IPO News & Updates

Madhya Pradesh-based CDMO Symbiotec Pharmalab raised Rs 526.2 crore from 34 anchor investors ahead of its Rs 1,757-crore IPO opening August 24 and closing August 27 at a price band of Rs 938-988 per share. The IPO comprises a fresh issue of Rs 150 crore and an offer for sale of Rs 1,607 crore by promoter Satwani Holdings and promoters Rosewood Investments and Motilal Oswal. The company allocated 53.25 lakh shares at Rs 988 per share, with anchors including Citigroup Global Markets, BNP Paribas, Singularity AMC, Susquehanna Pacific and TIMF Holdings. Eleven domestic mutual funds via 19 schemes including ICICI Prudential AMC, HDFC Mutual Fund, Motilal Oswal AMC, Mirae Asset, Tata Mutual Fund, Edelweiss, Groww and ITI Mutual Fund picked up 31.98 lakh shares, while Tata AIA Life, Bajaj Life and Bharti AXA Life bought 4.25 lakh shares worth Rs 42 crore. The company will use Rs 112.5 crore of fresh proceeds to repay debt and the balance for general corporate purposes. As of March 2026, it had two API facilities with 584.67 MT chemical synthesis and 300 KL fermentation capacity, plus two commissioned plants at Ujjain and Mhow, and plans a 14 KL biologics fermentation facility at Ujjain. Profit grew at 4.81% CAGR to Rs 109.9 crore in FY26 and revenue at 10.16% CAGR to Rs 869.1 crore from FY24. JM Financial, Avendus Capital, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) are book-running lead managers.

Bengaluru-based Online Instruments (India) received SEBI observations on August 18 on its draft red herring prospectus filed in May 2026, allowing it to proceed with its IPO subject to filing the red herring prospectus with the Registrar of Companies, according to SEBI's Processing Status of Draft Offer Documents report published on Friday. The proposed IPO comprises a fresh issue of up to Rs 750 crore and an offer for sale of up to 57.1 lakh shares by promoters Anita Mahesh Bellad and Rajeshwari Shivanand Mahashett. The company may raise up to Rs 150 crore via a pre-IPO placement, which would reduce the fresh issue size accordingly. Proceeds from the fresh issue are earmarked for repayment of certain debt, working capital requirements, inorganic growth through unidentified acquisitions and general corporate purposes. Equirus Capital and Motilal Oswal Investment Advisors are the merchant bankers. Separately, Mumbai-based hand-crafted gold jewellery supplier Sunil Gold India withdrew its IPO papers filed via sole manager Unistone Capital in March 2026, which had proposed a fresh issue of 2 crore equity shares and an offer for sale of 65 lakh shares by promoters Anil Mohanlal Jain and Shrenik Mohanlal Jain.

Nobel Hygiene, the Mumbai-based manufacturer of absorbent hygiene products, has filed draft papers with SEBI for an IPO comprising a fresh issue of Rs 150 crore and an offer for sale of 1.55 crore equity shares by promoters, Orbit Investment Holdings managed by Quadria Capital, Sixth Sense Ventures and Bennett Trading LLP. The company may raise up to Rs 30 crore in a pre-IPO placement, which would reduce the fresh issue size. Shareholding includes Orbit Investment Holdings with 36.71%, promoters with 34.15%, Fancy Textrade LLP with 13.35%, Neo Asset Management with 13.2% and Sixth Sense Ventures with 12.66%. Nobel Hygiene operates two manufacturing facilities in Nashik, Maharashtra and Halol, Gujarat, and sells adult products under Friends and B-Fit, baby products under Teddyy and Snuggy, and feminine hygiene under RIO. Of the net fresh proceeds, Rs 42 crore is earmarked for debt repayment against consolidated borrowings of Rs 114.3 crore as of June 2026, Rs 71.3 crore for setting up a new facility within the Halol plant and purchase and installation of an adult diaper machine line, with the remainder for general corporate purposes. Revenue rose 14.6% to Rs 846.8 crore in FY26 from Rs 739.1 crore in FY25, while profit increased to Rs 18.9 crore from Rs 0.2 crore. ICICI Securities, Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers.

Lumino Industries Limited has fixed the price band for its initial public offering at Rs78 to Rs82 per equity share with a face value of Rs5. The subscription window will open on Thursday, 27 August and close on Monday, 31 August, with anchor investor allocation scheduled for Tuesday, 25 August. The lot size is 182 equity shares and in multiples of 182 shares thereafter. The offer reserves not more than 50% for qualified institutional buyers, not less than 15% for non-institutional investors and not less than 35% for retail investors. The basis of allotment is tentatively scheduled for Tuesday, 1 September, with refunds to be initiated the same day and shares credited to allottees' demat accounts on Wednesday, 2 September. The shares are proposed to be listed on BSE and NSE on Thursday, 3 September. The price band, lot size, reservation ratios and tentative timetable for allotment, refunds, demat credit and listing were disclosed as part of the issue details.

Shankesh Jewellers' Rs 367.18-crore IPO allotment is expected to be finalised on August 21, with shares to be credited to successful applicants' demat accounts ahead of the scheduled listing on BSE and NSE on August 25, 2026. The grey market premium is around 5%, indicating modest listing gains. The IPO was open August 18-20 with a price band of Rs 88-Rs 93 and was subscribed 2.80 times overall, with non-institutional investors at 5.68 times, retail at 2.42 times and qualified institutional buyers at 1.32 times. The offer comprised a fresh issue of 2.95 crore shares worth Rs 274.18 crore and an offer for sale of 1 crore shares worth Rs 93 crore. Aryaman Financial Services Ltd. was the book-running lead manager and Kfin Technologies Ltd. was the registrar. Investors can check allotment status on the registrar's website and BSE/NSE portals using PAN, application number or DP/Client ID. In FY26, Shankesh Jewellers reported total income of Rs 1,630.93 crore versus Rs 1,403.94 crore in FY25, up 16%, and profit after tax of Rs 106.68 crore versus Rs 40.31 crore, up 165%.

Atomberg Technologies has filed its draft red herring prospectus (DRHP) for an initial public offering comprising a fresh issue of up to Rs 450 crore and an offer for sale of up to 7.65 crore shares, according to the IPO & New Listings filing. The DRHP marks the company's formal step toward a public listing. Under the offer for sale, existing shareholders will dilute holdings: A91 Partners will sell up to 3.77 crore shares, Temasek up to 1.22 crore shares and Jungle Ventures up to 99.46 lakh shares. Inflexor Ventures, Steadview Capital and Survam Partners are also named as selling shareholders in the OFS, though their individual offer sizes were not detailed in the excerpt. The prospectus states Atomberg will use proceeds from the fresh issue, but the specific objects, amounts and deployment details were truncated in the source material and not fully disclosed. No price band, valuation, lot size or listing timeline was provided in the excerpt.

Kolkata-based Lumino Industries will open its Rs 700-crore IPO on August 27 and close on August 31, with anchor bidding on August 25, allotment expected by September 1 and listing on September 3; the price band will be announced on August 21. The issue comprises a Rs 500-crore fresh issue and a Rs 200-crore offer for sale by promoters Devendra Goel and Jay Goel, trimmed from the earlier Rs 1,000-crore plan (Rs 600-crore fresh plus Rs 400-crore OFS) filed in January 2025 and approved by SEBI in June 2025. Net fresh proceeds of Rs 337 crore will repay debt out of Rs 1,856.7 crore borrowings as of July 2026, Rs 15 crore will fund equipment, civil works and interior development at its existing facility, with the balance for general corporate purposes. The company reserved Rs 10 crore for employees, with 50% of the net issue for qualified institutional buyers, 35% for retail and 15% for non-institutional investors. It reported FY26 revenue of Rs 2,041 crore, up 6.4% from Rs 1,918 crore, and profit of Rs 160 crore, up 28.4% from Rs 124.6 crore, with a Rs 3,149.8-crore order book and 98% domestic revenue. Motilal Oswal Investment Advisors, JM Financial and Monarch Networth Capital are the book running lead managers.

National Stock Exchange of India Ltd may allow its shares to trade on its own platform after listing them on rival BSE Ltd, people familiar with the matter said. The possibility was discussed with global investors during recent roadshows for its proposed initial public offering, with NSE shares potentially trading in the permitted to trade category while formally listed on BSE. Present regulations do not provide for self-listing of a stock exchange, and NSE, classified as a market infrastructure institution, would need approval from the Securities and Exchange Board of India, with discussions ongoing and dependent on regulatory clearance. A representative for NSE did not respond to requests for comment. The permitted to trade framework allows securities to trade on NSE without formal listing, with compliance obligations unchanged, and NSE revised index eligibility rules in 2019 to allow such securities to qualify for Nifty indexes. About 250 companies not listed on NSE currently trade under the category, including Elantas Beck India Ltd, Goodyear India Ltd and Novartis India Ltd. The arrangement could provide liquidity on both exchanges while retaining BSE as primary venue. NSE expects SEBI approval for its draft prospectus by end-August and targets an IPO launch in the second half of September.

Annu Projects, the New Delhi-based EPC company focused on fibre optics, sewerage and gas pipeline infrastructure, on August 20 fixed a price band of Rs 94-99 per share for its Rs 175.06-crore IPO. The offer comprises 1.76 crore fresh equity shares and seeks a market capitalisation of Rs 648 crore at the upper end of the band. The IPO will open for subscription on August 25 and close on August 28, with a lot size of 151 shares, implying a minimum retail investment of Rs 14,949 and a maximum of Rs 1,94,337. The company has reserved 50% of the issue for retail investors, 40% for non-institutional investors and 10% for qualified institutional buyers. From net proceeds, Rs 15.4 crore will fund purchase of machinery and equipment, up to Rs 115 crore will meet working capital requirements and the remainder will be used for general corporate purposes. Telecom, sewerage and gas verticals contributed 41.5%, 52.7% and 4% respectively to FY26 topline. Annu Projects reported standalone profit of Rs 33 crore on revenue of Rs 241.2 crore for the year ended March 2026. Mefcom Capital Markets is the sole book-running lead manager.

Rays of Belief, parent of child development and therapy platform Mom's Belief, will open its entirely fresh-issue IPO of 52.3 lakh shares on September 1 and close on September 3, with anchor bidding on August 31, allotment expected September 4 and listing September 8. Based on pre-IPO placement prices of Rs 284 to Rs 290 per share, the issue is estimated at Rs 148.53 crore to Rs 151.67 crore, valuing the company at around Rs 600 crore, after raising Rs 5.9 crore pre-IPO. Promoter Carving Futures holds 91.43%, with public shareholders at 8.28% including KAPICO Investment Co (1.22%) and Rainmatter Investments backed by Zerodha's Nithin and Nikhil Kamath (1.09%). The Gurugram-based firm operates 136 leased centres in 57 cities serving over 58,000 children since 2018 and reported FY26 consolidated revenue of Rs 81.6 crore and profit of Rs 4.9 crore. Proceeds will fund Rs 41.3 crore for new leased centres and hardware, Rs 14.4 crore for existing India leases, Rs 10.1 crore for US subsidiary Mom's Belief US Inc leases, Rs 10.2 crore for brand outreach, and balance for unidentified acquisitions and general corporate purposes. Mefcom Capital Markets is lead manager.

Rosewood Investments and Motilal Oswal Private Equity-backed India Business Excellence Fund - III transferred 65.57 lakh shares representing 10.43% of Symbiotic Pharmalab's pre-offer equity to 17 investors on August 19 at the upper price band of Rs 988, implying about Rs 648 crore, ahead of its IPO. Rosewood's holding fell to 30.34% (1.9 crore shares) from 34.78% and the Motilal Oswal fund's to 18.14% (1.13 crore shares) from 24.16%. The Rs 1,757-crore IPO opens August 24 and closes August 27 with a price band of Rs 938-988, comprising a Rs 150-crore fresh issue and Rs 1,607-crore offer-for-sale by promoter Satwani Holdings LLP and the two investors. At the upper end, Rosewood will sell 1 crore shares and the Motilal Oswal fund 48.07 lakh shares, retaining 14.07% and 10.23% post-issue. Buyers included Think India Opportunities Master Fund and Dymon Asia Multi-Strategy Investment (Singapore) for 27.83 lakh shares, ValueQuest Investment Advisors with 20.24 lakh shares (3.22%), WhiteOak Capital Group with 6.07 lakh shares (0.96%) and Singularity Equity Fund 1 with 4.54 lakh shares. Symbiotic Pharmalab will use Rs 112.5 crore of fresh proceeds to repay debt.

The Rs 367.18-crore IPO was open August 18-20, 2026 and comprises a fresh issue of 2.95 crore shares worth Rs 274.18 crore and an offer for sale of 1 crore shares worth Rs 93 crore, with a price band of Rs 88-Rs 93 and lot size of 160 shares requiring Rs 14,880 at the upper band. On Day 2 it was subscribed 94% overall with bids for about 2.76 crore shares, with Retail Individual Investors at 1.13 times of 1.38 crore shares, Non-Institutional Investors at 76% of 59.22 lakh shares and Qualified Institutional Buyers at 76% of 78.96 lakh shares. Grey market premium was Rs 3, about 3% above Rs 93, implying an estimated listing price of around Rs 96. Allotment is expected on August 21, 2026 and listing on NSE and BSE on August 25, 2026, with Aryaman Financial Services Ltd as book-running lead manager and Kfin Technologies Ltd as registrar. Objects include Rs 158.00 crore for repayment/pre-payment of borrowings, Rs 38.00 crore for working capital and balance for general corporate purposes. FY26 total income rose 16% to Rs 1,630.93 crore from Rs 1,403.94 crore in FY25, while PAT surged 165% to Rs 106.68 crore from Rs 40.31 crore. AnandRathi values the IPO at 12.8x FY26 P/E and rates it Subscribe: Long Term.

