According to the latest disclosures from the board, a total of 117 companies are currently in the pipeline, seeking to issue shares worth over Rs 71.42 billion, amounting to a combined total of 510,981,946 units.
To bring greater transparency to the review mechanism, SEBON has classified the application lifecycle from initial receipt to final approval into six sequential phases. Currently, two companies have advanced to the sixth and final review phase, while 10 companies are being evaluated in the fifth phase.
Final Stages of Review
Ashutosh Energy Limited and Kantipur Pharmaceuticals Lab Limited have reached the final sixth review phase. Together, these two companies have applied for 2.9 million units of shares, split between 1.2 million units for Ashutosh Energy (managed by NMB Capital) and 1.7 million units for Kantipur Pharmaceuticals Lab (managed by Muktinath Capital).
Regulatory authorities note that reaching the final review stage does not automatically guarantee approval. The board will grant final clearance only after rigorous verification of required documentation, financial statements, and compliance with statutory frameworks.
Meanwhile, the fifth phase encompasses 10 companies—including NC Agrotech Industries, Sanima Hydropower, IME Limited, and Siuri Nyadi Power—whose replies and revised documents are currently undergoing review. These firms have collectively applied for 51,904,701 units of shares.
Middle and Initial Phases
The intermediary stages of the pipeline feature a substantial volume of applications:
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Fourth Phase: Comprises 19 companies that have received responses from the board, including prominent names such as Dish Media Network, Jagdamba Steels, Saurya Cement, and Hams Hospital, accounting for 119,878,595 units.
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Third Phase: Contains four companies—Mahashakti Cement, Shubhashree Agni Cement, Jasmine Paints, and Laxmi Technoplast—that have been asked by the board to make necessary corrections or provide further details.
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First and Second Phases: The bulk of the backlog rests in the earliest stages, with 82 companies combined. The first phase alone holds 76 companies, including major players like Maruti Cement, Ambe Steels, and Riddhisiddhi Cement, which account for a massive 280,822,313 units. The second phase covers six companies, such as Akama Hotel and Apex Makalu Hydropower.
Strict Criteria Enforcement
SEBON reiterated that IPO approvals will be strictly contingent upon exhaustive examinations of company documents, financial health, prospectuses, and adherence to prevailing legal standards.
For general applicants, the board is closely scrutinizing net worth per share. For hydropower companies specifically, regulatory officials are actively verifying the official Commercial Operation Date (COD) before clearing projects for public issuance. The eventual timeline for all 117 pending offerings will rely entirely on thorough regulatory scrutiny and subsequent board decisions.
