Open & Upcoming IPOs

Shapoorji Pallonji Group's real estate vertical plans to raise over Rs 8,000 crore through IPO, aiming to unlock value and pare debt. The firm has engaged advisors, including investment banks JM Financial, Motilal Oswal, and Morgan Stanley, and law firms Trilegal and AZB & Partners. The group has a development potential of over 142 million square feet across six cities.

KRM Ayurveda made a bumper debut on the Indian stock market with a 28% premium over its IPO price of ₹135. Shares listed at ₹172.10 on NSE SME, beating market expectations. The IPO was subscribed 74.27 times with 443 employees, six hospitals, and five clinics across India. The ₹77.49 crore funds raised will be used for infrastructure expansion and corporate purposes.

KRM Ayurveda's Rs 77 crore IPO on the NSE SME platform was subscribed 74.27 times, with non-institutional investors bidding 135.37 times. The issue was priced at Rs 135 per share at the upper end of the Rs 128 to Rs 135 price band, valuing the company at around Rs 287 crore, with an implied listing price of Rs 158 based on a grey market premium.

Pride Hotels, an Indian hospitality brand, received SEBI approval for its IPO, estimated at Rs 1,000 crore. The IPO size consists of a fresh issue of Rs 260 crore and an offer for sale of up to 39.24 million equity shares. Proceeds will be used for hotel renovations (Rs 159.68 crore), repayment of borrowings (Rs 40 crore), and general corporate purposes.

Fractal Analytics plans an IPO in the first half of 2026, with a revised size of ₹2,800 crore, down from ₹4,900 crore. The IPO will comprise a fresh issue of ₹1,000 crore and an Offer for Sale. Bankers include Morgan Stanley, Goldman Sachs, and Axis Capital. The company will utilize proceeds for subsidiaries, investments, and general corporate purposes.

Shadowfax Technologies listed at Rs 112.60, a 9.19% discount from its IPO price of Rs 124, on the NSE, with a market capitalization of Rs 6,509.78 crore. The company has missed grey market expectations due to a weaker than anticipated listing performance. Retail investors and QIBs had subscribed to their reserved portions more than 2 times during the IPO.

CRED, RedGiraffe, PayZapp and NoBroker have restarted rent payments via credit cards after aligning processes with RBI norms. The platforms now require PAN details, rent agreements and end-user verification. PhonePe, which took a Rs 1,250 crore revenue hit, continues to keep the service discontinued due to regulatory uncertainty.

In December 2025, 12 SME IPOs collectively saw declines of 30-70%. Shri Kanha Stainless, Western Overseas, and Riddhi Display experienced significant drops. SME IPOs often see massive oversubscription, fueled by investor expectations of quick listing gains, highlighting high-risk short-term gains and potential post-listing losses.

Kanohar Electricals, an Uttar Pradesh-based transformer manufacturer, has filed a draft document to raise Rs 300 crore via an initial public offering (IPO). The funds will be used for capital expenditure, working capital, and general corporate purposes. The company proposes to spend Rs 197.74 crore for various activities and incremental working capital.

KRM Ayurveda's IPO received a 64.25 times subscription, while Shayona Engineering's issue was subscribed 1.34 times and Hannah Joseph Hospital's issue was subscribed 55%. KRM Ayurveda will finalize IPO share allotment by January 27, listing its shares on the NSE Emerge on January 29. The company will raise Rs 77.49 crore.

PhonePe's IPO, expected to be India's largest listing in 2026, features an Offer for Sale with a 9% stake sale by Walmart, required to meet SEBI's 10% public shareholding threshold. The decision isn't driven by a shift in investment view or desire for profits, but a regulatory necessity. Founders, employees, and 99% minority shareholders hold onto their shares.

The Shadowfax Technologies IPO share allotment is expected to be finalized on January 23 after drawing 3 times the investor demand. The IPO was open from January 20-22 with a price band of Rs 118-124 per share. Allotment status can be checked on KFin Tech, NSE, and BSE websites using application numbers or PAN.

PhonePe has filed its updated IPO papers with SEBI, planning an initial public offering comprising only an offer-for-sale of ~5.06 crore shares by existing investors. Walmart’s unit will sell most shares (~4.59 cr), while Microsoft and Tiger Global will offload their stakes, marking a major liquidity event for backers as the fintech nears a mid-2026 listing.

