The market ended with moderate gains last week, with the Nifty 50 rising 0.8%. The positive sentiment was supported by news around an impending India-US trade agreement, easing US-China tensions, and renewed buying by FIIs. However, rising border tensions between India and Pakistan could cause volatility in the near future.

Anand Rathi states that despite rising tensions between India and Pakistan following the Pahalgam terrorist attack, the Nifty 50 is unlikely to fall more than 5-10%, even with a major escalation. The study notes, "Except during the 2001 Parliament attack, Indian equity markets did not correct more than 2% during periods of high tension with Pakistan."

Action is back in the primary market, with Ather Energy set to launch the first mainboard IPO in over two months. The SME segment will see even more activity, with four IPOs expected to hit Dalal Street, and one SME IPO listing this week.

Ather Energy's Rs 2,980 crore IPO opens for subscription

Ather Energy is here with its Rs 2,980.8 crore IPO. It opened for subscription on April 28 and will close on April 30, with its listing scheduled for May 6. The IPO features a Rs 2,626 crore fresh issue and the rest as an offer for sale.

Ather posts a loss in FY24, while SMEs witness sharp rise in profits

This 2-wheeler manufacturer’s price band is set at Rs 304-321, with a lot size of 46 shares.

The company is a familiar name – it designs, develops, and assembles electric scooters, and provides battery packs, charging infrastructure, and software systems in-house. Ather sold around 1.1 lakh electric 2-wheelers in 9MFY25 and held a 10.7% market share during this period. As of December 31, 2024, this Hero MotoCorp-promoted company had 265 experience centres and 233 service centres in India, along with 15 experience centres and five service centres in Nepal and Sri Lanka.

The company has allocated not less than 75% for qualified institutional buyers (QIBs), not more than 10% for high net-worth individuals (HNIs), and not more than 15% for retail investors. In FY24, its revenue declined slightly by 0.7% YoY to Rs 1,789.1 crore, while its net loss widened to Rs 1,059.7 crore, compared to a loss of Rs 864.5 crore in FY23.

The IPO proceeds will be utlised for capital expenditure to set up an E2W factory in Maharashtra, repayment or pre-payment of some of the company's borrowings, investment in research and development, marketing initiatives, and general corporate purposes.

Additionally, four SME IPOs are set to open for subscription this week:

Iware Supplychain Services: This logistics company offers services like warehousing, transportation, and rake (train) handling across multiple states in India. Its Rs 27.1 crore IPO is a fresh issue, with an issue price of Rs 95 per share. The company’s IPO opened on April 28, will close on April 30, and is set to list on May 6 on the NSE SME platform.

Arunaya Organics: This dye manufacturer is launching its IPO on April 29, with the subscription closing on May 2 and listing scheduled for May 7 on the NSE SME platform. The company specialises in manufacturing and exporting specialty dyes and intermediates, used in industries such as textiles, paints, plastics, and mining. The IPO, valued at Rs 34 crore, is priced in the range of Rs 55-58 per share.

Kenrik Industries: This jewellery maker is set to open its IPO on April 29, with the subscription closing on May 6 and listing scheduled for May 9 on BSE SME platform. The company designs and distributes traditional Indian jewellery. Its Rs 8.8 crore IPO is a fresh issue, priced at Rs 25 per share.

Wagons Learning: This education provider offers corporate training, digital learning, and skill development solutions. Its Rs 38.4 crore IPO includes both a fresh issue and an offer-for-sale, with a price band of Rs 78-82 per share. The IPO will open on May 2, close on May 6, and list on May 9 on the BSE SME platform.

116 times oversubscribed, Tankup Engineers’ IPO to list this week

Tankup Engineers, an industrial machinery manufacturer, launched its IPO on April 23 and closed on April 25. It is set to list on April 30 on the NSE SME platform. The IPO received a total subscription of 116.2X, with the HNI category seeing bids of 560.9X.

Tankup Engineers witnesses strong HNI demand

The SME company specialises in manufacturing vehicle structures for mobility and storage. Its products include fuel tanks, mobile diesel tanks, aircraft refuelers, fire trucks, and ground support equipment.

In FY24, the company reported a 65% YoY revenue growth to Rs 19.5 crore and a 225% increase in net profit to Rs 2.6 crore.