Open & Upcoming IPOs

Rajputana Stainless shares listed at a 1.6% premium on BSE at Rs 123.95 and at par on NSE. The Rs 255 crore IPO was subscribed 1.12 times, with institutional investors showing stronger interest and retail participation being weak at 0.27 times. The company reported steady profitability but faces growth challenges with modest margins and valuation concerns at a 21x price-to-earnings multiple.

Since February, five recent IPOs in India have shown weak participation from retail investors, being undersubscribed in most cases, as volatile secondary markets prompt caution. Key figures include Omnitech Engineering's 1.14 times subscription, SEDEMAC Mechatronics' 2.68 times subscription, and GSP Crop Science's 1.2 times subscription, with retail participation undersubscribed in all five.

Reliance Jio Platforms is hiring 17 banks, including Citigroup, JPMorgan, and Goldman Sachs, to manage its Mumbai stock listing, a potential $4 billion IPO. The offer for sale will see existing shareholders sell shares to the public, allowing exits for some shareholders without raising new funds. The IPO could be India's largest ever listing.

Cube Highways Trust, an infrastructure investment trust, filed papers with SEBI to raise Rs 5,000 crore through an entirely Offer-for-Sale (OFS) based initial public offering (IPO). The Trust operates 27 road assets, with a Rs 36,520 crore asset under management, and plans to expand to 31 assets after acquiring four projects.

Powerica Ltd's Rs 1,100-crore IPO opening on March 24, with a price band of Rs 375-395 apiece, valuing the company at nearly Rs 5,000 crore. Proceeds to be used primarily for debt reduction with Rs 525 crore allocated for this purpose. The IPO will conclude on March 27 and the company is expected to list on April 2.

The National Stock Exchange of India set advisory fees at 0.65% of issue size for its IPO, estimated at $2.5 billion, totaling $16.25 million. The six lead banks, including Kotak Mahindra Capital and Morgan Stanley, will likely share the bulk. This fee compares to an average of 1.86% paid by 417 companies last year and 1.67% by 350 issuers in 2024.

Apsis Aerocom's shares listed 39% above IPO price at Rs 153 on NSE SME, exceeding expectations of a 24% premium. The stock was subscribed 129.33 times, with over 100x in retail and 237x in NII segments. The company operates in precision engineering, catering to aerospace, defence, and healthcare, with plans for capital expenditure and general corporate purposes.

Reliance Industries aims to file a draft IPO prospectus for Jio Platforms by the end of the month. Nine international banks and four domestic advisers have been selected to handle the issue. The proposed IPO could be India's largest, with a 2.5% equity dilution allowed by the government change in listing requirements. The size, structure, and timing of the transaction are still being finalized.

Innovision IPO allotment status is likely to be finalised on March 18. The issue, initially priced at ₹521–548, was revised to ₹494–519 amid weak demand, with just 32% subscription in the first three days. It later closed 3.46 times, led by QIBs. Shares are expected to list on March 20 after credit to investors’ Demat accounts.

Powerica Ltd. fixed its IPO price band between ₹375 to ₹395 per share, opening for subscription on March 24 and closing on March 27. The ₹1,100 crore IPO includes a fresh issue of ₹700 crore and an Offer For Sale worth ₹400 crore. 50% reserved for QIBs, 15% for non-institutional investors, and 35% for retail investors.

Apsis Aerocom's IPO saw a 129.33 times subscription, with robust demand across categories. The company is set to list on the NSE SME platform on March 18. The grey market premium stands at 24%, implying a potential listing price of Rs 136-137 per share. The IPO raised Rs 36 crore for capital expenditure and general corporate purposes.

Central Mine Planning and Designing Institute (CMPDI) is set to launch its Rs 1,842 crore IPO for bidding on March 20. The issue is entirely an offer for sale by Coal India, shedding 10.71 crore equity shares. The price band is Rs 163 - 172, with a grey market premium suggesting a listing price of Rs 186 at the upper end.

