The market saw a moderate decline last week, with the Nifty 50 slipping 0.7%. The fall was mainly due to profit booking, lack of clarity on the India-US trade deal, caution ahead of the earnings season, and continued foreign fund outflows. 

However, the losses were limited after reports suggested that an interim trade deal between India and the US may be reached before the set deadline of July 9. According to CNBC, India and the US have only finalised a mini trade deal for now, with discussions on a broader agreement set to begin after July 9. The news channel said the average tariffs under this mini deal are expected to be around 10%.

Last week, President Trump signed a major tax and spending bill—referred to as the “Big Beautiful Bill”—at the White House. According to independent estimates, the law is expected to add over $3 trillion to the US’s existing $36.2 trillion debt over the next decade. Trump also said on Sunday that the US is close to finalising several trade deals and will notify countries of new, higher tariff rates by July 9, which will come into effect starting August 1. 

The primary market will be busy next week as investors will see six new IPOs, including two from the mainboard segment. Alongside, four companies are scheduled to list on the stock exchanges this week, following 24 listings in the previous week.

IPO rush hits new high as 24 companies listed last week

Globe Civil Projects and Ellenbarrie Industrial Gases listed on July 1 at a premium to their IPO price. Globe Civil, subscribed 86X, is trading 14.6% above its issue price. Ellenbarrie, with 22.2X subscription, is up by 40.6%.

Kalpataru, a real estate company, also listed on July 1 but made a flat debut at its issue price of Rs 414. The IPO saw a modest 2.3X subscription, possibly weighed down by its FY24 net loss of Rs 116 crore.

Kalpataru and Indogulf debut flat; others list at strong premiums

On July 2, Sambhv Steel Tubes and HDB Financial Services listed at a premium. Sambhv, subscribed 28.5X, is now up 24.9%, while HDB Financial, with 16.7X subscription, is trading 14.3% higher.

Indogulf Cropsciences listed on July 3 and is the only mainboard IPO currently trading below its issue price. Despite 26X subscription, it is down 2.3% from its issue price of Rs 111.

Eighteen SME IPOs listed in the past week -

The SME IPO market saw mixed listing trends in the past week, with several companies making modest debuts and others facing sharp discounts. Among the 18 listings, companies like Shri HareKrishna Sponge Iron, AJC Jewel Manufacturers, Rama Telecom, Silky Overseas, and Vandan Foods debuted with moderate gains. Similarly, Moving Media Entertainment and PRO FX Tech also saw small listing-day gains.

Some stocks stood out with strong debuts, led by Adcounty Media and Neetu Yoshi, which listed with gains of over 40%, while Ace Alpha Tech and Suntech Infra Solutions also recorded healthy double-digit increases.

On the flip side, Abram Food, Icon Facilitators, and Cedaar Textile saw modest declines on listing. Meanwhile, Pushpa Jewellers, Marc Loire Fashions, Supertech EV, and Valencia India witnessed a steep decline of over 20%.

Two mainboard and four SME IPOs to open for subscription this week

Travel Food Services, an airport-focused quick-service restaurant and lounge operator, offers a range of food and beverage options designed for travellers. Its IPO opened on July 7, will close on July 9, and is scheduled to list on July 14. This is a second attempt – the issue was initially set to open on July 3 but was postponed.

The company is coming up with a Rs 2,000 crore offer-for-sale to provide an exit to its existing investors. The IPO has been allocated 50% to QIBs, 15% to HNIs, and 35% to retail investors.

Smartworks posts net loss in FY25; TFS and SMEs outshine with profit growth

Smartworks Coworking Spaces, a workspace company, provides fully serviced office spaces with custom managed workspace solutions. Its IPO will open on July 10, close on July 14, and is expected to list on July 17.

The IPO consists of a fresh issue of Rs Rs 445 crore along with an offer-for-sale of 33.8 lakh shares. The issue is reserved 75% for QIBs, 15% for HNIs, and 35% for retail investors. The business has yet to make a profit.

Four more SME IPOs are set to open for subscription this week.

• Smarten Power Systems and Chemkart both opened their IPOs on July 7 and will close on July 9, with listing scheduled for July 14. Smarten Power Systems aims to raise Rs 50 crore, while Chemkart is targeting Rs 80.1 crore.
• GLEN Industries will open its IPO on July 8 and close on July 10. The company plans to raise Rs 63 crore through a completely fresh issue. The listing is scheduled for July 15 on BSE SME.
• Asston Pharmaceuticals will open its issue on July 9 and close on July 11, with listing set for July 16. Asston is looking to raise Rs 27.6 crore through a fresh issue.

Moment of truth: four IPOs are lined up for listing this week

Crizac, a B2B education platform, connects agents with global higher education institutions and provides international student recruitment services in the UK, Canada, Ireland, Australia, and New Zealand. Its IPO closed on July 4, with listing scheduled for July 9.

The IPO was subscribed 59.4X, driven mainly by strong demand from QIBs, which subscribed 134.3X. In contrast, the retail segment saw a relatively lower response at 9.5X. The company is raising Rs 860 crore through a complete offer-for-sale.

Crizac draws strong QIB interest; Cryogenic leads SME subscriptions

Among SME listings, Cryogenic OGS and Happy Square Outsourcing Services will debut on July 10. By day 2, Cryogenic was subscribed 93X, led by high retail interest at 184.8X, though QIB participation was low at 6.8X. In contrast, Happy Square's IPO remained undersubscribed at 0.6X.

Meta Infotech, an IT software company, will close its IPO on July 8 and is scheduled to list on July 11. On the first day, the issue received a subscription of 2.7X.