The Securities and Exchange Board of India plans a comprehensive review of rules governing IPOs by small and medium enterprises, Chairman Tuhin Kanta Pandey said Wednesday at an industry event in Mumbai. He said market-making requirements are adding to costs for small-company IPOs and the underwriting system is not working effectively, forcing companies to bear significant costs. Pandey noted costs on the SME platform are significantly higher compared with the mainboard, which the regulator does not want. A working group formed by Sebi to examine issues related to the SME platform has recently submitted its report, and Sebi will issue a consultation paper soon. He added that increasing the trading lot size and application size to control retail participation has not achieved the intended purpose. Separately, Pandey said a new system for determining closing prices of the most frequently traded securities detects manipulation much faster than the earlier mechanism. Sebi has flagged manipulative trades during the closing auction session on Sensex expiry day and fined two entities. Sebi is also looking to support global fund management activity from India, with changes to portfolio management services regulation to enable trading from onshore.

Annu Projects, a New Delhi-based EPC company focused on underground and overhead utilities infrastructure including fibre optics, sewerage and gas pipelines, will open its IPO on August 25 and close on August 28, with allotment expected by August 31 and listing likely on September 2. The IPO is an entirely fresh issue of 1.76 crore equity shares with no offer-for-sale, reduced from 2.2 crore shares proposed in the draft filed with SEBI in June 2025 and cleared in November 2025, as per the red herring prospectus filed on August 18. The price band will be announced separately. The company has completed 362 projects over 21 years and had 23 ongoing projects as of June 2026, comprising four each in telecom and gas pipeline and 14 in sewerage. Its total basic contract value was Rs 1,681.4 crore, with Rs 676.4 crore completed and an outstanding order book of Rs 1,005 crore. Net proceeds will fund Rs 15.4 crore for machinery and equipment and Rs 115 crore for working capital, with the balance for general corporate purposes. For FY ended March 2026, standalone profit was Rs 33 crore on revenue of Rs 241.2 crore. Mefcom Capital Markets is the merchant banker. Three other mainboard IPOs  Symbiotec Pharmalab, Hy-Tech Engineers and Skyways Air Services  open on August 24.

Razorpay, founded by IIT Roorkee graduates Harshil Mathur and Shashank Kumar to solve online payment difficulties for startups, has confidentially filed draft papers with the Securities and Exchange Board of India for an IPO, according to a June 2026 Moneycontrol report. The proposed issue could raise around $500 million to $600 million, subject to market conditions. The founders, who left jobs at Schlumberger and Microsoft, faced almost 100 banker rejections over three to six months before securing a private-sector bank partnership, and were selected for Y Combinator in 2015. Razorpay raised $375 million in December 2021 led by Lone Pine Capital, Alkeon Capital and TCV at a $7.5 billion valuation, equivalent to more than Rs 70,000 crore, though reports suggest a lower $5 billion to $6 billion valuation for the IPO. Consolidated revenue rose to about Rs 3,783 crore in FY25 from Rs 2,296 crore in FY24, gross profit rose 41 percent to Rs 1,277 crore from Rs 906 crore, while it reported a post-ESOP loss of Rs 1,209 crore attributed to restructuring and tax costs from completing its reverse-flip from the US to India in May 2025.

Research Analyst Abhinav Tiwari at Bonanza reviewed five ongoing mainboard IPOs, remaining positive on Gaja Alternative Asset Management and Horizon Industrial Parks while flagging earnings quality risks at Lalitha Jewellery Mart, Shankesh Jewellers and Sunshine Pictures. Gaja Alternative Asset Management is raising Rs 550 crore for a market value of about Rs 2,256 crore, with FY26 revenue of Rs 136 crore and profit of Rs 82 crore, low debt, but recurring management fees declining and carried interest near half of income. Horizon Industrial Parks, backed by Blackstone, is raising Rs 2,600 crore at Rs 57-60 per share for about Rs 17,300 crore valuation, operating 45 assets covering 58 million sq ft at 93.6% occupancy with Rs 691 crore revenue and Rs 608 crore EBITDA at 79% margin, yet a Rs 204 crore loss on Rs 539 crore finance costs and Rs 6,884 crore debt, planning Rs 2,250 crore debt repayment. Lalitha Jewellery Mart is raising Rs 1,700 crore at about Rs 11,250 crore valuation and 10x earnings, with FY26 revenue Rs 25,024 crore and profit Rs 1,010 crore but gold volumes down to 21,691 kg, negative Rs 398 crore cash flow and Rs 999 crore IPO use for gold inventory. Shankesh Jewellers reported Rs 1,631 crore revenue and Rs 107 crore profit at 12.8x earnings with near-zero operating cash flow and 40% revenue from top 10 customers. Sunshine Pictures revenue fell to Rs 74 crore and profit to Rs 40 crore in FY26, valued at 27.5x earnings with negative operating cash flow.

Madhya Pradesh-based CDMO Symbiotec Pharmalab will open its Rs 1,757-crore IPO on August 24, alongside Skyways Air Services, with a price band of Rs 938-988 per share valuing the company at Rs 6,348.5 crore. The offer comprises a Rs 150-crore fresh issue and a Rs 1,607-crore offer-for-sale, reduced from Rs 2,030 crore proposed in the December 2025 DRHP, while the fresh issue is unchanged. SEBI approved the draft papers in March 2026 and the RHP was filed August 18. Selling shareholders are promoter Satwani Holdings LLP (Rs 144 crore), Rosewood Investments (Rs 988 crore, 34.78% stake) and Motilal Oswal Private Equity-backed India Business Excellence Fund - III (Rs 475 crore, 24.16% stake); promoters held 36.4%. The anchor book opens August 21, public subscription closes August 27, allotment is expected August 28 and listing September 1. Employee reservation is Rs 3 crore at a Rs 90 discount, with 50% for QIBs, 35% for retail and 10% for NIIs. Proceeds of Rs 112.5 crore will repay debt from Rs 349.7 crore outstanding as of March 2026. The company has two API plants with 584.67 MT synthesis and 300 KL fermentation capacity, plus new facilities at Ujjain and Mhow and a planned 14 KL biologics expansion. FY26 profit rose 13.6% to Rs 109.9 crore and revenue rose 15.6% to Rs 869.1 crore. Managers are JM Financial, Avendus Capital, Motilal Oswal Investment Advisors and Nomura.

HY Tech Engineers has fixed its IPO price band at Rs50-Rs53 per share with a face value of Rs5, with the book-built offer opening on August 24 and closing on August 27. The issue comprises a fresh issue of Rs60 crores and an offer for sale of up to 1.42 crore equity shares, with reservation of not more than 50% for Qualified Institutional Buyers, not less than 35% for retail investors and not less than 15% for Non-Institutional Investors. Allotment is scheduled for August 28 and listing on BSE and NSE is expected on September 1. Net proceeds are proposed for capital expenditure including machinery and equipment for expansion at Kavathe and Shirwal units and procurement at Pithampur Unit-I, prepayment or repayment of certain outstanding borrowings, and general corporate purposes. New Berry Capitals is the book running lead manager and Bigshare Services is the registrar. Established in 1978, the company manufactures hydraulic fittings across four facilities in Thane, Pune (Shirwal), Nashik and Pithampur with over 3,500 products and 10,000 variants.

Maharashtra State Electricity Transmission Company Limited (MSETCL) has invited bids from merchant bankers to manage its proposed Initial Public Offering, issuing a Request for Proposal on Tuesday to appoint up to six Book Running Lead Managers. The Government of Maharashtra, which wholly owns MSETCL through MSEB Holding Company Limited, is considering monetizing its stake via an offer for sale combined with fresh equity, subject to cabinet approval. MSETCL operates over 52,800 circuit kilometres of transmission lines and 760 extra-high-voltage substations and holds a virtual monopoly over intra-state transmission in Maharashtra. It has authorised share capital of Rs 15,000 crore and paid-up capital of Rs 8,984 crore. In FY24, profit before tax rose 75% to Rs 2,738 crore from Rs 1,564 crore and revenue rose to Rs 7210 crore from Rs 5,682 crore, with about 86% of revenue from Maharashtra State Electricity Distribution Company Limited. Eligibility requires SEBI Category-I registration and either three domestic equity offerings including one public-sector issue of Rs 1,000 crore or more, or cumulative volume of Rs 20,000 crore between April 2021 and June 2026. Selection weights technical bids at 70% and financial bids at 30%, with fees split between fixed and variable linked to institutional mobilisation. Pre-bid queries are due August 24, meeting September 1, bids by 5:00 pm on September 4, 2026, and presentations September 9-11.

Four IPOs were open on 18 August with divergent subscription. Shankesh Jewellers (18-20 August) was 25% subscribed on Day 1 as of 15:06 IST. Sunshine Pictures, promoted by filmmaker Vipul Shah (18-20 August), was subscribed 3.23 times on Day 1 as of 15:06 IST. Horizon Industrial Parks' Rs 2,600-crore IPO (opened 17 August) was 19% subscribed on Day 2 as of 15:09 IST, with bids for 4.78 crore shares against 25.14 crore on offer. Lalithaa Jewellery Mart's Rs 1,700-crore IPO (price band Rs 190 to Rs 201, closes 19 August) was 69% subscribed on Day 1 led by retail at 74% and reached 2.57 times on Day 2. Grey market premiums on 18 August implied estimated listing prices of Rs 96.5 for Shankesh Jewellers (GMP Rs 3.5, 3.76% above Rs 93, 9-session range Rs 0.00 to Rs 8, pessimistic), Rs 435 for Sunshine Pictures (GMP Rs 75, 20.83% above Rs 360, 8-session range Rs 0.00 to Rs 75, rising), Rs 61.25 for Horizon Industrial Parks (GMP Rs 1.25, 2.08% above Rs 60, range Rs 0.00 to Rs 4.50, pessimistic) and Rs 234 for Lalithaa Jewellery Mart (GMP Rs 33, 16.42% above Rs 201, 9-session range Rs 0.00 to Rs 41, upward).

Gaja Alternative Asset Management will open its Rs 550 crore mainboard IPO for subscription from 19 to 21 August, with a price band of Rs 152 to Rs 160 per share. The book-built issue comprises a fresh issue of 2.81 crore shares to raise Rs 450 crore and an offer for sale of 63 lakh shares aggregating to Rs 100 crore. Reservation is 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. Lot size is 93 shares, requiring a minimum retail investment of Rs 14,880 at the upper band and a maximum of 13 lots for Rs 1,93,440. Grey market premium on 19 August morning was Rs 7, implying a listing price of Rs 167, a 4.4% premium. JM Financial Limited and IIFL Capital Services Limited are book-running lead managers and MUFG Intime India Private Limited is registrar. Allotment is expected on 24 August, with credit and refunds on 25 August and listing on BSE and NSE on 26 August. Proceeds will fund sponsor commitments to existing and new funds, repayment of bridge loan and general corporate purposes. The company acts as investment manager to India-focused Category I and II alternative investment funds and advisor to offshore funds. Revenue rose from Rs 95.64 crore in FY24 to Rs 122 crore in FY25 and Rs 135.53 crore in FY26, while profit attributable to owners rose from Rs 44.52 crore to Rs 59.53 crore and Rs 79.66 crore.

Shankesh Jewellers' initial public offering was subscribed 14% on the first day of bidding on August 18, according to NSE data as of 12:15 p.m. The IPO received bids for 39.30 lakh shares against 2.76 crore shares on offer. The retail investors' portion was subscribed 26%, while the non-institutional investors' portion was subscribed 6%. The Mumbai-based jewellery wholesaler had earlier raised Rs 110.15 crore from anchor investors ahead of the IPO. Anchor allocations went to investors including Tiger Strategies Fund-I, Necta Bloom VCC, Venus Investment VCC, Zeal Global Opportunities Fund, ASAS Global Fund and Uni Growth Fund. The anchor circular showed no allocation to domestic mutual funds, life insurance companies or pension funds. The subscription figures reflect early Day 1 bidding and may change through the offer period. The article did not disclose the price band, total issue size, or listing timeline beyond the subscription update and anchor raise, and carried a disclaimer advising investors to consult certified experts.