Central Mine Planning and Design Institute (CMPDIL) IPO GMP rose to 13% ahead of issue opening. The Rs 1,842-crore IPO opens on March 20 and will conclude on March 24. It values the company at Rs 12,280 crore and consists of 35% retail, 50% qualified institutional buyers, and 15% non-institutional buyers. The stock market debut is on March 30 with a share price band of Rs 163 to Rs 172.

The government amended the Securities Contracts (Regulation) Rules on March 13, allowing large companies to list with smaller initial public floats and a phased dilution approach. This change gives issuers more flexibility and addresses concerns about investor appetite, providing better support for the stock and retaining long-term investors.

Travelstack Tech gets SEBI approval to proceed with its public offering, seeking to raise Rs 250 crore through fresh equity issuance, with 2.68 crore shares offloaded by promoters and investors. Funds will be used for capital requirements, debt repayment, and corporate purposes. Key risks include reduced demand for hotels, seasonality, and related-party transactions.

Tipco Engineering India will launch a Rs 60.5 crore IPO from March 23 to 25 with a price band of Rs 84-89 per share. The Haryana-based company raises funds to repay borrowings, working capital, and general corporate purposes. The IPO's anchor book will open on March 20, and share allotment will be finalized by March 27. The company will list on BSE SME on April 1.

Walmart-owned PhonePe deferred its India IPO citing market volatility and the Israel-Iran war, but sources suggest a valuation mismatch also played a role. PhonePe sought $15 billion, but investors are willing to pay only half of that, around $7-8 billion, due to concerns over high employee stock ownership plan costs and profit margins.

SEBI intervened after "unsolicited emails" were shared regarding Rajputana Stainless' IPO, prompting investors to withdraw their bids by March 16. The allotment has been deferred to March 17 and shares are expected to list on March 19 on BSE and NSE. The IPO raised Rs 254.98 crore at a price of Rs 122 per share.

Travelstack Tech, Tea Post, and Learnfluence Education received approval from SEBI to proceed with their IPO plans, while Rays Power Infra, Arjun Jewellers, and Madhur Iron & Steel India withdrew their draft papers. Travelstack aims to raise Rs 250 crore, Tea Post Rs 2.85 crore, and Learnfluence Rs 246 crore via the IPO, with the former having backing from firms like Accel and Goldman Sachs.

PhonePe has deferred its public market listing plans due to global market volatility. The company received approval from SEBI in January 2026 and plans to list within its one-year timeline, pending market stability. Its IPO was expected to value PhonePe at $15 billion, raising ₹12,000 crore. PhonePe commands a 49-51% UPI market share, with 657 million registered users and 47 million merchants.

Rajputana Stainless shares listed at a 1.6% premium on BSE at Rs 123.95 and at par on NSE. The Rs 255 crore IPO was subscribed 1.12 times, with institutional investors showing stronger interest and retail participation being weak at 0.27 times. The company reported steady profitability but faces growth challenges with modest margins and valuation concerns at a 21x price-to-earnings multiple.

Since February, five recent IPOs in India have shown weak participation from retail investors, being undersubscribed in most cases, as volatile secondary markets prompt caution. Key figures include Omnitech Engineering's 1.14 times subscription, SEDEMAC Mechatronics' 2.68 times subscription, and GSP Crop Science's 1.2 times subscription, with retail participation undersubscribed in all five.

Reliance Jio Platforms is hiring 17 banks, including Citigroup, JPMorgan, and Goldman Sachs, to manage its Mumbai stock listing, a potential $4 billion IPO. The offer for sale will see existing shareholders sell shares to the public, allowing exits for some shareholders without raising new funds. The IPO could be India's largest ever listing.

Cube Highways Trust, an infrastructure investment trust, filed papers with SEBI to raise Rs 5,000 crore through an entirely Offer-for-Sale (OFS) based initial public offering (IPO). The Trust operates 27 road assets, with a Rs 36,520 crore asset under management, and plans to expand to 31 assets after acquiring four projects.

Powerica Ltd's Rs 1,100-crore IPO opening on March 24, with a price band of Rs 375-395 apiece, valuing the company at nearly Rs 5,000 crore. Proceeds to be used primarily for debt reduction with Rs 525 crore allocated for this purpose. The IPO will conclude on March 27 and the company is expected to list on April 2.

