Open & Upcoming IPOs

The Paradeep Parivahan IPO will open on March 17 and close on March 19, with a price band of ₹93 to ₹98 per share. The issue comprises 45,78,000 equity shares to raise ₹44.86 crore, primarily for working capital and corporate purposes. The company operates as a Multi-Modal Transport Operator and Authorised Economic Operator in the logistics sector.

Allchem Lifescience Limited, an Indian manufacturer of active pharmaceutical ingredients (API) intermediates and specialty chemicals, has filed a draft red herring prospectus (DRHP) for an IPO. The offering includes a fresh issuance of shares worth up to ₹190 crore and an offer for sale of up to 7,155,000 shares. The company is serving major domestic and international clients.

LG Electronics India has received SEBI approval for its Rs 15,000 crore IPO, potentially India's fifth-largest. The offer-for-sale by LG Electronics Inc will sell a 15% stake. The company is a market leader in consumer electronics in India, with a strong manufacturing presence. This IPO follows Hyundai Motor India's successful listing, marking the second South Korean company to go public in India.

PDP Shipping IPO share allotment will be finalised today (Thursday, March 13). The investors who applied for the issue can check the PDP Shipping IPO allotment status in the registrar’s portal, which is Kfin Technologies Ltd. Refunds begin March 17; shares credited same day. Listing on March 18. IPO subscribed 1.01x overall, with 1.88x retail and 14% NII. GMP is 0.

Super Iron Foundry's IPO, closing on March 13, was subscribed 47.7 times by March 12. The company aims to raise Rs 68.05 crore at Rs 108 per share, with funds allocated for working capital, debt repayment, and corporate purposes. Retail investors subscribed 84.2% of their quota, while non-institutional investors took 16.2%. Horizon Management is the lead manager.

PDP Shipping & Projects IPO, priced at ₹135 per share, opened on March 10 and closed on March 12. The ₹12.65 crore issue aims to fund working capital and corporate expenses. Subscription reached 76% on the final day, with retail portion oversubscribed 1.39x. The company operates as a Multi Modal Transport Operator offering logistics and freight services.

Vibhor Steel Tubes Ltd., the second-most subscribed mainboard IPO in India, is trading below its ₹151 IPO price at ₹135.8, down 2% on March 12. The stock has dropped 30% in 2025 and 60% from its post-listing high of ₹333. Retail shareholding rose from 12% to 17.9%, with promoters holding 73.48% and Jindal Pipes owning 1.32%.

The 2025 IPO market shows mixed trends with tech firms like CoreWeave, Klarna, and Discord planning listings amid volatility. Despite a 62% rise in IPO value to $10 billion, concerns over market swings and investor caution persist, impacting companies like Gensys, which postponed its IPO. CoreWeave's $4 billion IPO aims to capitalize on AI growth despite investor hesitancy.

PDP Shipping & Projects' IPO was subscribed 50% on Day 2, with bids for 4.65 lakh shares out of 9.37 lakh offered. Retail investors claimed 88% of their reserved portion, while non-institutional investors took 17%. The company aims to raise Rs 12.65 crore at Rs 135 per share, primarily for working capital. Sun Capital Advisory manages the issue.

Crizac and Borana Weaves have received SEBI approval for their IPOs. Crizac, a B2B education platform, aims to raise Rs 1,000 crore via an offer-for-sale. Borana Weaves, a textile manufacturer, plans a fresh issue of 70 lakh shares to fund a new manufacturing unit and working capital. Both IPOs are set to launch within a year.

Ather Energy, an Indian electric scooter maker, plans an IPO in Mumbai at a $1.2 billion valuation, aiming to raise $400 million by March or April. Backed by Hero MotoCorp, its largest shareholder, the company faces cooling demand and competition from Bajaj, TVS, and Ola. This is India's second EV IPO after Ola.

Super Iron Foundry’s IPO opened on March 11, priced at ₹108 per share, with a minimum bid of 1,200 shares. The ₹68.05 crore IPO aims to fund working capital, repay debt, and corporate activities. Subscription stood at 25% on day one, with retail portion at 48%. The grey market premium is ₹36, suggesting a listing price of ₹144.

India’s VC ecosystem saw a 43% year-on-year surge in funding to $13.7 billion in 2024, driven by a 45% rise in deal activity, with 1,270 transactions. Consumer tech led with $5.4 billion, while policy reforms and strong exits, including a sevenfold increase in IPOs, bolstered growth, positioning India as a maturing startup hub.