National Stock Exchange of India Ltd., operator of the world's largest derivatives exchange by trading volume, is seeking a valuation of up to Rs 5.26 lakh crore ($55 billion) in its planned IPO, marketing shares at Rs 2,000 to Rs 2,100 apiece, according to people familiar with the matter. The exchange has concluded most of its global roadshow across Boston, New York, San Francisco, London, Singapore and Hong Kong with about 120 large investors including BlackRock Inc., Capital Group, GQG Partners, Janus Henderson Group Plc and Allspring Global Investments, with Middle East meetings still to be completed. The offering filed via draft prospectus in June will be entirely secondary sales of up to 148.9 million shares, about 6% of the company, with 20 banks appointed including Kotak Mahindra Capital Co., JM Financial Ltd., Morgan Stanley, HSBC Holdings Plc and Citigroup Inc. Approval from the Securities and Exchange Board of India initially expected by early August was pushed back about three weeks after adding SBI Capital Markets Ltd. as a selling shareholder, triggering a 21-day public feedback period, with launch now expected in the second half of September. At the top of the range, NSE would rank sixth among global exchange operators, just behind London Stock Exchange Group Plc and ahead of Nasdaq Inc., while CME Group Inc. at about $97 billion and Intercontinental Exchange Inc. at about $86.9 billion lead. Deliberations are ongoing and terms may change.

India Exposition Mart, which operates the India Expo Centre and Mart exhibition and convention venue in Greater Noida on a leasehold basis, filed a draft red herring prospectus with SEBI on August 17 for an IPO of 3.02 crore equity shares. The offer comprises a fresh issue of 75 lakh shares and an offer-for-sale of up to 2.27 crore shares by shareholders including Vectra Investments, MIL Vehicles & Technologies, Rakesh Kumar Sharma and Dinesh Kumar Aggarwal. The company plans to utilise Rs 63.8 crore of net fresh issue proceeds to upgrade air-handling units, chillers, cooling towers, lifts and escalators, variable-frequency drives and ancillary works, and Rs 30.8 crore to renovate Exhibition Hall 4 and Exhibition Hall 6 and build Exhibition Hall 18, with the remainder for general corporate purposes. The company, 100 percent owned by public shareholders with Vectra Investments holding 22.46 percent as the largest shareholder, claims to be among the top four exhibition and convention venues in India by total area. It organised 156 events in the last three fiscals and had more than 45 confirmed bookings as of June 30, 2026. Revenue rose 20.5 percent to Rs 290.6 crore in FY26 from Rs 241.2 crore, while profit fell 21 percent to Rs 31.6 crore from Rs 40 crore. Third-party events contributed 56 percent of FY26 revenue. Shares are proposed to be listed on the BSE and NSE, with Choice Capital Advisors as merchant banker.

Sunshine Pictures Ltd's IPO, promoted by Vipul Shah, opened 18 August and closes 20 August with a price band of Rs 342-Rs 360 and proposed listing on BSE and NSE on 25 August. The issue comprises a fresh issue of 48 lakh shares and an offer for sale of 30.37 lakh shares by promoters Vipul Amrutlal Shah (20.31 lakh) and Shefali Vipul Shah (10.06 lakh), totalling 78.37 lakh shares, implying post-issue market capitalisation of about Rs 1,121 crore at the upper band and Rs 1,065 crore at the lower band. Up to Rs 112.50 crore from fresh proceeds is earmarked for long-term working capital. Ahead of opening, the company raised Rs 84.64 crore from nine anchor investors via 23.51 lakh shares at Rs 360, with no allotment to domestic mutual funds, insurers or pension funds. Reservation is 50% QIB, 15% NII and 35% retail. Day 1 subscription was 22% with bids for 12,11,386 shares against 54,86,051 on offer at 10:15 IST, with retail 33%, NII 27% and QIB nil. GMP was Rs 75, implying listing at Rs 435, up 20.83%, trending up from Rs 0.00-Rs 75 over eight sessions. Swastika Investmart flagged EBITDA margin at 78.65% (+2,953 bps) despite 27.96% revenue fall due to capitalised production costs, CFO at -Rs 332.06 crore, RoCE above 35% and low leverage justifying a modest premium but limited margin of safety.

Sham Foam Ltd is scheduled to list on the BSE SME platform on Tuesday, August 18. Its Rs 40.48 crore IPO, open August 11-13, was entirely a fresh issue of 31 lakh shares at Rs 130 per share and was subscribed 2.40 times overall, with individual investors at 2.62 times and non-institutional investors at 2.17 times. Corporate Makers Capital Ltd was the book-running lead manager and Alankit Assignments Ltd was the registrar. Ahead of listing, the grey market premium was around Rs 1.50, or about 1% over the issue price, implying an estimated listing price of about Rs 131.50 and a largely flat debut, though GMP is unofficial and not guaranteed. Financially, FY26 total income rose 13% to Rs 92.39 crore from Rs 81.62 crore in FY25, while PAT jumped 142% to Rs 8.65 crore from Rs 3.58 crore. Incorporated in 2020, Sham Foam manufactures polyurethane foam, mattresses, pillows and cushioning for home-comfort and industrial uses across furniture, apparel, sports goods and automotive, selling mattresses under Featherfresh and Restivia brands and operating a vertically integrated model.

Augmont Enterprises Limited has fixed the price band for its initial public offering at Rs 750 to Rs 788 per equity share of face value Rs 5. The subscription window will open on Friday, August 21 and close on Tuesday, August 25, with anchor investor allocation scheduled for Thursday, August 20. The lot size is 19 equity shares and in multiples of 19 equity shares thereafter. The issue reserves not more than 50% of the shares for qualified institutional buyers, not less than 15% for non-institutional investors, and not less than 35% for retail investors. Basis of allotment is tentatively scheduled for Thursday, August 27, with refunds to be initiated on Friday, August 28 and shares credited to allottees' demat accounts on the same day following the refund. The shares are proposed to be listed on the BSE and NSE on Monday, August 31. The company is expected to disclose further issue details in due course.

Consumer appliances maker Atomberg Technologies has received shareholder approval for a fresh issue of up to Rs 450 crore as part of its proposed initial public offering, according to regulatory filings reviewed by ET. The company may also raise as much as Rs 90 crore through a pre-IPO placement. The Mumbai-based company is preparing to file its draft IPO papers in the coming weeks, ET reported on July 31. The proposed issue is expected to be in the range of Rs 1,500 crore to Rs 2,000 crore and will comprise fresh shares and an offer for sale, though details of the offer-for-sale component were truncated in the disclosure. The shareholder approval for the fresh issue and the enabling provision for the pre-IPO placement mark a formal step toward the listing process. No timeline for filing or listing, pricing, or use of proceeds was disclosed in the excerpt reviewed.

Zetwerk Manufacturing Businesses filed its Updated Draft Red Herring Prospectus with SEBI on August 14 for an IPO comprising a fresh issue of up to Rs 2,600 crore and an offer for sale of up to 9.68 crore shares, with a possible pre-IPO placement of up to Rs 520 crore. Proceeds will mainly repay borrowings of the company and subsidiaries, with balance for unidentified strategic acquisitions and general corporate purposes. Revenue from continuing operations rose 40.43% to Rs 15,913.3 crore in FY26, adjusted PBT turned positive at Rs 45.7 crore versus loss of Rs 149.2 crore in FY25, and adjusted EBITDA rose to Rs 421.3 crore at 2.65% margin. Manufacturing Business revenue grew 50.02% to Rs 9,374.7 crore with order book up 43.3% to Rs 12,370 crore. Restated loss widened to Rs 1,606.2 crore including Rs 835.8 crore exceptional share-conversion adjustment and Rs 453 crore impairment for discontinued Civil Infrastructure Works, approved for sale in early 2026. Operating cash outflow was Rs 681.5 crore for a third year, top 10 customers rose to 35.90% of revenue, 2.85 crore promoter shares were pledged, and US litigation with Ayr Energy includes a $1 billion counterclaim.

Pramodini Medicare will finalise allotment for its book-built SME IPO on Monday, 17 August, with registrar Purva Sharegistry India Pvt Ltd handling status queries via its portal at purvashare.com and the NSE website. Refunds for non-allottees and demat credits for allottees are both scheduled for Tuesday, 18 August, ahead of the proposed listing on the NSE SME platform on Wednesday, 19 August. The Rs 69.04 crore issue comprises a fresh issue of 54 lakh shares and an offer for sale of 5 lakh shares at a price band of Rs 110 to Rs 118 per share, with the grey market premium at Rs 0 indicating trading at the issue price of Rs 118, according to investorgain.com. The minimum application is 2,400 shares for retail investors and 3,600 shares for HNI investors. The diagnostic services company, which offers radiology, clinical laboratory testing and nuclear medicine across multiple states, plans to use fresh issue proceeds mainly to purchase medical equipment for existing and proposed centres, plus general corporate purposes and potential unidentified inorganic acquisitions.

Blackstone-backed Horizon Industrial Parks opened its Rs 2,600-crore fresh-issue IPO on August 17, with subscription at 2% by 11:15 am on Day 1, according to NSE data. Bids were received for 43,54,750 shares against 25,13,56,273 shares on offer. Retail investors subscribed 8% of their quota and Non-Institutional Investors 1%. The issue closes August 19 at a price band of Rs 57-60 per share. In the grey market, shares commanded a premium of Rs 3.5 over the upper band, implying an estimated listing price of Rs 63.5 and a potential gain of nearly 6%. Ahead of the IPO, the company raised around Rs 1,167.8 crore from 54 anchor investors, allotting 19.46 crore shares at Rs 60 on August 14. Domestic mutual funds took 3.88 crore shares via six houses and 27 schemes, while SBI Life Insurance and Edelweiss Life Insurance were allotted 1.24 crore shares worth about Rs 75 crore. Proceeds of Rs 2,250 crore will repay debt from total borrowings of Rs 6,884.3 crore as of March 2026. FY26 net loss widened to Rs 203.6 crore from Rs 178.7 crore in FY25, while revenue rose 77.1% to Rs 691.4 crore from Rs 390.3 crore. The company operates 45 assets across 10 cities and was 88.74% owned by three Blackstone affiliates pre-IPO.

Q&T Foods IPO share allotment is expected to be finalised on Monday, 17 August, after the bakery products manufacturer's SME issue closed on 14 August with overall subscription of 1.42 times. Successful bidders are expected to get shares credited to demat accounts on Tuesday, 18 August, with refunds to non-allottees on the same day, ahead of listing on the BSE SME on Wednesday, 19 August. The IPO was a fresh issue of 22,82,400 shares aggregating to Rs 26.25 crore at Rs 115 per share. Corporate Makers Capital Limited was the book-running lead manager and Skyline Financial Services Private Limited is the registrar. Investors can check allotment status on the registrar's website by selecting Q&T Foods and entering DPID/Client ID, Folio, CAF number or PAN, or on the BSE website under Equity issue type. The company sells breads, buns, pizza bases and Kulcha under the brand American Bakers. Revenue from operations was Rs 40.22 crore in FY24, Rs 46.83 crore in FY25 and Rs 54.78 crore in FY26, while profit was Rs 1.96 crore, Rs 2.74 crore and Rs 5.20 crore respectively. Grey market premium on 17 August morning was Rs 1, implying an estimated listing price of Rs 116, about 1% above issue price.

Singapore-based Sembcorp Industries Ltd., backed by Temasek Holdings Pte., is preparing to file draft documents as early as this month for an initial public offering of its Indian unit Sembcorp Green Infra Ltd. that could raise as much as $500 million, according to people familiar with the matter who asked not to be identified. Sembcorp is working with Axis Capital Ltd., HSBC Holdings Plc, Citigroup Inc., Kotak Mahindra Capital Co., ICICI Securities Ltd. and IIFL Capital Services Ltd. on the proposed share sale, though deliberations are ongoing and size and structure could change. Representatives for Sembcorp and the banks did not immediately respond to requests for comment. The offering would be Sembcorp Green Infra's second attempt to go public after filing paperwork with India's market regulator in 2018 and withdrawing it a few months later when the parent decided to inject additional equity. The plan joins a wave of renewable energy listings in India, where Avaada Electro Ltd., Continuum Green Energy Ltd. and SAEL Industries Ltd. have received regulatory approval and Greenko Energies Pvt., Inox Clean Energy Ltd. and Goldi Solar Pvt. are preparing to file. Recent listings Clean Max Enviro Energy Solutions Ltd. and Powerica Ltd. are trading about 18 per cent and 40 per cent above their IPO prices, respectively. Sembcorp Green Infra ranks among India's 10 largest renewable independent power producers by operational capacity as of March 31, 2026, with more than 75 renewable energy assets across 18 states and 7.6 gigawatts of gross capacity installed and under development.

Purple Style Labs, parent of Pernia's Pop-Up Shop, plans to launch its Rs 660 crore IPO by end-August after filing its updated draft red herring prospectus and receiving Sebi approval in January, PTI reported quoting sources. Promoted by Abhishek Agarwal, who holds a 27.10 percent stake, the multi-brand luxury fashion omni-channel platform is backed by investors including Akash Bhanshali, Mukul Agarwal, Binny Bansal and Singularity, along with celebrity investors Shah Rukh Khan, Salman Khan and family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu. Proceeds will be invested in wholly-owned subsidiary PSL Retail towards lease liabilities for experience centres and back-end offices in India, with part earmarked for sales and marketing and the balance for general corporate purposes. The company offers more than 2 lakh products from over 1,300 designers via its digital platform and 14 experience centres, including flagships at Fort and Linking Road in Mumbai and Madison Avenue in New York. It reported gross merchandise value of more than Rs 588 crore in FY25 with average order value of Rs 56,106, while revenue rose from Rs 45 crore in FY20 to Rs 508 crore in FY24, about 83 percent CAGR. Axis Capital Ltd and IIFL Capital Services Ltd are bankers to the issue.

