Stock market analysis and stories by Ruchir Sankhla

Articles by Ruchir Sankhla

TREND | 28 Sep 2026, 06:49PM

IPO market stays crowded as Snapdeal parent AceVector joins the new-issue rush

Nifty 50 closed lower on September 28 as rising crude oil and continued foreign investor selling weighed on sentiment. Brent crude jumped back above $106 per barrel after US President Donald Trump rejected Iran’s proposal to resolve the conflict and reopen the Strait of Hormuz, reviving concerns over oil supply disruptions.

Last week, Indian equities logged their longest weekly losing streak in six years, as high crude prices, rising bond yields and persistent FII selling kept risk appetite weak. FIIs sold equities worth Rs 3,693.9 crore on Friday, while DIIs partly offset the pressure with purchases worth Rs 2,838.2 crore.

Looking ahead, the markets in India will remain closed on Friday for Mahatma Gandhi Jayanti, and Investors will track developments in the US-Iran talks, crude oil prices, rupee movement, foreign investor activity, US jobs and inflation data, and domestic macro indicators such as August industrial production and manufacturing PMI. Ajit Mishra, SVP – Research at Religare Broking, said, “Any progress on a framework for reopening the Strait of Hormuz could ease energy prices and provide some relief to India's import bill and the rupee, while renewed geopolitical tensions could keep volatility elevated.”

The primary market is set for another action-packed week, with 28 new issues opening for subscription and 17 companies heading for listing. This follows 14 IPO debuts last week, including the much-awaited listing of the National Stock Exchange.

NSE joins the market in a fourteen-IPO debut week

National Stock Exchange, India's leading stock exchange, made a positive debut on September 24. The Rs 22,568.9 crore IPO was subscribed 5.7x and listed at a 0.8% premium to its issue price of Rs 1,785. It was entirely an offer for sale by existing shareholders. The stock is currently trading 1.3% below its issue price.

Jindal Supreme, a manufacturer of steel pipes and tubes, delivered a stellar debut on September 23. The Rs 124.9 crore IPO was exceptionally subscribed 181.1x and listed at a 29% premium to its issue price of Rs 93. The stock has extended its gains and is currently trading 56.8% above its issue price.

SS Retail, a multi-brand retail chain, made a strong debut on September 23. The Rs 500 crore IPO was heavily subscribed at 103.3x and listed at a 47.2% premium to its issue price of Rs 424. The company plans to use the proceeds to fund interior construction and equipment for new stores. The stock is currently trading 69.1% above its issue price.

Hero Motors, an automotive technology company, made a steady debut on September 23. The Rs 1,000 crore IPO was subscribed 6.7x and listed at a 2.4% discount to its issue price of Rs 84. Since then, the company’s stock price has surged and is currently trading 60.8% above its issue price. The company plans to use the capital to expand its powertrain manufacturing capacity.

Sonaselection, an integrated fabric manufacturing company, had a positive debut on September 24. The Rs 141.6 crore IPO was subscribed 2x and listed at a 3.3% premium to its issue price of Rs 99. The company plans to use the proceeds to purchase plant and machinery for its existing facility. The stock has slipped post-listing and is currently trading 2.1% below its issue price.

Hero Motors gains post listing, NSE drops

Nine SME IPOs also entered the market last week.

SpectraA Technology Solutions and Robokidz Eduventures delivered the strongest SME debuts, both listing at 90% premiums. SpectraA debuted at Rs 224.2 against its Rs 118 issue price and later hit its upper circuit on Friday. The company plans to invest the proceeds in its Jaipur manufacturing facility. Robokidz listed at Rs 201.4 against an issue price of Rs 106 and will use the fresh capital for business expansion. It currently trades 99.5% above its issue price.

FX Multitech, Kheria Autocomp, Vivekanand Cotspin and Axiom Gas Engineering posted more modest listing gains. FX Multitech listed 6.1% above its issue price and plans to invest in its subsidiary. Kheria Autocomp debuted 3.9% higher and will use the proceeds for a new manufacturing facility, while Vivekanand Cotspin listed 2.7% higher and plans to invest in additional machinery. Axiom Gas Engineering gained 1.4% on listing, with proceeds earmarked for capex.

Vama Wovenfab, Shakti Polytarp and Quanto Agroworld had largely flat debuts. Vama listed at par but slipped 22.6% below, while Shakti Polytarp and Quanto Agroworld debuted around their issue prices. Shakti will use the proceeds for capital expenditure, and Quanto for farm expansion and a new distillation plant.

Adroit Industries stands out in a packed listing calendar

Elevate Campuses, a student accommodation operator, opened its Rs 2,100 crore IPO for subscription on September 23 and closed on September 25. It saw healthy investor demand with an overall subscription of 1.8x. The company plans to use the capital to acquire K-12 entities and reduce debt. The shares will debut on September 30.

Varmora Granito, a manufacturer of tiles and bathware, opened its Rs 708 crore IPO for subscription on September 22 and closed the issue on September 24. The issue saw a modest investor response with an overall subscription of 1.6x. The shares will list on September 29.

ArMee Infotech, an IT infrastructure and managed services company, opened its Rs 300 crore IPO for subscription on September 23 and closed the issue on September 25. The issue saw steady investor demand with an overall subscription of 2.4x. The stock will list on September 30.

Swastika Infra, a power transmission and distribution EPC company, opened its Rs 161.4 crore IPO for subscription on September 23 and closed the issue on September 25. The issue saw strong investor demand with an overall subscription of 7.6x. The shares will list on September 30.

Adroit Industries, an automotive and driveline components manufacturer, opened its Rs 150.7 crore IPO for subscription on September 23 and closed the issue on September 25. The issue saw exceptional investor interest with an overall subscription of 176.8x. The company plans to use the proceeds for capital expenditure at its Dewas facility. The stock will list on September 30.

Moneyview, a digital lending and financial services platform, opened its Rs 1,091.7 crore IPO for subscription on September 24 and will close on September 28. As of the final day, the issue saw a strong response, with an overall subscription of 98.5x. The company plans to use the capital to support loan disbursals and invest in its subsidiary. The shares will list on October 1.

AOne Steels, a manufacturer of steel products, opened its Rs 405 crore IPO for subscription on September 24 and will close on September 28. As of the final day, the issue saw a strong response, with an overall subscription of 11.6x. The stock will list on October 1.

Investor crowd into Adroit Industries

Ten SME issues are also in focus.

Himalaya Nutravedics and Anand Seamless will list on September 29, with Himalaya Nutravedics’ Rs 26.5 crore IPO subscribed 2.2x, while Anand Seamless saw more modest demand at 1.4x. Anand Seamless plans to use the proceeds to expand capacity at its Mehsana facility.

Liqvd Digital, Pooja Logistics, Coreintegra Consulting, S K Offset, and Unitec Fibres are scheduled to debut on September 30. Liqvd Digital’s Rs 39 crore IPO was subscribed 5.1x, while Unitec Fibres’ Rs 34.5 crore issue was subscribed 3.7x. Coreintegra Consulting, S K Offset, and Pooja Logistics saw healthy demand at 1.4x, 1.1x, and 3x, respectively. Liqvd Digital plans to acquire a stake in AdLift Marketing, while Pooja Logistics will use fresh capital to expand its fleet of refrigerated trucks.

Roopa Screen and Peshwa Wheat are set to list on October 1 after closing their issues on September 28. As of the final day, Roopa Screen's Rs 19.2 crore IPO was subscribed 253x, while Peshwa Wheat saw a subscription of 2.7x. Peshwa Wheat plans to invest in civil construction and machinery.

Green Asia Impex will close on October 1. As of September 28, the issue was subscribed 0.2x. The company plans to use the proceeds to support its overall business expansion. The stock will list on October 7.

From real estate to electronics: Twenty-eight IPOs enter the pipeline

Runwal Enterprises, a Mumbai-based real estate developer, will open its Rs 500 crore IPO for subscription from September 25 to September 29. The company plans to use the fresh capital for future project acquisitions. The stock will list on October 5.

German Green Steel Power, a vertically integrated iron and steel manufacturer, will launch its Rs 303.9 crore IPO from September 25 to September 29. The company plans to use the proceeds for capital expenditure at its Samakhiyali facility. The stock will list on October 5.

Orient Cables, a manufacturer of networking and optical fibre cables, will open its Rs 552 crore IPO from September 25 to September 29. The company plans to use the funds to purchase machinery and equipment. The stock will list on October 5.

AceVector, a digital commerce ecosystem operator comprising Snapdeal and Unicommerce, will launch its Rs 420 crore IPO from September 25 to September 29. The company plans to use the proceeds for organic and inorganic growth initiatives. The stock will list on October 5.

Shah Investors Home, a retail stockbroking and financial services firm, will open its Rs 90.2 crore IPO from September 28 to September 30. The price band is set at Rs 159–167 per share. The stock will list on October 6. SRIT, an IT and IT-enabled services company, will launch its Rs 218.4 crore IPO from September 28 to September 30. The price band is set at Rs 123–130 per share. The stock is scheduled to list on October 6.

Vishal Nirmiti, a manufacturer of pre-stressed concrete sleepers and civil engineering firm, will open its Rs 178 crore IPO from September 30 to October 5 at a price band of Rs 208–220 per share. The stock will list on October 8. Nityas Gems and Jewellery, a manufacturer of lab-grown diamond-studded gold jewellery, will launch its Rs 108.4 crore IPO from September 30 to October 5. The price band is set at Rs 70–75 per share. The stock will list on October 8.

Nityas Gems tops revenue growth; Shah Investor’s sees profit growth fall

Twenty SME IPOs are also lined up.