PDP Shipping & Projects' IPO subscribed 22.8% on Day 1, with 2.14 lakh shares applied for out of 9.37 lakh offered. Retail portion was 45.2% subscribed, while non-institutional investors took 2.9%. The company aims to raise Rs 12.65 crore at Rs 135 per share, with Rs 10 crore for working capital and Rs 80 lakh for corporate purposes.

NAPS Global India's share price debuted strongly on BSE SME, opening at ₹108, a 20% premium to the ₹90 issue price. The ₹11.88 crore IPO, with a subscription of 1.19 times, aims to fund working capital and corporate needs. The Mumbai-based company is a key textile importer, sourcing fabrics from China and Hong Kong for Maharashtra's garment industry.

Paradeep Parivahan, a logistics solutions provider, will launch its IPO on March 17, aiming to raise Rs 44.86 crore by issuing 45.78 lakh shares at Rs 93-98 per share. The company, valued at Rs 156 crore, will use Rs 35 crore for working capital and the rest for corporate purposes. Promoters hold 92.59% stake, with Lalit Dua owning 7.41%.

NSDL plans to launch its ₹3,000 crore IPO this month, following SEBI approval in September 2024. The OFS will involve NSE, SBI, and HDFC Bank selling 5.72 crore shares. With a deadline for regulatory approvals in March 2025, the IPO is expected to list by April. NSDL reported a 30% rise in Q3 net profit to ₹85.8 crore and a 16.2% increase in total income to ₹391.21 crore.

Mumbai-based gold jewellery wholesaler Divine Hira Jewellers will launch its IPO on March 17, offering 35.37 lakh shares at Rs 90 each to raise Rs 31.81 crore. The issue will close on March 19, with shares listing on NSE Emerge by March 24. Proceeds will fund debt repayment, working capital, and corporate expenses. Promoters' stake will drop to 67.4% from 92.47%.

Sebi has introduced stricter regulations for SME IPOs, requiring companies to show a minimum operating profit of Rs 1 crore for two of the last three years and capping the offer-for-sale (OFS) at 20% of the issue size. The reforms aim to protect investor interests while enabling SMEs with strong track records to raise funds.

Ather Energy, a leading Indian electric two-wheeler maker, is progressing toward its IPO by converting 1.73 crore CCPS into 24.04 crore equity shares. The IPO will include a Rs 3,100 crore fresh issue and an OFS of 2.2 crore shares. Ather aims to use funds for a new plant in Maharashtra and debt reduction, positioning itself as a premium EV brand.

The Paradeep Parivahan IPO will open on March 17 and close on March 19, with a price band of ₹93 to ₹98 per share. The issue comprises 45,78,000 equity shares to raise ₹44.86 crore, primarily for working capital and corporate purposes. The company operates as a Multi-Modal Transport Operator and Authorised Economic Operator in the logistics sector.

Allchem Lifescience Limited, an Indian manufacturer of active pharmaceutical ingredients (API) intermediates and specialty chemicals, has filed a draft red herring prospectus (DRHP) for an IPO. The offering includes a fresh issuance of shares worth up to ₹190 crore and an offer for sale of up to 7,155,000 shares. The company is serving major domestic and international clients.

LG Electronics India has received SEBI approval for its Rs 15,000 crore IPO, potentially India's fifth-largest. The offer-for-sale by LG Electronics Inc will sell a 15% stake. The company is a market leader in consumer electronics in India, with a strong manufacturing presence. This IPO follows Hyundai Motor India's successful listing, marking the second South Korean company to go public in India.

PDP Shipping IPO share allotment will be finalised today (Thursday, March 13). The investors who applied for the issue can check the PDP Shipping IPO allotment status in the registrar’s portal, which is Kfin Technologies Ltd. Refunds begin March 17; shares credited same day. Listing on March 18. IPO subscribed 1.01x overall, with 1.88x retail and 14% NII. GMP is 0.

Super Iron Foundry's IPO, closing on March 13, was subscribed 47.7 times by March 12. The company aims to raise Rs 68.05 crore at Rs 108 per share, with funds allocated for working capital, debt repayment, and corporate purposes. Retail investors subscribed 84.2% of their quota, while non-institutional investors took 16.2%. Horizon Management is the lead manager.