Tempsens Instruments Limited has fixed the price band for its initial public offering at Rs285 to Rs300 per equity share of face value Rs4. The subscription window is scheduled from Thursday, 20 August to Monday, 24 August, with allocation to anchor investors scheduled on Wednesday, 19 August. The lot size is 50 equity shares and in multiples of 50 thereafter. The IPO reservation is not more than 50% for qualified institutional buyers, not less than 15% for non-institutional investors, and not less than 35% for retail investors. On the tentative timeline, basis of allotment will be finalised on Tuesday, 25 August, refunds will be initiated on Thursday, 27 August with shares credited to allottees' demat accounts on the same day, and listing is expected on BSE and NSE on Friday, 28 August.

Yotta Data Services plans to raise $1.5 billion by the end of FY27 through a combination of a pre-IPO round and an India initial public offering targeted for the fourth quarter, subject to Securities and Exchange Board of India approval, with the IPO size up to $400 million depending on pre-IPO fundraising, co-founder and CEO Sunil Gupta said. The Mumbai-based company is in talks with large US-based funds and those with India offices for the pre-IPO portion. Yotta shifted its listing plan from the US to India, citing its sovereign-cloud business built entirely in India and government as a major customer. Co-founded in 2019 by Gupta and Hiranandani Group CEO Darshan Hiranandani, it reported revenue of Rs 890.7 crore and profit of Rs 11.1 crore for the year ended March 2025. It plans to raise $8.5 billion by 2029 to expand installed data centre capacity from 180MW to 800MW and increase Nvidia chips from 37,000 to 85,000 by end of this fiscal year. India had 1.5GW capacity as of 13 March, with peers including Nxtra, CtrlS Datacenters, Adani and Reliance Industries Ltd also pursuing large expansions, while Gartner noted Yotta's GPU-intensive AI platform requires spending beyond traditional data centres.

The primary market is set for a busy week with eight new public issues — six mainboard and two SME — and 12 stock market debuts. Six mainboard IPOs aim to raise over Rs 5,499 crore. Lalithaa Jewellery Mart IPO (August 17-19) is a Rs 1,700 crore book-built issue at Rs 190-201 per share, comprising a fresh issue of 5.97 crore shares (Rs 1,200 crore) and an offer for sale of 2.49 crore shares (Rs 500 crore). Horizon Industrial Parks IPO (August 17-19) is a Rs 2,600 crore entirely fresh issue of 43.34 crore shares at Rs 57-60. Sunshine Pictures IPO (August 18-20) is Rs 282.14 crore at Rs 342-360, with a fresh issue of 0.48 crore shares (Rs 172.80 crore) and OFS of 0.30 crore shares (Rs 109.34 crore). Shankesh Jewellers IPO (August 18-20) is Rs 367.18 crore at Rs 88-93, including a fresh issue of 2.95 crore shares (Rs 274.18 crore) and OFS of 1 crore shares (Rs 93 crore). Gaja Alternative Asset Management IPO (August 19-21) is Rs 550 crore at Rs 152-160, with a fresh issue of 2.81 crore shares (Rs 450 crore) and OFS of 0.63 crore shares (Rs 100 crore). Tempsens Instruments (India) IPO (August 20-24) comprises a Rs 95 crore fresh issue and OFS of 1.85 crore shares, price band yet to be announced. SME issues are Dhanwel Hybrid Seeds IPO (August 19-21) at Rs 95-99, a Rs 26.73 crore fresh issue of 0.27 crore shares, and Mopshop Distribution IPO (August 19-21) at Rs 138, totaling Rs 27.26 crore with a fresh issue of 0.16 crore shares (Rs 22.08 crore) and OFS of 0.04 crore shares (Rs 5.18 crore).

Rajasthan-based Tempsens Instruments will open its initial public offering on August 20 and close on August 24, with anchor bidding on August 19, allotment expected by August 25 and listing expected on August 28; the price band will be announced next Monday. The offer comprises a fresh issue of Rs 95 crore and an offer-for-sale of 1.85 crore equity shares by existing shareholders including promoters, with Rs 1.5 crore reserved for employees. Excluding the employee portion, 50% of the net offer is reserved for qualified institutional buyers, 35% for retail investors and 10% for non-institutional investors. The company plans to use Rs 18.1 crore of net fresh proceeds for capital expenditure for its electrical heating solutions and specialised cable solutions businesses, Rs 55 crore to repay debt out of Rs 108.3 crore consolidated outstanding borrowings as of July 2026, and the balance for general corporate purposes. It reported profit of Rs 71.1 crore for FY26, up 13.6% from Rs 62.6 crore, and revenue of Rs 444.9 crore, up 17.5% from Rs 378.5 crore. Promoters hold 80.51% and WhiteOak Capital holds 2.5%. ICICI Securities and JM Financial are merchant bankers.

India's primary market has seen 42 mainline IPOs raise Rs 54,378 crore so far, with five more IPOs scheduled for August 17-21 to raise a combined Rs 5,499.32 crore and five recently closed IPOs worth Rs 7,478.69 crore set to list next week. Horizon Industrial Parks is the largest upcoming issue at Rs 2,600 crore, about 47% of the week's fundraising, with a price band of Rs 57-60 per share, followed by Lalithaa Jewellery Mart at Rs 1,700 crore with a band of Rs 190-201; both open August 17 and close August 19. Shankesh Jewellers (Rs 367.18 crore, Rs 88-93) and Sunshine Pictures (Rs 282.14 crore, Rs 342-360) open August 18 and close August 20. Gaja Alternative Asset Management (Rs 550 crore, Rs 152-160) opens August 19 and closes August 21. All five IPOs will list on the BSE and NSE. Listings include Dhoot Transmission (Rs 3,066.89 crore) and Molbio Diagnostics (Rs 939.70 crore) on August 17, Milky Mist Dairy Food (Rs 1,553 crore) on August 18, and Shiprocket (Rs 1,617.48 crore) and Behari Lal Engineering (Rs 301.62 crore) on August 19.

Svatantra Microfin, India's second-largest microfinance lender by gross portfolio, has filed a draft red herring prospectus with Sebi for a Rs 3,000 crore initial public offering comprising a Rs 1,500 crore fresh issue and a Rs 1,500 crore offer for sale by existing investors. Advent International affiliate Violicina, which holds 28%, and Multiples, which holds 11.45% through three private equity funds, plan to sell about 70% of their holdings via the OFS. Chairperson and non-executive director Ananya Birla holds 26.48% directly and an additional 33.49% through Antimatter Media. The company said fresh issue proceeds will augment its tier-1 capital base to meet future capital requirements and finance business growth. Its assets under management stood at Rs 21,093 crore as of March 31, 2026, behind CreditAccess Grameen's Rs 30,319 crore, with market share rising to 6.37% from 3.26% two years earlier aided by the merger of Chaitanya India Fin Credit effective March 21, 2026. It is the second NBFC-MFI after Arohan Financial Services to file for an IPO this year; only five NBFC-MFIs are currently listed.

Blackstone-backed Horizon Industrial Parks raised Rs 1,167.8 crore from 54 anchor investors on August 14 by allocating 19.46 crore shares at Rs 60 per share, the upper end of its Rs 57-60 price band, ahead of its Rs 2,600-crore IPO. Anchor investors included Morgan Stanley, Carmignac, Millennium Management, Societe Generale, Citigroup Global and Viridian Asset Management. Of the allocation, 3.88 crore shares went to six domestic mutual funds - WhiteOak Capital, Sundaram Mutual Fund, 360 ONE, PGIM India, JM Financial and Edelweiss - through 27 schemes, and 1.24 crore shares worth Rs 75 crore to SBI Life Insurance and Edelweiss Life Insurance. The IPO, entirely a fresh issue, opens August 17 and closes August 19. Three Blackstone affiliates collectively hold 88.74% pre-IPO. The company will use Rs 2,250 crore of net proceeds to repay debt from outstanding borrowings of Rs 6,884.3 crore as of March 2026, with the balance for general corporate purposes. In FY26, revenue rose 77.1% to Rs 691.4 crore from Rs 390.3 crore while net loss widened to Rs 203.6 crore from Rs 178.7 crore. It operates 45 Grade A assets across 10 cities including Delhi-NCR, Mumbai and Bengaluru. JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM are lead managers.

Delhi-based stainless-steel long and wire products maker Avtar Steel has filed its Draft Red Herring Prospectus with SEBI for an initial public offering comprising a fresh issue of Rs 585 crore and an offer for sale of up to 50 lakh shares by promoter Sumit Jindal. The company may raise up to Rs 117 crore through a pre-IPO placement, which will be deducted from the fresh issue. Avtar Steel plans to use Rs 200 crore to part-finance capital expenditure for a new specialty steel melting facility to manufacture special steel, stainless-steel blocks and blooms and to expand stainless-steel wire production at its existing facility, and another Rs 200 crore to repay debt from total outstanding borrowings of Rs 339.3 crore as of July 2026, with the balance for general corporate purposes. It operates three facilities in Sonipat, Haryana, with capacities of 72,000 MTPA in steel melting, 1.2 lakh MTPA in wire rods and bars, and 24,000 MTPA in hot-rolling and cold-finishing. In FY26, profit rose 59.4% to Rs 59.04 crore from Rs 37 crore and revenue rose 13.5% to Rs 1,263.3 crore from Rs 1,112.8 crore, serving 422 customers. Shares are proposed to be listed on BSE and NSE, with Systematix Corporate Services and Elara Capital (India) as merchant bankers.

Zetwerk filed its updated draft red herring prospectus with Sebi for an IPO comprising a fresh issue of up to Rs 2,600 crore and an offer for sale of up to 96,837,455 shares, with Rs 1,250 crore for debt repayment and Rs 550 crore for subsidiary borrowings. Promoters pledged nearly a third of their pre-IPO holding, or 6.65% of the company, including 1.85% directly by founders Srinath Ramakkrushnan and Amrit Acharya and 4.80% via Creovate Innovation Pvt Ltd. FY26 revenue rose 40% to Rs 15,913 crore while net loss widened to Rs 1,606 crore from Rs 371 crore. PhysicsWallah reported Q1 operating revenue up 24% to Rs 1,054 crore, net loss down 31% to Rs 88.3 crore and Ebitda of Rs 52 crore, and plans to transfer FinZ Finance's loan book within three months. Shiprocket's Rs 1,617 crore IPO was subscribed 99.3 times, with QIBs at 122.8 times, and trades at a 38% grey market premium. AI M&A reached 25 deals worth $980 million in 2026, while electronic component exports fell 16% to $1.34 billion in Q1.

Purple Style Labs, parent of Pernia's Pop-Up Shop, is likely to launch its Rs 660 crore IPO by end-August, according to sources, after filing its updated draft red herring prospectus with Sebi and receiving approval in January. The multi-brand luxury fashion omni-channel platform plans to use proceeds to invest in wholly-owned subsidiary PSL Retail towards lease liabilities for experience centres and back-end offices in India, with a portion for sales and marketing and the remainder for general corporate purposes. The proposed debut comes amid strong wedding and luxury consumption growth; India's wedding industry has crossed Rs 10 lakh crore, wedding-wear is projected to reach Rs 3.4 lakh crore by FY30, and personal luxury market to Rs 2.31 lakh crore. Promoted by Abhishek Agarwal, who holds 27.10% stake, the company is backed by institutional, family office and private investors including Shah Rukh Khan, Salman Khan and family, Sachin Tendulkar, Madhuri Dixit and Mahesh Babu. Revenue rose from Rs 45 crore in FY20 to Rs 508 crore in FY24, about 83% CAGR. It offers over 2 lakh products from over 1,300 designers via its digital platform and 14 experience centres, with GMV of more than Rs 588 crore in FY25 and average order value of Rs 56,106. Axis Capital Ltd and IIFL Capital Services Ltd are bankers to the issue.

National Stock Exchange of India aims to launch its initial public offering in mid-September around Ganesh Chaturthi, which runs for 10 days from 14 September, and list by 25 September, according to three people cited by Mint. Regulatory clearance via Sebi's observation letter is expected anytime this month after the exchange filed an addendum on 6 August to its June draft red herring prospectus. The addendum shows SBI Capital Markets will join parent State Bank of India to jointly offer 24.75 million shares, versus SBI alone in the original draft. The IPO is a pure offer for sale of 148.9 million shares representing a 6% stake, with no funds to the company. Final roadshows for price discovery are expected next week after global marketing, with retail outreach after filing the Red Herring Prospectus with the Registrar of Companies. NSE had 93.1% share in equity cash and 69.4% in equity options at end-June, with equity options contributing 76.55% of its Rs 13,057 crore transaction revenue in FY26, which was 79% of consolidated operating revenue of Rs 16,601 crore.