Sai Urja Indo Ventures will launch its Rs 25 crore IPO from September 25 to September 29. The company plans to use the proceeds to diversify into renewable energy and introduce new service offerings. The stock will list on October 5.
Bench Mark Infotech Services will open its Rs 42.4 crore IPO from September 25 to September 29. The price band is set at Rs 104–110 per share. The stock will list on October 5.
Himalayan Solar will launch its Rs 68 crore IPO from September 25 to September 29. The company plans to use the proceeds to fund government-led solar water pumping projects. The stock will list on October 5.
Dudani Retail will open its Rs 10.5 crore IPO from September 25 to September 29. The fixed-price issue is set at Rs 29 per share. The stock will list on October 5.
Pind Hospitality will launch its Rs 17.8 crore IPO from September 28 to September 30. The company plans to use the funds to set up a hotel-cum-banquet hall in Lonavala. The stock will list on October 6.
Shivchem Agro will open its Rs 14 crore IPO from September 28 to September 30. The price band is set at Rs 59–62 per share. The stock will list on October 6.
Acme Universal Safezone 9 will launch its Rs 35.9 crore IPO from September 28 to September 30. The company plans to use the proceeds for the installation of additional machinery and solar power plants. The stock will list on October 6.
Black Opal Consultants will launch its Rs 55.1 crore IPO from September 29 to October 1. The company plans to use the proceeds for securing sales and marketing mandates and investing in Aurika Developers to finance its Ayodhya project. The stock will list on October 7.
Papadmalji Agro Foods will open its Rs 20.2 crore IPO from September 29 to October 1. The company plans to use the funds to set up a new manufacturing facility in Bachhasar. The stock will list on October 7.
VANS Electroengineerings will open its Rs 34 crore IPO from September 29 to October 1. The price band is set at Rs 112–118 per share. The stock will list on October 7.
Eventions will launch its Rs 38.1 crore IPO from September 30 to October 5. The price band is set at Rs 112–118 per share. The stock will list on October 8.
Dove Soft will launch its Rs 73.3 crore IPO from September 30 to October 5. The company plans to use the proceeds to upgrade its IT infrastructure. The stock will list on October 8.
SJP Ultrasonics will open its Rs 23.5 crore IPO from September 30 to October 5. The fixed-price issue is set at Rs 67 per share. The stock will list on October 8.
Omara Ventures will open its Rs 42 crore IPO from September 30 to October 5. The company plans to use the funds for capex to renovate and expand its jewellery boutique. The stock will list on October 8.
EverestIMS Technologies will launch its Rs 48.6 crore IPO from September 29 to October 5. The company plans to use the proceeds for product development and expanding its sales team. The stock will list on October 8.
Shree TNB Polymers will open its Rs 31.2 crore IPO from September 28 to October 5. The proceeds will be used for the purchase and installation of solar panels and rooftop systems. The stock will list on October 8.
Sollfege Smart Electronics will launch its Rs 21.8 crore IPO from September 30 to October 5. The company plans to use the capital to open new retail stores. The stock will list on October 8.
Paramount Syntex will open its Rs 81.8 crore IPO from September 30 to October 6. The company will use funds for capex towards the purchase of machinery at existing facilities. The stock will list on October 9.
TNA Solutions will launch its Rs 37.9 crore IPO from September 30 to October 6. The company plans to use the proceeds to scale up its IT services. The stock will list on October 9.
Acme Industries will open its Rs 121.7 crore IPO from September 30 to October 6. The proceeds will be used to fund the capex towards the purchase of additional plant & machinery. The stock will list on October 9.

Trendlyne Analysis released a IPO Note report for IPO on 28 Sep, 2026.

The Baseline

22 Sep 2026

Five stocks to buy from analysts this week - September 22, 2026

By Ruchir Sankhla

1. Avalon Technologies:

Motilal Oswal reiterates its ‘Buy’ rating on this electronics manufacturing services provider, with a target price of Rs 2,740, an upside of 11%. Analysts Sumant Kumar and Yash Darak believe the company will drive the next phase by expanding into high-value businesses like semiconductor equipment and battery energy storage systems (BESS). The company started commercial production of electronic power boxes in Q1FY27 for a top global semiconductor equipment maker after two years of development.

Management plans to build the semiconductor equipment business into a separate division over the next 18 to 24 months. To support this, they are building dedicated manufacturing facilities in Chennai. BESS is another major opportunity, especially in the US, where demand is rising because of investment in renewable energy, power grids and data centres. Avalon is also enhancing production for aerospace, railway safety systems, locomotive parts and satellite communication equipment.

Kumar and Darak predict these new businesses and faster order completion will accelerate Avalon's growth rate between FY27 and FY29. They forecast annual increases of 40% for revenue, 47% for EBITDA, and 56% for net profit. Semiconductor equipment and US energy storage demand will contribute heavily to this success, while higher-value products will boost profitability improvement.

2. Sagility:

Emkay initiates coverage on this healthcare services company with a ‘Buy’ rating and a target price of Rs 55, an upside of 20.6%. Analysts Dipeshkumar Mehta and Jimit Gandhi favour Sagility as they believe rising US healthcare spending and pressure on insurers to cut costs will push more companies to outsource their operations.

Sagility is perfectly positioned to capture this trend, drawing 90% of its revenue from US health insurers. It delivers essential, recurring services that support daily insurance operations. Analysts note that US national healthcare spending will rise 5.4% annually from 2026 to 2034, outpacing the broader economy, fueled by an ageing population, chronic diseases, and higher healthcare usage. They forecast Sagility’s revenue will improve 15% annually from FY27-29.

Management targets low double-digit revenue growth and a 24% to 25% EBITDA margin in FY27. The performance should come from deepening ties with existing clients, launching new services, and expanding among mid-sized US insurers. Mehta and Gandhi highlight that the company is also using acquisitions to add capabilities and clients. BroadPath brought around 30 client groups, while CareSeed added 26 and strengthened the company’s healthcare quality and analytics services.

3. Siemens Energy India (SEIL):

Deven Choksey initiates coverage with a ‘Buy’ rating on this energy technology manufacturer, with a target price of Rs 4,554 per share, a 40.8% upside. Analyst Manik Jain calls the company a high-potential investment in India’s expanding power transmission and generation sectors. SEIL offers a broad portfolio covering grid infrastructure, power generation, engineering services, and research.

SEIL anticipates maintaining its dominance in the high-voltage direct current (HVDC) segment, where it holds a 30% market share. Expanding renewable energy networks, complex power grids, and the need for flexible power systems will drive a 16.5% annual revenue growth in the segment through FY30. SEIL also leads power generation, commanding a 55% market share in steam turbines. India's plans to build more thermal and nuclear power plants will create strong demand for these turbines over the long term.

Jain notes that SEIL is well-positioned to benefit from India’s transmission investment cycle through its diverse portfolio across transformers, switchgear, substations and grid-stabilisation solutions. SEIL is also increasing exports by using its Indian factories to supply global markets. Strong transformer capabilities and new US opportunities will boost export sales. He projects the firm to deliver annual growth rates of 25% for revenue and 35% for net profit between FY27 and FY29.

4. Federal Bank:

Axis Direct retains its ‘Buy’ rating on this private bank with a higher target price of Rs 380, implying an upside of 16.2%. Analysts Dnyanada Vaidya and Abhishek Pandya remain positive on the bank, led by a strengthening deposit base and accelerating credit growth in focus segments like retail, commercial banking, and specialised assets.

Management estimates stronger growth in current accounts in FY27 as it expands its business banking operations and partnerships. The bank is also focusing on attracting more customers to its savings accounts by introducing premium offerings for high-income individuals, mass-affluent customers, and high net worth individuals. It doubled the pace of new current account openings last year and is encouraging employees to focus equally on bringing in deposits and giving out loans. A larger share of current and savings account deposits can help the bank keep its funding costs under control.

Federal Bank believes its loan book will climb at a mid-teens rate, supported by retail and business lending. Vaidya and Pandya highlight that an improved portfolio mix and stable deposit rates will boost asset yields. They believe the bank can scale up without taking excessive lending risks, helped by a well-diversified loan book and a wider customer base. Analysts expect income earned from lending to rise by around 19% annually and net profit by 26% annually through FY29.

5. Sakar Healthcare:

ICICI Direct maintains its ‘Buy’ rating on this small-cap pharma company, with a target price of Rs 1,310, an upside of 10.2%. Analysts Siddhant Khandekar and Shubh Mehta estimate that cancer medicines will generate up to Rs 100 crore in revenue in the long-term, driven by higher sales in Europe.

Sakar Healthcare is boosting production to meet rising demand for its cancer medicines. The company is also taking over the manufacturing of 10 cancer medicines from Accord-Intas, which sells these products in international markets. Eight of these have already received approval for sale, including five tablets and three injectable medicines.

Management anticipates securing 40 regulatory approvals to sell its medicines across overseas markets by the end of FY27 and up to 90 by FY28. These new approvals could add Rs 150-200 crore to annual revenue by FY29. The oncology business alone is expected to triple by FY28. Sakar is also growing its non-cancer business by manufacturing products for Zydus, Emcure, Glenmark, and Cipla, while increasing exports of blood-thinning medicines and antibiotics.

Khandekar and Mehta believe higher exports, new drug approvals, expanding production, and more in-house raw material manufacturing will boost revenue and margins. They add that Sakar recently cleared a European regulatory inspection and anticipates a positive final report.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

IPO

TREND | 21 Sep 2026

NSE listing and fresh IPOs put primary market in focus

By Ruchir Sankhla

The Nifty 50 closed higher on September 21, recovering after six straight weeks of losses, as a fall in crude oil prices and firm global cues helped improve sentiment. Brent crude oil slipped to around $101.7 per barrel after reports showed Saudi crude exports recovering to over 4 million barrels per day (bpd) so far in September, up from 2.4 million bpd in August.

The rebound, however, remained cautious. The US Federal Reserve raised interest rates last week for the first time after three years and signalled another hike in 2026, keeping global bond yields and foreign flows in focus. FPIs have already sold nearly Rs 21,000 crore worth of Indian equities so far this month, weighed down by higher US rates, elevated crude oil prices and a weak Indian rupee.

Looking ahead, investors will track crude oil prices, rupee movement, foreign investor activity, US rate expectations and fresh developments in West Asia. Vinod Nair, Head of Research at Geojit Investments, said, “Flash PMI readings will provide a gauge of underlying activity, while US initial jobless claims and commentary from Federal Reserve officials will shape expectations on the rate trajectory.”

Primary market activity remains strong, with 11 companies set to list this week and 23 fresh issues entering the subscription pipeline. This follows a busy week that saw 20 IPOs make their market debut.

Mainboard IPOs post mixed listing gains

LCC Projects, Karamtara Engineering and Rentomojo led the latest mainboard IPO debuts. LCC Projects listed at a 29.4% premium, while Karamtara Engineering debuted 26% higher. Rentomojo listed at a 19.4% premium and later extended its gains, currently trading 33.6% higher than its issue price. LCC plans to use fresh proceeds for equipment purchases and debt repayment, Karamtara for reducing borrowings, and Rentomojo for debt repayment and payments towards warehouses and experience stores.

Steamhouse and Veegaland Developers also delivered positive listings. Steamhouse debuted 16.7% above its Rs 81 issue price and plans to use the capital for capacity expansion. Veegaland Developers listed at a 10% premium to Rs 140, with fresh proceeds earmarked for project execution and strategic land acquisitions.

Karamtara builds on gains, while LCC slips

Kanohar Electricals and Glass Wall Systems had relatively modest listings but strengthened after their debuts. Kanohar listed 8.5% above its Rs 632 issue price and subsequently moved further above the issue price with a current gain of 37.2%. The company will use fresh capital for expansion. Glass Wall Systems listed at a 6.6% premium and plans to set up a new glass processing unit.

The remaining mainboard listings were mixed. Asset Reconstruction Company (India) and Manika Plastech listed flat at Rs 139 and Rs 43, respectively. Manika plans to invest in plant and machinery, while ARC’s IPO was entirely an offer for sale. Manipal Payment and Identity Solutions listed at a 2.6% discount, with fresh proceeds going towards new equipment across its facilities.

Prasol Chemicals had the weakest listing, opening 9.8% below its Rs 676 issue price. However, the stock recovered in subsequent sessions and is currently trading 0.8% above its issue price.

Glass Wall, Kanohar build on listing gains

Nine SME IPOs also entered the market last week.

Maharaja & Speedex India, and Amtech Esters stood out among the SME listings. Maharaja & Speedex listed at a 34.4% premium, with plans to use fresh proceeds for capex. Amtech Esters also had a strong start, listing 33.3% above its issue price. Its fresh capital will support a new resin manufacturing unit.

