By Ruchir SankhlaThe market fell on Monday, with Nifty 50 down about 0.9%, hit by a weaker rupee and foreign fund outflows. This comes after a strong rally on December 5, when the Reserve Bank of India cut interest rates by 25 basis points, lifting stocks and pushing the Nifty above 26,100.
Analysts expect markets to stay range-bound as investors track key global cues, including US economic data and commentary from Federal Reserve officials. Domestically, steady oil prices and resilient inflows from local investors should provide support, even as foreign investor activity remains uneven.
"This week, markets will closely track India's Consumer Price Index (CPI) print on December 12. Globally, the spotlight will be on the US Federal Reserve's interest rate decision, which could drive risk sentiment across emerging markets," said Ajit Mishra, Senior VP, Religare Broking.
The primary market will be busy this week with 14 new issues, including nine from the SME segment. Eleven companies are also set to list on the exchanges, following eleven debuts last week.
SME market buzzes with eleven debuts
The IPO market was quiet on the mainline front last week, but the SME segment saw a flurry of activity with eleven companies making their debut.
Exato Technologies, which provides AI-driven customer experience solutions, marked the sharpest debut of the week, listing with a significant 90% premium to its Rs 140 issue price following a remarkable 881X subscription, helped by the AI theme, a magnet for investors. In contrast, SSMD Agrotech India, a supplier of agricultural commodities, delivered the weakest performance, listing 39.7% below its Rs 121 issue price after its IPO saw limited investor interest.
Ravelcare, a beauty and personal care brand, debuted at a 54.6% premium after its Rs 24.1 crore IPO was subscribed 406.7X. Meanwhile, Invicta Diagnostic, a diagnostics chain in Mumbai, listed at a 17.6% premium to its Rs 85 issue price, following strong demand for its Rs 28.1 crore IPO.
Some companies faced a challenging start. Astron Multigrain, an instant noodles manufacturer, and Logiciel Solutions, a software development firm, both listed 20% below their issue price. K K Silk Mills, a textile and garment manufacturer, opened 15.8% below its Rs 38 issue price, even as its Rs 28.5 crore IPO drew a 5.4X subscription.
Exato and Ravelcare lead the pack in post-debut performance
The week's other listings saw mixed results. Speb Adhesives, a synthetic rubber adhesives maker, listed with a 7.1% premium after its Rs 33.7 crore IPO was subscribed 2.2X. Purple Wave Infocom, engaged in entertainment and event management, posted a modest 4.8% premium to its Rs 126 issue price.
Mother Nutri Foods, a B2B peanut butter manufacturer, opened at a mild 1.2% premium; however, it has since jumped and is now trading 21.4% above its issue price of Rs 117. Clear Secured Services, which provides facility management services, recorded a softer debut at 9.8% below its Rs 132 issue price, despite an 8.3X subscription for its Rs 85.6 crore IPO.
Mother Nutri surges post-debut, Purple Wave slips into the red
IPO momentum remains strong with multiple listings ahead
Meesho, India's largest e-commerce marketplace by orders and users, is set to list on December 10. Its massive Rs 5,421.2 crore IPO was subscribed 79X overall, with the Qualified Institutional Buyer (QIB) category showing robust demand at 120.2X.
Aequs makes aircraft components, consumer electronics, and household durable products. Its Rs 921.8 crore IPO was subscribed 101.6X, with all categories witnessing strong demand, especially the QIB portion at 120.9X and the HNI segment at 80.6X. It is scheduled to list on December 10.
Vidya Wires manufactures insulated copper and aluminium conductors and winding products. The company's Rs 300 crore IPO received bids for 26.6X the shares on offer, with substantial interest from the HNI category at 52X. The listing is scheduled for December 10.
Strong demand for Meesho and Aequs, modest bids for Vidya Wires
Eight SME companies will also make their stock market debut this week.
- Helloji Holidays: The travel services provider’s IPO was subscribed 28.1X and is set to list on December 9.
- Neochem Bio Solutions: The specialty chemical company’s IPO was subscribed 14.5X and is set to list on December 9.