SEBI is considering a major overhaul of the SME IPO framework and is expected to issue a consultation paper next week after clearance by its primary market advisory committee, according to market sources. The proposal would shift to market-value based listing thresholds: issues with market value up to Rs 1,000 crore would mandatorily list on the SME platform versus Rs 500 crore currently, those between Rs 1,000 crore and Rs 4,000 crore could choose SME or main board, and those above Rs 4,000 crore would mandatorily list on the main board. SEBI also proposes raising paid-up capital eligibility for SME listing to Rs 100 crore from Rs 25 crore. Other proposals include removing mandatory market-making and underwriting, abolishing the fixed market-lot system to allow any quantity trading, allowing QIBs to offer up to 100% of their stake via OFS versus 20% now, and easing lock-ins for some investors while retaining stringent promoter lock-ins. The review follows a working group study and 2024 tightening that included Rs 1 crore operating profit criteria and caps on OFS and general corporate purposes.

Optimystix Entertainment India Ltd. will debut on the NSE SME platform on August 14, with no grey market premium indicating expectations of a flat listing. The Rs 108.5 crore IPO, open August 7-11 at a price band of Rs 166-Rs 175 per share, was subscribed 2.05 times overall, including 2.26 times in retail, 1.84 times in QIB and 1.85 times in NII. The issue comprised a fresh issue of 50 lakh shares worth Rs 87.5 crore and an offer for sale of 12 lakh shares worth Rs 21 crore, with Rs 29.23 crore raised from anchor investors on August 6. LSI Financial Services Pvt. Ltd. was the book-running lead manager and Maashitla Securities Pvt. Ltd. the registrar. The company will use Rs 55.88 crore of net proceeds for working capital to support production and operations. Founded in 2000, it has created over 150 television shows and 7,500 hours of content and had 38 employees as of July 30, 2026. FY26 total income rose 9% to Rs 135.89 crore from Rs 125.07 crore in FY25, while PAT grew 39% to Rs 24.04 crore from Rs 17.24 crore.

Lalithaa Jewellery Mart Ltd's Rs 1,700 crore IPO will open August 17-19 in a price band of Rs 190-201 per share, valuing the company at about Rs 11,250 crore at the upper end. The issue comprises a fresh issue of up to Rs 1,200 crore and an offer for sale of up to Rs 500 crore, with proceeds earmarked for opening 10 new branches in southern markets and general corporate purposes. Listing is proposed on BSE and NSE on August 24. Brokerages are mixed: Swastika Investmart recommends 'Subscribe' with moderate conviction, noting the IPO is priced at a 75% P/E discount to national peers Kalyan Jewellers and Titan, net margin of 4.04% and ROE above 41%, but flags negative operating cash flow of Rs 397.7 crore in FY26 due to inventory stocking and a pending Rs 1,066 crore GST dispute. SBI Securities assigns 'Neutral', citing FY24-FY26 CAGR of 22% in revenue, 60% in Ebitda and 68% in PAT, FY26 Ebitda margin of 6.5% up 240 bps year-on-year and FY26 P/E of 11.1x at par with peers, warning growth was aided by rising gold prices without hedging. Grey market premium is Rs 38, with shares quoted at Rs 239, implying about 19% premium. The 1985-incorporated retailer operates 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry.

Skyways Air Services Limited has fixed the price band for its initial public offering at Rs131 to Rs138 per equity share of face value Rs10. The subscription window is scheduled from Monday, 24 August to Thursday, 27 August, with allocation to anchor investors scheduled on Friday, 21 August. The lot size is 100 equity shares and in multiples of 100 equity shares thereafter. The issue has reserved not more than 50% of the shares for qualified institutional buyers, not less than 15% for non-institutional investors and not less than 35% for retail investors. Tentatively, the basis of allotment will be finalised on Friday, 28 August, refunds will be initiated on Monday, 31 August and shares will be credited to the demat accounts of allottees on the same day following refunds. The shares are proposed to be listed on BSE and NSE on Tuesday, 1 September. The price band, lot size, reservation and tentative timetable were disclosed as part of the IPO details.

Technology-led contract manufacturing platform Zetwerk filed its Updated Draft Red Herring Prospectus on August 13 for its proposed IPO, which comprises a fresh issue of up to Rs 2,600 crore and an offer for sale of up to 96,837,455 equity shares. The company had filed its draft offer document with the Securities and Exchange Board of India in April 2026 under the confidential route and received SEBI observations on July 9. Of the fresh issue proceeds, Zetwerk plans to use Rs 1,250 crore to repay debt at the company level and Rs 550 crore towards borrowings at subsidiaries, with the balance for unidentified acquisitions and general corporate purposes. It may also undertake a pre-IPO placement of up to Rs 520 crore, which would reduce the fresh issue size. Promoters Amrit Pratik Acharya and Srinath Ramakkrushnan will each sell up to 14.23 million shares, with Creovate Innovation Pvt Ltd offering up to 22.97 million shares, alongside investors including Peak XV Partners Investments V, Accel India V (Mauritius) and Lightspeed entities. Revenue from operations rose 40.43% to Rs 15,913 crore in FY26 from Rs 11,332 crore, while adjusted EBITDA rose to Rs 421 crore in FY26 from Rs 97 crore in FY24 and adjusted PBT turned positive at Rs 45.7 crore from a loss of Rs 248.8 crore. Reported PBT was a loss of Rs 1,558 crore in FY26 due to a Rs 796-crore non-cash management stock-options top-up and a Rs 453-crore provision for discontinued civil infrastructure business. The manufacturing order book doubled to Rs 12,370 crore in FY26 from Rs 6,170 crore in FY24, with international markets contributing nearly 30% of manufacturing revenue.

Sebi's study of 242 mainboard IPOs listed between April 2022 and October 2025 found an inverse relationship between issue size and anchor investor exits after lock-in expiries. IPOs with issue size up to Rs 250 crore recorded 9.1% exit after the first 30-day unlock, rising to 20.3% by 60 days and 32.4% after 90 days, substantially higher than other size categories. In an extended analysis of 167 IPOs, the sub-Rs 250 crore category saw 72.5% exit by 365 days, compared with 40.8% for IPOs in the Rs 1,001-2,500 crore bracket, with larger issues showing significantly lower exit rates. On a weighted aggregate basis, anchor exits were just 3.2% after the first unlock, about 8% by 60 days and 17.3% after the second unlock at around 90 days, suggesting investors retain the bulk of allocations beyond prescribed windows. The study also found a negative relationship between selling intensity and price performance around the first unlock, with considerably more muted impact around the 90-day window. For stocks with more than 10% exit during the first unlock, FPIs averaged 24.5% exit while mutual funds averaged 11.5%.

Delhi-based air freight forwarding and logistics company Skyways Air Services will open its IPO on August 24 and close on August 27, with the anchor book opening on August 21, allotment expected by August 28 and listing likely on September 1, 2026. The offer comprises a fresh issue of 2.88 crore shares, reduced from 3.29 crore planned in the June 2025 draft prospectus after a pre-IPO round, and an offer for sale of 1.33 crore shares by promoters Yashpal Sharma and Tarun Sharma. SEBI cleared the papers in November 2025. The company raised Rs 48.23 crore via pre-IPO placement of 40.19 lakh shares at Rs 120 per share, parked in fixed deposits for general corporate purposes. Based on that price, total issue size is estimated at Rs 506.8 crore and market capitalisation at Rs 1,744 crore. Proceeds will repay Rs 216.78 crore of debt of Skyways and subsidiary Forin Container Line, which had borrowings of Rs 504.65 crore and Rs 81.58 crore respectively as of June 2026, fund Rs 130 crore of working capital and balance for general corporate purposes. FY26 net profit rose 32% to Rs 63.5 crore and revenue 25.1% to Rs 2,812.9 crore. Holani Consultants, Shannon Advisors and Dolat Finserv are merchant bankers.

Navi Ltd., founded by former Flipkart co-founder Sachin Bansal after his 2018 exit following Walmart Inc.'s $16 billion acquisition of Flipkart, is preparing to kick off an initial public offering in India to raise as much as Rs30 billion ($314 million), according to people familiar with the matter. The diversified financial-services company, with businesses spanning lending, mutual funds, health insurance and UPI payments, has appointed JM Financial Ltd., Kotak Mahindra Capital Co., Goldman Sachs Group, Inc. and JPMorgan & Chase & Co. as advisers, the people said. The IPO is expected to comprise only a primary share sale with no secondary offering, seeking a valuation of as much as $2 billion and targeting a prospectus filing by December, though deliberations are ongoing and size, valuation and timing could change. Navi previously filed a draft prospectus in March 2022 for as much as Rs33.5 billion and received regulatory approval in September 2022 before deferring amid subdued sentiment. It joins peers including Muthoot Fincorp Ltd., Truhome Finance Ltd., InCred Holdings Ltd., Moneyview Ltd. and Hero FinCorp Ltd. planning listings, as Indian IPOs have raised about $7 billion so far this year versus $22.3 billion in all of 2025, per Bloomberg data.

Tata Sons Chairman N. Chandrasekaran is preparing to step down after nearly a decade, intensifying focus on succession and a potential listing of Tata Sons, the holding company of 31 group companies including Tata Consultancy Services, Tata Motors, Tata Steel and Air India. The 108-year-old conglomerate is controlled by Tata Trusts, a combine of philanthropic organisations holding 66% in Tata Sons through 13 entities, seven of which directly hold shares, with a board of six trustees. Noel Tata is chairman of Tata Trusts and a director on the Tata Sons board. Debt-ridden Shapoorji Pallonji Group holds 18.4% of Tata Sons. Pressure to list is coming from at least two of the six Tata trustees, Venu Srinivasan and Vijay Singh, who have supported listing to fund expansion into areas like semiconductors, and from Shapoorji Pallonji Group which wants to monetise its non-transferable holding. The key regulatory pressure stems from Reserve Bank of India rules for core investment companies, with revised rules last month requiring companies with assets exceeding Rs 1 trillion ($10.45 billion) or with direct or indirect access to public funds to list. Tata Sons' standalone assets stood at Rs 1.75 trillion as of March 2025. The RBI last week retained Tata Sons' enhanced supervision status but said it does not affect its pending application to surrender its non-banking finance licence, leaving uncertainty over a listing requirement. Tata Sons has reduced borrowings to try to avoid listing. Media reports say Noel Tata and other trustees unanimously opposed listing last year and asked the chairman to engage with the RBI. Shareholders are expected to meet on August 18 to seek a successor before Chandrasekaran leaves next year, discuss navigating RBI rules and providing an exit for Shapoorji Pallonji Group, increasing Tata Trusts' representation on the Tata Sons board, and reviewing performance. The meeting is the first since Chandrasekaran said he would step down and the RBI revealed the deregistration application.

Horizon Industrial Parks, backed by Blackstone, allotted 275.87 million shares to 25 investors at Rs 59.81 per share on December 26, raising around Rs 1,650 crore, according to its red herring prospectus. The allotment was made about eight months ahead of its IPO. The company has set a price band of Rs 57-60 per share for its Rs 2,600-crore initial public offering, which opens on August 17 and closes on August 19. At the upper end of Rs 60, pre-IPO investors would have a gain of only 19 paise per share, equivalent to 0.32 percent of their investment. At the lower end of Rs 57, the value would be approximately 4.7 percent below their acquisition price. Marquee pre-IPO investors include billionaire Radhakishan Damani, SBI Life Insurance, State Bank of India and several funds managed by 360 ONE. Damani and SBI Life were each allotted 33.44 million shares for about Rs 200 crore apiece, while several 360 ONE funds invested around Rs 700 crore. State Bank of India invested about Rs 50 crore and DSP Investment received shares worth approximately Rs 25 crore. Other participants included Nuvama India Access LVF, Poonawalla Vision Fund I, Ananta Capital Ventures Fund 1, Munjal Mavjibhai Lakhani, Varun Agarwal and Everest Food Products. None of the pre-IPO investors are selling shares in the IPO. Shares held by pre-IPO shareholders other than promoters are ordinarily locked in for six months from the date of allotment in the IPO. Horizon plans to use Rs 2,250 crore, or nearly 87 percent of the IPO proceeds, to repay or prepay borrowings. Investors typically participate in pre-IPO rounds to secure larger allocations and to enter at a discount to the eventual IPO price.

Gaja Alternative Asset Management, which operates commercially as Gaja Capital, has fixed its IPO price band at ₹152-₹160 per equity share of ₹5 face value. The IPO subscription opens on Wednesday, August 19, and closes on Friday, August 21, with anchor investor allocation on Tuesday, August 18. The lot size is 93 shares and multiples thereof. The issue reserves not more than 50% for qualified institutional buyers, not less than 15% for non-institutional investors, and not less than 35% for retail investors. Basis of allotment is tentatively on August 24, refunds and demat credit on August 25, and listing on BSE and NSE on August 26.

Seven of 17 new-economy stocks that debuted at a premium to their issue prices since 2024 now trade below those prices, per an ET analysis of 27 companies. Four of the seven stocks that opened below issue prices have since moved above them. The remaining three opened at their issue prices. Unicommerce is mentioned.