Om Galaxy, Raksan Transformers, Infrax Renewable and Vinod Texworld had largely flat debuts. Om Galaxy listed just 0.2% above its Rs 90 issue price, while Raksan Transformers, Infrax Renewable and Vinod Texworld listed at their respective issue prices of Rs 273, Rs 104, and Rs 94. Om Galaxy plans to establish a new manufacturing unit; Raksan is setting up a manufacturing facility in Haryana; Infrax will invest in machinery, and Vinod Texworld plans to expand its fabric processing plant.

Century Business Media also made a flat debut at Rs 74. The advertising and media company plans to use fresh capital to purchase media assets, pay security deposits for airport advertising rights, and repay borrowings.

Panchatv Bharat and Injecto Polymers opened below their issue prices. Panchatv Bharat listed at a 7.9% discount to Rs 140 and extended losses, currently trading 12.5% below. Injecto Polymers listed at a 1% discount to its issue price. Injecto plans to use the proceeds to expand its existing manufacturing facility.

NSE headlines an eleven-IPO listing calendar

Hero Motors, an automotive technology company, opened its Rs 1,000 crore IPO for subscription on September 16 and closed the issue on September 18. It saw healthy investor demand with an overall subscription of 6.7x. The company plans to use the capital to expand its powertrain manufacturing capacity and repay debt. The shares will debut on September 23.

Jindal Supreme, a manufacturer of steel pipes and tubes, opened its Rs 124.9 crore IPO for subscription on September 16 and closed the issue on September 18. The issue saw exceptional investor demand with an overall subscription of 181.1x. The shares will list on September 23.

SS Retail, a multi-brand retail chain, opened its Rs 500 crore IPO for subscription on September 16 and closed the issue on September 18. The issue saw overwhelming investor interest with an overall subscription of 103.3x. The company plans to use the proceeds to fund interior construction and equipment for new stores opening in FY27-28. The stock will list on September 23.

Sonaselection, an integrated fabric manufacturing company, opened its Rs 141.6 crore IPO for subscription on September 17 and will close on September 21. As of the final day, the issue saw a modest response, with an overall subscription of 2x. The company plans to use the proceeds to purchase plant and machinery for its existing facility. The shares will list on September 24.

National Stock Exchange, India's leading stock exchange, opened its Rs 22,568.9 crore IPO for subscription on September 17 and will close on September 21. As of the final day, the issue saw a steady response, with an overall subscription of 5.7x. The offering consists entirely of an offer for sale by existing shareholders. The stock will list on September 24.

Investor demand centres on Jindal Supreme

Six SME issues are also in focus.

Quanto Agroworld, Shakti Polytarp and Vama Wovenfab will list on September 22, with Shakti Polytarp seeing the strongest investor response. Its Rs 26.9 crore IPO was subscribed 11.2x, while Vama Wovenfab and Quanto Agroworld saw more modest demand at 2.6x and 1.4x, respectively. Shakti plans to invest in capital expenditure, while Vama will purchase machinery. Quanto intends to expand its farms and set up a new distillation plant.

Kheria Autocomp and SpectraA Technology Solutions are scheduled to debut on September 24. SpectraA’s Rs 42.5 crore IPO was subscribed 280.7x as of the final day, while Kheria Autocomp’s Rs 46.4 crore issue was subscribed 2.3x. SpectraA plans to invest in its Jaipur facility, while Kheria will use fresh capital mainly for capital expenditure.

Axiom Gas Engineering will list on September 25. The Rs 50.8 crore IPO was subscribed 0.9x as of the second day. The company plans to use the proceeds for capital expenditure.

From tiles to solar energy: Twenty-three IPOs line up for subscription

Varmora Granito, a manufacturer of tiles and bathware, will open its Rs 708 crore IPO for subscription from September 22 to September 24. The price band is set at Rs 140–148 per share. The company plans to use the fresh capital to fund the establishment of new manufacturing plants. The stock will list on September 29.

ArMee Infotech, an IT infrastructure and managed services company, will launch its Rs 300 crore IPO from September 23 to September 25. The price band is set at Rs 350–375 per share. The company plans to use the proceeds to secure performance bank guarantees. The stock will list on September 30.

Swastika Infra, a power transmission and distribution EPC company, will open its Rs 161.4 crore IPO from September 23 to September 25. The price band is set at Rs 175–185 per share. The issue is a combination of a fresh issue of 69.5 lakh shares and an offer for sale of 17.5 lakh shares. The stock will list on September 30.

Elevate Campuses, a student accommodation operator backed by Hillhouse Capital, will launch its Rs 2,100 crore IPO from September 23 to September 25. The price band is set at Rs 343–362 per share. The company plans to use the proceeds to acquire K-12 entities and campuses from its promoter group, and to reduce debt. The stock will list on September 30.

Adroit Industries, an automotive and driveline components manufacturer, will open its Rs 150.7 crore IPO from September 23 to September 25. The price band is set at Rs 126–134 per share. The company plans to use the fresh proceeds for capital expenditure at its Dewas facility and for investments in its subsidiary. The stock will list on September 30.

A-One Steels, a manufacturer of steel products, will launch its Rs 405 crore IPO from September 24 to September 28. The price band is set at Rs 385-405 per share. The issue comprises a Rs 355 crore fresh issue and a Rs 50 crore offer for sale. The stock is scheduled to list on October 1.

Moneyview, a digital lending and financial services platform, will open its Rs 1,091.7 crore IPO from September 24 to September 28 at a price band of Rs 32–34 per share. The company plans to use the fresh capital to support loan disbursals and invest in its subsidiary, Whizdm Finance. The stock will list on October 1.

Elevate tops revenue, A-One Steels leads profit

Sixteen SME IPOs are also lined up.

Robokidz Eduventures will open its Rs 31.1 crore IPO from September 21 to September 23. The company plans to use the proceeds to fund its business expansion. The stock will list on September 28.
FX Multitech will launch its Rs 45.2 crore IPO from September 21 to September 23. The price band is set at Rs 110-116 per share. The stock will list on September 28.
Vivekanand Cotspin will open its Rs 22.2 crore IPO from September 21 to September 23. The price band is set at Rs 32–37 per share. The stock will list on September 28.
Himalaya Nutravedics will launch its Rs 26.5 crore IPO from September 22 to September 24. The price band is set at Rs 100–106 per share. The stock will list on September 29.
Anand Seamless will open its Rs 25.5 crore IPO from September 22 to September 24. The fixed-price issue is set at Rs 72 per share. The company plans to use the capital for capacity expansion at its Mehsana facility. The stock will list on September 29.
Coreintegra Consulting Services will open its Rs 22 crore IPO from September 23 to September 25. The company plans to use the proceeds for branding, expanding its leadership team, and enhancing its proprietary technology capabilities. The stock will list on September 30.
Pooja Logistics will launch its Rs 44.2 crore IPO from September 23 to September 25. The company plans to use the proceeds to expand its fleet of GPS-enabled refrigerated trucks. The stock will list on September 30.
Unitec Fibres will open its Rs 34.5 crore IPO from September 23 to September 25. The company plans to use the capital for capacity expansion and technological upgradation at its Tarapur and Valsad manufacturing units. The stock will list on September 30.
Liqvd Digital will launch its Rs 39 crore IPO from September 23 to September 25. The company plans to use the fresh proceeds to acquire a stake in AdLift Marketing and set up a full-scale video content production hub. The stock will list on September 30.
S K Offset will open its Rs 29.1 crore IPO from September 23 to September 25. The company plans to use the proceeds for capital expenditure towards the purchase of new plant and machinery at Meerut. The stock will list on September 30.
Green Asia Impex will launch its Rs 60.1 crore IPO from September 24 to September 28. The price band is set at Rs 85–90 per share. The stock will list on October 1.
Peshwa Wheat will open its Rs 53.5 crore IPO from September 24 to September 28. The company plans to use the proceeds for capital expenditure towards civil construction and the purchase of plant and machinery. The stock will list on October 1.
Roopa Screen will launch its Rs 19.2 crore IPO from September 24 to September 28. The price band is set at Rs 60–64 per share. The stock will list on October 1.
Bench Mark Infotech Services will open its Rs 42.4 crore IPO from September 25 to September 29. The price band is set at Rs 104–110 per share. The stock will list on October 5.
Himalayan Solar will launch its Rs 68 crore IPO from September 25 to September 29. The company plans to use the proceeds to fund government-led solar water pumping projects. The stock will list on October 5.
Sai Urja Indo Ventures will launch its Rs 25 crore IPO from September 25 to September 29. The company plans to use the proceeds to diversify into renewable energy and introduce new service offerings. The stock will list on October 5.

Trendlyne Analysis released a IPO Note report for IPO on 28 Sep, 2026.

IPO

TREND | 15 Sep 2026

Primary market gears up for NSE’s long-awaited IPO

By Ruchir Sankhla

The Nifty 50 closed lower on September 15 as rising crude oil prices, higher global bond yields and renewed fears of a US rate hike weighed on sentiment. Indian equities opened higher, but gains faded as Brent crude moved above $108 per barrel and the US 10-year Treasury yield crossed 5%, raising concerns over foreign flows into emerging markets.

Oil remained the biggest pressure point. Crude prices jumped after Saudi Arabia shut its East-West pipeline following attacks on energy infrastructure by Yemen’s Iran-aligned Houthis. The pipeline is an important alternative route when shipments through the Strait of Hormuz are disrupted.

Domestic inflation data added to the caution. India’s Consumer Price Index (CPI) inflation rose to 4.8% in August from 4.5% in July, while Wholesale Price Index (WPI) inflation climbed to 9.9% from 9.8%. The rise in both inflation measures could reinforce rate-hike expectations, especially if crude prices remain elevated.

Looking ahead, investors will track the US Federal Reserve’s policy decision, US retail sales and industrial production data, crude oil prices, foreign investor activity and India’s foreign exchange reserves. V K Vijayakumar, Chief Investment Strategist at Geojit Investments, said, “The macro scenario will continue to be under pressure from the rising crude price.”

A packed week lies ahead for the primary market, with 17 companies preparing to list and 18 new issues opening for subscription. This comes after seven IPOs made their market debut last week.

From jewellery to logistics: Seven IPOs enter the market

Pranav Constructions, a Mumbai-based real estate developer, made a robust debut on September 15. The Rs 351 crore IPO was oversubscribed 121x and listed at a 33% premium to its issue price of Rs 124. The company plans to use the fresh proceeds to secure government approvals and purchase additional floor space index (FSI). The stock is currently trading 6.5% above its issue price.

Deepa Jewellers, a retail and wholesale jewellery trader, made a strong debut on September 8. The Rs 459.7 crore IPO was subscribed 42.6x and listed at a 24.9% premium to its issue price of Rs 177. The stock has since given up much of its listing gains and is currently trading 4.4% below its issue price.

Rays of Belief, an enterprise delivering plans for neurodevelopmental disorders under the brand Mom's Belief, made a flat debut on September 8. The Rs 125 crore IPO listed at par with its issue price of Rs 239. The company plans to use the proceeds to expand its physical centre network, technology infrastructure, and brand outreach. The stock is currently trading 5.9% below its issue price.

Listing gains fade across recent debuts

Four SME IPOs also entered the market last week.

