The market plunged on March 30, with the Nifty 50 closing 2.1% lower. The sell-off was triggered by a fresh escalation in the Middle East after Yemen’s Houthi rebels officially joined the conflict, launching missile strikes targeting Israel.

Sentiment was also hit by reports that an Indian national was killed in Kuwait as Iran hit a power and water desalination plant. These developments, coupled with US President Donald Trump’s suggestion of seizing Iran’s Kharg Island oil hub, have intensified fears of a prolonged "energy war."

For India, the impact of this war was reflected in the HSBC India Manufacturing PMI, which fell to a 4.5-year low of 53.8 in March. This reading indicates a sharp deceleration in factory activity as input costs rose at their fastest pace in 45 months, forcing manufacturers to hike output prices the most in seven months.

The Indian stock market will remain shut on March 31 for Shri Mahavir Jayanti and April 3 for Good Friday. Vinod Nair, Head of Research at Geojit Investments, said, "In the near term, market direction will hinge on developments in West Asia peace efforts and earnings risks from supply-side disruptions."

Despite all the volatility, primary market momentum continues this week, as four new offerings open for subscription. Five companies are also set to be listed on the exchanges, following the debut of five firms last week.

Mainboard IPOs offers a mixed bag, SMEs see flat listings

Central Mine Planning & Design Institute, an arm of Coal India, had a subdued market debut on March 30. Despite a dominant market share in mining consultancy, the Rs 1,842 crore IPO saw modest interest with a subscription of 1.1X. The stock listed at a discount of 7%, against its issue price of Rs 172, as investors weighed its heavy reliance on the coal sector against its strong EBITDA margins.

GSP Crop Science, an agrochemical manufacturer, delivered a steady performance on March 24. The Rs 400 crore public issue was subscribed 1.6X and debuted at Rs 328, a 2.5% premium over its issue price of Rs 320. Driven by its diversified portfolio of over 500 product registrations and strong R&D focus, the stock has shown resilience and is currently trading 5.6% above its issue price.

The NHAI-sponsored Raajmarg Infra Investment Trust (InvIT) made a successful entry into the infrastructure yield space on March 24. The massive Rs 6,000 crore issue saw a healthy subscription of 13.7X. It listed at a premium of 7%, against its issue price of Rs 100, and continues to attract investors looking for stable, government-backed cash flows, currently trading 10% higher.

Raajmarg Infra and GSP Crop extend gains; Central Mine slips 

Two SME IPOs listed last week.

Speciality Medicines, a pharma distributor focused on high-cost chronic therapies, listed on March 30. The Rs 29.1 crore fresh issue, which was launched to fund a new R&D centre and international registrations, faced a flat listing at its issue price of Rs 124 per share.

Novus Loyalty, a provider of AI-powered loyalty and engagement platforms, listed on March 25 following a subscription of 1.5X. The Rs 60.1 crore IPO debuted at its issue price of Rs 146. While the company has highlighted its expansion into cloud-native architectures, the stock has faced some initial selling pressure post-listing and is currently trading 4.1% below its debut price.

From pharma to power: Five IPOs gear up for debut

Sai Parenterals, a pharmaceutical manufacturer, closed its Rs 408.8 crore IPO on March 27. The issue received a steady response from investors, subscribing 1.1X. The offering was priced in a band of Rs 372-392 per share, with the company aiming to utilise the proceeds to strengthen its manufacturing infrastructure and meet incremental working capital requirements. The stock is scheduled to list on April 2.

Powerica, a manufacturer of diesel generating sets, closed its Rs 1,100 crore IPO on March 27. The issue saw a total subscription of 1.4X, characterised by significant divergence: while Qualified Institutional Buyers (QIBs) oversubscribed their portion by 4.5X, retail interest remained muted at 0.1X. The offering comprised a fresh issue of 1.8 crore shares and an offer for sale of 1 crore shares. The company is set to debut on April 2.

Amir Chand Jagdish Kumar (Exports), an exporter of Basmati rice under the "Aeroplane" brand, closed its Rs 440 crore IPO on March 27. The issue was subscribed 3.2X overall, driven by Non-Institutional Investors who booked their segment over 12.7X. The offering consisted entirely of a fresh issue of 2.1 crore shares, with proceeds earmarked for funding the company's extensive working capital needs. The stock will list on April 2.

Amir Chand sees HNI-led demand; others subdued

In the SME segment, two companies are set to list this week.

Tipco Engineering, a manufacturer of precision-engineered components, concluded its Rs 60.5 crore IPO on March 25. The issue saw a healthy subscription of 1.6X, supported by institutional interest at 3.8X. The proceeds from the fresh issue will be utilised to repay existing secured borrowings and bridge the working capital gap to support its robust order book. The stock is scheduled for listing on April 1.

Highness Microelectronics, a provider of digital imaging and display solutions, closed its Rs 21.7 crore IPO on March 27 with an overwhelming response, seeing a subscription of 180.3X. Retail and high-net-worth individuals led the charge, drawn by the company’s plans for backward integration. The funds will be used to establish a new assembly line for Open-Cell modules to reduce import dependency. The company will list on April 2.

Four IPOs to watch this week

Property Share Investment Trust (PSIT), India's first Small and Medium Real Estate Investment Trust (SM REIT), is launching its third scheme, PropShare Celestia. The IPO will open from April 10 to April 16. The price band is set at Rs 10,00,000–10,50,000 per unit. The stock will list on the BSE on April 24. Proceeds from the offer will be primarily used for the acquisition of "Project Celestia", a premium office space in Ahmedabad.

Three SME companies are also set to launch their IPOs.

Vivid Electromech, a manufacturer of electrical panels, closed its Rs 130.5 crore IPO on March 30. The price band is set at Rs 528–555 per share. The issue includes a fresh issue of 18.8 lakh shares and an OFS of 4.7 lakh shares. The company plans to use the proceeds to build a new integrated manufacturing facility in Thane. The stock is expected to list on April 6.

Emiac and Vivid report strong profit growth; Safety Controls lags

Emiac Technologies, an AI-powered digital marketing and content creation firm, opened its Rs 31.8 crore IPO on March 27 and will close on April 8. The price band is fixed at Rs 93–98 per share. This is entirely a fresh issue of 32.4 lakh shares. The company plans to use these funds for technological upgrades and to expand its workforce. The stock will list on April 13.

Safety Controls & Devices, a provider of power infrastructure and safety solutions, will open its Rs 48 crore IPO on April 6 and will close on April 8. The price band is set at Rs 75–80 per share. The issue comprises 60 lakh equity shares and is aimed at funding its expansion in the power infrastructure sector. The shares will list on April 13.