PDP Shipping & Projects IPO, priced at ₹135 per share, opened on March 10 and closed on March 12. The ₹12.65 crore issue aims to fund working capital and corporate expenses. Subscription reached 76% on the final day, with retail portion oversubscribed 1.39x. The company operates as a Multi Modal Transport Operator offering logistics and freight services.

Vibhor Steel Tubes Ltd., the second-most subscribed mainboard IPO in India, is trading below its ₹151 IPO price at ₹135.8, down 2% on March 12. The stock has dropped 30% in 2025 and 60% from its post-listing high of ₹333. Retail shareholding rose from 12% to 17.9%, with promoters holding 73.48% and Jindal Pipes owning 1.32%.

The 2025 IPO market shows mixed trends with tech firms like CoreWeave, Klarna, and Discord planning listings amid volatility. Despite a 62% rise in IPO value to $10 billion, concerns over market swings and investor caution persist, impacting companies like Gensys, which postponed its IPO. CoreWeave's $4 billion IPO aims to capitalize on AI growth despite investor hesitancy.

PDP Shipping & Projects' IPO was subscribed 50% on Day 2, with bids for 4.65 lakh shares out of 9.37 lakh offered. Retail investors claimed 88% of their reserved portion, while non-institutional investors took 17%. The company aims to raise Rs 12.65 crore at Rs 135 per share, primarily for working capital. Sun Capital Advisory manages the issue.

Crizac and Borana Weaves have received SEBI approval for their IPOs. Crizac, a B2B education platform, aims to raise Rs 1,000 crore via an offer-for-sale. Borana Weaves, a textile manufacturer, plans a fresh issue of 70 lakh shares to fund a new manufacturing unit and working capital. Both IPOs are set to launch within a year.

Ather Energy, an Indian electric scooter maker, plans an IPO in Mumbai at a $1.2 billion valuation, aiming to raise $400 million by March or April. Backed by Hero MotoCorp, its largest shareholder, the company faces cooling demand and competition from Bajaj, TVS, and Ola. This is India's second EV IPO after Ola.

Super Iron Foundry’s IPO opened on March 11, priced at ₹108 per share, with a minimum bid of 1,200 shares. The ₹68.05 crore IPO aims to fund working capital, repay debt, and corporate activities. Subscription stood at 25% on day one, with retail portion at 48%. The grey market premium is ₹36, suggesting a listing price of ₹144.

India’s VC ecosystem saw a 43% year-on-year surge in funding to $13.7 billion in 2024, driven by a 45% rise in deal activity, with 1,270 transactions. Consumer tech led with $5.4 billion, while policy reforms and strong exits, including a sevenfold increase in IPOs, bolstered growth, positioning India as a maturing startup hub.

PDP Shipping & Projects' IPO subscribed 22.8% on Day 1, with 2.14 lakh shares applied for out of 9.37 lakh offered. Retail portion was 45.2% subscribed, while non-institutional investors took 2.9%. The company aims to raise Rs 12.65 crore at Rs 135 per share, with Rs 10 crore for working capital and Rs 80 lakh for corporate purposes.

NAPS Global India's share price debuted strongly on BSE SME, opening at ₹108, a 20% premium to the ₹90 issue price. The ₹11.88 crore IPO, with a subscription of 1.19 times, aims to fund working capital and corporate needs. The Mumbai-based company is a key textile importer, sourcing fabrics from China and Hong Kong for Maharashtra's garment industry.

Paradeep Parivahan, a logistics solutions provider, will launch its IPO on March 17, aiming to raise Rs 44.86 crore by issuing 45.78 lakh shares at Rs 93-98 per share. The company, valued at Rs 156 crore, will use Rs 35 crore for working capital and the rest for corporate purposes. Promoters hold 92.59% stake, with Lalit Dua owning 7.41%.

NSDL plans to launch its ₹3,000 crore IPO this month, following SEBI approval in September 2024. The OFS will involve NSE, SBI, and HDFC Bank selling 5.72 crore shares. With a deadline for regulatory approvals in March 2025, the IPO is expected to list by April. NSDL reported a 30% rise in Q3 net profit to ₹85.8 crore and a 16.2% increase in total income to ₹391.21 crore.