The Rs 40.48 crore IPO of Sham Foam Ltd opened for subscription on Tuesday and closes on Thursday, August 13. It comprises a fresh issue of 31.14 lakh shares priced at Rs 130 per share. Bids received totalled 57,000 shares on the BSE SME platform on the first day, equating to 2 per cent of the offer size. Proceeds are proposed for civil construction, purchase of machinery and equipment, partial financing of working capital requirements, and general corporate purposes. The company's total revenue was Rs 92.39 crore in FY26, up from Rs 81.62 crore in FY25, while PAT rose to Rs 8.65 crore from Rs 3.58 crore. Corporate Makers Capital Ltd and Navigant Corporate Advisors are the book-running lead managers. Sham Foam Ltd manufactures, distributes, markets, and sells polyurethane foam, mattresses, and related home comfort products.

Horizon Industrial Parks, a Blackstone-backed company owning, developing and operating warehouses, fulfilment centres, industrial facilities and in-city logistics centres, has fixed the price band for its Rs 2,600 crore IPO, entirely a fresh issue of equity shares, at Rs 57-60 per share. The issue opens for anchor investors on August 14 and for subscription on August 17, closing on August 19. Retail investors can bid for a minimum of one lot of 250 shares, requiring Rs 15,000 at the upper price band. Reservation: 75% for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors. The company plans to use Rs 2,250 crore of proceeds for repayment or prepayment of debt, with total borrowings of Rs 6,884.34 crore as of March 31, 2026 on a restated basis. It raised Rs 1,650 crore through pre-IPO primary fundraise. Blackstone holds 89% stake, which will reduce post-IPO. The company has 45 assets across 10 cities covering 58.58 million square feet, increasing to 46 assets and 61.13 msf including 49% stake in Vision Softech Facilities Pvt Ltd. As of May 31, 2026, operational network is 28.55 msf with 93.56% committed occupancy. Merchant bankers are JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM.

National Stock Exchange (NSE), India's largest stock exchange, is preparing for an IPO later this year after filing its draft red herring prospectus (DRHP) in June for an offer for sale of up to 149 million shares by existing institutional shareholders, representing about 6% of NSE’s paid-up capital, with no fresh equity issuance. Celebrities including Sachin Tendulkar, Sunil Gavaskar, Aamir Khan, Anil Kapoor, Sara Ali Khan, and Gauri Khan purchased NSE’s unlisted shares in the last two-three months. Buyers of unlisted shares face a six-month lock-in post-listing. NSE’s unlisted shares trade at an indicative price of ₹2,035 on UnlistedZone, giving a market capitalization of ₹5.5 trillion and a P/E multiple of 49.48 times, compared to rival BSE’s listed shares at ₹3,605, market cap of ₹1.47 trillion, and P/E of 51.98 times. NSE shares have gained 175% over the past three years. NSE holds 93.1% share of equity cash trading and 69.4% of equity options trading as of end-June, with 99% in closing auction sessions. Equity options contributed 76.55% of NSE’s ₹13,057 crore transaction revenues in FY26, accounting for 79% of consolidated operating revenues of ₹16,601 crore. However, regulatory scrutiny on options trading intensified since November 2024 due to retail losses, with Sebi’s July 2025 study showing individual traders’ derivatives losses of ₹1.05 trillion in FY25, up from ₹74,812 crore in FY24, leading to measures like tripling contract sizes and limiting weekly expiries.

Horizon Industrial Parks, India's largest industrial and logistics infrastructure operator backed by Blackstone, filed its red herring prospectus on August 11 for a Rs 2,600 crore entirely fresh issue IPO, with no offer-for-sale component. The IPO opens on August 17 after a one-day anchor book on August 14 and closes on August 19, with allotment by August 20 and shares listing on August 24. The price band will be announced on August 12. Reservation includes up to 75% for qualified institutional buyers, 15% for non-institutional investors, 10% for retail investors, and shares worth up to Rs 5 crore for employees. Blackstone affiliates hold 88.74% stake, with public shareholders including Radhakishan Damani, 360 ONE, and SBI Life Insurance holding 11.26%. Proceeds will repay Rs 2,250 crore of Rs 6,884.3 crore debt, with the rest for general corporate purposes. The company operates 58.58 million square feet across 45 assets in key hubs. For FY26, revenue rose 77.1% to Rs 691.4 crore from Rs 390.3 crore, but net loss widened to Rs 203.6 crore from Rs 178.7 crore. Merchant bankers are JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets, and 360 ONE WAM. SEBI approved the IPO in May 2026 after filing in December 2025.

NDR InvIT Trust, backed by Larsen & Toubro and Investcorp, filed draft offer documents with SEBI on August 10 to raise up to Rs 750 crore via IPO and convert from a privately listed to publicly listed InvIT. The IPO includes a fresh issue of Rs 450 crore and OFS of Rs 300 crore by existing unitholders including Investcorp India Warehousing IFSC Trust (8.94% stake). Major unitholders are NDR Warehousing (20.03%), NDR Universal Enterprises (17.22%), Vemireddy Prabhakar Reddy (7.7%), and Larsen & Toubro (5.05%). The InvIT has a portfolio of 97 warehouses and 40 industrial parks across 17 cities with 22.97 million square feet leasable area, of which 21.58 msf is developed, and 98.25% occupancy as of March 2026. Net fresh issue proceeds of Rs 297.6 crore will acquire 100% stake in NDR Advanced Storage Private Limited (three under-construction warehouses totaling 8.2 lakh sq ft in Chennai, Pune, Hyderabad), and Rs 84.2 crore for 100% in NDR Storewell Warehousing LLP (2.2 lakh sq ft in Cochin), post commencement of operations in FY27-FY28. Remaining proceeds for general corporate purposes. Currently privately listed, it closed at Rs 140 per unit on NSE, valuing at Rs 6,412.5 crore. For year ended March 2026, profit was Rs 113.4 crore (down 17% from Rs 136.7 crore), revenue Rs 420.2 crore (up 29.7% from Rs 324.1 crore), finance costs Rs 130.3 crore (up from Rs 61.7 crore). Book-running lead managers are ICICI Securities, Ambit, and Axis Capital.

SBI Capital Markets Ltd (SBICAPS) has been added as a selling shareholder in National Stock Exchange of India (NSE)'s proposed IPO via an addendum to the draft red herring prospectus dated June 17, 2026. SBICAPS will sell up to 8.78 million NSE shares at a weighted average acquisition price of Rs 0.38 per share. State Bank of India (SBI) will now sell up to 15.97 million shares instead of 24.75 million previously planned. The NSE IPO remains an offer for sale estimated at Rs 30,000 crore with proceeds going to selling shareholders and no change in overall issue size. SBICAPS also serves as a book-running lead manager. SBICAPS acquired the shares between 2007-2008 and received additional shares via a four-for-one bonus issue in November 2024. Other selling shareholders include MS Strategic (Mauritius) Ltd, Canada Pension Plan Investment Board, Bank of Baroda and insurance companies.

Behari Lal Engineering IPO comprises a fresh issue of equity shares worth ₹93 crore and an offer for sale of 73.20 lakh equity shares. The issue allocates up to 50% to qualified institutional buyers, at least 15% to non-institutional investors, and 35% to retail investors. The minimum lot size is 52 shares, requiring ₹14,820 at the upper price band. Net proceeds will fund capital expenditure for expanding manufacturing capacity at two facilities in Punjab, including machinery procurement, civil works, and rooftop solar panels; repayment of borrowings; and general corporate purposes. Promoters are Parkash Chand Garg, Rajesh Garg, Dinesh Garg, Lovlish Garg, and Bhuvnesh Garg. Allotment is expected on August 17, with listing on NSE and BSE on August 19. Registrar is MUFG Intime India Pvt. Ltd., and book-running lead manager is Emkay Global Financial Services Ltd. GMP stands at ₹45, implying a listing price of ₹330, a 15.79% premium over the upper price band.

Mainboard IPOs in India raised a total of ₹2.3 trillion in the 18 months from January 2025 to August 2026, according to PRIME database data. Of this, ₹1.45 lakh crore (61.2%) came through offer-for-sale (OFS), where early investors and promoters sold stakes, while only ₹92,175 crore (38.8%) was fresh capital for companies. In 2025 alone, 113 issues raised ₹1.7 trillion, with October seeing 10 IPOs raise ₹45,188 crore, including ₹35,441 crore via OFS. Experts attribute the high OFS share to private equity investors exiting after 5-8 year cycles and attractive valuations prompting promoter sales, especially in small- and mid-cap segments. Seven IPOs from April 2025 to July 2026 were 100% OFS: WeWork India, LG Electronics India (₹11,607 crore), Canara HSBC Life Insurance, Bharat Coking Coal (~₹5,000 crore), CMR Green Technologies, SBI Funds Management (₹9,813 crore), and Kusumgar. In contrast, Ather Energy's ₹2,981-crore IPO had 88.1% fresh capital, Meesho 78.4%, and Emmvee Photovoltaic 73.9%. Analysts note that while OFS dominance reflects natural investment cycles, IPO attractiveness depends on proceeds usage and promoter conviction.

India's mainboard IPO market features five companies aiming to raise Rs 7,479 crore by August 14. Dhoot Transmission's Rs 3,066.89 crore IPO at Rs 829-871 per share includes Rs 1,400 crore fresh issue and Rs 1,666.89 crore offer for sale, opening August 10. Molbio Diagnostics seeks Rs 940 crore at Rs 768-807 per share with Rs 200 crore fresh and Rs 739.70 crore OFS, also opening August 10. Milky Mist Dairy Food targets Rs 1,553 crore at Rs 133-140 per share with Rs 1,428 crore fresh and Rs 125 crore OFS, opening August 11. Shiprocket plans Rs 1,617 crore at Rs 92-97 per share with Rs 885.5 crore fresh and Rs 731.98 crore OFS, opening August 12. Behari Lal Engineering aims for Rs 301.62 crore at Rs 271-285 per share with Rs 93 crore fresh and Rs 208.62 crore OFS, opening August 12. Analysts prefer Dhoot Transmission for its position in automotive electrification, wiring harness leadership, debt reduction, and capacity expansion. Molbio Diagnostics is favored for its Truenat platform, patents, ROE of 15.59%, ROCE of 17.55%, FY26 EBITDA margin of 22.56%, PAT margin of 11.28%, and 31.5% revenue CAGR, despite high PE of 54.6x and government contract dependence. Milky Mist offers steady dairy demand but expensive valuation. Shiprocket focuses on e-commerce enablement with profitability risks. Behari Lal Engineering is a smaller niche play.

Tablespace Technologies, backed by Singapore-based Hillhouse Investment which holds a 41.76% stake, filed a DRHP with SEBI for an IPO comprising a fresh issue of Rs 800 crore and an OFS of 6.54 crore shares. Promoter AGS TS II Holdings Pte, owned by Hillhouse, will offload up to 4.98 crore shares, with other selling shareholders including promoters Karan Chopra, Kunal Mehra, Srinivas Prasad, Narendra Kumar Kamaraju, RSP Real Estate LLP, and Ramachandra Venkatasubba Rao. The company may raise up to Rs 160 crore in a pre-IPO placement, reducing the fresh issue size accordingly. Proceeds from the fresh issue include Rs 550 crore for debt repayment against total borrowings of Rs 970.6 crore as of June 2026, with the balance for inorganic growth via acquisitions and general corporate purposes. Tablespace operates 11.46 million square feet of leasable area across 33 office clusters in eight Tier-1 cities. For the year ended March 2026, it reported revenue of Rs 2,262.3 crore, up 66.3% from Rs 1,360.5 crore, and a loss of Rs 403.3 crore, narrowed from Rs 1,554.1 crore. Merchant bankers are Axis Capital, BofA Securities India, CLSA India, IIFL Capital Services, and JM Financial.

The Lalithaa Jewellery Mart Limited IPO price band is ₹190-₹201 per equity share of face value ₹5. Subscription opens on Monday, August 17, and closes on Wednesday, August 19. Anchor investor allocation is on Friday, August 14. Lot size is 74 shares and multiples thereof. Reservation includes up to 50% for QIBs, at least 15% for NIIs, and at least 35% for retail investors. Basis of allotment is tentatively on Thursday, August 20, with refunds and demat credit on Friday, August 21. Shares are expected to list on BSE and NSE on Monday, August 24.

Sunshine Pictures Limited's IPO comprises a fresh issue of up to 48,00,034 equity shares and an offer for sale of up to 30,37,157 equity shares, implying a market capitalisation of ₹1,065 crore to ₹1,121 crore post-issue. Anchor bidding is on August 17, with allotment expected on August 21 and listing on BSE and NSE on August 25. Minimum bid is 41 shares (₹14,022 at lower band, ₹14,760 at upper), in multiples of 41. Allocation: 50% QIBs, 15% NIIs, 35% retail. GYR Capital Advisors is the book running lead manager; Bigshare Services is the registrar. The company, incorporated in 2007, produces films, TV serials, and web series, with portfolio including Force, Commando, Holiday, Force 2, Commando 2, and The Kerala Story.

Shankesh Jewellers IPO, a book-built issue comprising a fresh issue of 29,482,000 shares and an offer for sale of 10,000,000 shares, is scheduled to open on Tuesday, August 8, and close on Thursday, August 20.