Apana Logistics, a container transportation and logistics company, made a flat debut on September 15. The Rs 34.1 crore IPO received a modest overall subscription of 1.2x and listed at par with its issue price of Rs 60. The company plans to use the proceeds to purchase reach stackers and related equipment. The stock is currently trading 5% below its issue price.

Qualiance International, a technical apparel manufacturer, delivered a stellar debut on September 11. The Rs 45.1 crore IPO was heavily subscribed and listed at a 77.1% premium to its issue price of Rs 127. The company plans to use the capital to set up a new manufacturing facility at Tiruppur. The stock is currently trading 76.6% above its issue price.

Farm Peace, an integrated contract farming company, made a stellar debut on September 8. The Rs 32 crore IPO listed at a 90% premium to its issue price of Rs 59. The stock has faced some lower-circuit selling pressure since listing but is still trading 47.1% above its issue price.

FlyHi Maritime Travels, a maritime crew travel management company, had a weak debut on September 8. The Rs 52.6 crore IPO listed at a 20% discount to its issue price of Rs 102. The stock has weakened significantly since its debut and is currently trading 38% below its issue price.

Seventeen companies prepare for market debut this week

Three companies will make their market debuts on September 16, led by strong demand for Kanohar Electricals and Glass Wall Systems. Kanohar Electricals’ Rs 1,055.7 crore IPO was subscribed 90.6x, while Glass Wall Systems’ Rs 427.9 crore issue drew 81.7x bids. Kanohar plans to invest the fresh capital in machinery, facilities and solar panels, while Glass Wall Systems will use the proceeds to set up a new glass processing unit.

Prasol Chemicals will also list on September 16, after its Rs 500 crore IPO was subscribed 3.3x. The specialty chemicals manufacturer saw a relatively muted response compared with the other two issues listing the same day.

September 17 will be the busiest listing day, with six companies set to debut. Rentomojo and Karamtara Engineering attracted the strongest interest, with their IPOs subscribed 72.9x and 62.6x, respectively.

QIBs drive demand across recent IPOs

LCC Projects, Steamhouse and Asset Reconstruction Company also saw healthy demand. Their issues were subscribed 48.5x, 30.5x and 20.1x, respectively. LCC Projects plans to purchase equipment, while Steamhouse will use fresh capital to expand capacity. Asset Reconstruction Company’s Rs 733 crore IPO is entirely an offer for sale, meaning the company will not receive any proceeds from the issue.

Manipal Payment and Identity saw the weakest response among the September 17 listings, with its Rs 805 crore issue subscribed just 1.4x. The banking and smart-card manufacturer plans to use the fresh proceeds to purchase and install new equipment.

Veegaland Developers will list on September 18. Its Rs 210 crore IPO was subscribed 12.7x as of the final day. The real estate developer plans to use the proceeds for ongoing project execution and strategic land acquisitions.

LCC Projects attracts the highest number of bids

Seven SME issues are also in focus.

Three SME companies will list on September 17, with Amtech Esters drawing the strongest investor response. The specialty chemicals maker’s Rs 17.9 crore IPO was subscribed 24x, significantly ahead of the other two issues. Infrax Renewable’s Rs 40.9 crore IPO was subscribed 2x, while Vinod Texworld’s Rs 42.8 crore issue saw a modest 1.8x subscription.

Both Infrax Renewable and Vinod Texworld plan to use the capital for expansion. Infrax will invest in machinery for its solar EPC operations, while Vinod Texworld intends to expand its fabric processing facility.

Four more SME companies are scheduled to debut on September 18, although investor demand has remained relatively weak so far. Raksan Transformers attracted the strongest interest among them at 40.8x subscription as of the final day, while Maharaja Speedex stood at 27.4x. Om Galaxy and Panchatv Bharat saw weaker demand at 1.9x and 1.3x, respectively.

Manufacturing expansion is a common theme among the September 18 issues. Raksan Transformers plans to set up a new manufacturing facility in Haryana, while Om Galaxy will establish a new unit for its pipe fittings and industrial moulds business. Maharaja Speedex plans to invest in plant and machinery for its stainless steel bottles and drinkware operations.

NSE leads a diverse pipeline spanning eighteen IPOs

National Stock Exchange of India (NSE), which operates India's largest stock exchange by trading volumes, will open its long-awaited Rs 22,569 crore IPO for subscription from September 17 to September 21. The price band is set at Rs 1,700–1,785 per share. The issue is an offer for sale of 12.6 crore shares by existing shareholders. The stock will list on September 24.

Hero Motors, an automotive technology company, will launch its Rs 1,000 crore IPO from September 16 to September 18. The price band is set at Rs 79–84 per share. The company plans to use the proceeds to expand capacity at its Gautam Buddha Nagar facility and towards acquisitions. The stock will list on September 23.

SS Retail, a multi-brand retailer of mobile phones and consumer electronics, will open its Rs 500 crore IPO from September 16 to September 18 at a price band of Rs 403–424 per share. The company plans to use the fresh capital for setting up new stores. The stock will list on September 23.

A-One Steels India, a manufacturer of long and flat steel products, will launch its Rs 405 crore IPO from September 24 to September 28. The issue comprises a Rs 355 crore fresh issue and a Rs 50 crore offer for sale. The stock is scheduled to list on October 1.

Three smaller mainboard issues will also add to the pipeline. Manika Plastech's Rs 125.5 crore IPO, priced at Rs 40–43 per share, will close on September 16, with proceeds going towards machinery purchases. Jindal Supreme will open its Rs 124.9 crore issue from September 16 to September 18 at Rs 88–93 per share. Sonaselection India will open its Rs 141.6 crore IPO from September 17 to September 21 at Rs 94–99 per share. The fresh issue will fund machinery purchases at its existing manufacturing facility.

Sonaselection leads revenue, A-One Steels tops profit

Eleven SME IPOs are also lined up.

Century Business Media will close its Rs 17.1 crore IPO on September 16. The company plans to use the proceeds to purchase media assets and pay security deposits for advertising rights at Patna Airport. The stock will list on September 21.
Injecto Polymers will close its Rs 56.1 crore IPO on September 16. The company plans to use the proceeds to set up Phase IV at its existing manufacturing facility in West Bengal. The stock will list on September 21.
Quanto Agroworld will launch its Rs 31 crore IPO from September 15 to September 17 at a fixed price of Rs 67 per share. The company plans to use the proceeds to set up a distillation plant and expand its farms. The stock will list on September 22.
Shakti Polytarp will open its Rs 26.9 crore IPO from September 15 to September 17. The company plans to use the proceeds to purchase plant and machinery. The stock will list on September 22.
Vama Wovenfab will launch its Rs 49.5 crore IPO from September 15 to September 17. The company plans to use the proceeds to construct a shed and purchase machinery. The stock will list on September 22.
Kheria Autocomp will open its Rs 46.4 crore IPO from September 17 to September 21. The company plans to use the proceeds to fund a new manufacturing facility for plastic-moulded auto components at GIDC Sanand. The stock will list on September 24.
SpectraA Technology Solutions will launch its Rs 42.5 crore IPO from September 17 to September 21. The company plans to use the proceeds for capex at its Jaipur manufacturing facility. The stock will list on September 24.
Axiom Gas Engineering will open its Rs 49.8 crore IPO from September 18 to September 22. The company plans to use the proceeds to expand its Auto LPG dispensing infrastructure. The stock will list on September 25.
Robokidz Eduventures will launch its Rs 31.1 crore IPO from September 21 to September 23. The stock will list on September 28.
FX Multitech will open its Rs 40 crore IPO from September 21 to September 23. The company plans to use the fresh proceeds to purchase machinery for its subsidiary, Everest Chillers. The stock will list on September 28.
S.K.Offset will launch its Rs 29.1 crore IPO from September 23 to September 25. The company plans to use the proceeds for purchasing plant and machinery at its Meerut facility. The stock will list on September 30.

Trendlyne Analysis released a IPO Note report for IPO on 28 Sep, 2026.

The Baseline

08 Sep 2026

Five stocks to buy from analysts this week - September 8, 2026

By Ruchir Sankhla

1. Nippon Life India Asset Management (NAM India):

BOB Capital Markets maintains its ‘Buy’ rating on this asset management company (AMC), with a higher target price of Rs 1,395, an upside of 17.3%. Analyst Rutam Yellapurkar forecasts that industry-leading assets under management (AUM) growth, a large investor base, steady systematic investment plan (SIP) flows, and a diverse product mix will drive profits.

Management highlights a long-term opportunity from Japan. Japanese investors allocate a third of their financial assets overseas, yet barely 1% reaches India. Yellapurkar argues NAM India’s Japanese ownership gives it an advantage over domestic competitors to capture these foreign investments. The company also expanded its mutual fund distributor network, backing partners with training programs like Ascend and the Learning Edge Academy.

NAM India's exchange-traded fund (ETF) franchise grew to 21% of total assets from 12% in FY20, lowering dependence on the equity mutual fund category. Yellapurkar highlights strong retail participation as a major advantage. The company’s commodity ETFs attract more retail investors than the industry average, broadening the client base and boosting liquidity. He forecasts the firm will achieve roughly 20% annual growth in both revenue and net profit through FY29.

2. Physicswallah (PW):

Motilal Oswal initiates coverage on this edtech company with a ‘Buy’ rating and a target price of Rs 200, an upside of 57.9%. Analysts favour PW for its large student base, affordable courses, and rapid growth. Surging online course sales and classroom expansion fueled a 74% annual revenue jump between FY23 and FY26. PW attracts students with free YouTube lessons before converting them into paying users, keeping customer acquisition costs low.

The company plans to push beyond JEE and NEET coaching to offer foundation courses, state board preparation, and government exam tutoring. Its offline network surged to 353 in FY26 from 28 centres in FY23, generating 45% of total revenue. Having largely completed its expansion phase, PW is now focusing on improving profitability and seat usage at existing locations. Impressively, the online student base supplies 80% of all offline admissions.

Analysts expect the online business to remain PW's primary profit engine, with revenue growing 28% annually over FY27–30. As the platform scales, they expect online profit margins to climb to 30% by FY28 from 26% currently. They also believe that maturing physical centres will drive 20% annual offline revenue growth through FY30.

3. Marksans Pharma:

Axis Direct retains its ‘Buy’ rating on this pharma major with a target price of Rs 362, implying a 7.8% upside. Analyst Sukhad Kumar Sahu believes Marksans can capitalise on global healthcare growth. He credits this positive outlook to the company’s global expansion, increased capacity at its Goa plant, and 15-20 new drug launches every year. The company is also diversifying into branded prescription generics and capturing market share in the global over-the-counter (OTC) segment.

Recent European acquisitions of front-end sales and distribution service providers, including QliniQ in the Netherlands and ABCnow in Germany, strengthen the company's distribution network in Europe. Marksans is also building new manufacturing units in Ireland and Germany. Sahu notes these moves expand the portfolio beyond standard OTC drugs, adding highly profitable prescription medicines across Europe.

Sahu highlights that volume growth is supported by an installed global formulation capacity of 2,600 crore units per annum across four accredited facilities in the US, UK and India. These additions position Marksans to win market share across North America, Europe, and Australasia. Management predicts these initiatives will double revenue to Rs 6,000 crore by FY30 while maintaining EBITDA margin around 20-22%.