Digilogic Systems' IPO saw 1.09 times subscription, receiving support from qualified institutional investors. Shayona Engineering's IPO was 98% subscribed, mainly by qualified institutional buyers. Hannah Joseph Hospital's IPO was undersubscribed at 16%. Digilogic Systems will finalise share allotment by January 23, while its shares will be listed on the BSE SME on January 28.

Shadowfax Technologies Ltd's three-day IPO received 66% subscription, with a 1.87 times subscription for retail investors and 38% for QIBs, 41% for non-institutional investors. The company collected Rs 856 crore from anchor investors and is valued over Rs 7,100 crore. IPO shares are likely to be allotted on January 23, listing on January 28.

Armour Security India is set to debut on NSE SME platform Thursday with muted listing expectations, as the grey market premium remains at 0%. The Rs 26.51 crore IPO was subscribed 1.82 times, with 46.5 lakh shares issued. The company has reported steady financial growth with profit rising to Rs 3.97 crore in FY25, and plans to use IPO proceeds for working capital, equipment and general purposes.

The KRM Ayurveda IPO, which opened January 21, received a 0.66 times subscription with bids for 24 lakh shares against 36.24 lakh shares. The issue aims to raise ₹77.5 crore with a fresh issue of 0.57 crore shares at a price band of ₹128- ₹135 per share. The allotment date is January 27 and listing on NSE SME is proposed for January 29.

The IPO market has seen a slow start due to heightened volatility in the secondary market. In December and January, six companies have either expired or withdrawn their Sebi approvals, including the Rs 6,000 crore IPO of Inox Clean Energy. The Sensex has fallen 4% and BSE small cap has fallen 8% in January. Prime Database has 114 IPO-bound companies awaiting approvals to raise Rs 1.43 lakh crore.

Aritas Vinyl's IPO allotment is expected to be finalized today, January 21. Investors can check their status through Bigshare Services or BSE. The ₹37.52 crore IPO received a 2.21 times subscription, with retail investors oversubscribing 2.88 times. Shares will be allocated on a proportional basis to retail investors. Refunds will start on January 22, and shares will be credited on the same day.

Shadowfax Technologies' IPO has been subscribed 55% by day two, led by retail investors booking their reserved portion 1.5 times. Bids received for 4.93 crore shares against an offer size of 8.91 crore shares. Non-Institutional Investors booked 28% and Qualified Institutional Buyers subscribed 38% of their reserved portions.

Shapoorji Pallonji Group's real estate vertical plans to raise over Rs 8,000 crore through IPO, aiming to unlock value and pare debt. The firm has engaged advisors, including investment banks JM Financial, Motilal Oswal, and Morgan Stanley, and law firms Trilegal and AZB & Partners. The group has a development potential of over 142 million square feet across six cities.

KRM Ayurveda made a bumper debut on the Indian stock market with a 28% premium over its IPO price of ₹135. Shares listed at ₹172.10 on NSE SME, beating market expectations. The IPO was subscribed 74.27 times with 443 employees, six hospitals, and five clinics across India. The ₹77.49 crore funds raised will be used for infrastructure expansion and corporate purposes.

KRM Ayurveda's Rs 77 crore IPO on the NSE SME platform was subscribed 74.27 times, with non-institutional investors bidding 135.37 times. The issue was priced at Rs 135 per share at the upper end of the Rs 128 to Rs 135 price band, valuing the company at around Rs 287 crore, with an implied listing price of Rs 158 based on a grey market premium.

Pride Hotels, an Indian hospitality brand, received SEBI approval for its IPO, estimated at Rs 1,000 crore. The IPO size consists of a fresh issue of Rs 260 crore and an offer for sale of up to 39.24 million equity shares. Proceeds will be used for hotel renovations (Rs 159.68 crore), repayment of borrowings (Rs 40 crore), and general corporate purposes.