At least 34 companies are racing to launch initial public offerings (IPOs) worth around Rs 45,000 crore before the September 30 deadline, facing about one issue every trading day over 35 working days from August 10. SEBI provided a one-time extension until September 30 for approvals expiring between April 1 and September 30, amid past market volatility from West Asian crisis and oil prices. Companies like Credila Financial Services, Dorf-Ketal Chemicals India, Continuum Green Energy, Veritas Finance, Prestige Hospitality Venture, and Innovatiview India have DRHP approvals expiring by then. Bankers remain optimistic due to retreating oil prices and improving market conditions, with eight IPOs already raising Rs 10,636 crore in August after Rs 28,649 crore in July. Refiling DRHPs would cost Rs 3-5 crore and add 60-90 days. Some companies have adjusted valuations or deferred launches, like Zepto. Beyond these, 133 more approved companies aim to raise over Rs 2.22 lakh crore by July 2027.

Backpacker hostel chain Zostel withdrew its application from the Delhi High Court seeking directions to Sebi regarding its claim to a nearly 7% stake in Oravel Stays (now PRISM), parent of Oyo. The court permitted the withdrawal but declined to intervene in Sebi’s handling of Zostel’s complaint, stating Sebi would examine it per law. This follows Zostel’s complaint to Sebi a month ago, alleging incomplete, misleading disclosures in Oyo’s updated draft red herring prospectus-I (UDRHP-I), seeking corrections before IPO. Oyo filed draft papers in June for IPO with fresh issue of shares up to Rs 6,650 crore. Zostel and Oravel are in legal dispute over failed acquisition; Zostel claims non-completion, Oravel says term sheet non-binding. Zostel approached courts since 2018 without substantive relief. In May 2025, Delhi High Court set aside arbitral award basis Zostel’s claims, ruling term sheet largely non-binding, no specific performance without definitive agreements.

According to Grant Thornton Bharat’s IPOs in India FY2026 report, India's IPO market achieved record fundraising of ₹1.9 trillion from 366 IPOs across mainboard and SME platforms, with mainboard IPOs numbering 109 and raising ₹1.77 trillion, up from FY25's 80 IPOs and ₹1.63 trillion. However, average oversubscription fell to 39 times from 71 times, average listing-day gains dropped to 7% from 29%, and average annual listing performance was negative 17% vs FY25's -13%. Q2 and Q3 were strongest, raising ₹511 billion and a record ₹953 billion respectively, accounting for 83% of FY26 funds. Smaller IPOs (<₹5 billion) saw just 2% listing gains vs 33% in FY25, with high issue expenses at 9.7%. Offer for Sale dominated at 61% of mainboard proceeds, while fresh issues rose to 39% from 35%, with 26% for debt repayment and 21% for capex/expansion. Financial services led with ₹598 billion from 12 IPOs, followed by consumer services (₹259 billion, 10 IPOs) and consumer durables (₹169 billion, 9 IPOs). India held 14% of global IPO listings in March 2026, with over 225 million demat accounts. The report emphasizes governance, earnings visibility, and use of proceeds as key for success in a maturing market.

Bids for Leap India and Technocraft Ventures IPOs are open from August 7 to 11. Leap India's IPO comprises a fresh issue of 3.01 crore shares and OFS of up to 12.5 crore shares. Some analysts prefer Leap for its near-monopoly asset-pooling business in pallets, containers, and MHE, supported by scale, technology, nationwide network, blue-chip clients, and KKR backing, though valuations at 112 times FY26 earnings and 5.33% average RoNW are seen as high with heavy OFS. Technocraft Ventures, in water and wastewater EPC, faces high competition, government dependence, stretched working capital, and ₹168 crore contingent liabilities, but offers better metrics at 19 times FY26 earnings and 24.55% average RoNW. Views differ: some favor Leap's moat, others Technocraft for value.

Goa-based Molbio Diagnostics' IPO received bids for 10.34 lakh shares against 81.59 lakh offered by 11:00 am on August 10. The Rs 940-crore issue includes a fresh issue of Rs 200 crore and OFS of 91.66 lakh shares (Rs 739.7 crore). Proceeds from fresh issue: Rs 105.5 crore for R&D facility and Centre of Excellence via subsidiary Bigtec, plus office space; Rs 72.2 crore for plant, machinery in Goa and Visakhapatnam; rest for general purposes. Company raised Rs 281.5 crore from anchors, allotting 34.87 lakh shares to 33 investors including Goldman Sachs (Rs 30 crore), IFC and BlackRock (Rs 20 crore each), and domestic MFs like HDFC, Kotak, ICICI Prudential (23.54 lakh shares via 19 schemes). GMP of Rs 132 reported by InvestorGain. Book-running lead managers: Kotak Mahindra Capital, IIFL Capital Services, Jefferies India, Motilal Oswal Investment Advisors. Molbio develops Truenat platform for point-of-care diagnostics, patented in over 100 countries, testing 30 diseases via 43 assays.

GIFT Nifty futures were quoted at 24,655, signaling a tepid open amid uncertainty over a US-Iran deal to open the Strait of Hormuz. Asian markets rose in early trade: Japan's Nikkei 225 up 1.46%, South Korea's Kospi up 0.65%. Last week, US indices closed higher: Dow Jones +0.28%, S&P 500 +0.62%, Nasdaq +1.30%. Oil August futures advanced 1.44% to $84.75 amid Hormuz tensions, as Iran nears deal with Oman but conditions remain. Gold futures down 0.53%, silver 0.19%. Q1 results today from: Amara Raja Energy & Mobility, Astra Microwave Products, AstraZeneca Pharma India, Antony Waste Handling Cell, Bombay Dyeing & Manufacturing Company, Bosch, Carysil, Choice International, CMS Info Systems, Dilip Buildcon, Dollar Industries, Fusion Finance, Gland Pharma, Hindustan Copper, HLE Glascoat, Ideaforge Technology, IOL Chemicals & Pharmaceuticals, Jain Irrigation Systems, KEC International, Kolte-Patil Developers, K.P.R. Mill, Linde India, Lloyds Metals & Energy, Lumax Auto Technologies, Info Edge (India), Patel Engineering, PC Jeweller, Pitti Engineering, Precision Wires India, Ramco Industries, Redtape, Rupa & Company, Sharda Motor Industries, Sun Pharma Advanced Research Company, Tarsons Products, Triveni Turbine, TVS Supply Chain Solutions, Veedol Corporation, Venus Pipes & Tubes, Websol Energy System, Wockhardt, Yatharth Hospital & Trauma Care Services, Zee Entertainment Enterprises. IPOs: Dhoot Transmission (₹3,066.89 crore) and Molbio Diagnostics (₹939.70 crore) open today; LEAP India (₹251.88 crore) and Technocraft Ventures (₹2,480 crore) second day; Optimystix Entertainment (₹108.50 crore) second day; LAPL Automotive (₹32.40 crore) final day.

The primary market will see action with Dhoot Transmission IPO (Rs 3,066.9 crore at Rs 829-871/share, fresh Rs 1,400 crore + OFS Rs 1,666.9 crore) and Molbio Diagnostics IPO (Rs 939.70 crore at Rs 768-807/share, fresh Rs 200 crore + OFS Rs 739.70 crore) opening August 10-12. They raised Rs 918 crore and Rs 281 crore from anchors. Milky Mist Dairy Food IPO (Rs 1,553 crore at Rs 133-140/share, fresh Rs 1,428 crore + OFS Rs 125 crore) opens August 11. Shiprocket IPO (Rs 1,617.5 crore at Rs 92-97/share, fresh Rs 885.50 crore + OFS Rs 732 crore) and Behari Lal Engineering IPO (Rs 301.62 crore at Rs 271-285/share, fresh Rs 93 crore + OFS Rs 208.62 crore) open August 12-14. SME IPOs include Fascinate Textiles (Rs 67 crore at Rs 148-156/share) and Sham Foam (Rs 40.5 crore at Rs 130/share) opening August 11; Pramodini Medicare (Rs 69.04 crore at Rs 110-118/share) and Q&T Foods (Rs 26.24 crore at Rs 115/share) on August 12. Ongoing IPOs closing: LEAP India and Technocraft Ventures (mainboard) on August 11; SME LAPL Automotive (29.28x subscribed) closes August 10, Optimystix Entertainment India on August 11. Listings: Anawil Wire & Engineering (SME) on August 10; Aegeus Technologies (SME) August 11; Ardee Industries, Technocraft Ventures, LEAP India, GV Electricals (SME), Optimystix Entertainment India (SME) August 12; LAPL Automotive August 13.

The Securities and Exchange Board of India (SEBI) issued observations on IPO papers for Laxyo on August 3, Rediff.com India on August 4, and Garuda Aerospace on August 5. On August 6, SEBI cleared draft documents for Jakson Green, SNVA Traveltech, and Playsimple Games. Observations for Expression 360 Services India, Adroit Industries India, and Naini Papers were issued on August 7. Companies like Jakson Green (green energy platform, filed December 2025 confidentially), Rediff.com India (AvenuesAI subsidiary, March 2026 confidential), SNVA Traveltech (Travomint operator, March 2026 confidential), Garuda Aerospace (drone maker, April 2026 confidential), Naini Papers (April 2026 confidential), Expression 360 Services India (advertising, March DRHP), Adroit Industries India (automotive components, March DRHP), and Playsimple Games (mobile gaming, April draft) can now proceed with IPOs within one year.

Fossil Group Inc., a US-based lifestyle accessories maker, has invited investment banks to pitch for roles in a potential initial public offering of Fossil India Pvt. The IPO could raise as much as $300 million through the sale of up to a 25% stake, with a possible listing early next year. Discussions are ongoing, and details on size, structure, and timing may change. This follows similar moves by multinationals like Hyundai Motor Co., LG Electronics Inc., Carraro SpA, and Tenneco Inc., which have listed India units in Mumbai, while others including Hindustan Coca-Cola Holdings Pvt., Pernod Ricard India Pvt., and Carlsberg India Pvt. are evaluating listings. Fossil’s brands include Fossil, Michele, Skagen, and licensed names like Armani Exchange, Diesel, Emporio Armani, Kate Spade New York, Michael Kors, and Tory Burch.

The KKR-backed LEAP India's IPO, aiming to raise Rs 2,480 crore (fresh issue Rs 480 crore, OFS Rs 2,000 crore by Vertical Holdings II and KIA EBT Scheme 3), opened on August 7 and closes August 11. Price band fixed at Rs 151-159 per share. As of 11:00 am on Day 1, subscribed 2% with bids for 26,75,710 shares against 11,49,91,735 offered. Retail portion 4%, NII 2%. Grey market premium at Rs 18 per Investorgain, implying 11.5% gain over upper band. Pre-IPO, raised Rs 743.62 crore from anchors including Smallcap World Fund, Monetary Authority of Singapore, Morgan Stanley, and domestic MFs like Axis MF. Earlier, Vertical Holdings II sold 5.67% stake for Rs 371 crore, reducing holding to 68.06%. Fresh proceeds: Rs 360 crore for debt repayment, rest general corporate purposes. LEAP India offers supply chain and asset-pooling solutions in FMCG, F&B, logistics, e-commerce, automotive, industrials.

The Rs 251.88-crore Technocraft Ventures IPO, comprising a fresh issue of 95.05 lakh shares and OFS of 23.76 lakh shares, was subscribed 15.26% on Day 1 by 10:30 am, with bids for 10,16,890 shares against 83,17,190 offered. NII led at 26%, retail at 13%. Company raised Rs 75.55 crore from anchors including LRSD Securities, Vikasa India EIF I Fund, Nakshatra Bharat Vantage Fund, and Venus Stellar Fund at Rs 212 per share. GMP stood at Rs 17, implying 8% listing gain. Proceeds from fresh issue: Rs 150 crore for working capital, rest for general purposes. FY26 net profit rose 53.6% to Rs 43.3 crore, revenue up 23.4% to Rs 345 crore. Unexecuted order book: Rs 1,320.7 crore as of July 15, 2026, with Rs 917.6 crore via JVs. Water/wastewater: 85% revenue, roads: 13%. Khambatta Securities is book-running lead manager.

The Behari Lal Engineering Limited IPO price band is ₹271 to ₹285 per equity share of face value ₹10. Subscription is scheduled from Wednesday, August 12 to Friday, August 14. Anchor investor allocation is on Tuesday, August 11. Lot size is 52 shares and multiples thereof. Reservation: up to 50% for QIBs, at least 15% for NIIs, and at least 35% for retail investors. Basis of allotment to be finalized on Monday, August 17; refunds and demat credit on Tuesday, August 18. Shares to list on BSE and NSE on Wednesday, August 19.

The LEAP India IPO, comprising a fresh issue of ₹480 crore and OFS of ₹2,000 crore, opens August 7 and closes August 11. Price band is ₹151-159 per share; lot size 94 shares. Anchors allotted 4.68 crore shares at ₹159, raising ₹743.62 crore from 32 investors including Smallcap World Fund, Monetary Authority of Singapore, and domestic funds like Axis Mutual Fund. Allocation: up to 50% QIBs, 15% NIIs, 35% RIIs; ₹1.25 crore for employees. Allotment August 12, refunds/credits August 13, listing BSE/NSE August 14. GMP today +₹19.5 (up from ₹3-19.5 range), estimating listing at ₹178.5 vs ₹159. SBI Securities 'Neutral': leader in asset-pooling, CAGR revenue 41.4%, EBITDA 33.4%, PAT 29.5% FY24-FY26; but 20.9x FY26 P/E, 112.4x EV/EBITDA, high receivables (131 days). Swastika Investmart cautious on aggressive pricing. IPO up-sized fresh issue to ₹480 crore from ₹400 crore. OFS by Vertical Holdings II (₹1,998.62 crore) and KIA EBT Scheme 3 (₹1.37 crore). Proceeds: ₹360 crore for debt repayment (borrowings ₹1,023.2 crore as June 2026), rest general purposes. Promoters: Vertical Holdings II (73.78%, KKR-backed), Sunu Mathew (21.07%). Lead managers: JM Financial, Avendus Capital, IIFL Capital Services, UBS Securities India.

