Jewellery manufacturer Royal Chain and paints producer Technopaints and Chemicals have filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI), seeking to raise a combined Rs 1,500 crore through initial public offerings. The filings, submitted on Monday, mark the latest move by mid-market firms to tap public capital markets for expansion and debt restructuring.
According to The Free Press Journal, for Technopaints and Chemicals Ltd, Technopaints' proposed plant and working capital expansion addresses severe concentration risk, as Telangana contributed 99.59% of turnkey paints revenue and top 10 customers generated 81.90% of sales in FY26.
Royal Chain is targeting a fundraise of Rs 1,000 crore. The offering consists of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of shares valued at up to Rs 150 crore by existing promoters and investors. The company intends to allocate the net proceeds from the fresh issue primarily toward the repayment or prepayment of outstanding loan facilities and accrued interest, with the remainder earmarked for general corporate purposes.
As a technology-driven original design manufacturer (ODM) of gold chains and jewellery, Royal Chain manages a vertically integrated operation covering design, prototyping, and manufacturing. Based in Mahape, Maharashtra, the firm maintains a portfolio of over 27,000 designs as of June 30, 2026. Its client roster includes major organised retailers such as Titan Company, Kalyan Jewellers, Senco Gold, and P N Gadgil Jewellers. The company markets its products under several in-house brands, including Rico, SAR, and the children's jewellery line Anamitra.
According to INDmoney, royal Chain's FY26 EBITDA margin of 6.09% trails the margins of listed B2B jewellery peers, including Sky Gold (6.90%), Shringar House (7.27%), and Shanti Gold (9.86%).
Technopaints and Chemicals is seeking to mobilise Rs 500 crore, comprising a fresh issue of up to Rs 325 crore and an OFS of up to Rs 175 crore. The company plans to use the fresh capital to fund capital expenditure for a new greenfield paints manufacturing and innovation facility, as well as to support incremental working capital requirements.
Technopaints, which has a strong operational footprint in Southern India, reported revenue from operations of Rs 350 crore and a profit after tax of Rs 37 crore for fiscal 2026. The company recently expanded its portfolio into luxury and specialised decorative finishes through the August 2026 acquisition of Richwaves Specialities Pvt Ltd. As of July 31, 2026, Technopaints held an order book of Rs 994.69 crore, covering 126 turnkey paint projects. The firm has also engaged Sachin Tendulkar as its brand ambassador to support its market presence across 10 states and Union Territories.
According to The Free Press Journal, for Technopaints and Chemicals Ltd, Technopaints disclosed in its risk factors that promoters Akuri Srinivasa Reddy and A. Sandhya plan to sell up to ₹90 crore and ₹30 crore in OFS shares, while warning that it operates without long-term contracts guaranteeing future projects from its top 10 clients.