4. Prime Focus:

ICICI Securities initiates coverage on this media technology company with a ‘Buy’ rating and a target price of Rs 375, an upside of 19.8%. Analysts Abhisek Banerjee and Jayram Shetty believe the company will thrive as film and streaming giants spend heavily on visual effects (VFX). VFX now claims 20–40% of large production budgets, up from 5–20% before the pandemic. Prime Focus's subsidiary, DNEG, boasts a $1 billion order pipeline, securing highly visible revenue.

Repeat customers like Disney, Netflix, Sony, and Warner Bros/HBO supply over 90% of DNEG's revenue. Prime Focus is also pushing past film and television to target gaming, theme parks, and digital concerts. Its Brahma AI division builds tools that generate realistic digital characters and translate voice and video content into multiple languages. The company plans to deploy these AI tools beyond entertainment, targeting healthcare, finance, education, and retail.

Banerjee and Shetty forecast that surging VFX budgets, DNEG's elite client roster, and expansion into new industries will secure long-term growth. The analysts note Prime Focus maintains a fierce global competitive edge by executing most of its production work in India to keep costs low.

5. Emcure Pharmaceuticals:

ICICI Direct initiates a ‘Buy’ call on this pharma company, with a target price of Rs 2,305, an upside of 19.7%. Analysts Siddhant Khandekar and Shubh Mehta are confident in the company’s growth outlook, driven by steady Indian sales, overseas expansion, and a sharper focus on specialised medicines.

In India, Emcure is adding new medicines through its own launches and partnerships with global drugmakers. Its agreements with Sanofi and Roche give it access to more products, while its partnership with Novo Nordisk for Poviztra gives it exposure to the growing diabetes and obesity treatment market. The drug may also be used for MASH, a serious form of fatty liver disease. Analysts forecast Emcure’s India business to grow 12% annually over FY27–28. Women’s health, heart & diabetes treatments, and new product launches are expected to drive this expansion.

Khandekar and Mehta note that the company is expanding through acquisitions and new drug launches, particularly in Canada and Europe. They project international revenue will grow at 17% annually as Emcure rolls out specialised medicines and maximises its manufacturing plant capacity.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

IPO

TREND | 07 Sep 2026

IPO market gains momentum as Rentomojo leads a crowded pipeline

By Ruchir Sankhla

The Nifty 50 closed lower on September 7 as stronger-than-expected US jobs data renewed fears of a Federal Reserve rate hike later this month. The data pushed US bond yields higher and weighed on emerging market sentiment, with IT stocks leading the fall in India.

Crude oil added to the pressure after Brent surged to a six-week high amid renewed US-Iran tensions. The conflict kept oil flows in the Middle East under stress, while Tehran said it would announce a restricted zone outside the Strait of Hormuz in the coming days.

Back home, recent macro data gave mixed signals. India’s Q1FY27 GDP grew 7.8%, beating expectations and showing resilience despite global uncertainty. However, August manufacturing PMI fell to 52.8, its weakest reading in five years, while services growth stayed near a four-year low. Foreign institutional investors (FIIs) also turned sellers in the first week of September, pulling out Rs 7,443 crore after two months of inflows.

Looking ahead, investors will track US inflation data, developments around the US-Iran conflict, crude oil prices, rupee movement, foreign investor activity and India’s foreign exchange reserves data. Ajit Mishra, SVP, Research at Religare Broking, said, “This week is expected to remain highly sensitive to global monetary policy, crude oil prices and geopolitical developments.”

The IPO pipeline is set to take centre stage this week, with 21 new issues opening for subscription and five companies heading for listing. The activity comes after 17 IPOs debuted in the previous week.

Seventeen IPOs debut as ESDS steals the spotlight

ESDS Software Solution and HyTech Engineers led the recent IPO debuts. ESDS Software Solution listed at a stellar 76.5% premium to its issue price on September 4. The cloud service provider plans to use the proceeds to purchase cloud computing infrastructure. HyTech Engineers debuted at a 41.5% premium to its issue price on September 1, and the company intends to use the fresh capital to procure machinery and equipment for its manufacturing units.

Lumino Industries and Priority Jewels also delivered positive debuts. Lumino Industries listed at a 34.1% premium on September 3, backed by its plans to acquire new equipment and expand wire and cable production capacity. Priority Jewels debuted at a 15% premium on September 4 and plans to use the capital to repay working capital borrowings.

Symbiotec Pharmalab, Purple Style Labs, Skyways Air Services, and Annu Projects, however, had weak or flat debuts. Symbiotec Pharmalab made a flat debut on September 1, however, it is currently trading 11.2% above its issue price. Purple Style Labs debuted at a 7% discount to its issue price of Rs 575 on September 7 following muted investor demand. Skyways Air Services listed at a 10.1% discount to its issue price of Rs 138 on September 1, while Annu Projects suffered the weakest mainboard debut, listing at a heavy 27.3% discount to its issue price of Rs 99 on September 2.

ESDS builds on gains, while Skyways, Annu slip

Nine SME IPOs also entered the market last week.

Shanti Inorganics delivered the strongest listing among SMEs on September 7. Shares debuted at a stellar 90% premium to the issue price after the Rs 47.2 crore IPO was exceptionally subscribed at 132.3x. The company plans to use the proceeds for funding expansion initiatives and enhancing production capacities.
Kwick Forensic Solutions made a stellar debut on September 3. This Rs 50.8 crore IPO listed at a 66.7% premium to its issue price of Rs 90.
Ashutosh Fibre also made a strong debut on September 7. The Rs 56.4 crore IPO was heavily subscribed and listed at a 52.2% premium to its issue price of Rs 92.
Sumax Engineering made a positive debut on September 2. The Rs 53.4 crore IPO listed at a 9.9% premium to its issue price. The company plans to use the proceeds to fund the construction of its manufacturing units.
Phychem Technologies made a steady debut on September 7. The Rs 14.6 crore IPO listed at a 3.7% premium to its issue price. The company plans to use the fresh proceeds to procure plant and machinery.
Complete Sports and Management, an amusement and leisure equipment distributor, made a steady debut on September 4. The Rs 74.9 crore IPO listed at a 3% premium. The company plans to use the proceeds for purchasing gaming equipment and setting up a new entertainment centre in Mumbai.
Madhur Knit Crafts made a flat debut on September 1. The textile manufacturer's Rs 53.3 crore IPO listed at its issue price of Rs 100. The company plans to use the proceeds to purchase solar panels and meet working capital requirements.
Paluck Technologies had a weak debut on September 4. Despite strong subscription numbers, it listed at a 2.5% discount to its issue price of Rs 48. The company plans to use the capital to purchase machinery.
ABH Healthcare also had a weak debut on September 1. The healthcare services provider's Rs 35 crore IPO listed at a 2.9% discount to its issue price of Rs 102. The company plans to use the proceeds to pursue inorganic growth through acquisitions.

Five IPOs prepare to make their market debut

Deepa Jewellers, a trader of gold and diamond jewellery, opened its Rs 459.7 crore IPO for subscription on September 1 and closed the issue on September 3. The issue saw good investor demand with an overall subscription of 42.6x. The company plans to use the capital for procurement and scaling up of inventory. The shares will debut on September 8.

Rays of Belief, an enterprise delivering plans for neurodevelopmental disorders under the brand Mom's Belief, received overwhelming bids from investors before its Rs 125 crore IPO closed on September 3, with an overall subscription of 107.7x. The company plans to use the proceeds to expand its physical centre network, technology infrastructure, and brand outreach. Its shares will list on September 8.

Rays of Belief dominates investor demand

Three SME issues are also in focus.

Farm Peace, an integrated contract farming company, opened its Rs 32 crore IPO for subscription on September 1 and closed the issue on September 3. The issue saw a subdued response, closing with an overall subscription of 1.1x. The shares will list on September 8.

FlyHi Maritime Travels, a maritime crew travel management company, opened its Rs 52.6 crore IPO for subscription on September 1 and closed the issue on September 3. The issue saw a modest response from investors, with an overall subscription of 2.1x. The company plans to use the proceeds to support talent acquisition. The shares will list on September 8.

Qualiance International, an integrated apparel manufacturer, opened its Rs 45.1 crore IPO for subscription on September 4 and will close on September 8. As of the second day of bidding, the issue saw strong investor interest, with an overall subscription of 72.3x. The company plans to use the proceeds to set up a new manufacturing facility at Tiruppur. The stock will list on September 11.

From transformers to media: 21 IPOs enter the pipeline

Kanohar Electricals, a transformer manufacturer and EPC solutions provider, will open its Rs 1,055.7 crore IPO from September 8 to September 10. Priced at Rs 601–632 per share, the company plans to use the capital for capex towards machinery, facilities and solar panels. The stock will list on September 16.

Karamtara Engineering, which manufactures products for renewable energy and power transmission projects, will launch its Rs 875 crore IPO from September 9 to September 11. The price band is set at Rs 241–254 per share. The stock will list on September 17.

Asset Reconstruction Company (India), or ARCIL, will open its Rs 733 crore IPO from September 9 to September 11 at Rs 132–139 per share. The IPO is entirely an offer for sale. The stock will list on September 17.

Manipal Payment and Identity Solutions, a manufacturer of banking and smart cards, will launch its Rs 805 crore IPO from September 9 to September 11. The price band is set at Rs 322–339 per share, and the company plans to use the fresh proceeds to purchase and set up equipment. The stock will list on September 17.

Rentomojo, a D2C rental platform for furniture and appliances, will open its Rs 1,255.6 crore IPO from September 9 to September 11 at a price band of Rs 384–404 per share. The stock will list on September 17.

Rentomojo edges Kanohar on revenue growth

Pranav Constructions' Rs 351 crore IPO opens on September 7, while Prasol Chemicals' Rs 500 crore issue and Glass Wall Systems' Rs 427.9 crore IPO will open on September 8. Pranav Constructions plans to use the proceeds for redevelopment expenses, while Glass Wall Systems will fund capex for a new GPU project at Vile Bhagad.

LCC Projects and Steamhouse India will open their Rs 427.1 crore and Rs 414 crore issues, respectively, on September 9. The proceeds will largely go towards equipment purchases, debt repayment and expansion. Veegaland Developers' Rs 210 crore IPO will follow on September 10, while Manika Plastech will open its Rs 125.5 crore issue on September 11, with proceeds earmarked for project execution, land acquisition and machinery.

Glass Wall leads revenue growth, Prasol tops profit growth

Nine SME IPOs are also lined up.