Mumbai-based gold jewellery wholesaler Divine Hira Jewellers will launch its IPO on March 17, offering 35.37 lakh shares at Rs 90 each to raise Rs 31.81 crore. The issue will close on March 19, with shares listing on NSE Emerge by March 24. Proceeds will fund debt repayment, working capital, and corporate expenses. Promoters' stake will drop to 67.4% from 92.47%.

Sebi has introduced stricter regulations for SME IPOs, requiring companies to show a minimum operating profit of Rs 1 crore for two of the last three years and capping the offer-for-sale (OFS) at 20% of the issue size. The reforms aim to protect investor interests while enabling SMEs with strong track records to raise funds.

Ather Energy, a leading Indian electric two-wheeler maker, is progressing toward its IPO by converting 1.73 crore CCPS into 24.04 crore equity shares. The IPO will include a Rs 3,100 crore fresh issue and an OFS of 2.2 crore shares. Ather aims to use funds for a new plant in Maharashtra and debt reduction, positioning itself as a premium EV brand.

The PDP Shipping IPO will be open from today. The allotment process is expected to conclude by March 13, 2025. Investors can look forward to its listing on the BSE SME, tentatively scheduled for March 18, 2025. Each share in the IPO is priced at Rs 135, with a minimum application lot of 1,000 shares. Retail investors must commit at least Rs 1,35,000.

Tata Capital plans a $2 billion IPO, pending NCLT approval for its merger with Tata Motors Finance. The company, valued at $11 billion, will issue fresh shares and an offer for sale, with a rights issue planned. This IPO, expected by FY25, is among India's largest financial sector listings and fulfills RBI's listing mandate for upper-layer NBFCs.

India's IPO market slowed in early 2025, with only nine companies listing in January and February, down from 16 in December 2024, amid secondary market correction. Three firms withdrew IPO plans, citing weak investor sentiment. Despite this, experts remain optimistic, noting a strong pipeline of 45 approved IPOs aiming to raise ₹67,000 crore and 69 awaiting approval.

Ather Energy has converted 17.3 million compulsory convertible preference shares into 240.4 million equity shares ahead of its planned IPO in April. The IPO will include a ₹3,100 crore fresh issue and an OFS of 22 million shares. This move aligns with SEBI regulations and marks progress toward the company’s public listing, making it the second E2V firm to go public after Ola Electric.

Rahul Saraf, Citi’s Head of Investment Banking, predicts 2025 could surpass 2024 for Indian IPOs, with Rs 1.5 lakh crore worth in the pipeline. Many IPOs are offer-for-sale issues, allowing issuers to wait for better market conditions. Last year’s IPOs underperformed, with 70% trading below listing price. Saraf also noted the government will focus on sell-downs rather than fresh listings.

The primary market remains subdued, with only two SME IPOs—PDP Shipping and Projects (Rs 135 per share, opening March 10) and Super Iron Foundry (Rs 108 per share, opening March 11)—scheduled next week. Analysts expect a positive long-term IPO outlook, with over 1,000 IPOs anticipated in two years, including marquee names like Zepto and Reliance Jio.

Top REIT leaders voiced optimism about the sector's growth, with Knowledge Realty Trust filing for an IPO. They emphasized a strong recovery from pandemic lows, increasing unit prices, and expansion into new segments like data centers and residential spaces. Experts noted rising investor interest, stable rental yields, and regulatory support as key drivers of sustained future growth.

Fujiyama Power Systems refiled its IPO papers with SEBI to raise ₹600 crore via fresh equity and an offer-for-sale of 2 crore shares. It plans to use ₹180 crore for a new Ratlam facility and ₹275 crore for debt repayment. FY24 profit surged 86% YoY to ₹45.3 crore, with revenue at ₹924.7 crore. Motilal Oswal and SBI Capital Markets are the lead managers.

The primary market has seen a significant slowdown, with only 10 IPOs filed so far in 2025, down from 90 in 2024. Sarthak Misra, Partner at SoftBank, noted similarities to the post-Facebook IPO period in 2012, where the market stalled despite high valuations. He remains optimistic about the long-term outlook, expecting consumer tech and stock broking firms to lead the next IPO wave.

GV Ravishankar, Managing Director at PeakXV Partners, shared insights on the Indian IPO market at the Moneycontrol Global Wealth Summit 2025. With over 30 IPOs in 19 years, he emphasized that IPO pricing is unpredictable & not the final destination for companies. Mispricing can harm market sentiment and investor returns, stressing the importance of pricing discipline for long-term sustainability.