The National Stock Exchange of India set advisory fees at 0.65% of issue size for its IPO, estimated at $2.5 billion, totaling $16.25 million. The six lead banks, including Kotak Mahindra Capital and Morgan Stanley, will likely share the bulk. This fee compares to an average of 1.86% paid by 417 companies last year and 1.67% by 350 issuers in 2024.

Apsis Aerocom's shares listed 39% above IPO price at Rs 153 on NSE SME, exceeding expectations of a 24% premium. The stock was subscribed 129.33 times, with over 100x in retail and 237x in NII segments. The company operates in precision engineering, catering to aerospace, defence, and healthcare, with plans for capital expenditure and general corporate purposes.

Reliance Industries aims to file a draft IPO prospectus for Jio Platforms by the end of the month. Nine international banks and four domestic advisers have been selected to handle the issue. The proposed IPO could be India's largest, with a 2.5% equity dilution allowed by the government change in listing requirements. The size, structure, and timing of the transaction are still being finalized.

Innovision IPO allotment status is likely to be finalised on March 18. The issue, initially priced at ₹521–548, was revised to ₹494–519 amid weak demand, with just 32% subscription in the first three days. It later closed 3.46 times, led by QIBs. Shares are expected to list on March 20 after credit to investors’ Demat accounts.

Powerica Ltd. fixed its IPO price band between ₹375 to ₹395 per share, opening for subscription on March 24 and closing on March 27. The ₹1,100 crore IPO includes a fresh issue of ₹700 crore and an Offer For Sale worth ₹400 crore. 50% reserved for QIBs, 15% for non-institutional investors, and 35% for retail investors.

Apsis Aerocom's IPO saw a 129.33 times subscription, with robust demand across categories. The company is set to list on the NSE SME platform on March 18. The grey market premium stands at 24%, implying a potential listing price of Rs 136-137 per share. The IPO raised Rs 36 crore for capital expenditure and general corporate purposes.

Central Mine Planning and Designing Institute (CMPDI) is set to launch its Rs 1,842 crore IPO for bidding on March 20. The issue is entirely an offer for sale by Coal India, shedding 10.71 crore equity shares. The price band is Rs 163 - 172, with a grey market premium suggesting a listing price of Rs 186 at the upper end.

Central Mine Planning and Design Institute (CMPDIL) IPO GMP rose to 13% ahead of issue opening. The Rs 1,842-crore IPO opens on March 20 and will conclude on March 24. It values the company at Rs 12,280 crore and consists of 35% retail, 50% qualified institutional buyers, and 15% non-institutional buyers. The stock market debut is on March 30 with a share price band of Rs 163 to Rs 172.

The government amended the Securities Contracts (Regulation) Rules on March 13, allowing large companies to list with smaller initial public floats and a phased dilution approach. This change gives issuers more flexibility and addresses concerns about investor appetite, providing better support for the stock and retaining long-term investors.

Travelstack Tech gets SEBI approval to proceed with its public offering, seeking to raise Rs 250 crore through fresh equity issuance, with 2.68 crore shares offloaded by promoters and investors. Funds will be used for capital requirements, debt repayment, and corporate purposes. Key risks include reduced demand for hotels, seasonality, and related-party transactions.

Tipco Engineering India will launch a Rs 60.5 crore IPO from March 23 to 25 with a price band of Rs 84-89 per share. The Haryana-based company raises funds to repay borrowings, working capital, and general corporate purposes. The IPO's anchor book will open on March 20, and share allotment will be finalized by March 27. The company will list on BSE SME on April 1.

Walmart-owned PhonePe deferred its India IPO citing market volatility and the Israel-Iran war, but sources suggest a valuation mismatch also played a role. PhonePe sought $15 billion, but investors are willing to pay only half of that, around $7-8 billion, due to concerns over high employee stock ownership plan costs and profit margins.

SEBI intervened after "unsolicited emails" were shared regarding Rajputana Stainless' IPO, prompting investors to withdraw their bids by March 16. The allotment has been deferred to March 17 and shares are expected to list on March 19 on BSE and NSE. The IPO raised Rs 254.98 crore at a price of Rs 122 per share.

