SEBI Clears IPO Plans Of Bonbloc Technologies, Milestone Gears, Eastman Auto

India’s primary market pipeline continues to expand after the Securities and Exchange Board of India (SEBI) issued observations on the draft offer documents of three companies planning to launch initial public offerings (IPOs).

Bonbloc Technologies and Milestone Gears have received regulatory clearance for their proposed public issues, while Eastman Auto & Power’s confidentially filed draft documents have also been approved by the market regulator.

Which Companies Have Received SEBI Approval For IPOs?

According to the processing status of draft offer documents released on 6 March, SEBI issued observations on the draft papers of the three companies earlier this week.

The regulator cleared the draft documents of Eastman Auto & Power and Bonbloc Technologies on 5 March, followed by Milestone Gears on 6 March.

In regulatory terms, SEBI’s “observations” indicate that the companies can proceed with their IPO plans. Once observations are issued, firms typically get one year to launch their public offering.

Companies that file their draft papers through the confidential route receive a longer timeline. In such cases, the issuer must later submit an updated draft document before proceeding with the final prospectus filing.

Eastman Auto & Power, an energy solutions and power electronics company, chose this confidential filing route when it submitted its IPO papers in December 2025.

What Do These Companies Do And Why Are They Raising Funds?

The three firms come from different industries, reflecting how varied the current IPO pipeline in India has become. Following are the key details about all the companies:

Bonbloc Technologies

Chennai-based Bonbloc Technologies develops artificial intelligence–driven enterprise software and Internet of Things (IoT) products used by businesses to monitor operations and compliance.

Its services span cloud platforms, cybersecurity tools, supply chain analytics and food safety compliance systems.

The company filed its draft IPO papers in September 2025. The proposed issue includes a fresh share sale worth ₹230 crore and an offer for sale of up to 3 crore shares by promoter Bonbloc Inc.

Proceeds from the fresh issue are planned to be used for product development, technology expansion, purchase of laptops and possible acquisitions.

Milestone Gears

Haryana-based Milestone Gears manufactures precision transmission components used in heavy machinery and transport equipment.

Milestone Gears provides gearbox parts to original equipment manufacturers in a variety of sectors, including wind energy, electric cars, tractors, construction equipment and locomotives.

The business supplied goods to over 50 clients between April 2022 and June 2025, including a number of top tractor manufacturers in India.

With its proposed IPO, the business hopes to raise around 1,100 crore. Both a new share issuance and an offer for sale by current shareholders will be part of the offering.

Out of the fresh issue proceeds, ₹356.8 crore is earmarked for repaying certain borrowings, while ₹296.4 crore will be used to set up a new manufacturing facility in Solan. The remaining funds will be used for general corporate purposes. The company may also consider raising up to ₹160 crore through a pre-IPO placement.

Eastman Auto & Power

Gurugram-based Eastman Auto & Power operates in the energy transition and power electronics segment.

The company focuses on technologies linked to energy storage, power electronics, electrification and renewable energy infrastructure.

Part of the JRS Eastman Group, Eastman develops solutions connected to battery storage and power management systems.

Eastman Auto plans to raise funds through a fresh issue as well as an offer for sale. The money from the fresh issue will be used for growth initiatives. The offer for sale will allow existing investors to sell part of their holdings.

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What Does This Mean For India’s IPO Market?

The approvals come at a time when the momentum in India’s primary market has slowed compared with previous years.

In that backdrop, the approvals for Bonbloc Technologies, Milestone Gears and Eastman Auto suggest that companies across different industries are still preparing to tap the public markets for capital.

The pipeline also reflects the diversity of businesses heading toward IPOs, ranging from artificial intelligence platforms and industrial manufacturing to companies working in energy storage and power electronics.

For market participants, the next step will be to watch when these companies announce their issue timelines and pricing details.

Sources:

Moneycontrol

Mint

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