Fractal Analytics plans an IPO in the first half of 2026, with a revised size of ₹2,800 crore, down from ₹4,900 crore. The IPO will comprise a fresh issue of ₹1,000 crore and an Offer for Sale. Bankers include Morgan Stanley, Goldman Sachs, and Axis Capital. The company will utilize proceeds for subsidiaries, investments, and general corporate purposes.

Shadowfax Technologies listed at Rs 112.60, a 9.19% discount from its IPO price of Rs 124, on the NSE, with a market capitalization of Rs 6,509.78 crore. The company has missed grey market expectations due to a weaker than anticipated listing performance. Retail investors and QIBs had subscribed to their reserved portions more than 2 times during the IPO.

CRED, RedGiraffe, PayZapp and NoBroker have restarted rent payments via credit cards after aligning processes with RBI norms. The platforms now require PAN details, rent agreements and end-user verification. PhonePe, which took a Rs 1,250 crore revenue hit, continues to keep the service discontinued due to regulatory uncertainty.

In December 2025, 12 SME IPOs collectively saw declines of 30-70%. Shri Kanha Stainless, Western Overseas, and Riddhi Display experienced significant drops. SME IPOs often see massive oversubscription, fueled by investor expectations of quick listing gains, highlighting high-risk short-term gains and potential post-listing losses.

Kanohar Electricals, an Uttar Pradesh-based transformer manufacturer, has filed a draft document to raise Rs 300 crore via an initial public offering (IPO). The funds will be used for capital expenditure, working capital, and general corporate purposes. The company proposes to spend Rs 197.74 crore for various activities and incremental working capital.

KRM Ayurveda's IPO received a 64.25 times subscription, while Shayona Engineering's issue was subscribed 1.34 times and Hannah Joseph Hospital's issue was subscribed 55%. KRM Ayurveda will finalize IPO share allotment by January 27, listing its shares on the NSE Emerge on January 29. The company will raise Rs 77.49 crore.

PhonePe's IPO, expected to be India's largest listing in 2026, features an Offer for Sale with a 9% stake sale by Walmart, required to meet SEBI's 10% public shareholding threshold. The decision isn't driven by a shift in investment view or desire for profits, but a regulatory necessity. Founders, employees, and 99% minority shareholders hold onto their shares.

The Shadowfax Technologies IPO share allotment is expected to be finalized on January 23 after drawing 3 times the investor demand. The IPO was open from January 20-22 with a price band of Rs 118-124 per share. Allotment status can be checked on KFin Tech, NSE, and BSE websites using application numbers or PAN.

PhonePe has filed its updated IPO papers with SEBI, planning an initial public offering comprising only an offer-for-sale of ~5.06 crore shares by existing investors. Walmart’s unit will sell most shares (~4.59 cr), while Microsoft and Tiger Global will offload their stakes, marking a major liquidity event for backers as the fintech nears a mid-2026 listing.

Digilogic Systems' IPO saw 1.09 times subscription, receiving support from qualified institutional investors. Shayona Engineering's IPO was 98% subscribed, mainly by qualified institutional buyers. Hannah Joseph Hospital's IPO was undersubscribed at 16%. Digilogic Systems will finalise share allotment by January 23, while its shares will be listed on the BSE SME on January 28.

Shadowfax Technologies Ltd's three-day IPO received 66% subscription, with a 1.87 times subscription for retail investors and 38% for QIBs, 41% for non-institutional investors. The company collected Rs 856 crore from anchor investors and is valued over Rs 7,100 crore. IPO shares are likely to be allotted on January 23, listing on January 28.

Armour Security India is set to debut on NSE SME platform Thursday with muted listing expectations, as the grey market premium remains at 0%. The Rs 26.51 crore IPO was subscribed 1.82 times, with 46.5 lakh shares issued. The company has reported steady financial growth with profit rising to Rs 3.97 crore in FY25, and plans to use IPO proceeds for working capital, equipment and general purposes.

The KRM Ayurveda IPO, which opened January 21, received a 0.66 times subscription with bids for 24 lakh shares against 36.24 lakh shares. The issue aims to raise ₹77.5 crore with a fresh issue of 0.57 crore shares at a price band of ₹128- ₹135 per share. The allotment date is January 27 and listing on NSE SME is proposed for January 29.