Apana Logistics will launch its Rs 34.1 crore IPO from September 7 to September 9. The company plans to use the proceeds to purchase reach stackers. The stock will list on September 15.
Vinod Texworld will open its Rs 42.8 crore IPO from September 9 to September 11. The company plans to use the proceeds to expand its fabric processing plant. The stock will list on September 17.
Amtech Esters will launch its Rs 17.9 crore IPO from September 9 to September 11. The price band is set at Rs 71–75 per share. The stock will list on September 17.
Infrax Renewable will open its Rs 40.9 crore IPO from September 9 to September 11. The company plans to use the proceeds for capital expenditure towards machinery. The stock will list on September 17.
Panchatv Bharat will launch its Rs 24.6 crore IPO from September 10 to September 15. The fixed-price issue is set at Rs 140 per share. The stock will list on September 18.
Raksan Transformers will open its Rs 150.5 crore IPO for subscription from September 10 to September 15. The company plans to use the proceeds to set up a new manufacturing facility in Haryana. The stock will list on September 18.
Om Galaxy will launch its Rs 105 crore IPO from September 10 to September 15. The company plans to use the proceeds to set up a new manufacturing unit. The stock will list on September 18.
Maharaja & Speedex will open its Rs 80.1 crore IPO on September 10. The offering comprises a fresh issue of 34.5 lakh shares and an offer for sale of 8.6 lakh shares, with listing on September 18.
Century Business Media will launch its Rs 17.1 crore IPO from September 11 to September 16. The company plans to use the proceeds for airport security deposits and purchasing media assets. The stock will list on September 21.

Trendlyne Analysis released a IPO Note report for IPO on 28 Sep, 2026.

IPO

TREND | 31 Aug 2026

IPO market starts September with a packed listing calendar

By Ruchir Sankhla

The Nifty 50 closed lower on August 31 as investors turned cautious due to higher crude oil prices and renewed fears of a US rate hike. Stronger US economic data and hawkish comments from Federal Reserve officials raised concerns that interest rates could stay higher for longer, keeping foreign flows into emerging markets under pressure.

Crude oil became the bigger risk after fresh fighting between the US and Iran revived supply concerns. US forces struck Iranian missile launchers on Larak Island in the Strait of Hormuz, reportedly after detecting preparations to deploy sea mines. Iran retaliated by targeting US military sites in Jordan, while the UAE said it intercepted an Iranian drone over its territorial waters. Brent crude moved back above $90 per barrel, as traders worried about disruptions through the Strait of Hormuz.

Looking ahead, investors will track India’s Q1FY27 GDP data, August auto sales, manufacturing and services PMI readings, crude oil prices, foreign investor activity and US jobs data. Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, said, “India’s first-quarter GDP data will offer insights into the domestic growth trajectory, while the US non-farm payrolls report could influence global sentiment as investors reassess expectations for the Federal Reserve’s September policy decision.”

The IPO market enters September with a packed listing calendar, as 13 companies prepare to debut and eight new issues open for subscription. This follows seven market listings last week.

Tempsens leads seven IPO debuts with a 111% listing premium

Tempsens Instruments and Augmont Enterprises led the week’s IPO debuts. Tempsens listed at a 111.3% premium and, despite cooling from its debut, still trades 87.9% above its issue price. The company plans to use the fresh capital mainly for machinery and other capital expenditure. Augmont Enterprises listed at a 21.9% premium and is currently trading 15.3% above its issue price. It intends to use the proceeds for procurement and scaling up inventory.

Sunshine Pictures also built on a positive debut. The stock listed at a 10% premium and now trades 26.6% above its issue price. The company plans to use the fresh proceeds to fund its upcoming film and television productions.

Gaja Alternative Asset Management and Shankesh Jewellers, however, gave up their listing gains. Gaja listed at a 15.6% premium but has since fallen to 5.6% below its issue price. Shankesh Jewellers debuted at an 11.1% premium but now trades just 0.2% above its issue price.

Tempsens leads despite easing from listing gains

Two SME IPOs also entered the market last week.

Dhanwel Hybrid Seeds, an agricultural seeds developer, made a flat debut on August 26. The Rs 26.7 crore IPO was subscribed 1.6x and listed at par with its issue price of Rs 99. The stock has since faced selling pressure, hitting its 5% lower circuit for three straight sessions from August 26 to 28, and is currently trading 14.3% below its issue price.

Mopshop Distribution, a facility management supplies company, made a subdued debut on August 26. The Rs 27.3 crore IPO was subscribed 1.6x and listed at a slight discount of 0.7% to its issue price of Rs 138. The company plans to use the proceeds to purchase commercial vehicles and install a rooftop solar power plant at its Vasai warehouse. The stock is currently trading 19.1% below its issue price.

Thirteen listings crowd the first week of September

Skyways Air Services, a logistics and freight forwarding company, received strong bids from investors before its Rs 582.8 crore IPO closed on August 27, with an overall subscription of 71.3x. Its shares will list on September 1.

HyTech Engineers, a precision manufacturer of hydraulic fittings, opened its Rs 135.7 crore IPO for subscription on August 24 and closed the issue on August 27. The issue saw exceptional investor demand with an overall subscription of 244.4x. The company plans to use the capital to procure machinery and equipment for its manufacturing units. The shares will debut on September 1.

Symbiotec Pharmalab, an active pharmaceutical ingredients (API) manufacturer, opened its Rs 1,757 crore IPO for subscription on August 24 and closed the issue on August 27. The issue saw overwhelming investor interest with an overall subscription of 71.3x. The stock will list on September 1.

Annu Projects, an engineering, procurement, and construction (EPC) company, opened its Rs 175.1 crore IPO for subscription on August 25 and closed on August 28. The issue saw a modest response, with an overall subscription of 2.9x. The company plans to use the proceeds to fund the purchase of machinery. The shares will list on September 2.

Lumino Industries, a power transmission and EPC company, opened its Rs 700 crore IPO for subscription on August 27 and will close on August 31. As of the final day, the issue saw healthy investor interest, with an overall subscription of 101.8x. The company plans to use the proceeds to acquire new equipment and increase its wire & cable production capacity. The shares will list on September 3.

ESDS Software Solution, a managed cloud service provider, opened its Rs 720 crore IPO for subscription on August 28 and will close on September 1. As of the second day, the issue saw healthy investor interest, with an overall subscription of 20.9x. The company plans to use the proceeds to purchase and install cloud computing and infrastructure for its data centres. The stock will list on September 4.

Priority Jewel, an integrated design-led jewellery manufacturer, opened its Rs 91.5 crore IPO for subscription on August 28 and will close on September 1. As of the second day, the issue saw a steady response, with an overall subscription of 23.8x. The shares will list on September 4.

Investors crowd into HyTech Engineers

Six SME issues are also in focus.

ABH Healthcare and Madhur Knit Crafts will list on September 1 after receiving a muted response from investors. Both issues were subscribed just 1.4x. ABH Healthcare’s Rs 35 crore IPO will fund potential acquisitions, while Madhur Knit Crafts plans to use proceeds from its Rs 53.3 crore issue to purchase solar panels.

Sumax Engineering will list on September 2 after emerging as the strongest issue in the group. Its Rs 53.4 crore IPO was subscribed 151.7x, with proceeds earmarked for the construction of manufacturing units. Kwick Forensic Solutions has also attracted strong demand, with its Rs 50.8 crore IPO subscribed 144.1x as of the final day. The shares will list on September 3.

Among the September 4 listings, Paluck Technologies has seen healthy interest while Complete Sports and Management has struggled for demand. Paluck’s Rs 33 crore issue was subscribed 21.7x as of the second day, while Complete Sports’ Rs 74.9 crore IPO was subscribed just 0.2x. Paluck plans to purchase machinery, while Complete Sports will use part of the proceeds for gaming equipment and a bowling bistro in Mumbai.

From jewellery to chemicals: Eight IPOs enter the pipeline

Purple Style Labs, a multi-brand luxury omni-channel fashion platform operating under Pernia's Pop-Up Shop, will open its Rs 680 crore IPO for subscription from August 31 to September 2. The price band is set at Rs 546–575 per share. The company plans to use the proceeds for investment in its subsidiary, PSL Retail, to set up Experience Centres and back-end offices. The stock will list on September 7.

Deepa Jewellers, a retail and wholesale trader of gold and diamond jewellery, will launch its Rs 459.7 crore IPO for subscription from September 1 to September 3. The price band is set at Rs 168–177 per share. The company plans to use the fresh proceeds for capital requirements towards procurement and scaling up. The stock will list on September 8.

Rays of Belief, an enterprise delivering plans for neurodevelopmental disorders under the brand Mom's Belief, will open its Rs 125 crore IPO for subscription from September 1 to September 3. The price band is set at Rs 227–239 per share. The company plans to use the capital to expand its physical centre network, technology infrastructure, lease payments, and brand outreach. The stock will list on September 8.

Rays of Belief leads revenue growth, Deepa tops profit growth

Five SME IPOs are also lined up.

Shanti Inorganics, a specialty chemicals manufacturer, will open its Rs 47.2 crore IPO for subscription from August 31 to September 2. The company plans to use the net proceeds to fund expansion initiatives and enhance production capacity. The stock will list on September 7.

Ashutosh Fibre, a technical textile yarns manufacturer, will launch its Rs 56.4 crore IPO for subscription from August 31 to September 2. The company plans to use the capital to fund the acquisition of new equipment and machinery. The stock will list on September 7.

Phychem Technologies, a moulding compounds manufacturer, will open its Rs 14.6 crore IPO for subscription from August 31 to September 2. The company plans to use the fresh proceeds to fund capital expenditure towards the procurement of plant and machinery. The stock will list on September 7.

Farm Peace, an integrated contract farming company, will launch its Rs 32 crore IPO for subscription from September 1 to September 3. The price band is fixed at Rs 59 per share. The stock will list on September 8.

FlyHi Maritime Travels, a maritime crew travel management company, will launch its Rs 52.6 crore IPO for subscription from September 1 to September 3. The company plans to use the net proceeds to expand into new cruise-line crew travel segments. The stock will list on September 8.

Trendlyne Analysis released a IPO Note report for IPO on 28 Sep, 2026.

The Baseline

18 Aug 2026

Five stocks to buy from analysts this week - August 18, 2026

By Ruchir Sankhla

1. Lenskart Solutions:

Motilal Oswal reiterates its ‘Buy’ rating on this eyewear retailer, with a target price of Rs 705, an upside of 12.2%. In Q1FY27, Lenskart's revenue grew 43% YoY, driven by strong sales in India and overseas, while higher customer spending on premium eyewear helped net profit reach Rs 221.8 crore.

Management sees significant room to add stores without hurting sales at existing outlets. Sales from established Indian stores increased 18.3% during the quarter. Lenskart added 132 stores, bringing its global total to 3,459. It has identified more than 6,100 PIN codes where it does not yet have a presence, and plans to open more than 3,000 stores in existing markets. Analysts Aditya Bansal and Avinash Karumanchi note that the company targets all price segments effectively: premium lines generate 20% of sales, while manufacturing efficiencies have made its entry-level Rs 500 range profitable.

Bansal and Karumanchi forecast annual revenue and net profit to grow by 25% and 50%, respectively, over FY27–28. As frame manufacturing moves in-house and supply chains are streamlined, margins should get a boost. The analysts have also raised their FY27–28 operating profit estimates by up to 5%.

2. Fine Organic Industries:

Anand Rathi maintains its ‘Buy’ rating on this chemicals manufacturer, with a target price of Rs 6,000, an upside of 17.8%. In Q1FY27, the company’s revenue grew 18% YoY, led by stronger pricing and robust exports, which made up 60% of sales. Net profit also rose 18%. Analysts Nitesh Dhoot and Tanvi Warekar highlight that Fine Organic protected its profitability by passing rising raw material, power, and transport costs on to customers.

