KOCHI: Kerala’s marquee homegrown companies are lining up a fresh wave of initial public offerings (IPOs), in what is shaping up to be a major shot in the arm for the state’s business sector.
From vertical SaaS and gold loans to spices, diagnostics and real estate, a new league of enterprises from Kerala is preparing to tap the capital markets to power their next phase of growth.
A clutch of companies — IBS Software, Synthite Industries, DentCare, Indel Money, and Veegaland Developers — is lining up public issues over the next one to five years, which are together expected to mop up Rs 10,000-12,000 crore, say company executives and market sources. Also warming up for the market are Agappe Diagnostics and SFO Technologies (NeST Group), both targeting listings in the next couple of years.
At the front of the pack is IBS Software, widely regarded as India’s largest vertical software as a service (SaaS) company in the travel and aviation technology space.
The proposed IPO — pegged at around Rs 4,500 crore ($500 mn) — could rank among the largest SaaS company listings from India. While the company had earlier explored a New York listing, the mood in domestic markets has turned decisively favourable. “With Indian markets delivering stronger valuations than many overseas exchanges, an India listing can’t also be ruled out,” said an investment banker familiar with the discussions.
The company, in which Apax Funds holds a significant minority stake, was last valued at around $1.5 billion, following the 2023 transaction in which Apax bought out Blackstone’s holding.
Veegaland plans Rs 250-cr fresh issue
On its heels is Indel Money, which is gearing up to become the first pure-play gold-loan listing from Kerala since Manappuram Finance in 1995. The company is eyeing a `3,000-crore issue, aligned with its plan to scale up assets under management to `15,000 crore ahead of the listing window between FY29 and FY30. Two rounds of private equity are planned before the offering, including a pre-IPO placement. “We want to remain a predominantly gold-loan franchise with an over 93% portfolio share when we go public,” said Umesh Mohanan, executive director & CEO, Indel Money.
On the manufacturing side, Synthite Industries, the global spice-extracts leader headquartered in Kolenchery, Ernakulam, is preparing to raise `1,500–2,000 crore by diluting a 10-15% equity through marquee private-equity participation as part of its IPO-linked fundraising road map, said Viju Jacob, executive chairman. With consolidated revenues crossing `4,200 crore and aggressive expansion under way across India, China and Europe, Synthite is aiming to double scale over the next few years, he said. Muvattupuzha-based DentCare, world’s second-largest and Asia’s largest dental lab, plans to file for an IPO in 2028 and list by 2030, said John Kuriakose, founder and MD.
Real estate major Veegaland Developers — part of the V-Guard promoter group — has already filed its DRHP with SEBI. It plans a `250-crore fresh issue, with proceeds earmarked for project development and land acquisition. Ranked as Kerala’s fastest-selling real-estate developer, Veegaland has finished 10 projects and is executing nine more in Ernakulam and Thiruvananthapuram.
Agappe Diagnostics is targeting a listing in 12-14 months, while SFO Technologies, the flagship of NeST Group, is eyeing the bourses in two years.
For the state’s corporate landscape, this moment marks a generational shift — from traditional trading-era listings of the 1990s to innovation-driven, globally scaled enterprises. These companies are not merely raising capital; they are signalling that Kerala Inc is ready to open a new chapter — with bigger markets, cutting-edge technologies, and sharper global competitiveness.