The IPO market has seen a slow start due to heightened volatility in the secondary market. In December and January, six companies have either expired or withdrawn their Sebi approvals, including the Rs 6,000 crore IPO of Inox Clean Energy. The Sensex has fallen 4% and BSE small cap has fallen 8% in January. Prime Database has 114 IPO-bound companies awaiting approvals to raise Rs 1.43 lakh crore.

Aritas Vinyl's IPO allotment is expected to be finalized today, January 21. Investors can check their status through Bigshare Services or BSE. The ₹37.52 crore IPO received a 2.21 times subscription, with retail investors oversubscribing 2.88 times. Shares will be allocated on a proportional basis to retail investors. Refunds will start on January 22, and shares will be credited on the same day.

Shadowfax Technologies' IPO has been subscribed 55% by day two, led by retail investors booking their reserved portion 1.5 times. Bids received for 4.93 crore shares against an offer size of 8.91 crore shares. Non-Institutional Investors booked 28% and Qualified Institutional Buyers subscribed 38% of their reserved portions.

Blackstone is considering an IPO for PGP Glass, a Mumbai-based glass packaging maker, that could raise up to $500 million and value the company up to $4 billion. Blackstone acquired PGP Glass in 2021 for $765 million and reported an operating income of $5.3 billion and net income of $405 million in the fiscal year ended March 2025.

INDO SMC's Rs 91.95 crore IPO is set to debut at the BSE SME platform with a 7% grey market premium, indicating modest listing gain expectations. The IPO was subscribed 110.49 times, led by non-institutional investors and reflecting broad-based interest. The company plans to utilize IPO proceeds for capital expenditure and working capital needs.

EAAA India Alternatives files draft document with SEBI to raise up to Rs 1,500 crore through an initial public offering (IPO) entirely through an offer-for-sale by promoter Edelweiss Securities and Investments. The company has Rs 65,504 crore in assets under management, with 51.67% from institutional clients. IPO to enhance visibility and brand image.

Aritas Vinyl's IPO closed with 2.15 times subscription, led by retail investors, while Digilogic Systems' IPO was undersubscribed 31%. Aritas Vinyl raised Rs 37.52 crore and will use IPO proceeds for solar power, working capital, and general corporate purposes. Digilogic Systems attempted to raise Rs 81.01 crore via IPO but was met with only 31% subscription.

PhonePe receives SEBI approval for its initial public offering (IPO) on January 20. The Bengaluru-based payments giant is valued at around $15 billion and looks to raise Rs 12,000 crore ($1.35 billion) through a pure offer for sale. PhonePe holds a 45% market share in UPI and processes 10 billion transactions worth Rs 12 lakh crore every month.

Avana Electrosystems had a strong market debut on the NSE Emerge platform, listing at Rs 77.5, a 31.4% premium over its IPO price. The company debuted with a market capitalization of over Rs 175 crore. The shares dropped around 5% but remain 25% higher than the IPO price, beating grey market estimates.

UPL's seed business Advanta Enterprises has filed draft IPO papers with SEBI and stock exchanges, planning a stock market listing through an offer for sale of up to 36,105,578 shares, with UPL and other shareholders selling 28,107,578 shares. The listing, subject to approvals, will allow UPL to pare its stake and monetize the business.

Shadowfax Technologies' IPO opened on January 20, with a 4% subscription on Day 1. The company received bids for 39.80 lakh shares against an offer size of 8.91 crore shares. Retail investors booked 20% of the reserved portion, while Non Institutional Investors booked 3%. The IPO aims to raise Rs 1,907.2 crore, with allotments expected to be finalized by January 23 and listing on January 28.

Shadowfax Technologies’ ₹1,907 crore IPO opens Jan 20 and closes Jan 22, valuing it at ₹7,170 crore. The company operates a nationwide last-mile logistics network. Analysts rate the issue ‘Neutral’, citing revenue concentration and operational risks, while noting growth potential in India’s logistics market.

Avana Electrosystems IPO lists at a premium on NSE SME, commanding 17% grey market premium. Priced at Rs 59, the stock may list at Rs 69-70. The Rs 35.22 crore IPO received 131.82 times subscription, with non-institutional investors and retail investors bidding 219.02 and 137.52 times respectively. The company has shown steady financial growth.