Management expects flat near-term volumes because most factories operate near full capacity. While the Patalganga plant offers extra room, the next major growth driver will be the new Jawaharlal Nehru Port Authority Special Economic Zone (JNPA SEZ) facility, scheduled to start up in late FY28. Fine Organic is also constructing its first manufacturing plant in the US, with the first phase forecasted to be operational in 2027.

Dhoot and Warekar estimate profits to surge from FY28 as new plants start contributing. Fine Organic currently has Rs 1,400 crore in cash and anticipates generating an additional Rs 750 crore over FY27–28. The analysts believe this cash flow will fund the India and US expansion without requiring heavy debt.

3. Akums Drugs & Pharmaceuticals:

ICICI Securities maintains its ‘Buy’ rating on this pharma major, with a higher target price of Rs 850, implying a 14.1% upside. The company showed solid Q1FY27 results. Revenue grew 13.9% YoY, led by traction in the contract development & manufacturing organisation (CDMO) and domestic branded formulations segments. Net profit soared 57.5%, fueled by inventory destocking and richer margins in trade generics and active pharmaceutical ingredients (APIs).

Management expects sales to increase at a double-digit rate over the next two years. Analysts Abdulkader Puranwala and Nisha Shetty believe growth will be supported by new contracts in Zambia and Europe, with shipments scheduled to begin by Q3FY27. Akums has also acquired Oriflame India’s colour cosmetics manufacturing facilities, enabling it to expand into skincare, cosmetics and wellness products.

The analysts note that exports and higher-value products should improve profitability. Management also anticipates the European and Zambian contracts to earn better margins than its domestic business. Exiting smaller non-core businesses should also support profits. They estimate revenue to grow by around 14.4% annually and net profit by 37.7% annually over FY27 and FY28.

4. Ipca Laboratories:

Emkay reiterates its ‘Buy’ rating on this pharma manufacturer, with a target price of Rs 1,950, implying a 3.6% upside. Ipca delivered strong Q1FY27 earnings as revenue grew 20.2% YoY, boosted by domestic formulations, generics, and branded products sales. Net profit surged 72.3%, thanks to a high-value product mix.

Management has raised its FY27 revenue growth target to 15% as demand remains healthy across markets. Sales at Unichem, its US business, are also improving, easing concerns about US growth. Analysts Shashank Krishnakumar and Mohd Suheb Alam highlight plans to invest Rs 700–800 crore to expand manufacturing capacity for finished medicines, biological drugs and key ingredients used to make medicines.

Krishnakumar and Alam believe profitability will improve as higher-value products and exports contribute more to sales. They also expect revenue to rise faster than raw material and employee costs. They forecast revenue to grow by around 10.2% annually and net profit by 16.2% annually over FY27–29.

5. Pitti Engineering:

Deven Choksey maintains its ‘Buy’ rating on this small-cap electrical equipment manufacturer, with a target price of Rs 1,258, an upside of 21.5%. In Q1FY27, revenue rose 15.9% YoY, thanks to demand across its core businesses. Railways generated 28% of revenue, power generation brought in 15%, and industrial applications contributed 12%.

Management anticipates 17–18% volume growth over the next few years as it targets new businesses in mining, oil & gas, data centres, and specialty industrial markets. A recently completed expansion of sheet metal, machining, and castings production will boost H2FY27 output, supporting its annual revenue target of up to 3,300 crore by FY27. Pitti is also investing Rs 290 crore in a new Hyderabad plant, which is scheduled to start operations in Q1FY30.

Analyst Manik Jain projects profits to rise faster than revenue as Pitti makes more higher-value finished and assembled components. He believes new capacity and better use of existing factories should also support profitability. Jain estimates annual revenue and net profit growth of 14.1% and 26.8%, respectively, over FY27–28. He raised his FY28 earnings estimate by 6% and expects EBITDA margins to reach up to 17.5% by FY28.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

IPO

TREND | 17 Aug 2026

IPO market heats up as Blackstone-backed Horizon leads a crowded mainboard calendar

By Ruchir Sankhla

The Nifty 50 closed lower on August 17 as elevated crude oil prices and weak global cues kept investors cautious. Buying in auto, metal and realty stocks helped trim losses, while pressure in ITC and several results-linked stocks weighed on sentiment.

The key concern remained West Asia. Brent held near $89 a barrel after gaining nearly 6% last week, as the US-Iran impasse continued to keep uncertainty around the Strait of Hormuz high. Washington has threatened to tighten economic pressure on Tehran, while Iran says the strait stays closed until the naval blockade lifts.

Back home, inflation data also kept investors cautious. India’s retail inflation rose to 4.45% in July, staying above the RBI’s 4% target for the second straight month, even as it remained within the central bank’s tolerance band. Wholesale inflation eased marginally to 9.78% in July from 9.87% in June, but food prices continued to rise, highlighting pressure on household budgets.

Looking ahead, investors will track developments around the Strait of Hormuz, crude oil prices, the FOMC minutes, US weekly jobs data and India’s flash PMI data. Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, said, “Indian equities are likely to remain range-bound next week as global cues and macro developments assume greater importance following the conclusion of the Q1FY27 earnings season.”

IPO activity is set to remain strong this week, with ten companies scheduled to make their market debut and eleven fresh issues entering the subscription pipeline. This follows nine IPO listings across the mainboard and SME segments last week.

Strong gains mark nine IPO debuts

Ardee Industries recorded a strong mainboard debut on August 12. The energy storage recovery and non-ferrous scrap recycling company listed at a 35.9% premium to its issue price of Rs 53 after its Rs 425.9 crore IPO was heavily subscribed at 133.7x. The stock is currently trading 17.6% above the issue price.

Technocraft Ventures made a stellar debut on August 14. The Rs 251.9 crore IPO was subscribed 38.7x and listed at a 34% premium to its issue price of Rs 212. The company plans to use the proceeds to fund working capital requirements for its EPC business. The stock has extended its gains and is currently trading 41.5% above its issue price.

LEAP India made a muted debut on August 14. The supply chain and logistics solutions provider’s Rs 2,480 crore IPO was subscribed 8.4x and listed at a 4.3% premium to its issue price of Rs 159. The stock has weakened post-listing and is currently trading 2.2% below its issue price.

Dhoot Transmission made a strong debut today (August 17). The electrical and electronics manufacturer’s Rs 3,066.9 crore IPO was heavily subscribed at 74.2x and listed at a 37.8% premium to its issue price of Rs 871. The company plans to use the fresh proceeds to clear debt and establish a new wiring harness manufacturing unit. The stock is currently trading around 36.3% above its issue price.

Molbio Diagnostics also made a positive debut on August 17. The molecular diagnostics company’s Rs 939.7 crore IPO was subscribed 70.3x and listed at a 21.4% premium to its issue price of Rs 807. The company plans to use the fresh capital to establish an R&D facility and purchase plant and machinery. The stock is currently trading 29.1% above its issue price.

Technocraft gains further, while Ardee gives up listing gains

Four SME IPOs also entered the market recently.

Aegeus Technologies had a positive debut on August 11. The robotic and intelligent automation solutions provider listed at a 18.6% premium to its issue price of Rs 105. Its Rs 23.7 crore IPO received healthy subscription, and the company plans to use the proceeds for product development and setting up a new manufacturing facility. The stock is now trading 50.1% above the issue price.

G.V. Electricals, a power distribution infrastructure services provider, made a strong debut on August 12. The Rs 42.3 crore IPO was subscribed 149.3x and listed at Rs 158, a 21.5% premium to its issue price of Rs 130. The stock is currently trading 9.5% above the issue price.

LAPL Automotive delivered the strongest listing among SMEs. Shares of the integrated automotive components manufacturer debuted at a 43.6% premium to the issue price of Rs 94 after the Rs 32.4 crore IPO was exceptionally subscribed at 320.3x on August 10. The company plans to use the capital to fund capital expenditure for a new manufacturing unit. The stock is currently trading 29.5% above the issue price.

Optimystix Entertainment, a television, film, and digital content production company, made a steady debut on August 14. The Rs 108.5 crore IPO was listed at a 2.9% premium to its issue price of Rs 175. The offering was a combination of a fresh issue and an OFS. The stock is currently trading 4.0% above its issue price.

Shiprocket leads a ten-IPO listing calendar

Milky Mist Dairy Food, a dairy products manufacturer, received healthy bids from investors before its Rs 1,553 crore IPO closed on August 13. The company will use the capital for debt repayment, facility expansion, and the deployment of coolers and freezers. Its shares will list on August 18.

Shiprocket, an e-commerce enablement and logistics platform, opened its Rs 1,617.4 crore IPO for subscription on August 12 and closed the issue on August 14. The issue saw exceptional investor demand with an overall subscription of 99.4x. The shares will debut on August 19.

Behari Lal Engineering, an integrated iron and steel manufacturer, opened its Rs 301.6 crore IPO for subscription on August 12 and closed the issue on August 14. The issue saw overwhelming investor interest with an overall subscription of 108.4x. The company plans to use the capital to fund the purchase of new equipment. The stock will list on August 19.

Strong QIB demand drives all three IPOs

Seven SME issues are also in focus.

Sham Foam, a foam and mattress manufacturer, opened its Rs 40.5 crore IPO for subscription on August 11 and closed on August 13. The issue saw steady demand from investors. The company plans to use the proceeds to fund its business expansion. The shares will list on August 18.

QT Foods, a bakery products manufacturer, opened its Rs 26.3 crore IPO for subscription on August 12 and closed on August 14. The issue saw muted investor demand, closing with an overall subscription of 1.3x. The company plans to use the proceeds to purchase new machinery. The shares will list on August 19.

Pramodini Medicare, a diagnostic service provider, opened its Rs 69 crore IPO for subscription on August 12 and closed on August 14. The issue saw a healthy response, closing with strong overall subscription. The company plans to use the proceeds to fund capital expenditure for the purchase of medical equipment. The shares will list on August 19.

Credent Connect N Care, a healthcare logistics and workforce solutions provider, opened its Rs 93.9 crore IPO for subscription on August 13 and will close on August 17. As of the final day, the issue saw strong demand with an overall subscription of 134.4x. The shares will list on August 20.

ENS Enterprises, an IT software and digital commerce enablement company, opened its Rs 33.1 crore IPO on August 14, with bidding set to close on August 18. As of the second day, the issue saw steady interest. The company will invest the proceeds in upgrading existing products, IT infrastructure, and debt repayment. Its shares will debut on August 21.

Technocrats Plasma Systems, an engineering-led manufacturer of cutting and welding automation systems, opened its Rs 61 crore IPO for subscription on August 14 and will close on August 18. As of the second day, the issue saw healthy investor interest. The shares will list on August 21.

Skytech Infinite Platform, an industrial automation control panels manufacturer, opened its Rs 22.7 crore IPO on August 14, with bidding set to close on August 18. As of the second day, the issue was subscribed around 0.9x. Its shares will debut on August 21.