Travelstack Tech, Tea Post, and Learnfluence Education received approval from SEBI to proceed with their IPO plans, while Rays Power Infra, Arjun Jewellers, and Madhur Iron & Steel India withdrew their draft papers. Travelstack aims to raise Rs 250 crore, Tea Post Rs 2.85 crore, and Learnfluence Rs 246 crore via the IPO, with the former having backing from firms like Accel and Goldman Sachs.

PhonePe has deferred its public market listing plans due to global market volatility. The company received approval from SEBI in January 2026 and plans to list within its one-year timeline, pending market stability. Its IPO was expected to value PhonePe at $15 billion, raising ₹12,000 crore. PhonePe commands a 49-51% UPI market share, with 657 million registered users and 47 million merchants.

GSP Crop Science's IPO received 20% subscription on the first day, receiving bids for 17.87-lakh shares against a 89.47-lakh share offer. QIBs subscribed 58 percent, while NIIs bid 3% and RIIs 6%. The price band is Rs 304-320 per share and the IPO will raise Rs 170 crore for debt repayment and general corporate purposes.

Three new IPOs, worth Rs 2,300 crore, are scheduled to open in the primary market starting March 16. These include GSP Crop Science (Rs 400 crore), Central Mine Planning & Design Institute (Rs 1,838 crore), and Novus Loyalty (Rs 60.15 crore). The IPOs will offer shares at prices ranging from Rs 304-320 to Rs 163-172 per share.

GSP Crop Science, an agrochemical manufacturer, is opening its mainboard IPO for bidding today, March 16. The three-day subscription window ends on March 18, with share allotment expected by March 20 and listing on March 24. The Rs 400 crore IPO has a price band of Rs 304-320 per share, with the company aiming to reduce debt and raise funds for general corporate purposes.

Central Mine Planning & Design Institute set a price band of Rs 163-172 per share for its IPO. The coal consultancy company is raising Rs 1,837.8 crore via an OFS by Coal India without a fresh issue component. The IPO opens on March 20, closes on March 24, and will be listed on March 30. It generated Rs 425.4 crore profit in nine months, with revenue increasing 9.3% to Rs 1,489.7 crore.

Rajputana Stainless is expected to have a muted market debut with a grey market premium of around 0% indicating flat listing gains. The Rs 255 crore IPO received a modest response with institutional investors driving demand, and the firm will use proceeds to repay borrowings, fund new facilities, and general corporate purposes. Listing depends on broader market conditions and investor appetite.

Amir Chand Jagdish Kumar (Exports) Ltd., a basmati rice exporter, plans to raise ₹440 crore through its initial public offering (IPO) from March 24 to 27. The company has raised ₹13 crore in a pre-IPO round, with 9.42 lakh shares remaining. The IPO size was reduced from ₹550 crore, with ₹188 crore valuation. The proceeds will fund working capital and general corporate purposes.

Shashank Mehta, CEO of The Whole Truth, said no fixed IPO timeline is set, as the company needs to achieve a desired profit and loss profile. Mehta emphasized transparency, stating The Whole Truth operates openly, regardless of being public or private, citing open access to their factory, people, P&L, and recipes.

Raajmarg Infra Investment Trust's initial public offering (IPO) garnered strong demand, subscribing 13.74 times with 293.1 crore units bid, against 21.3 crore units on offer. Institutional investors bid 19.15 times, and other investors 7.26 times their quotas. The IPO price range was Rs 99-100 per unit, raising Rs 6,000 crore.

GSP Crop Science raised Rs 120 crore from anchor investors before its Rs 400 crore IPO opening on March 16. Anchor investors Mauritius-based Craft Emerging Market Fund PCC and Shine Star Build Cap acquired 25 lakh and 12.5 lakh shares respectively for Rs 80 crore and Rs 40 crore. The IPO's Rs 304-320 price band will end on March 18.

India has reduced the minimum shares companies must offer in IPOs to 2.5% of paid-up capital for companies valued over Rs 5 lakh crore after listing. The changes, part of new rules released, aim to attract large companies like National Stock Exchange and Reliance Jio to list on the stock exchange with a mandatory 5-10 year glide path to 25% public shareholding.

