By Divyansh PokharnaThe market remained volatile last week, with the Nifty 50 falling 0.7% after a strong 4% rise the week before. Investor mood turned cautious due to weak demand at US bond auctions, driven by concerns over rising US debt and Moody’s US credit outlook downgrade. Adding to the uncertainty, Trump renewed tariff threats against the European Union, although any action has been pushed to July 9.
However, lower oil prices, strong DII inflows, and hopes of an RBI rate cut helped limit the losses. SBI Research expects the RBI to cut rates by 75 bps in June and August, followed by another 50 bps in H2FY26, for a total cut of 125 bps.
Meanwhile, India’s IPO market is picking up after nearly four months of slow activity. Mahesh M Ojha, AVP of Research at Hensex Securities, said, “Over 80 companies, including startups like Zepto, PineLabs, Lenskart, and PhonePe, are in various stages of IPO approval. SEBI is working to resolve issues related to the delayed NSE IPO. If stability holds, a strong wave of IPOs is expected between September 2025 and February 2026.”
This week, ten IPOs are set to open, four in the mainboard segment and six in the SME space. Four listings are lined up, including two from the mainboard category, while two companies were listed in the past week.
Action-packed week ahead with ten new offerings
The Leela Hotels: Schloss Bangalore, which operates hotels, palaces, and resorts under The Leela brand, opened its Rs 3,500 crore IPO on May 26. The issue is priced at Rs 413–435 per share and will close on May 28. It includes a fresh issue of Rs 2,500 crore and an offer-for-sale of Rs 1,000 crore. Listing is scheduled for June 2.
The company runs 12 operational hotels with a total of 3,382 keys. In FY25, revenue grew 14.8% YoY to Rs 1,406 crore, while net profit stood at Rs 47.7 crore, compared to a loss of Rs 2.1 crore in FY24. The turnaround in profitability was mainly due to lower depreciation and amortization expenses.
Aegis Vopak: This port services provider also opened its IPO on May 26, will close on May 28, and is set to list on June 2. The company plans to raise Rs 2,800 crore through an entirely fresh issue, with a price band of Rs 223–235 per share.
Aegis Vopak operates two LPG storage terminals and 16 liquid storage terminals across five major ports in India, handling coastal shipping, imports, and exports. In FY24, revenue jumped 60.2% YoY to Rs 476 crore, and net profit was Rs 86.5 crore, up from a loss of Rs 8 lakh in FY23.
Mainboard IPOs in focus post FY24 revenue growth, mixed profits
Prostarm Info Systems: This energy equipment manufacturer’s Rs 168 crore IPO will open on May 27, close on May 29, and list on June 3. The issue is entirely fresh and priced at Rs 95–105 per share.
The company designs, manufactures, and sells energy storage and power conditioning equipment. In FY24, revenue rose 11.6% YoY to Rs 259 crore, while net profit increased 17.8% to Rs 22.8 crore.
Scoda Tubes: The last mainboard IPO this week, Scoda Tubes, a steel products maker, will open on May 28 and close on May 30, with listing set for June 4. The company makes stainless steel tubes and pipes and plans to raise Rs 220 crore via a fresh issue. The price band is set at Rs 130–140 per share.
In FY24, revenue grew 30.8% YoY to Rs 402 crore, while net profit surged 77% to Rs 18 crore. The IPO proceeds will be used for capacity expansion and working capital needs.
Additionally, six SME IPOs are set to open for subscription this week:
Net profit growth outpaces revenue growth for upcoming SME IPOs
Three SME IPOs will open for subscription on May 27 and close on May 29, with all three scheduled to list on June 3.
- Blue Water Logistics aims to raise Rs 40.5 crore through a fresh issue, with the price band set at Rs 132-135 per share.
- Astonea Labs plans to raise Rs 37.7 crore, also entirely through fresh shares, with a price band of Rs 128-135 per share.
- Nikita Papers has an issue size of Rs 67.5 crore, with a price band of Rs 95-104 per share.
Two SME IPOs are set to open for subscription on May 28 and close on May 30. Both listings are scheduled on the NSE SME on June 4.
- N R Vandana Tex Industries has an issue size of Rs 27.9 crore, with a price band of Rs 42-45 per share.
- Neptune Petrochemicals is offering shares at Rs 115-122 per share, aiming to raise Rs 73.2 crore through its IPO.
The final SME IPO for the week, 3B Films, will open on May 30, close on June 3, and list on June 6 on the BSE SME platform. The company aims to raise Rs 33.8 crore through a fixed-price issue at Rs 50 per share.
Four new IPOs are set for listing this week
Borana Weaves, a textile manufacturer, saw strong demand with its IPO subscribed 148.8X overall, led by the HNI category at 237.4X. The listing is scheduled for May 27. The company plans to use its IPO proceeds to set up a new manufacturing unit in Surat, meet its working capital needs, and for general corporate purposes.
Recent IPOs see jump in subscription levels across categories
Belrise Industries, an auto parts maker, received an overall subscription of 41.3X, driven by QIB bids at 108.3X, while retail demand was more modest at 4.3X. The company is set to list on May 28, with proceeds planned for repaying borrowings and general corporate use.
In the SME segment, Dar Credit and Capital recorded a 98.7X subscription, with HNI bids at 277.5X. It will list on the bourses on May 28. Meanwhile, Unified Data-Tech Solutions has seen a 5X subscription by day 2. Its bidding will close on May 26, and its listing is scheduled for May 29.
Two new companies debuted on the bourses in the past week
Integrity Infrabuild Developers, a roads & highways developer, listed on May 20 at a 0.8% premium over its issue price of Rs 100. The IPO saw a 2.1X overall subscription, with both HNI and retail investors subscribing 2.1X.
Integrity Infra sees muted gains while Accretion Pharma slides post-listing
Accretion Pharmaceuticals, a pharma company, was subscribed 7.3X but debuted at a 21.8% discount. The stock declined further post listing and is now trading 25.8% below the issue price.