Amagi Media Labs' Rs 1,789-crore IPO drew over 30 times subscription demand. The issue opened on January 13 and closed on January 16 with a price band of Rs 343-361 per share. IPO applicants can check their allotment status on the official registrar website, BSE, and NSE by entering their application number or PAN. The allotment status is expected to be finalised later on January 19.

Clean Max Enviro Energy Solutions is set to launch a reduced IPO of $350–400 million in February, down from the earlier estimate of $573 million. Existing investors, including Augment Infrastructure Partners, will offload shares via a secondary sale. Valuation concerns and solar panel oversupply have weighed on renewable energy sector earnings and profitability.

Bharat Coking Coal share price made a bumper debut on the Indian stock market on Monday, January 19. Bharat Coking Coal's share price list at ₹45 on NSE, ₹45.21 on BSE, a 96.5% premium over ₹23 IPO price. The listing matches grey market expectations, where the GMP was trading at a +13.6 premium ahead of listing, indicating a strong debut on the Indian stock market on January 19.

Bharat Coking Coal Ltd's ₹1,071 crore IPO was subscribed 146.8 times, with retail participation 49.2 times and institutional investors subscribing 310.8 times. The stock is expected to list on January 19, with a 60% premium in the grey market. Analysts predict a confident listing outlook, but caution about sector cyclicality and recommend booking 50% profit on listing gains.

Defrail Technologies' IPO, priced at Rs 74 per share, saw a subscription of 105 times, exceeding demand for both institutional and retail investors. The company's valuation pre-listing was around Rs 52 crore. With a grey market premium of 23%, the stock may list at Rs 90-92, as it prepares to debut on the BSE SME platform on January 19.

Four companies, Shadowfax Technologies, Digilogic Systems, KRM Ayurveda, and Shayona Engineering, will launch their initial public offerings (IPOs) next week starting January 19. Total Rs 2,081-crore is expected to be raised through these IPOs, with Shadowfax Technologies' IPO being the largest, raising Rs 1,907 crore. Nine new companies will start trading on the bourses next week.

Digilogic Systems Limited's , a city-based automated test equipment systems and application software provider to the defence and aerospace sector, IPO will open on January 20, with an anchor portion on January 19 and concluding on January 22. The company aims to raise Rs 69.67 crore from a fresh issue and Rs 11.33 crore from an offer for sale, with a price band of Rs 98-104 per share.

The Bharat Coking Coal Ltd IPO commands a Rs 12.4 premium in the grey market, implying an estimated 53.91% listing gain. As of January 18, the IPO is expected to list at Rs 35.4 per share against the issue price of Rs 23. Despite a last-minute delay, grey market sentiment remains firm, with over 90 lakh applications and bids worth Rs 1.17 lakh crore received.

The primary market is set for a busy week with one large mainboard IPO, three SME issues, and nine listings. Shadowfax Technologies' Rs 1,907.27 crore IPO is a mix of fresh equity and an offer for sale by existing shareholders, with a price band of Rs 118-124, opening on January 20 and closing on January 22.

The Amagi Media Labs IPO witnessed a sharp rise in investor interest, with a subscription rate of 30.24 times. The issue attracted bids for 8.2 crore shares, exceeding the offer of 2.72 lakh shares. The non-institutional buyer segment was subscribed 38.26 times, while QIB and retail portions were subscribed 33 times and 9.54 times respectively.

Shapoorji Pallonji Group's real estate vertical plans to raise over Rs 8,000 crore through IPO, aiming to unlock value and pare debt. The firm has engaged advisors, including investment banks JM Financial, Motilal Oswal, and Morgan Stanley, and law firms Trilegal and AZB & Partners. The group has a development potential of over 142 million square feet across six cities.

KRM Ayurveda made a bumper debut on the Indian stock market with a 28% premium over its IPO price of ₹135. Shares listed at ₹172.10 on NSE SME, beating market expectations. The IPO was subscribed 74.27 times with 443 employees, six hospitals, and five clinics across India. The ₹77.49 crore funds raised will be used for infrastructure expansion and corporate purposes.