The NAPS Global India IPO allotment has been finalized after receiving lacklustre subscriptions. The ₹11.88 crore IPO, priced at ₹90 per share, closed with 1.19 times bids. Investors can check allotment status on BSE or Cameo Corporate Services. Shares will be credited on March 10, with listing on BSE SME on March 11.

Sattva Developers and Blackstone-backed Knowledge Realty Trust filed a DRHP with SEBI to raise ₹6,200 crore via IPO. Funds will repay debt and cover corporate expenses. The REIT holds 30 prime office assets totaling 48.1 million sq ft, including 37.1 million completed, across Hyderabad, Mumbai, Bengaluru, Chennai, GIFT City, and Gurugram.

Balaji Phosphates listed on March 7, with shares opening at ₹75 on NSE SME, a 7.14% premium over the ₹70 issue price, later rising to ₹78 (11.40% gain). The ₹50.11 crore IPO, comprising a fresh issue of ₹41.58 crore and an offer for sale of ₹8.53 crore, was subscribed 1.21 times. Proceeds will fund capital improvements and working capital.

Balaji Phosphates will list on the NSE SME platform, having raised Rs 50 crore via IPO for capital expenditure and working capital. The company specializes in Single Super Phosphate, NPK fertilizers, and Zinc Sulphate, meeting India's Fertilizer Control Order standards. It offers value-added SSP with zinc and boron to address soil deficiencies and enhance crop yields.

Cellecor Gadgets' shares rose 6.4% to ₹62.35 after partnering with Zepto for rapid delivery of its products. The stock has gained 55% in six months, 92% in a year, and 500% since its IPO in September 2023. The partnership aims to enhance customer accessibility, aligning with Cellecor's growth strategy in both offline and online channels.

Tata Group aims for an $11 billion valuation for Tata Capital's IPO, potentially India's largest this year, raising up to $2 billion. The board approved listing 230 million shares and a rights issue of $172 million. Amid a strong IPO market, Tata Capital joins others like LG and Prudential planning listings, following Hyundai's $3.3 billion IPO last year.

Kandhari Global Beverages, a long-standing Coca-Cola bottler in India, aims to expand overseas and potentially list its shares on stock exchanges, subject to Coca-Cola’s approval. The company recently acquired a plant in Gujarat from Hindustan Coca-Cola Beverages, expanding its operational footprint. It is also setting up new plants in Jammu and Rajasthan.

InsuranceDekho’s initial public offering (IPO) is still at least 18 months away, with a potential listing timeline extending to early FY27, founder and CEO Ankit Agrawal has said. In an exclusive interview to Moneycontrol, the CEO said the insurance aggregator may take in an additional $10-15 million as part of its ongoing $70 million funding round.

NAPS Global India Ltd has launched its IPO with a price band of ₹90 per share, aiming to raise ₹11.88 crore through a fresh issue of 1.32 million shares. The company, a textile importer, will use funds for working capital and corporate purposes. On Day 1, the IPO saw 23% subscription, with retail portion at 32% and NII at 14%.

Balaji Phosphates IPO share allotment will be finalized today, March 5. The IPO, which opened on February 28 and closed on March 4, was subscribed 1.21 times. Investors can check their allotment status on the registrar’s portal, Skyline Financial Services Private Ltd. Shares will be credited to demat accounts on March 6, with the listing set for March 7 on BSE SME.

The Paradeep Parivahan IPO will open on March 17 and close on March 19, with a price band of ₹93 to ₹98 per share. The issue comprises 45,78,000 equity shares to raise ₹44.86 crore, primarily for working capital and corporate purposes. The company operates as a Multi-Modal Transport Operator and Authorised Economic Operator in the logistics sector.

Allchem Lifescience Limited, an Indian manufacturer of active pharmaceutical ingredients (API) intermediates and specialty chemicals, has filed a draft red herring prospectus (DRHP) for an IPO. The offering includes a fresh issuance of shares worth up to ₹190 crore and an offer for sale of up to 7,155,000 shares. The company is serving major domestic and international clients.