- Shri Kanha Stainless: The IPO of this steel strip maker received bids for 2.7X, with listing scheduled for December 10.
- Western Overseas Study Abroad: The study abroad consultancy’s IPO was subscribed 1.4X, with listing scheduled for December 11.
- Luxury Time: The luxury watch retailer's IPO was subscribed 400.3X, with listing scheduled for December 11.
- Flywings Simulator Training: This training centre's IPO is open until December 9 and remains undersubscribed at 0.8X.
- Encompass Design: The home product and e-commerce services IPO is open until December 9 and is currently undersubscribed at 0.3X.
- Methodhub Software: The IT services IPO is open until December 9 and has been subscribed 2.8X, driven by QIB and HNI interest.
Mainline IPOs return, SME momentum continues
ICICI Prudential Asset Management, one of India’s oldest asset management firms, plans to raise Rs 10,602.7 crore at a price band of Rs 2,061-2,165. The IPO opens on December 12, closes on December 16, and will list on December 19. The issue is entirely an offer for sale
Wakefit Innovations is a direct-to-consumer home and furnishings company offering mattresses, furniture, and home products. The company plans to raise Rs 1,288.9 crore at a price band of Rs 185–195. The IPO will be open for subscription from December 8 to December 10, with the listing scheduled for December 15. The issue includes a fresh issue of Rs 377.2 crore and an offer for sale of Rs 911.7 crore.
Corona Remedies is a pharma company focused on women’s health, cardio-diabetes, pain management, and urology. The company aims to raise Rs 655.4 crore through an offer for sale at a price band of Rs 1,008–1,062. The IPO opens on December 8, closes on December 10, and will list on December 15.
Park Medi World is one of the largest private hospital chains in North India and the largest in Haryana by bed capacity. The company plans to raise Rs 920 crore at a price band of Rs 154–162. The IPO will be open between December 10 and 12, and will list on December 17. The offering includes a fresh issue of Rs 770 crore and an offer for sale of Rs 150 crore.
Nephrocare Health Services provides dialysis and kidney-care services across India and parts of Asia. The company plans to raise Rs 871.1 crore at a price band of Rs 438–460. The IPO opens on December 10, closes on December 12, and will list on December 17. The offer includes a fresh issue of Rs 353.4 crore and an offer for sale of Rs 517.6 crore.
Nephrocare Health leads FY25 profit growth; Wakefit posts loss
Nine SME IPOs are set to open for subscription.
- K V Toys, a contract manufacturer and seller of plastic-moulded and metal-based toys, will open its Rs 40.2 crore IPO on December 8. The issue will close on December 10 and will list on December 15.
- Riddhi Display Equipments, a maker of display counters, commercial kitchen gear, and refrigeration units, will open for subscription on December 8. The Rs 24.7 crore IPO will close on December 10, with its listing scheduled for December 15.
- Prodocs Solutions, an IT-enabled services firm providing title, e-publishing, and indexing services, will also open for subscription on December 8. The IPO aggregating up to Rs 27.6 crore will close on December 10 and list on December 15.
- Unisem Agritech, a company engaged in the development, processing, and sale of seeds for vegetables, flowers, and field crops, is expected to open its ~Rs 21.5 crore IPO on December 10, close on December 12, and will list on December 17.
- Pajson Agro, which processes raw cashew nuts into kernels, will open its Rs 74.5 crore IPO on December 11, close on December 15, and will list on December 18.
- Neptune Logitek, a logistics solution provider, will open for subscription on December 15, close on December 17, and will list on December 22. The issue size is Rs 46.6 crore.
- Shipwaves Online, a digital freight forwarding and enterprise software company, will open its Rs 56.4 crore IPO on December 10, and will list on December 17.
- HRS Aluglaze, which builds aluminium and glass structures for commercial buildings, will open for subscription on December 11, close on December 15, and will list on December 18.
- Ashwini Container Movers, a commercial transporter for container cargo, will open for subscription on December 12, close on December 16, and will list on December 19. The issue size is approximately Rs 71 crore.
