IPO News & Updates

<h2>Anchor book and IPO details</h2><p>MK Sons Fine Jewels raised Rs 82.62 crore from nine anchor investors on October 27 ahead of its Rs 275.4 crore initial public offering.</p><ol><li>The company allotted 51 lakh equity shares at Rs 162 per share, the upper end of the Rs 153-162 price band.</li><li>The IPO will open on October 28 and close on October 30, comprising 1.7 crore shares including a fresh issue of 1.36 crore shares and an offer for sale of 34 lakh shares by promoter Ramchand Murlidhar Raimalani.</li><li>Venus Investment was the largest anchor investor with 10.5 lakh shares worth Rs 17.01 crore, followed by Advent Global Fund with 9.87 lakh shares worth Rs 16 crore.</li><li>Khandelwal Finance and Tiger Strategies Fund each bought 6.17 lakh shares worth Rs 10 crore, while Goldman Sachs Bank Europe bought 5.92 lakh shares worth Rs 9.6 crore.</li><li>Arnesta Global Fund, Zeal Global Opportunities Fund, Compact Structure Fund and Nexus Global Opportunities Fund each bought 3.08 lakh shares worth Rs 5 crore.</li></ol><h2>Business and use of proceeds</h2><p>The Mumbai-based retailer operates three showrooms in Mumbai and two in Ahmedabad.</p><ol><li>Rs 152.8 crore from the fresh issue will fund inventory for a new Maharashtra showroom and expansion of an existing Gujarat showroom.</li><li>Rs 30 crore will partly repay debt, with the balance for general corporate purposes. Aryaman Financial Services is the merchant banker.</li></ol>

<h2>IPO terms and timetable</h2><p>Bombay Coated &amp; Special Steels Ltd will open its Rs 183.06 crore initial public offering, entirely a fresh issue, on Oct. 29 and close on Nov. 2, with tentative allotment on Nov. 3, refunds and demat credit on Nov. 4, and listing on the BSE and NSE on Nov. 5.</p><ol><li>Price band is Rs 78 to Rs 82 per share with a lot size of 182 shares, implying a minimum investment of Rs 14,924 at the upper band.</li><li>Company plans to use Rs 125 crore to repay or prepay borrowings and Rs 15.77 crore for capital equipment under lease arrangements with Siemens Financial Services Pvt. Ltd., with the balance for general corporate purposes.</li><li>Steel processor operating facilities in Wada, Bhiwandi, Ghiloth and Sri City reported aggregate installed processing capacity of 1,23,153 tonnes per annum as of June 30, 2026.</li><li>Revenue rose to Rs 1,266.82 crore in fiscal 2026 from Rs 1,055.71 crore in fiscal 2025, while profit after tax rose to Rs 30.54 crore from Rs 28.67 crore; June 2026 quarter revenue was Rs 397.08 crore with profit of Rs 15.08 crore.</li><li>Top 10 customers accounted for 71.33% of fiscal 2026 revenue and 73.54% in the June 2026 quarter, indicating customer-concentration risk.</li><li>Grey market premium was Rs 9 on Oct. 27, implying a Rs 91 listing price, about 10.98% above the upper band.</li></ol>

<h2>IPO schedule and offer details</h2><p>M K Sons Fine Jewels will open its Rs 275.4 crore initial public offering for subscription on October 28 and close the issue on October 30. The price band is fixed at Rs 153 to Rs 162 per share, valuing the company at around Rs 912 crore at the upper end.</p><ol><li>The IPO comprises 1.7 crore equity shares, including a fresh issue of 1.36 crore shares worth Rs 220.32 crore at the upper end, with the balance as an offer for sale.</li><li>Share allotment is expected to be finalised by November 2, with listing scheduled on the stock exchanges on November 4.</li><li>Shares commanded a grey market premium of nearly 5 percent on the morning of October 27, as per InvestorGain.</li><li>Of the net fresh proceeds, Rs 152.8 crore will fund a new showroom in Maharashtra and expansion of an existing showroom in Gujarat, Rs 30 crore will repay debt, and the balance will be used for general corporate purposes.</li><li>For FY ended March 2026, revenue rose 53.4 percent to Rs 538.7 crore from Rs 351.3 crore, while profit more than doubled to Rs 51.8 crore from Rs 23.3 crore; for the quarter ended June 2026, profit was Rs 15 crore on revenue of Rs 101.4 crore.</li><li>The Mumbai-based retailer sells gold, diamond and cubic zirconia jewellery through five showrooms, including three in Mumbai and two in Ahmedabad; Aryaman Financial Services is the merchant banker.</li></ol>