LG Electronics India has received SEBI approval for its Rs 15,000 crore IPO, potentially India's fifth-largest. The offer-for-sale by LG Electronics Inc will sell a 15% stake. The company is a market leader in consumer electronics in India, with a strong manufacturing presence. This IPO follows Hyundai Motor India's successful listing, marking the second South Korean company to go public in India.

PDP Shipping IPO share allotment will be finalised today (Thursday, March 13). The investors who applied for the issue can check the PDP Shipping IPO allotment status in the registrar’s portal, which is Kfin Technologies Ltd. Refunds begin March 17; shares credited same day. Listing on March 18. IPO subscribed 1.01x overall, with 1.88x retail and 14% NII. GMP is 0.

Super Iron Foundry's IPO, closing on March 13, was subscribed 47.7 times by March 12. The company aims to raise Rs 68.05 crore at Rs 108 per share, with funds allocated for working capital, debt repayment, and corporate purposes. Retail investors subscribed 84.2% of their quota, while non-institutional investors took 16.2%. Horizon Management is the lead manager.

PDP Shipping & Projects IPO, priced at ₹135 per share, opened on March 10 and closed on March 12. The ₹12.65 crore issue aims to fund working capital and corporate expenses. Subscription reached 76% on the final day, with retail portion oversubscribed 1.39x. The company operates as a Multi Modal Transport Operator offering logistics and freight services.

Vibhor Steel Tubes Ltd., the second-most subscribed mainboard IPO in India, is trading below its ₹151 IPO price at ₹135.8, down 2% on March 12. The stock has dropped 30% in 2025 and 60% from its post-listing high of ₹333. Retail shareholding rose from 12% to 17.9%, with promoters holding 73.48% and Jindal Pipes owning 1.32%.

The 2025 IPO market shows mixed trends with tech firms like CoreWeave, Klarna, and Discord planning listings amid volatility. Despite a 62% rise in IPO value to $10 billion, concerns over market swings and investor caution persist, impacting companies like Gensys, which postponed its IPO. CoreWeave's $4 billion IPO aims to capitalize on AI growth despite investor hesitancy.

PDP Shipping & Projects' IPO was subscribed 50% on Day 2, with bids for 4.65 lakh shares out of 9.37 lakh offered. Retail investors claimed 88% of their reserved portion, while non-institutional investors took 17%. The company aims to raise Rs 12.65 crore at Rs 135 per share, primarily for working capital. Sun Capital Advisory manages the issue.

Crizac and Borana Weaves have received SEBI approval for their IPOs. Crizac, a B2B education platform, aims to raise Rs 1,000 crore via an offer-for-sale. Borana Weaves, a textile manufacturer, plans a fresh issue of 70 lakh shares to fund a new manufacturing unit and working capital. Both IPOs are set to launch within a year.

Ather Energy, an Indian electric scooter maker, plans an IPO in Mumbai at a $1.2 billion valuation, aiming to raise $400 million by March or April. Backed by Hero MotoCorp, its largest shareholder, the company faces cooling demand and competition from Bajaj, TVS, and Ola. This is India's second EV IPO after Ola.

Super Iron Foundry’s IPO opened on March 11, priced at ₹108 per share, with a minimum bid of 1,200 shares. The ₹68.05 crore IPO aims to fund working capital, repay debt, and corporate activities. Subscription stood at 25% on day one, with retail portion at 48%. The grey market premium is ₹36, suggesting a listing price of ₹144.

India’s VC ecosystem saw a 43% year-on-year surge in funding to $13.7 billion in 2024, driven by a 45% rise in deal activity, with 1,270 transactions. Consumer tech led with $5.4 billion, while policy reforms and strong exits, including a sevenfold increase in IPOs, bolstered growth, positioning India as a maturing startup hub.

PDP Shipping & Projects' IPO subscribed 22.8% on Day 1, with 2.14 lakh shares applied for out of 9.37 lakh offered. Retail portion was 45.2% subscribed, while non-institutional investors took 2.9%. The company aims to raise Rs 12.65 crore at Rs 135 per share, with Rs 10 crore for working capital and Rs 80 lakh for corporate purposes.

NAPS Global India's share price debuted strongly on BSE SME, opening at ₹108, a 20% premium to the ₹90 issue price. The ₹11.88 crore IPO, with a subscription of 1.19 times, aims to fund working capital and corporate needs. The Mumbai-based company is a key textile importer, sourcing fabrics from China and Hong Kong for Maharashtra's garment industry.

