Hindustan Laboratories & RK Steel Get SEBI Approval to Launch IPOs

Two companies—Hindustan Laboratories and RK Steel Manufacturing Company—have received approval from the Securities and Exchange Board of India to move ahead with their initial public offerings (IPOs).

Both firms had submitted their draft IPO documents in September 2025 and were granted regulatory observations on April 27, which effectively clears the way for launching their public issues.

Hindustan Laboratories, a pharmaceutical company focused on manufacturing and supplying generic medicines to government institutions, plans to raise funds through a combination of fresh equity issuance and an offer for sale (OFS). The IPO will include a fresh issue of around 50 lakh shares, along with 91 lakh shares being sold by existing promoters.

The company intends to use the proceeds primarily for working capital requirements and general corporate purposes. It operates under a business-to-government (B2G) model, supplying medicines through public healthcare procurement programs.

Meanwhile, RK Steel Manufacturing Company, which produces steel tubes and pipes, plans to launch an IPO consisting entirely of a fresh issue of up to 2 crore equity shares, with no OFS component.

The funds raised by RK Steel will be used to repay or prepay certain borrowings, support working capital needs, and for general corporate purposes.

Shares of both companies are proposed to be listed on the BSE and the NSE, marking their entry into the public markets.