Kerala is quietly preparing for a stronger presence in India’s capital markets, with a new wave of companies lining up to go public over the next few years.
From real estate and gold loan finance to spices, diagnostics and software services, businesses across sectors are planning initial public offerings (IPOs) to fund their next phase of growth. According to an Indian Express report, leading Kerala-based business groups are together eyeing IPOs worth nearly ₹12,000 crore, a move that could inject fresh energy into the state’s corporate landscape.
Three Kerala companies have already taken the first formal step by submitting draft red herring prospectuses (DRHPs) to the Securities and Exchange Board of India (Sebi). These include Veegaland Developers, part of Kochouseph Chittilappilly’s V-Guard Group; Thrissur-based amusement park operator Silverstorm; and mattress maker Duroflex.
Veegaland Developers, a real estate company focused on mid-premium to ultra-luxury residential apartment projects in Kerala, plans to raise ₹250 crore through a pure fresh issue. There will be no offer for sale, meaning existing shareholders will not dilute their holdings.
Silverstorm Parks and Resorts is preparing an SME IPO and aims to list before the March quarter ends. The company plans to issue 6.2 million shares to raise about ₹85 crore. Founded 25 years ago by a group of entrepreneurs led by AA Shalimar, Silverstorm recently raised funds through a pre-IPO round. The IPO proceeds will be used for expansion and new projects.
Duroflex is planning to raise ₹184 crore through its IPO, expected in the next financial year. The issue will include both fresh shares and an offer for sale, and the company is also in the process of re-branding ahead of the listing.
Looking further ahead, several large Kerala-based companies are targeting IPOs by 2030. These include travel technology firm IBS Software, spice major Synthite Industries, dental products maker DentCare, and gold loan NBFCs Muthoottu Mini Financiers and Indel Money.
IBS Software, led by VK Mathews, is aiming to raise around ₹4,500 crore. Though the company earlier considered a New York listing, it is now leaning towards Indian markets, with an IPO likely next year.
Synthite, which controls nearly half of the global oleoresin market, has deferred its IPO plans and may return to the market around 2028 or 2029 after finalising a private equity deal.
DentCare plans to raise more capital via an IPO within five years, while Muthoottu Mini Financiers and Indel Money are also working towards listings after scaling up their assets under management.
At present, 47 Kerala-based companies are listed on Indian stock exchanges. In 2025, only 13 delivered positive returns, led by Muthoot Finance, South Indian Bank and Manappuram Finance.