Amir Chand Jagdish Kumar (Exports), a Haryana-based basmati rice processor and exporter, opens its Rs 440-crore IPO on March 24, with the offer closing on March 27. The IPO has a fresh issue of 2.55 crore shares, with proceeds to fund working capital and general corporate purposes. The company aims for a market debut on April 2.

The Central government amended rules governing minimum public shareholding, introducing a graded framework allowing large companies to offer a smaller portion of shares to the public at IPO. Companies with post-issue capital over ₹1,600 crore are subject to varying public offer requirements, including 10%, 8%, and 2.75% shareholding, with set timelines for increase to 25% shareholding.

Apsis Aerocom's initial share sale garnered a robust response from investors, closing with 120.24 times subscription on March 13. The company raised Rs 35.77 crore via 32.52 lakh shares. Non-institutional investors bid 236.96 times their quota, retail and QIB were subscribed 99.95 and 100.2 times respectively. The IPO share allotment will be finalised by March 16.

An arm of state-owned Coal India- Coal Central Mine Planning and Design Institute (CMPDIL) is set to launch its initial public offering (IPO) on March 20. The IPO, an offer for sale of 10.71 crore shares, will conclude on March 24. IDBI Capital Markets and SBI Capital Markets are the book-running lead managers for the issue.

NSE appointed 20 merchant bankers and 8 law firms for its IPO. IFCI's shares rallied 11% on the announcement, as its subsidiary Stock Holding Corporation holds 4.4% of NSE. Other significant shareholders include LIC (10.72%), Aranda Investments (4.54%), and SBI Capital Markets (4.33%). The IPO may raise up to Rs 23,000 crore.

The National Stock Exchange (NSE) has appointed 20 merchant banks and 8 law firms, including Morgan Stanley, HSBC Securities, and Cyril Amarchand Mangaldas, to assist with its initial public offering (IPO). The selected intermediaries will help with filings, due diligence, documentation, marketing, and execution, valuing the company at ₹4.89 lakh crore or ₹1,975 per share.

Innovision's IPO received 19% subscription from Retail Individual Investors and 28% from Non-institutional investors, as of 12:15 pm. The Qualified Institutional Buyers category was 96% subscribed. The IPO garnered bids for 14.16-lakh shares against the 61.32-lakh share on offer. The shares are commanding a grey market premium of 12% or more.

Elfin Agro India's Rs 25 crore IPO, which was subscribed 1.35 times, is set to debut on BSE SME on March 12. The grey market indicates shares may list at the issue price of Rs 47 per share, with no premium commanded. The IPO proceeds will fund business operations, with a focus on working capital requirements.

GSP Crop Science sets IPO price band at ₹304-₹320 per equity share, aiming to raise ₹400 crore. The company will list on BSE and NSE on March 24, with a post-listing market capitalisation of ₹1,488.6 crore at the upper end of the band. Proceeds will be used for debt repayment and general purposes, with the company competing with several listed peers in the agrochemical sector.

Rajputana Stainless IPO received 1.24-crore bids for 2.09-crore shares, achieving 60% subscription. Qualified Institutional Buyers (QIBs) subscribed 1.02 times, non-institutional investors 1.39 times, and Retail Individual Investors (RIIs) 19% time. The IPO is expected to be allotted by March 12 and list on March 16.

Rajputana Stainless shares listed at a 1.6% premium on BSE at Rs 123.95 and at par on NSE. The Rs 255 crore IPO was subscribed 1.12 times, with institutional investors showing stronger interest and retail participation being weak at 0.27 times. The company reported steady profitability but faces growth challenges with modest margins and valuation concerns at a 21x price-to-earnings multiple.

Since February, five recent IPOs in India have shown weak participation from retail investors, being undersubscribed in most cases, as volatile secondary markets prompt caution. Key figures include Omnitech Engineering's 1.14 times subscription, SEDEMAC Mechatronics' 2.68 times subscription, and GSP Crop Science's 1.2 times subscription, with retail participation undersubscribed in all five.