KRM Ayurveda's Rs 77 crore IPO on the NSE SME platform was subscribed 74.27 times, with non-institutional investors bidding 135.37 times. The issue was priced at Rs 135 per share at the upper end of the Rs 128 to Rs 135 price band, valuing the company at around Rs 287 crore, with an implied listing price of Rs 158 based on a grey market premium.

Pride Hotels, an Indian hospitality brand, received SEBI approval for its IPO, estimated at Rs 1,000 crore. The IPO size consists of a fresh issue of Rs 260 crore and an offer for sale of up to 39.24 million equity shares. Proceeds will be used for hotel renovations (Rs 159.68 crore), repayment of borrowings (Rs 40 crore), and general corporate purposes.

Fractal Analytics plans an IPO in the first half of 2026, with a revised size of ₹2,800 crore, down from ₹4,900 crore. The IPO will comprise a fresh issue of ₹1,000 crore and an Offer for Sale. Bankers include Morgan Stanley, Goldman Sachs, and Axis Capital. The company will utilize proceeds for subsidiaries, investments, and general corporate purposes.

Shadowfax Technologies listed at Rs 112.60, a 9.19% discount from its IPO price of Rs 124, on the NSE, with a market capitalization of Rs 6,509.78 crore. The company has missed grey market expectations due to a weaker than anticipated listing performance. Retail investors and QIBs had subscribed to their reserved portions more than 2 times during the IPO.

CRED, RedGiraffe, PayZapp and NoBroker have restarted rent payments via credit cards after aligning processes with RBI norms. The platforms now require PAN details, rent agreements and end-user verification. PhonePe, which took a Rs 1,250 crore revenue hit, continues to keep the service discontinued due to regulatory uncertainty.

In December 2025, 12 SME IPOs collectively saw declines of 30-70%. Shri Kanha Stainless, Western Overseas, and Riddhi Display experienced significant drops. SME IPOs often see massive oversubscription, fueled by investor expectations of quick listing gains, highlighting high-risk short-term gains and potential post-listing losses.

Kanohar Electricals, an Uttar Pradesh-based transformer manufacturer, has filed a draft document to raise Rs 300 crore via an initial public offering (IPO). The funds will be used for capital expenditure, working capital, and general corporate purposes. The company proposes to spend Rs 197.74 crore for various activities and incremental working capital.

KRM Ayurveda's IPO received a 64.25 times subscription, while Shayona Engineering's issue was subscribed 1.34 times and Hannah Joseph Hospital's issue was subscribed 55%. KRM Ayurveda will finalize IPO share allotment by January 27, listing its shares on the NSE Emerge on January 29. The company will raise Rs 77.49 crore.

PhonePe's IPO, expected to be India's largest listing in 2026, features an Offer for Sale with a 9% stake sale by Walmart, required to meet SEBI's 10% public shareholding threshold. The decision isn't driven by a shift in investment view or desire for profits, but a regulatory necessity. Founders, employees, and 99% minority shareholders hold onto their shares.

The Shadowfax Technologies IPO share allotment is expected to be finalized on January 23 after drawing 3 times the investor demand. The IPO was open from January 20-22 with a price band of Rs 118-124 per share. Allotment status can be checked on KFin Tech, NSE, and BSE websites using application numbers or PAN.

PhonePe has filed its updated IPO papers with SEBI, planning an initial public offering comprising only an offer-for-sale of ~5.06 crore shares by existing investors. Walmart’s unit will sell most shares (~4.59 cr), while Microsoft and Tiger Global will offload their stakes, marking a major liquidity event for backers as the fintech nears a mid-2026 listing.

Digilogic Systems' IPO saw 1.09 times subscription, receiving support from qualified institutional investors. Shayona Engineering's IPO was 98% subscribed, mainly by qualified institutional buyers. Hannah Joseph Hospital's IPO was undersubscribed at 16%. Digilogic Systems will finalise share allotment by January 23, while its shares will be listed on the BSE SME on January 28.

Shadowfax Technologies Ltd's three-day IPO received 66% subscription, with a 1.87 times subscription for retail investors and 38% for QIBs, 41% for non-institutional investors. The company collected Rs 856 crore from anchor investors and is valued over Rs 7,100 crore. IPO shares are likely to be allotted on January 23, listing on January 28.

