Kerala is preparing for a fresh wave of initial public offerings (IPOs), signaling a strong boost for the state’s business sector.
Companies across diverse sectors — including vertical SaaS, gold loans, spices, diagnostics, and real estate — are looking to tap the capital markets to fund their next stage of growth.
Key firms expected to go public over the next one to five years include IBS Software, Synthite Industries, DentCare, Indel Money, and Veegaland Developers. Together, these listings could raise between Rs 10,000 crore and Rs 12,000 crore, according to company executives and market sources. Agappe Diagnostics and SFO Technologies (NeST Group) are also preparing for listings in the coming years.
IBS Software, regarded as India’s largest vertical SaaS company in the travel and aviation technology space, is at the forefront. Its proposed IPO, estimated at around Rs 4,500 crore ($500 million), could be one of India’s largest SaaS listings. While the company had previously explored a New York listing, current domestic market conditions make an India listing more attractive, according to investment bankers. IBS Software was last valued at $1.5 billion following Apax Funds’ acquisition of Blackstone’s stake in 2023.
Indel Money is preparing to become Kerala’s first pure-play gold-loan listing since Manappuram Finance in 1995. The company plans a Rs 3,000-crore IPO between FY29 and FY30, with two private equity rounds, including a pre-IPO placement. Indel Money intends to retain over 93% of its portfolio in gold loans.
Synthite Industries, a global spice-extracts leader based in Kolenchery, Ernakulam, is targeting Rs 1,500–2,000 crore through a 10–15% equity dilution with private equity participation. With consolidated revenues exceeding Rs 4,200 crore and expansion underway in India, China, and Europe, Synthite aims to double its scale in the coming years.
DentCare, the world’s second-largest and Asia’s largest dental lab, plans to file for an IPO in 2028 and list by 2030.
Veegaland Developers, part of the V-Guard promoter group, has filed its draft red herring prospectus (DRHP) with SEBI for a Rs 250-crore fresh issue to fund project development and land acquisition. The company is Kerala’s fastest-selling real estate developer, with 10 completed projects and nine more under construction in Ernakulam and Thiruvananthapuram.
Agappe Diagnostics is targeting a listing within the next 12–14 months, while SFO Technologies of NeST Group is planning a public offering in two years.
For Kerala’s corporate sector, these IPOs mark a generational shift. Moving beyond traditional 1990s-era trading-era listings, the state’s businesses are now globally scaled, innovation-driven enterprises. These offerings are not just about raising capital — they reflect Kerala Inc’s readiness for larger markets, advanced technologies, and increased global competitiveness.
