SEBI approves India IPOs of Bonbloc Tech, Milestone Gears

SEBI approves India IPOs of Bonbloc Tech, Milestone Gears

India’s capital markets regulator, the Securities and Exchange Board of India (Sebi), has approved the initial public offering (IPO) plans of two firms: Bonbloc Technologies, an AI-driven SaaS solutions provider, and Milestone Gears, a precision components manufacturer. Both companies have filed draft red herring prospectuses (DRHPs) to raise funds for expansion and operational goals.

Bonbloc Technologies, incorporated in 2020, seeks to raise ₹230 crore through a fresh issue and an offer for sale (OFS) of up to 3 crore shares by its promoter. Proceeds will prioritize product development (₹136 crore), laptop purchases (₹13 crore), and inorganic growth initiatives. The Chennai-based firm specializes in AI-software-as-a-service (AI-SaaS) solutions, integrating blockchain, IoT, and machine learning for industries requiring real-time analytics and automation. Its listed peers include Happiest Minds Technologies and Saksoft Ltd. Pantomath Capital Advisors is the sole book-running lead manager.

Milestone Gears aims to raise ₹1,100 crore via a fresh issue of ₹800 crore and an OFS of ₹300 crore. Funds will allocate ₹356.86 crore for debt repayment, ₹296.42 crore for a greenfield project, and additional amounts for corporate purposes. The company supplies precision transmission components to sectors like tractors, EVs, and windmills, serving major OEMs in India. JM Financial, Axis Capital, and Motilal Oswal are the lead managers.

Both IPOs reflect growing investor interest in technology and manufacturing sectors, with Sebi’s approval signaling regulatory alignment with market demands.