Mainboard IPOs dominate an eleven-issue calendar

Blackstone-backed Horizon Industrial Parks and South India-focused jewellery retailer Lalithaa Jewellery Mart will open their Rs 2,600 crore and Rs 1,700 crore IPOs, respectively, from August 17–19. Their price bands are Rs 57–60 and Rs 190–201 per share, with both stocks set to list on August 24. Lalithaa plans to use the fresh proceeds largely for inventory and opening 10 new stores.

Shankesh Jewellers and Sunshine Pictures will open their Rs 367.2 crore and Rs 282.1 crore IPOs from August 18–20, at Rs 88–93 and Rs 342–360 per share, respectively. Both will list on August 25. Sunshine plans to use the proceeds to fund upcoming productions and co-productions.

Gaja Alternative Asset Management will launch its Rs 550 crore IPO from August 19–21 at Rs 152–160 per share, with listing scheduled for August 26. Tempsens Instruments India will follow with a Rs 650 crore issue from August 20–24 at Rs 285–300 per share and list on August 28.

Skyways Air Services will open its Rs 582.8 crore IPO from August 24–27 at Rs 131–138 per share. They plan to use the proceeds to repay outstanding borrowings of the company and its subsidiary, Forin Container Line. The stock will list on September 1.

Lalithaa and Shankesh stand out on profit growth

Four SME IPOs are also lined up.

Fascinate Textiles, a readymade garments manufacturer, will launch its Rs 64.8 crore IPO from August 11 to August 19. The price band is set at Rs 142–151 per share. The company will use the fresh capital to set up an additional manufacturing facility. The shares will list on August 24.

Mopshop Distribution, a facility management supplies company, will open its Rs 27.3 crore IPO from August 19 to August 21. The offering is a fixed-price issue set at Rs 138 per share. The shares will list on August 26.

Dhanwel Hybrid Seeds, an agricultural seeds developer, will launch its Rs 26.7 crore IPO from August 19 to August 21. The shares will list on August 26.

ABH Healthcare will open its Rs 35 crore IPO for subscription from August 24 to August 26. The company plans to use the net proceeds to pursue inorganic growth through acquisitions. The shares will list on August 31.

Trendlyne Analysis released a IPO Note report for IPO on 28 Sep, 2026.

IPO

TREND | 10 Aug 2026

IPO market gets crowded as Shiprocket and Milky Mist lead the next wave

By Ruchir Sankhla

The Nifty 50 closed flat on August 10, as weaker-than-expected US jobs data helped ease rate-hike worries but rising crude oil prices kept investors cautious. Losses in most sectors weighed on the index, while gains in IT stocks, Titan and Hero MotoCorp helped limit the downside.

The key pressure point remained West Asia. Brent crude hovered around $85 per barrel as uncertainty continued over the reopening of the Strait of Hormuz. Iran said the US would need to meet several conditions, even as Tehran and Oman moved closer to agreeing on new shipping lanes.

The RBI kept the repo rate unchanged at 5.25% last week and retained its neutral stance, signalling that it wants more clarity on inflation before changing rates. The decision gave markets some policy stability, especially as crude prices remain volatile and West Asia risks continue. The central bank also raised its FY27 GDP growth forecast to 6.7% and lowered its inflation estimate to 5%, indicating that domestic growth remains resilient despite external risks.

Radhika Rao, Senior Economist and Executive Director at DBS Bank, said, “The RBI signalled patience, but not complacency.” She added that the central bank has retained flexibility while watching whether inflation pressures remain temporary.

Looking ahead, investors will track India’s July CPI inflation on August 12, WPI inflation on August 14, US inflation data, West Asia developments, crude oil prices, foreign investor activity and the final leg of Q1FY27 earnings.

The primary market stays active, with seven listings lined up this week and ten companies preparing to launch their public issues. This comes after nine IPOs made their market debut last week.

Most new IPOs start on a positive note

Manipal Health Enterprises, a hospital network and healthcare service provider, made a positive debut on August 5. The Rs 9,275.2 crore IPO was subscribed 4.9x and listed at a 10.5% premium to its issue price of Rs 590. The company plans to use the proceeds to repay debt and fund the acquisition of a minority stake in Sahyadri Hospitals. The stock is currently trading 16.3% above its issue price.

Juniper Green Energy listed on August 6 at an 8.9% premium to its issue price of Rs 225. The renewable energy power producer’s Rs 1,800 crore IPO was subscribed 8x. The company plans to use the capital to invest in its subsidiaries for solar, wind, and hybrid power projects, as the issue was entirely a fresh issue. The stock is currently trading 6.3% above its issue price.

MV Electrosystems recorded the strongest mainboard debut of the week. The electrical and power electronics equipment manufacturer listed at a 22.4% premium to its issue price of Rs 425 after its Rs 290 crore IPO was subscribed 188.8x. The company plans to use the proceeds for research and development (R&D) for new power electronic equipment. The stock has extended its gains and is currently trading 44.7% above the issue price.

MV Electrosystems strengthens, while Juniper Green holds steady

Six SME IPOs also entered the market recently.

Poojaa Precision Engg delivered the strongest listing among SMEs. Shares of the aluminium die-casting and machined-components manufacturer debuted at a 56.1% premium to the issue price of Rs 301 after the Rs 159.8 crore IPO was heavily subscribed at 259.4x on August 4. The company plans to use the capital for setting up a new manufacturing facility in Pune. The stock is currently trading nearly 58.1% above the issue price.

H. R. Hygiene Products, a manufacturer of hygiene and personal care products, made a muted debut on August 5. The Rs 54 crore IPO was subscribed 6.3x and listed at a 2.3% premium to its issue price of Rs 88. The stock has weakened and is now trading 14.3% below the issue price.

Dhaval Packaging, a plastic packaging solutions provider, made a positive debut on August 6. The Rs 36.4 crore IPO was subscribed 46.6x and listed 13.4% above its issue price of Rs 97. The company plans to use the proceeds to fund its Sanand plant expansion. The stock is now trading 10.3% above the issue price.

Oneindig Technologies had a positive debut. The solar energy solutions provider listed at a 25% premium to its issue price of Rs 96 on August 6. Its Rs 27.6 crore IPO was subscribed 1.7x, and the stock is now trading 40.6% above the issue price.

Fusion Klassroom Edutech, an edtech firm, made a steady debut on August 7. The Rs 39 crore IPO was subscribed 1.5x and listed at a 6.9% premium to its issue price of Rs 159. The offering was a combination of a fresh issue and an OFS. The stock is currently trading 3.1% above its issue price.

Anawil Wire Engineering, a manufacturer of windmill towers and precision-engineered steel structures, made a strong debut today (August 10). The Rs 177.8 crore IPO was subscribed 138.7x and listed at a 22.1% premium to its issue price of Rs 270. The stock is currently trading 28.2% above its issue price.

From logistics to robotics: Seven IPOs gear up for debut

Ardee Industries, a manufacturer of high-purity lead alloys and precision engineering products, received bids for over 3 times the shares on offer before its Rs 425.9 crore IPO closed on August 7. The company will use the capital for working capital requirements, debt repayment, and general corporate purposes. Its shares will list on August 12.

LEAP India, a supply chain and logistics asset pooling provider, opened its Rs 2,480 crore IPO for subscription on August 7 and will close the issue on August 11. As of the second day of bidding, the issue saw sluggish investor interest with an overall subscription of 0.4x. The company intends to use the net proceeds towards the repayment of borrowings. The shares will debut on August 14.

Technocraft Ventures, a public infrastructure development company, opened its Rs 251.9 crore IPO for subscription on August 7 and will close the issue on August 11. As of the second day of bidding, the issue saw healthy investor interest with an overall subscription of 4.3x. The company plans to use the capital to fund incremental working capital requirements. The stock will list on August 14.

Ardee Industries draws strong QIB, HNI demand

Four SME issues are also in focus.

Aegeus Technologies, a robotic and intelligent automation solutions developer, opened its Rs 23.7 crore IPO for subscription on August 4 and closed on August 6. The issue saw strong demand, closing with an overall subscription of 24.3x. The company plans to use the proceeds to fund product development and manufacturing capital expenditure. The shares will list on August 11.

G.V. Electricals, a power distribution infrastructure and O&M services provider, opened its Rs 42.3 crore IPO for subscription on July 31 and closed on August 7. The issue saw exceptional investor demand, closing with an overall subscription of 149.3x. The shares will list on August 12.

LAPL Automotive, an automotive components manufacturer, opened its Rs 33.8 crore IPO for subscription on August 6 and will close on August 10. As of the final day, the issue saw strong demand with an overall subscription of 301.8x. The company plans to use the proceeds to fund capital expenditure for a new manufacturing unit. The shares will list on August 13.

Optimystix Entertainment, a media and entertainment content production company, opened its Rs 108.5 crore IPO on August 7, with bidding set to close on August 11. As of the second day, the issue was subscribed 0.8x. Its shares will debut on August 14.

Ten new IPOs line up for launch

Dhoot Transmission, an electrical and electronics manufacturer, will open its Rs 3,066.9 crore IPO from August 10 to August 12. The price band is set at Rs 829–871 per share, and the issue includes both fresh shares and an OFS. The stock will list on August 17.

Molbio Diagnostics, a diagnostics company, will launch its Rs 939.7 crore IPO for subscription from August 10 to August 12. The price band is set at Rs 768–807 per share. The issue comprises a fresh share sale and an OFS, with the listing set for August 17.

Milky Mist Dairy Food, a dairy products company, will also open for subscription on August 11. Its Rs 1,553 crore issue, priced at Rs 133–140 per share, will remain open until August 13. The company will issue fresh shares alongside an OFS and list on August 18.

Shiprocket, an e-commerce platform, will launch its Rs 1,617.6 crore IPO for subscription from August 12 to August 14. The price band is set at Rs 92–97 per share. The issue comprises a fresh share sale and an OFS, with the listing set for August 19.

Behari Lal Engineering, an integrated iron and steel manufacturer, will open its Rs 301.6 crore IPO from August 12 to August 14. The price band is set at Rs 271–285 per share, and the issue includes both fresh shares and an OFS. The stock will list on August 19.

Milky Mist stands out on profit growth, Molbio leads revenue

Five SME IPOs are also lined up.

Sham Foam, a polyurethane foam and mattress manufacturer, will launch its Rs 40.5 crore IPO from August 11 to August 13. The offering is a fixed-price issue set at Rs 130 per share. The shares will list on August 18.

Fascinate Textiles, a readymade garments manufacturer, will open its Rs 67 crore IPO from August 11 to August 13. The funds will be used for setting up an additional manufacturing facility. The shares will list on August 18.

QT Foods, a bakery products manufacturer, will launch its Rs 26.3 crore IPO from August 12 to August 14. The fixed-price issue will fund the purchase of new machinery. The shares will list on August 19.

Pramodini Medicare, a technology-enabled diagnostic services provider, will open its Rs 69 crore IPO from August 12 to August 14. The offering includes fresh shares and an OFS, while the market debut is scheduled for August 19.

Credent Connect N Care, a healthcare logistics and workforce solutions provider, will launch its Rs 93.9 crore IPO from August 13 to August 17. The price band is set at Rs 179–189 per share. The issue consists entirely of fresh shares, with the listing set for August 20.

Trendlyne Analysis released a IPO Note report for IPO on 28 Sep, 2026.