Armour Security India is set to debut on NSE SME platform Thursday with muted listing expectations, as the grey market premium remains at 0%. The Rs 26.51 crore IPO was subscribed 1.82 times, with 46.5 lakh shares issued. The company has reported steady financial growth with profit rising to Rs 3.97 crore in FY25, and plans to use IPO proceeds for working capital, equipment and general purposes.

The KRM Ayurveda IPO, which opened January 21, received a 0.66 times subscription with bids for 24 lakh shares against 36.24 lakh shares. The issue aims to raise ₹77.5 crore with a fresh issue of 0.57 crore shares at a price band of ₹128- ₹135 per share. The allotment date is January 27 and listing on NSE SME is proposed for January 29.

The IPO market has seen a slow start due to heightened volatility in the secondary market. In December and January, six companies have either expired or withdrawn their Sebi approvals, including the Rs 6,000 crore IPO of Inox Clean Energy. The Sensex has fallen 4% and BSE small cap has fallen 8% in January. Prime Database has 114 IPO-bound companies awaiting approvals to raise Rs 1.43 lakh crore.

Aritas Vinyl's IPO allotment is expected to be finalized today, January 21. Investors can check their status through Bigshare Services or BSE. The ₹37.52 crore IPO received a 2.21 times subscription, with retail investors oversubscribing 2.88 times. Shares will be allocated on a proportional basis to retail investors. Refunds will start on January 22, and shares will be credited on the same day.

Shadowfax Technologies' IPO has been subscribed 55% by day two, led by retail investors booking their reserved portion 1.5 times. Bids received for 4.93 crore shares against an offer size of 8.91 crore shares. Non-Institutional Investors booked 28% and Qualified Institutional Buyers subscribed 38% of their reserved portions.

Blackstone is considering an IPO for PGP Glass, a Mumbai-based glass packaging maker, that could raise up to $500 million and value the company up to $4 billion. Blackstone acquired PGP Glass in 2021 for $765 million and reported an operating income of $5.3 billion and net income of $405 million in the fiscal year ended March 2025.

INDO SMC's Rs 91.95 crore IPO is set to debut at the BSE SME platform with a 7% grey market premium, indicating modest listing gain expectations. The IPO was subscribed 110.49 times, led by non-institutional investors and reflecting broad-based interest. The company plans to utilize IPO proceeds for capital expenditure and working capital needs.

EAAA India Alternatives files draft document with SEBI to raise up to Rs 1,500 crore through an initial public offering (IPO) entirely through an offer-for-sale by promoter Edelweiss Securities and Investments. The company has Rs 65,504 crore in assets under management, with 51.67% from institutional clients. IPO to enhance visibility and brand image.

Aritas Vinyl's IPO closed with 2.15 times subscription, led by retail investors, while Digilogic Systems' IPO was undersubscribed 31%. Aritas Vinyl raised Rs 37.52 crore and will use IPO proceeds for solar power, working capital, and general corporate purposes. Digilogic Systems attempted to raise Rs 81.01 crore via IPO but was met with only 31% subscription.

PhonePe receives SEBI approval for its initial public offering (IPO) on January 20. The Bengaluru-based payments giant is valued at around $15 billion and looks to raise Rs 12,000 crore ($1.35 billion) through a pure offer for sale. PhonePe holds a 45% market share in UPI and processes 10 billion transactions worth Rs 12 lakh crore every month.

Avana Electrosystems had a strong market debut on the NSE Emerge platform, listing at Rs 77.5, a 31.4% premium over its IPO price. The company debuted with a market capitalization of over Rs 175 crore. The shares dropped around 5% but remain 25% higher than the IPO price, beating grey market estimates.

UPL's seed business Advanta Enterprises has filed draft IPO papers with SEBI and stock exchanges, planning a stock market listing through an offer for sale of up to 36,105,578 shares, with UPL and other shareholders selling 28,107,578 shares. The listing, subject to approvals, will allow UPL to pare its stake and monetize the business.

Shadowfax Technologies' IPO opened on January 20, with a 4% subscription on Day 1. The company received bids for 39.80 lakh shares against an offer size of 8.91 crore shares. Retail investors booked 20% of the reserved portion, while Non Institutional Investors booked 3%. The IPO aims to raise Rs 1,907.2 crore, with allotments expected to be finalized by January 23 and listing on January 28.