Reliance Jio Platforms is hiring 17 banks, including Citigroup, JPMorgan, and Goldman Sachs, to manage its Mumbai stock listing, a potential $4 billion IPO. The offer for sale will see existing shareholders sell shares to the public, allowing exits for some shareholders without raising new funds. The IPO could be India's largest ever listing.

Cube Highways Trust, an infrastructure investment trust, filed papers with SEBI to raise Rs 5,000 crore through an entirely Offer-for-Sale (OFS) based initial public offering (IPO). The Trust operates 27 road assets, with a Rs 36,520 crore asset under management, and plans to expand to 31 assets after acquiring four projects.

Powerica Ltd's Rs 1,100-crore IPO opening on March 24, with a price band of Rs 375-395 apiece, valuing the company at nearly Rs 5,000 crore. Proceeds to be used primarily for debt reduction with Rs 525 crore allocated for this purpose. The IPO will conclude on March 27 and the company is expected to list on April 2.

The National Stock Exchange of India set advisory fees at 0.65% of issue size for its IPO, estimated at $2.5 billion, totaling $16.25 million. The six lead banks, including Kotak Mahindra Capital and Morgan Stanley, will likely share the bulk. This fee compares to an average of 1.86% paid by 417 companies last year and 1.67% by 350 issuers in 2024.

Apsis Aerocom's shares listed 39% above IPO price at Rs 153 on NSE SME, exceeding expectations of a 24% premium. The stock was subscribed 129.33 times, with over 100x in retail and 237x in NII segments. The company operates in precision engineering, catering to aerospace, defence, and healthcare, with plans for capital expenditure and general corporate purposes.

Reliance Industries aims to file a draft IPO prospectus for Jio Platforms by the end of the month. Nine international banks and four domestic advisers have been selected to handle the issue. The proposed IPO could be India's largest, with a 2.5% equity dilution allowed by the government change in listing requirements. The size, structure, and timing of the transaction are still being finalized.

Innovision IPO allotment status is likely to be finalised on March 18. The issue, initially priced at ₹521–548, was revised to ₹494–519 amid weak demand, with just 32% subscription in the first three days. It later closed 3.46 times, led by QIBs. Shares are expected to list on March 20 after credit to investors’ Demat accounts.

Powerica Ltd. fixed its IPO price band between ₹375 to ₹395 per share, opening for subscription on March 24 and closing on March 27. The ₹1,100 crore IPO includes a fresh issue of ₹700 crore and an Offer For Sale worth ₹400 crore. 50% reserved for QIBs, 15% for non-institutional investors, and 35% for retail investors.

Apsis Aerocom's IPO saw a 129.33 times subscription, with robust demand across categories. The company is set to list on the NSE SME platform on March 18. The grey market premium stands at 24%, implying a potential listing price of Rs 136-137 per share. The IPO raised Rs 36 crore for capital expenditure and general corporate purposes.

Central Mine Planning and Designing Institute (CMPDI) is set to launch its Rs 1,842 crore IPO for bidding on March 20. The issue is entirely an offer for sale by Coal India, shedding 10.71 crore equity shares. The price band is Rs 163 - 172, with a grey market premium suggesting a listing price of Rs 186 at the upper end.

Central Mine Planning and Design Institute (CMPDIL) IPO GMP rose to 13% ahead of issue opening. The Rs 1,842-crore IPO opens on March 20 and will conclude on March 24. It values the company at Rs 12,280 crore and consists of 35% retail, 50% qualified institutional buyers, and 15% non-institutional buyers. The stock market debut is on March 30 with a share price band of Rs 163 to Rs 172.

The government amended the Securities Contracts (Regulation) Rules on March 13, allowing large companies to list with smaller initial public floats and a phased dilution approach. This change gives issuers more flexibility and addresses concerns about investor appetite, providing better support for the stock and retaining long-term investors.

Travelstack Tech gets SEBI approval to proceed with its public offering, seeking to raise Rs 250 crore through fresh equity issuance, with 2.68 crore shares offloaded by promoters and investors. Funds will be used for capital requirements, debt repayment, and corporate purposes. Key risks include reduced demand for hotels, seasonality, and related-party transactions.