Paradeep Parivahan, a logistics solutions provider, will launch its IPO on March 17, aiming to raise Rs 44.86 crore by issuing 45.78 lakh shares at Rs 93-98 per share. The company, valued at Rs 156 crore, will use Rs 35 crore for working capital and the rest for corporate purposes. Promoters hold 92.59% stake, with Lalit Dua owning 7.41%.

NSDL plans to launch its ₹3,000 crore IPO this month, following SEBI approval in September 2024. The OFS will involve NSE, SBI, and HDFC Bank selling 5.72 crore shares. With a deadline for regulatory approvals in March 2025, the IPO is expected to list by April. NSDL reported a 30% rise in Q3 net profit to ₹85.8 crore and a 16.2% increase in total income to ₹391.21 crore.

Mumbai-based gold jewellery wholesaler Divine Hira Jewellers will launch its IPO on March 17, offering 35.37 lakh shares at Rs 90 each to raise Rs 31.81 crore. The issue will close on March 19, with shares listing on NSE Emerge by March 24. Proceeds will fund debt repayment, working capital, and corporate expenses. Promoters' stake will drop to 67.4% from 92.47%.

Sebi has introduced stricter regulations for SME IPOs, requiring companies to show a minimum operating profit of Rs 1 crore for two of the last three years and capping the offer-for-sale (OFS) at 20% of the issue size. The reforms aim to protect investor interests while enabling SMEs with strong track records to raise funds.

Ather Energy, a leading Indian electric two-wheeler maker, is progressing toward its IPO by converting 1.73 crore CCPS into 24.04 crore equity shares. The IPO will include a Rs 3,100 crore fresh issue and an OFS of 2.2 crore shares. Ather aims to use funds for a new plant in Maharashtra and debt reduction, positioning itself as a premium EV brand.

The PDP Shipping IPO will be open from today. The allotment process is expected to conclude by March 13, 2025. Investors can look forward to its listing on the BSE SME, tentatively scheduled for March 18, 2025. Each share in the IPO is priced at Rs 135, with a minimum application lot of 1,000 shares. Retail investors must commit at least Rs 1,35,000.

Tata Capital plans a $2 billion IPO, pending NCLT approval for its merger with Tata Motors Finance. The company, valued at $11 billion, will issue fresh shares and an offer for sale, with a rights issue planned. This IPO, expected by FY25, is among India's largest financial sector listings and fulfills RBI's listing mandate for upper-layer NBFCs.

India's IPO market slowed in early 2025, with only nine companies listing in January and February, down from 16 in December 2024, amid secondary market correction. Three firms withdrew IPO plans, citing weak investor sentiment. Despite this, experts remain optimistic, noting a strong pipeline of 45 approved IPOs aiming to raise ₹67,000 crore and 69 awaiting approval.

Ather Energy has converted 17.3 million compulsory convertible preference shares into 240.4 million equity shares ahead of its planned IPO in April. The IPO will include a ₹3,100 crore fresh issue and an OFS of 22 million shares. This move aligns with SEBI regulations and marks progress toward the company’s public listing, making it the second E2V firm to go public after Ola Electric.

Rahul Saraf, Citi’s Head of Investment Banking, predicts 2025 could surpass 2024 for Indian IPOs, with Rs 1.5 lakh crore worth in the pipeline. Many IPOs are offer-for-sale issues, allowing issuers to wait for better market conditions. Last year’s IPOs underperformed, with 70% trading below listing price. Saraf also noted the government will focus on sell-downs rather than fresh listings.

The primary market remains subdued, with only two SME IPOs—PDP Shipping and Projects (Rs 135 per share, opening March 10) and Super Iron Foundry (Rs 108 per share, opening March 11)—scheduled next week. Analysts expect a positive long-term IPO outlook, with over 1,000 IPOs anticipated in two years, including marquee names like Zepto and Reliance Jio.

Top REIT leaders voiced optimism about the sector's growth, with Knowledge Realty Trust filing for an IPO. They emphasized a strong recovery from pandemic lows, increasing unit prices, and expansion into new segments like data centers and residential spaces. Experts noted rising investor interest, stable rental yields, and regulatory support as key drivers of sustained future growth.

