

Chennai Super Kings (CSK):CSK’s valuation is driven by media rights, sponsorship monetisation, fan IP, and league expansion sports franchises are evolving into serious financial assets instead of passion projects.

Insolare Energy: Insolare Energy is directly aligned to India’s renewable push; solar EPC, modules, grid upgrades and PLI-linked manufacturing place it at the heart of the nation’s energy-transition capex cycle.

NSE: India’s largest stock exchange by turnover; benefits from rising retail participation, derivatives depth, and formalization of savings into capital markets. Nse Unlisted Share price

NCDEX: NCDEX leading Agri-commodity exchange; positioned to gain from inflation hedging demand, warehousing reforms, and institutionalization of commodity price discovery.

Notice of the Extra Ordinary General Meeting (“EGM”) of Madhur Iron and Steel, which is scheduled for Friday, Jan 9, 2026 at 4:00 PM (IST) through video conferencing (“VC”)/ other audio-visual means (“OAVM”) to transact the following businesses:

Special Business:

To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:

• Approval for raising capital through Initial Public Offer (IPO) of the company: The Company plans to create, issue, offer and allot up to 1,00,00,000 equity shares of face value Rs 10 each via IPO (book building method), through book-building or other permitted methods, and authorizing the Board to determine structure, pricing, appointment of intermediaries, allotment, and listing of the equity shares.
• Increase in investment limit for Non-Resident Indians / Overseas Citizens of India :The Company seeks Approval to increase the aggregate investment limit of.= NRI/OCI investors up to 24% of the paid-up equity share capital of the Company, in accordance with applicable FEMA regulations.
• Approval to increase the aggregate limit of equity shareholding by Registered FPIs, subject to applicable RBI/FEMA guidelines and approvals.
  

Instructions at glance

Notice of Postal Ballot:

Voting Starts on: Wednesday, January 07, 2026 at 9.00 A.M.(IST)

Voting Ends on: Thursday, February 05, 2026 at 5.00 P.M. (IST)

This is to inform all shareholders that a resolution is proposed to be passed by the equity shareholders of the company through postal ballot only by way of a remote e-voting process. Instructions for remote e-voting will be sent through electronic mode to those members whose email addresses are registered with the registrar and transfer agent.

Description of the Special Resolution:

• Authorization on under Sec on 180(1)(a) of the Companies Act, 2013 – to create charge, mortgage, lien, etc., on company’s assets: Approval to create charge, mortgage, or dispose of company assets to secure borrowings, with total outstanding secured borrowings capped at ₹2,500 crore.
• Authorization on under Sec on 180(1)(c) of the Companies Act, 2013 – increase in borrowing powers of the company: Approval to increase the company’s borrowing limit to ₹2,500 crore, up from ₹2,000 crore, through any form of borrowing, secured or unsecured.
• To approve the conversion of loan (credit facilities) from HDFC Bank Limited, State Bank of India, AU Small Finance Bank Limited in specific and other Banks, NBFC, Financial Institutions and Body Corporates etc. in general, into equity shares: Approval to allow lenders to convert loans into equity only in case of default, at Registered Valuer-determined pricing, for borrowings up to ₹2,000 crore.

Remote e-voting Instructions at glance: