The Nifty 50 closed lower today, April 13, after last week’s gain of 5.9%, the largest since February 2021. The on-again, off-again hostilities between the US and Iran have turned the market into a yo-yo. Negotiations between the two countries broke down, and US President Trump has threatened to blockade the Strait of Hormuz, which is already blockaded by Iran.

This development also pushed crude oil prices higher, with Brent crude futures jumping by approximately 7% to over $102 a barrel. The Indian Rupee also faced pressure, weakening against the US Dollar.

The March Consumer Price Index (CPI) inflation rose 3.4%, up from 3.21% in February. The increase is mainly driven by higher food inflation at 3.87% and a rise in personal care prices. 

VK Vijayakumar, Chief Investment Strategist, Geojit Investments, said, ‘With the failure of US-Iran peace talks and Trump’s declaration of a US naval blockade in the Strait of Hormuz, uncertainty and crude prices have spiked. The ideal strategy in this ultra-uncertain situation is to wait and watch.” With the Q4 earnings season gaining momentum, heavyweights like HDFC Bank, ICICI Bank, and Wipro are scheduled to announce their results in this shortened week. Markets will remain closed on April 14 for Ambedkar Jayanti.

Despite the market volatility, the primary market remains active, with three issues opening for subscription. One company is set to list on the exchanges, coming after three listings last week.

All three SME IPOs debuted at a premium last week

Vivid Electromech, a manufacturer of electrical control panels, made a modest market entry on April 7. The Rs 130.5 crore IPO, which was subscribed 1.1X, listed at a 1.8% premium over its issue price of Rs 555. Investors noted the company’s integrated manufacturing capabilities and its strategic partnerships with global leaders like ABB and L&T. The stock is currently trading 14.4% above its issue price, driven by the company’s expansion plans.

Safety Controls & Devices, a Lucknow-based power transmission and fire safety player, had its market debut on April 13. The Rs 48 crore IPO, which was subscribed 1.3X, listed at a 3.8% premium over its issue price of Rs 80. While the company holds a significant order book of Rs 139 crore, investor enthusiasm was tempered by its heavy reliance on government contracts. The stock is currently trading at its issue price.

Vivid Electromech moves higher, while Safety Controls slips

Emiac Technologies, a provider of AI-powered digital marketing and content solutions, delivered a strong performance during its market debut on April 13. The Rs 31.8 crore IPO was subscribed 3.1X and listed at a 10% premium over its issue price of Rs 98. The company’s diversified client base across healthcare and BFSI, coupled with impressive profit margins, drove buyer interest. Currently, the company is trading 10.7% above its issue price.

Single listing this week: Rs 150 crore IPO to debut

Om Power Transmission, a power infrastructure construction firm, closed its Rs 150.1 crore IPO on April 13 (today). The issue saw a steady response, with the IPO closing with an overall subscription of 2.4X. Demand was led by non-institutional (HNI), who subscribed 5.7X, while the retail and Qualified Institutional Buyers (QIBs) segments saw relatively subdued participation at 2.2X and 1.2X, respectively.

The IPO was priced in a band of Rs 166-175 per share and was structured as a combination of a fresh issue of approximately 75.7 lakh shares and an offer for sale of 10 lakh shares by the promoter group.

Strong HNI response lifts Om Power Transmission IPO demand

The company plans to use the proceeds to strengthen its operational footprint, allocating Rs 55 crore toward long-term working capital requirements and Rs 25 crore for the repayment or prepayment of existing borrowings. Additionally, Rs 11.2 crore is earmarked for capital expenditure to purchase new machinery and equipment. The stock is scheduled to debut on April 17.

Two InvITs and a mobile retail player set for IPO

Citius TransNet Investment Trust, an infrastructure investment trust, will open its Rs 1,105 crore IPO for subscription from April 17 to April 21. The price band is set at Rs 99–100 per unit. The issue is entirely a fresh issue aimed at acquiring full equity stakes in holding companies and special purpose vehicles (SPVs) for 10 road projects across nine Indian states. The units are scheduled to list on April 29.

Citius TransNet sees profit growth outpacing revenue growth

Two SME firms are also set to go public.

Property Share Investment Trust, India’s first registered Small and Medium Real Estate Investment Trust, is currently in the middle of its Rs 245 crore IPO for its third scheme, "PropShare Celestia." The bidding window will close on April 16. The price band is fixed at Rs 10 lakh to Rs 10.5 lakh per unit. The proceeds will be used to acquire 2.1 lakh sq. ft. of office space in Ahmedabad. The units are scheduled to list on April 24.

Mehul Telecom, a Gujarat-based retailer of mobile phones and accessories, will open its Rs 27.7 crore IPO for subscription from April 17 to April 21. The price band is set at Rs 96–98 per share. The issue is entirely a fresh issue of approximately 28.3 lakh shares. The company plans to use the funds to expand its retail store footprint and for general corporate purposes. The stock is scheduled to list on April 24.