Shadowfax Technologies’ ₹1,907 crore IPO opens Jan 20 and closes Jan 22, valuing it at ₹7,170 crore. The company operates a nationwide last-mile logistics network. Analysts rate the issue ‘Neutral’, citing revenue concentration and operational risks, while noting growth potential in India’s logistics market.

Avana Electrosystems IPO lists at a premium on NSE SME, commanding 17% grey market premium. Priced at Rs 59, the stock may list at Rs 69-70. The Rs 35.22 crore IPO received 131.82 times subscription, with non-institutional investors and retail investors bidding 219.02 and 137.52 times respectively. The company has shown steady financial growth.

Amagi Media Labs' Rs 1,789-crore IPO drew over 30 times subscription demand. The issue opened on January 13 and closed on January 16 with a price band of Rs 343-361 per share. IPO applicants can check their allotment status on the official registrar website, BSE, and NSE by entering their application number or PAN. The allotment status is expected to be finalised later on January 19.

Clean Max Enviro Energy Solutions is set to launch a reduced IPO of $350–400 million in February, down from the earlier estimate of $573 million. Existing investors, including Augment Infrastructure Partners, will offload shares via a secondary sale. Valuation concerns and solar panel oversupply have weighed on renewable energy sector earnings and profitability.

Bharat Coking Coal share price made a bumper debut on the Indian stock market on Monday, January 19. Bharat Coking Coal's share price list at ₹45 on NSE, ₹45.21 on BSE, a 96.5% premium over ₹23 IPO price. The listing matches grey market expectations, where the GMP was trading at a +13.6 premium ahead of listing, indicating a strong debut on the Indian stock market on January 19.

Bharat Coking Coal Ltd's ₹1,071 crore IPO was subscribed 146.8 times, with retail participation 49.2 times and institutional investors subscribing 310.8 times. The stock is expected to list on January 19, with a 60% premium in the grey market. Analysts predict a confident listing outlook, but caution about sector cyclicality and recommend booking 50% profit on listing gains.

Defrail Technologies' IPO, priced at Rs 74 per share, saw a subscription of 105 times, exceeding demand for both institutional and retail investors. The company's valuation pre-listing was around Rs 52 crore. With a grey market premium of 23%, the stock may list at Rs 90-92, as it prepares to debut on the BSE SME platform on January 19.

Four companies, Shadowfax Technologies, Digilogic Systems, KRM Ayurveda, and Shayona Engineering, will launch their initial public offerings (IPOs) next week starting January 19. Total Rs 2,081-crore is expected to be raised through these IPOs, with Shadowfax Technologies' IPO being the largest, raising Rs 1,907 crore. Nine new companies will start trading on the bourses next week.

Digilogic Systems Limited's , a city-based automated test equipment systems and application software provider to the defence and aerospace sector, IPO will open on January 20, with an anchor portion on January 19 and concluding on January 22. The company aims to raise Rs 69.67 crore from a fresh issue and Rs 11.33 crore from an offer for sale, with a price band of Rs 98-104 per share.

The Bharat Coking Coal Ltd IPO commands a Rs 12.4 premium in the grey market, implying an estimated 53.91% listing gain. As of January 18, the IPO is expected to list at Rs 35.4 per share against the issue price of Rs 23. Despite a last-minute delay, grey market sentiment remains firm, with over 90 lakh applications and bids worth Rs 1.17 lakh crore received.

The primary market is set for a busy week with one large mainboard IPO, three SME issues, and nine listings. Shadowfax Technologies' Rs 1,907.27 crore IPO is a mix of fresh equity and an offer for sale by existing shareholders, with a price band of Rs 118-124, opening on January 20 and closing on January 22.

The Amagi Media Labs IPO witnessed a sharp rise in investor interest, with a subscription rate of 30.24 times. The issue attracted bids for 8.2 crore shares, exceeding the offer of 2.72 lakh shares. The non-institutional buyer segment was subscribed 38.26 times, while QIB and retail portions were subscribed 33 times and 9.54 times respectively.