Tipco Engineering India will launch a Rs 60.5 crore IPO from March 23 to 25 with a price band of Rs 84-89 per share. The Haryana-based company raises funds to repay borrowings, working capital, and general corporate purposes. The IPO's anchor book will open on March 20, and share allotment will be finalized by March 27. The company will list on BSE SME on April 1.

Walmart-owned PhonePe deferred its India IPO citing market volatility and the Israel-Iran war, but sources suggest a valuation mismatch also played a role. PhonePe sought $15 billion, but investors are willing to pay only half of that, around $7-8 billion, due to concerns over high employee stock ownership plan costs and profit margins.

SEBI intervened after "unsolicited emails" were shared regarding Rajputana Stainless' IPO, prompting investors to withdraw their bids by March 16. The allotment has been deferred to March 17 and shares are expected to list on March 19 on BSE and NSE. The IPO raised Rs 254.98 crore at a price of Rs 122 per share.

Travelstack Tech, Tea Post, and Learnfluence Education received approval from SEBI to proceed with their IPO plans, while Rays Power Infra, Arjun Jewellers, and Madhur Iron & Steel India withdrew their draft papers. Travelstack aims to raise Rs 250 crore, Tea Post Rs 2.85 crore, and Learnfluence Rs 246 crore via the IPO, with the former having backing from firms like Accel and Goldman Sachs.

PhonePe has deferred its public market listing plans due to global market volatility. The company received approval from SEBI in January 2026 and plans to list within its one-year timeline, pending market stability. Its IPO was expected to value PhonePe at $15 billion, raising ₹12,000 crore. PhonePe commands a 49-51% UPI market share, with 657 million registered users and 47 million merchants.

GSP Crop Science's IPO received 20% subscription on the first day, receiving bids for 17.87-lakh shares against a 89.47-lakh share offer. QIBs subscribed 58 percent, while NIIs bid 3% and RIIs 6%. The price band is Rs 304-320 per share and the IPO will raise Rs 170 crore for debt repayment and general corporate purposes.

Three new IPOs, worth Rs 2,300 crore, are scheduled to open in the primary market starting March 16. These include GSP Crop Science (Rs 400 crore), Central Mine Planning & Design Institute (Rs 1,838 crore), and Novus Loyalty (Rs 60.15 crore). The IPOs will offer shares at prices ranging from Rs 304-320 to Rs 163-172 per share.

GSP Crop Science, an agrochemical manufacturer, is opening its mainboard IPO for bidding today, March 16. The three-day subscription window ends on March 18, with share allotment expected by March 20 and listing on March 24. The Rs 400 crore IPO has a price band of Rs 304-320 per share, with the company aiming to reduce debt and raise funds for general corporate purposes.

Central Mine Planning & Design Institute set a price band of Rs 163-172 per share for its IPO. The coal consultancy company is raising Rs 1,837.8 crore via an OFS by Coal India without a fresh issue component. The IPO opens on March 20, closes on March 24, and will be listed on March 30. It generated Rs 425.4 crore profit in nine months, with revenue increasing 9.3% to Rs 1,489.7 crore.

Rajputana Stainless is expected to have a muted market debut with a grey market premium of around 0% indicating flat listing gains. The Rs 255 crore IPO received a modest response with institutional investors driving demand, and the firm will use proceeds to repay borrowings, fund new facilities, and general corporate purposes. Listing depends on broader market conditions and investor appetite.

Amir Chand Jagdish Kumar (Exports) Ltd., a basmati rice exporter, plans to raise ₹440 crore through its initial public offering (IPO) from March 24 to 27. The company has raised ₹13 crore in a pre-IPO round, with 9.42 lakh shares remaining. The IPO size was reduced from ₹550 crore, with ₹188 crore valuation. The proceeds will fund working capital and general corporate purposes.

Shashank Mehta, CEO of The Whole Truth, said no fixed IPO timeline is set, as the company needs to achieve a desired profit and loss profile. Mehta emphasized transparency, stating The Whole Truth operates openly, regardless of being public or private, citing open access to their factory, people, P&L, and recipes.

Raajmarg Infra Investment Trust's initial public offering (IPO) garnered strong demand, subscribing 13.74 times with 293.1 crore units bid, against 21.3 crore units on offer. Institutional investors bid 19.15 times, and other investors 7.26 times their quotas. The IPO price range was Rs 99-100 per unit, raising Rs 6,000 crore.

