By Divyansh PokharnaThe stock market struggled last week, with major indices posting their biggest weekly losses. The Nifty 50 fell 2.9%, pressured by tariff worries, rising fears of a US recession, and continued FII outflows.
The National Statistics Office released the quarterly GDP figures on February 28. India’s GDP grew by 6.2% in the October- December quarter of FY25, up from 5.6% in the previous quarter. The full-year GDP growth forecast for FY25 has been revised to 6.5% from the earlier estimate of 6.4%.
Chief Economic Advisor V. Anantha Nageswaran stated, “We shouldn't be overly concerned about uncertainties, as we face fewer risks than others. India’s economy is likely to remain strong due to steady demand from both rural and urban areas.” He also highlighted that increased spending during the Maha Kumbh will be a key driver in achieving the projected 6.5% GDP growth for FY25.
The mainboard IPO market will remain inactive for the third straight week. Activity in the SME segment is also slowing, with only one IPO set to open next week. Three IPOs are set for listing this week, while three others made their debut last week.
A Maharashtra-based textile firm’s IPO is set to open this week
NAPS Global India: This textile company imports fabrics in bulk and supplies them to garment manufacturers in India. It sources fabrics from suppliers in China and Hong Kong. Its IPO will open on March 4 and close on March 6, with listing set for March 11 on the BSE SME platform.
NAPS Global’s net profit outpaces revenue growth in FY24
NAPS Globals’ Rs 11.9 crore issue is entirely a fresh issue, priced at Rs 90 per share. The company plans to use the IPO proceeds to meet working capital needs and general corporate purposes.
Three SME IPOs are set for listing this week
Nukleus Office Solutions closed its IPO on February 27 and is set to list on March 4. The issue was fully subscribed at 1X, but the HNI category remained under-subscribed at 0.7X.
Nukleus, Shreenath Paper face low HNI bids; Balaji Phosphates sees oversubscription
Shreenath Paper Products, which will list on March 5 on the BSE SME platform, saw an overall subscription of 1.8x.
Meanwhile, Balaji Phosphates’ IPO will close on March 4, with its listing scheduled for March 7 on the NSE SME platform. By the end of the first day, it was subscribed 1.3X.
Three new companies debuted on the bourses in the past week
Two SME IPOs, HP Telecom India and Swasth Foodtech, debuted on the stock exchanges on February 28. HP Telecom debuted at Rs 115, a 6.5% premium to its issue price of Rs 108, touched a high of Rs 118, and closed at its opening price of Rs 115. Meanwhile, Swasth Foodtech listed flat but closed at its 5% lower circuit.
Weak debuts for Swasth Foodtech, Beezaasan; HP Telecom sees premium listing
Beezaasan Explotech, an industrial products maker, listed on March 3 at a 16.6% discount to its issue price of Rs 175. The stock is currently down 15.4% from its issue price.
Investors await big IPOs amid slowdown in primary market
The primary market has been slow in 2025, with only a few mainboard IPOs launched so far. After a strong year in 2024 with big fundraises and major listings, investors are now waiting for some large IPOs to hit the market.
Here’s a look at the IPOs expected to hit the market this year.
- Tata Capital: Tata Capital, the non-banking financial services arm of the Tata Group, is preparing for its IPO after securing board approval. The offering may include a fresh issue of 23 crore equity shares and an offer for sale (OFS) by existing shareholders. The IPO size is expected to be around Rs 15,000 crore.
- PhonePe: Walmart-owned PhonePe is expected to enter the primary market in 2025, targeting a $15 billion valuation through its IPO. The company has reportedly appointed JP Morgan, Kotak Mahindra Capital, Morgan Stanley, and Citi as investment bankers to manage the offering.
- Zepto: Zepto reportedly plans to raise Rs 7,000-8,800 crore through its IPO in 2025. The company is expected to submit its Draft Red Herring Prospectus (DRHP) to SEBI by April 2025. Recently, Zepto received approval to shift its registration from abroad to India, officially becoming an Indian company.
- Reliance Jio: Reliance Jio Infocomm is reportedly set to launch its IPO in the second or third quarter of 2025. The telecom giant is expected to raise around Rs 40,000 crore through its maiden share sale. The company is aiming for a valuation of nearly Rs 10 lakh crore for the IPO.
- Boat: Imagine Marketing, the parent company of Boat, filed its DRHP with SEBI on January 26, 2022, for a Rs 2,000 crore IPO. The offer includes a Rs 900 crore fresh issue of equity shares and a Rs 1,100 crore OFS. Additionally, the company plans to raise Rs 180 crore through a pre-IPO placement. The IPO is awaiting SEBI’s approval.
- Ather Energy: Ather Energy is likely to launch its IPO in March 2025 after receiving SEBI approval in December 2024. The IPO may include a fresh issue of shares worth Rs 3,100 crore and an OFS of 2.2 crore shares.
- HDB Financial Services: NBFC HDB Financial Services is expected to raise Rs 12,500 crore through its IPO in 2025. The offering will likely include a Rs 2,500 crore fresh issue and a Rs 10,000 crore OFS by existing shareholders. The company filed its DRHP with SEBI in November 2024.
- JSW Cement: JSW Cement is set to go public this year with a Rs 4,000 crore offering. The IPO is expected to include a fresh issue worth Rs 2,000 crore and a Rs 2,000 crore OFS. The company received SEBI approval for its IPO in January.
- LG Electronics India: LG Electronics India is set to launch its Rs 15,000 crore IPO in March 2025. The offering will be an OFS, with its Korean parent selling around 10.2 crore equity shares. There will be no fresh issue of shares. The company filed its DRHP with SEBI in December 2024.
- National Securities Depository (NSDL): NSDL targets a Rs 3,000 crore IPO in March 2025. The offering will be a complete offer for sale, with NSE, State Bank of India (SBI), and HDFC Bank reportedly planning to offload 5.7 crore equity shares.
