India's Kay Jay Forgings, Polite Powertech clear SEBI for IPOs
Indian regulators have approved initial public offerings for auto components manufacturer Kay Jay Forgings and power infrastructure firm Polite Powertech, adding to a pipeline of industrial listings driven by domestic manufacturing and energy transition demand.
India’s capital markets regulator has cleared initial public offerings from Kay Jay Forgings and Polite Powertech, providing market access to two companies operating in distinct but expanding industrial sectors.
Kay Jay Forgings plans to raise Rs 300 crore through a fresh issue of shares, with the stock set to list on both the BSE and NSE. The B2B precision engineering firm supplies machined components primarily to automotive original equipment manufacturers. It also serves non-automotive segments, including electronic home appliances, mining equipment and farm machinery.
The company’s product portfolio spans 286 items, anchored by crankshafts and crankshaft assemblies, but also includes propeller shafts, steering yokes, door hinges, gear-shift lever assemblies and lever kick-starter assemblies. PL Capital is acting as the sole book-running lead manager for the issue.
Investors will likely benchmark Kay Jay Forgings against listed peers such as Ramkrishna Forgings, Kalyani Forge, Saner Engineering and Rolex Rings. The listing timing aligns with heightened investor interest in auto component makers, driven by demand from passenger vehicles, two-wheelers, commercial vehicles and export markets. Precision engineering firms are drawing attention as OEMs seek vendors with scale and product depth.
Power infrastructure play
Polite Powertech is the second company to secure the regulatory green light. Operating as an engineering, procurement and construction contractor, the firm focuses on power transmission, distribution and renewable energy projects.
Its technical capabilities cover high-voltage transmission lines, underground cabling, substation construction and solar EPC. The company traces its operational roots to Patel Electricals, having executed projects across multiple Indian states since 2006.
Proceeds from Polite Powertech’s fresh issue are earmarked for working capital requirements and general corporate purposes. Together, the two filings underscore the ongoing diversification of India’s primary market pipeline, routing capital toward foundational manufacturing and grid infrastructure businesses.