GSP Crop Science raised Rs 120 crore from anchor investors before its Rs 400 crore IPO opening on March 16. Anchor investors Mauritius-based Craft Emerging Market Fund PCC and Shine Star Build Cap acquired 25 lakh and 12.5 lakh shares respectively for Rs 80 crore and Rs 40 crore. The IPO's Rs 304-320 price band will end on March 18.

India has reduced the minimum shares companies must offer in IPOs to 2.5% of paid-up capital for companies valued over Rs 5 lakh crore after listing. The changes, part of new rules released, aim to attract large companies like National Stock Exchange and Reliance Jio to list on the stock exchange with a mandatory 5-10 year glide path to 25% public shareholding.

Amir Chand Jagdish Kumar (Exports), a Haryana-based basmati rice processor and exporter, opens its Rs 440-crore IPO on March 24, with the offer closing on March 27. The IPO has a fresh issue of 2.55 crore shares, with proceeds to fund working capital and general corporate purposes. The company aims for a market debut on April 2.

The Central government amended rules governing minimum public shareholding, introducing a graded framework allowing large companies to offer a smaller portion of shares to the public at IPO. Companies with post-issue capital over ₹1,600 crore are subject to varying public offer requirements, including 10%, 8%, and 2.75% shareholding, with set timelines for increase to 25% shareholding.

Apsis Aerocom's initial share sale garnered a robust response from investors, closing with 120.24 times subscription on March 13. The company raised Rs 35.77 crore via 32.52 lakh shares. Non-institutional investors bid 236.96 times their quota, retail and QIB were subscribed 99.95 and 100.2 times respectively. The IPO share allotment will be finalised by March 16.

An arm of state-owned Coal India- Coal Central Mine Planning and Design Institute (CMPDIL) is set to launch its initial public offering (IPO) on March 20. The IPO, an offer for sale of 10.71 crore shares, will conclude on March 24. IDBI Capital Markets and SBI Capital Markets are the book-running lead managers for the issue.

NSE appointed 20 merchant bankers and 8 law firms for its IPO. IFCI's shares rallied 11% on the announcement, as its subsidiary Stock Holding Corporation holds 4.4% of NSE. Other significant shareholders include LIC (10.72%), Aranda Investments (4.54%), and SBI Capital Markets (4.33%). The IPO may raise up to Rs 23,000 crore.

The National Stock Exchange (NSE) has appointed 20 merchant banks and 8 law firms, including Morgan Stanley, HSBC Securities, and Cyril Amarchand Mangaldas, to assist with its initial public offering (IPO). The selected intermediaries will help with filings, due diligence, documentation, marketing, and execution, valuing the company at ₹4.89 lakh crore or ₹1,975 per share.

Innovision's IPO received 19% subscription from Retail Individual Investors and 28% from Non-institutional investors, as of 12:15 pm. The Qualified Institutional Buyers category was 96% subscribed. The IPO garnered bids for 14.16-lakh shares against the 61.32-lakh share on offer. The shares are commanding a grey market premium of 12% or more.

Elfin Agro India's Rs 25 crore IPO, which was subscribed 1.35 times, is set to debut on BSE SME on March 12. The grey market indicates shares may list at the issue price of Rs 47 per share, with no premium commanded. The IPO proceeds will fund business operations, with a focus on working capital requirements.

GSP Crop Science sets IPO price band at ₹304-₹320 per equity share, aiming to raise ₹400 crore. The company will list on BSE and NSE on March 24, with a post-listing market capitalisation of ₹1,488.6 crore at the upper end of the band. Proceeds will be used for debt repayment and general purposes, with the company competing with several listed peers in the agrochemical sector.

Rajputana Stainless IPO received 1.24-crore bids for 2.09-crore shares, achieving 60% subscription. Qualified Institutional Buyers (QIBs) subscribed 1.02 times, non-institutional investors 1.39 times, and Retail Individual Investors (RIIs) 19% time. The IPO is expected to be allotted by March 12 and list on March 16.