Fujiyama Power Systems refiled its IPO papers with SEBI to raise ₹600 crore via fresh equity and an offer-for-sale of 2 crore shares. It plans to use ₹180 crore for a new Ratlam facility and ₹275 crore for debt repayment. FY24 profit surged 86% YoY to ₹45.3 crore, with revenue at ₹924.7 crore. Motilal Oswal and SBI Capital Markets are the lead managers.

The primary market has seen a significant slowdown, with only 10 IPOs filed so far in 2025, down from 90 in 2024. Sarthak Misra, Partner at SoftBank, noted similarities to the post-Facebook IPO period in 2012, where the market stalled despite high valuations. He remains optimistic about the long-term outlook, expecting consumer tech and stock broking firms to lead the next IPO wave.

GV Ravishankar, Managing Director at PeakXV Partners, shared insights on the Indian IPO market at the Moneycontrol Global Wealth Summit 2025. With over 30 IPOs in 19 years, he emphasized that IPO pricing is unpredictable & not the final destination for companies. Mispricing can harm market sentiment and investor returns, stressing the importance of pricing discipline for long-term sustainability.

The NAPS Global India IPO allotment has been finalized after receiving lacklustre subscriptions. The ₹11.88 crore IPO, priced at ₹90 per share, closed with 1.19 times bids. Investors can check allotment status on BSE or Cameo Corporate Services. Shares will be credited on March 10, with listing on BSE SME on March 11.

Sattva Developers and Blackstone-backed Knowledge Realty Trust filed a DRHP with SEBI to raise ₹6,200 crore via IPO. Funds will repay debt and cover corporate expenses. The REIT holds 30 prime office assets totaling 48.1 million sq ft, including 37.1 million completed, across Hyderabad, Mumbai, Bengaluru, Chennai, GIFT City, and Gurugram.

Balaji Phosphates listed on March 7, with shares opening at ₹75 on NSE SME, a 7.14% premium over the ₹70 issue price, later rising to ₹78 (11.40% gain). The ₹50.11 crore IPO, comprising a fresh issue of ₹41.58 crore and an offer for sale of ₹8.53 crore, was subscribed 1.21 times. Proceeds will fund capital improvements and working capital.

Balaji Phosphates will list on the NSE SME platform, having raised Rs 50 crore via IPO for capital expenditure and working capital. The company specializes in Single Super Phosphate, NPK fertilizers, and Zinc Sulphate, meeting India's Fertilizer Control Order standards. It offers value-added SSP with zinc and boron to address soil deficiencies and enhance crop yields.

Cellecor Gadgets' shares rose 6.4% to ₹62.35 after partnering with Zepto for rapid delivery of its products. The stock has gained 55% in six months, 92% in a year, and 500% since its IPO in September 2023. The partnership aims to enhance customer accessibility, aligning with Cellecor's growth strategy in both offline and online channels.

Tata Group aims for an $11 billion valuation for Tata Capital's IPO, potentially India's largest this year, raising up to $2 billion. The board approved listing 230 million shares and a rights issue of $172 million. Amid a strong IPO market, Tata Capital joins others like LG and Prudential planning listings, following Hyundai's $3.3 billion IPO last year.

Kandhari Global Beverages, a long-standing Coca-Cola bottler in India, aims to expand overseas and potentially list its shares on stock exchanges, subject to Coca-Cola’s approval. The company recently acquired a plant in Gujarat from Hindustan Coca-Cola Beverages, expanding its operational footprint. It is also setting up new plants in Jammu and Rajasthan.

InsuranceDekho’s initial public offering (IPO) is still at least 18 months away, with a potential listing timeline extending to early FY27, founder and CEO Ankit Agrawal has said. In an exclusive interview to Moneycontrol, the CEO said the insurance aggregator may take in an additional $10-15 million as part of its ongoing $70 million funding round.

NAPS Global India Ltd has launched its IPO with a price band of ₹90 per share, aiming to raise ₹11.88 crore through a fresh issue of 1.32 million shares. The company, a textile importer, will use funds for working capital and corporate purposes. On Day 1, the IPO saw 23% subscription, with retail portion at 32% and NII at 14%.

Balaji Phosphates IPO share allotment will be finalized today, March 5. The IPO, which opened on February 28 and closed on March 4, was subscribed 1.21 times. Investors can check their allotment status on the registrar’s portal, Skyline Financial Services Private Ltd. Shares will be credited to demat accounts on March 6, with the listing set for March 7 on BSE SME.