Technocraft Ventures Ltd, a Noida-based EPC company, will launch its IPO on August 7 to raise ₹252 crore via fresh issue of 95.05 lakh shares and OFS of 23.76 lakh shares by promoter Kartikey Constructions. Subscription ends August 11. FY26 revenue rose to ₹344.99 crore from ₹279.56 crore, PAT to ₹43.32 crore from ₹28.20 crore. Order book as of July 15, 2026: ₹1,320.73 crore across 19 projects. Revenue, EBITDA, PAT CAGR FY24-26: 24%, 44%, 51%. SBI Securities rates 'Neutral' at 19.4x FY26 P/E, citing customer concentration, government contract dependence, stretched working capital. Anand Rathi recommends 'Subscribe - Long term' for diversified order book, geographical expansion. Swastika 'Subscribe' at 14.73x P/E, attractive vs peers, positive sector outlook. GMP: shares at ₹225, 6% premium over upper band. Fresh issue proceeds: ₹150 crore for working capital, rest general purposes.

Shiprocket, backed by investors including Temasek and Eternal, filed its RHP for an IPO. The issue is now Rs 1,617 crore, about 30% smaller than planned. It aims to raise Rs 885 crore via fresh issue, down from Rs 1,100 crore, while the OFS component has been reduced. The issue opens on August 12.

Bertelsmann, Temasek, Tribe Capital, and Eternal-backed Shiprocket has fixed the price band for its IPO at ₹92-97 per share. More details to follow.

Temasek-backed Milky Mist Dairy Food [MILY.NS], a Tamil Nadu-based dairy products company, has set the price band at Rs 133-140 per share for its IPO reduced to Rs 1,553 crore from Rs 2,035 crore following pre-listing stake sales. The IPO includes new shares worth Rs 1,428 crore and founders selling shares worth Rs 125 crore. Proceeds will be used to repay debt and expand its Perundurai manufacturing facility. Anchor bidding is on August 10, public from August 11-13, listing on BSE and NSE on August 18. Temasek unit Jongsong Investments acquired a 5.2% stake at Rs 139.76 per share in April. Rivals like Hatsun Agro Product (market value Rs 20,283 crore) have seen stock declines amid high milk costs.

Shiprocket, a Gurugram-based e-commerce shipping and logistics automation platform, will launch its IPO worth Rs 1,617.5 crore on August 12. The IPO includes a fresh issuance of Rs 885.5 crore and an offer-for-sale of Rs 731.9 crore by existing shareholders. The issue size has been reduced from Rs 2,342.3 crore planned in the Updated DRHP filed in December 2025, which had fresh issuance of Rs 1,100 crore and OFS of Rs 1,242.3 crore. IPO papers were cleared by SEBI in November 2025 via confidential filing. Price band will be announced on August 6. Merchant bankers are Axis Capital, BofA Securities India, JM Financial, and Kotak Mahindra Capital Company.

Ardee Industries, a lead recycling company, opened its IPO on August 5, priced at Rs 50-53 per share. The Rs 425.9 crore issue, comprising Rs 320 crore fresh issue and Rs 105.9 crore OFS, received bids for 56,31,240 shares against 5,84,22,516 offered, resulting in 10% subscription. Retail investors subscribed 16%, NII 13%. GMP is Rs 8 per InvestorGain and IPO Watch, indicating 15% listing gain potential. Anchors allotted 2.41 crore shares at Rs 53, including Bank of India Small Cap Fund, Bengal Finance & Investment, and Winro Commercial (47.17 lakh shares each, Rs 25 crore). Proceeds: Rs 220 crore for working capital, Rs 20 crore for debt repayment, rest general purposes. Issue closes August 7. Pantomath Capital Advisors is book-running lead manager.

The Molbio Diagnostics Limited IPO price band is fixed in the range of ₹768 to ₹807 per equity share of face value Re 1. Subscription dates are Monday, August 10 to Wednesday, August 12. Anchor investors allocation is scheduled for Friday, August 7. The lot size is 18 equity shares and in multiples of 18 thereafter.

The ₹39.04 crore Fusion Klassroom Edutech SME IPO, priced at ₹151-159, concluded subscription on August 4 with 1.5 times overall subscription (retail 1.80x, NII 1.47x, QIBs 1x), receiving bids for 24.52 lakh shares against 16.35 lakh on offer. Allotment to be finalised on August 5, with shares credited to demat accounts and refunds on August 6. Listing scheduled for August 7 on BSE SME. GMP today is ₹0 per share. Check status on BSE website by selecting Equity, company name, entering PAN and application number; or on Maashitla Securities portal using application number, beneficiary ID, or PAN. IPO comprises fresh issue of 0.20 crore shares (₹31.63 crore) and OFS of 0.05 crore shares (₹7.41 crore). Proceeds for debt repayment, tech/AI investment, capex, marketing, acquisitions, corporate purposes. Pre-IPO, raised ₹11.08 crore from anchors at ₹159/share. Minimum bid 800 shares, retail min ₹2,54,400 at upper band. Company operates hybrid learning with 30 centres, AI OTT app, 6 lakh users, 2 lakh subscribers. Revenue: ₹4.6 crore FY24, ₹10.1 crore FY25, ₹23 crore FY26. Profit: ₹34 lakh FY24, ₹2.90 crore FY25, ₹7.60 crore FY26.

India's Milky Mist Dairy Foods announced it has reduced its initial public offering size to 15.53 billion rupees ($162.83 million) from an earlier target of 20.35 billion rupees. The IPO comprises new shares worth 14.28 billion rupees and existing shareholders selling shares worth 1.25 billion rupees, as per a red herring prospectus. The offering will run from August 11 to 13, with anchor investors bidding on August 10. ($1 = 95.3775 Indian rupees).

Mahanadi Coalfields Ltd (MCL), a wholly-owned subsidiary of Coal India Ltd, appointed the bankers recently, with SBI Capital Markets as the lead. The IPO size is expected around ₹10,000 crore, potentially ranging ₹8,000-15,000 crore, entirely as OFS by Coal India. This follows Coal India's board approval for partial stake sales in subsidiaries MCL and South Eastern Coalfields Ltd (SECL), up to 35% in SECL via OFS and fresh shares. The move aligns with Ministry of Coal's directive for subsidiary listings this financial year. MCL, a Miniratna company focused on coal mining, reported FY25 consolidated net sales of ₹23,071 crore (down from ₹23,809 crore in FY24), net profit of ₹10,824 crore (down from ₹11,841 crore), total assets of ₹53,590 crore (up from ₹50,688 crore), and current liabilities of ₹14,200 crore (up from ₹13,335 crore).

Manipal Health Enterprises IPO shares are set to list on August 5 at 10 am. Unlisted shares trade at no premium in grey market per sources, suggesting listing at par with ₹590 issue price. Price band was ₹560-590, valuing company at over ₹77,600 crore upper end. IPO subscribed 4.92 times on July 31, with bids for 44,30,73,025 shares against 9,00,88,286 on offer per NSE. QIB portion 8.25 times, NII 1.02 times, retail 93%. Anchors invested ₹4,167 crore including Abu Dhabi Investment Authority and Allianz Global Investors Fund. IPO includes fresh issue up to ₹8,000 crore and OFS of 2.16 crore shares. Fresh proceeds: ₹5,378 crore for repayment/prepayment of subsidiary Manipal Hospitals Pvt Ltd borrowings. Bengaluru-based firm operates pan-India multispecialty hospitals.

Several market analysts, investment bankers, and investors indicate the IPO market has become more disciplined for high-growth tech businesses. Examples include Zepto halving its valuation from $5 billion to $2.5 billion and cutting IPO size by 30% before pausing its listing; PhonePe considering a $9-10 billion valuation below its $12 billion private valuation before delaying its debut. Among companies listed in the past seven to eight months, Amagi accepted over 40% valuation cut and trimmed IPO size by nearly a third; Fractal Analytics lowered valuation by more than 30% and slashed issue size by over 40%; Shadowfax and Turtlemint took 10% and 30% valuation cuts respectively; Pine Labs a 40% cut with reduced issue size; Capillary Technologies trimmed fresh issue by 20%. Public market investors now benchmark against listed tech peers, unlike private rounds. Factors include weaker markets, rupee weakness, foreign capital shifts to AI, and poor performance of prior new-age IPOs. Upcoming firms like OYO (Prism), PayU, Zetwerk, Infra.Market, InCred, and Shiprocket may face 30-50% valuation haircuts and smaller fundraises, with timelines extending to 18-24 months or 2026.

The Technocraft Ventures IPO price band is fixed at ₹200-₹212 per share (face value ₹10). Allotment finalization on August 12, shares credit/refunds on August 13, listing on August 14. Key RHP highlights: fresh issue for working capital and general corporate purposes; promoters include Sanjay Tyagi, Rekha Tyagi, Kartikey Tyagi, Kartikey Constructions, Sanjay Tyagi HUF (hold 97.38% pre-IPO); Sanjay Tyagi (MD), Kartikey Tyagi (WTD & CFO). Business: multidisciplinary public infrastructure EPC contracts. Financials: revenue ₹226.10 crore (FY24), ₹279.56 crore (FY25), ₹345 crore (FY26); profit ₹19.1 crore (FY24), ₹28.2 crore (FY25), ₹43.3 crore (FY26). Risks: dependence on government contracts. Listed peers: VA Tech Wabag, Denta Water and Infra Solutions, Enviro Infra Engineers, EMS. Book-running lead manager: Khambatta Securities; registrar: Bigshare Services.

The Oneindig Technologies SME IPO, open from 30 July to 3 August, saw subscription of 1.73 times (retail 1.84x, NII 2.4x, QIB 1.05x) for 33.28 lakh shares against 19.20 lakh on offer. Allotment to be finalised today, with shares crediting to demat accounts and refunds on 6 August. Listing on BSE SME on 7 August. GMP today is ₹0, indicating listing at ₹96 (IPO price). Check status on BSE or Maashitla Securities websites using PAN/application number. The ₹27.65 crore fresh issue proceeds: ₹20 crore for working capital, rest general corporate purposes. Minimum retail application: 2,400 shares (₹2,30,400 at upper band). Company in solar EPC, trading; FY ended March 2025: net profit ₹4.16 crore on ₹57.46 crore revenue? Wait, article: 10-month ended Jan 2026: ₹6.16 cr profit on ₹57.46 cr revenue; FY March 2025: ₹4.16 cr on ₹46.01 cr.

The Dhoot Transmission Limited IPO price band is ₹829 to ₹871 per equity share of face value ₹2. Subscription dates are Monday, August 10 to Wednesday, August 12. Anchor investor allocation is scheduled for Friday, August 7. Lot size is 17 equity shares and multiples thereof. Reservation: not more than 50% for QIBs, not less than 15% for NIIs, and not less than 35% for retail investors.

Arvind Tiku, founder of AT Capital with over 21 years of investment experience, is the promoter, chairman, and non-executive director of Juniper Green Energy. Prior to AT Capital, he worked in Kazakhstan's commodities sector, including as CEO of Agro Invest, managing director at Marc Rich Investment AG (later Glencore), association with Nelson Resources (acquired in 2005), and a joint venture with Vitol via Oilex NV handling oil contracts worth at least $93 billion from 2009-2016. He had business ties with figures like Timur Kulibayev and Lakshmi Mittal. Past investigations by Swiss authorities into money-laundering allegations involving Tiku and Kulibayev were discontinued in 2013 without charges. A dispute over Nelson Resources sale was defended successfully, and a due-diligence report issue was settled favorably. Juniper Green Energy develops utility-scale renewable projects, selling power via long-term contracts to government-backed buyers. Its IPO is a fresh issue of Rs 1,800 crore, with proceeds for debt repayment and project investments.

The MV Electrosystems IPO, open from July 30 to August 3, 2026, comprises a fresh issue of 68.23 lakh shares aggregating Rs 290 crore with no OFS. Proceeds will fund working capital (Rs 180 crore), R&D (Rs 21 crore), and general purposes. As of Day 2, subscribed 12.03 times against 39.87 lakh shares: retail 39.76 times (7.24 lakh shares), NII 15.77 times (10.87 lakh shares), QIB 0.91 times (21.74 lakh shares). GMP Rs 115 per share implies listing at Rs 540, a Rs 115 gain. Minimum lot 34 shares (Rs 14,450 at upper band). Listing expected August 6, 2026 on NSE/BSE. MV Electrosystems Ltd., founded 2009, manufactures railway power electronics. Swastika Research rates Avoid due to FY26 revenue decline of 21% YoY and net loss of Rs 12.6 crore.