<h2>IPO opening</h2><p>SFC Environmental Technologies opened its Rs 667.5 crore initial public offering on October 27, with subscription at 4% by 11:40 am, according to NSE data.</p><ol><li>The issue received bids for 5,95,485 shares against 1,41,59,744 shares on offer, with retail investors subscribing 7% and non-institutional investors subscribing 2%.</li><li>The price band is fixed at Rs 313-330 per share, valuing the company at Rs 3,232.5 crore at the upper end, with a minimum lot of 45 shares.</li><li>At Rs 330, minimum retail investment is Rs 14,850 and maximum retail investment is Rs 1,93,050 for 585 shares; listing is expected on November 3.</li><li>The IPO comprises a Rs 150 crore fresh issue and an offer for sale of 1.56 crore shares worth Rs 517.5 crore by existing shareholders including promoters.</li><li>Shares commanded a 6% grey market premium on October 27 morning, an unofficial sentiment indicator that does not guarantee listing gains.</li><li>For Q1 FY27, profit was Rs 1.5 crore versus a Rs 1.3 crore loss a year ago, while revenue nearly doubled to Rs 133.9 crore from Rs 67.8 crore.</li><li>Of the fresh issue proceeds, Rs 42.2 crore will repay debt and Rs 74.9 crore will meet working capital needs, with the balance for general corporate purposes.</li></ol>

<h2>IPO delay and liquidity pressure</h2><p>Walmart has put Flipkart's domestic listing on hold and asked it to reach Ebitda breakeven by end-FY27 before any listing or fresh fundraising, following Flipkart's reverse flip of its holding company to India from Singapore.</p><ol><li>Former Flipkart, Myntra, Cleartrip and Shopsy employees, including ex-senior executives, wrote to Walmart and Flipkart boards in October seeking a complete exit for vested options granted 10-15 years ago; Walmart said it would examine the issues.</li><li>Leadership change adds caution: John Furner succeeded Doug McMillon as Walmart CEO and Chris Nicholas took over Walmart International, with Flipkart told to improve financials before facing quarterly scrutiny while rival Amazon India stays private.</li><li>Group FY26 consolidated revenue rose 18 percent to Rs 1,45,880 crore while net loss narrowed marginally to Rs 8,468 crore from Rs 8,646 crore; adjusted operating margin improved to -5.4 percent from -7.7 percent.</li><li>Marketplace operating revenue fell 19 percent to Rs 16,295 crore and loss more than tripled to Rs 5,498 crore; Myntra swung to Rs 579 crore net loss from Rs 548 crore profit on Rs 5,243 crore revenue; Flipkart Minutes runs close to 1,200 dark stores.</li><li>Walmart International grew 12.8 percent in the quarter to July with Flipkart Ads leading 20 percent advertising growth; shifting Big Billion Days will dent consolidated sales growth by over 100 basis points in Q3; July buyback valued Flipkart at $38.2 billion versus $37.6 billion in 2021.</li></ol>

<h2>Key development</h2><p>Sembcorp Industries Ltd. is meeting investors for a proposed initial public offering of its Indian unit, Sembcorp Green Infra Ltd., that could raise as much as Rs 3,750 crore or $394 million.</p><ol><li>Sembcorp Green Infra filed draft papers in August for a fresh issue of shares worth as much as Rs 3,750 crore and is awaiting regulatory approval.</li><li>The Temasek Holdings-backed renewable energy company is considering an IPO launch as early as December, though deliberations are ongoing and timing and size could change.</li><li>Sembcorp is working with Axis Capital Ltd., Citigroup Inc., CLSA, HSBC Holdings Plc, ICICI Securities Ltd., IIFL Capital Services Ltd. and Kotak Mahindra Capital Co.</li><li>Sembcorp Green Infra ranks among India's 10 largest renewable independent power producers by operational capacity as of March 31, 2026, with more than 75 assets across 18 states and 7.6 gigawatts of gross capacity installed and under development.</li><li>India's primary market is gathering momentum, with IPOs raising nearly $18 billion this year versus last year's record of about $22.4 billion, following Jio Platforms Ltd.'s record IPO subscribed more than 22 times last week.</li></ol>

<h2>IPO filing</h2><p>Hindustan Coca-Cola Holdings, the parent of Hindustan Coca-Cola Beverages, is likely to file its draft red herring prospectus with the market regulator this week, with listing expected in 2027.</p><ol><li>The issue size is estimated at around $1 billion, largely a stake sale, with the firm seeking a valuation of $10 billion.</li><li>Axis Capital and IIFL Capital Services are part of the issue syndicate, while The Coca-Cola Company has retained Rothschild and Co to advise on the listing.</li><li>In July 2025, The Coca-Cola Company completed the sale of a 40% stake in Hindustan Coca-Cola Holdings to Jubilant Bhartia Group and retained 60%.</li><li>The company said the potential listing would complete the refranchising of Hindustan Coca-Cola Holdings and position it to capitalize on opportunities in India.</li><li>Established in 1997, the bottler operates 14 bottling plants across 10 states, with more than 2,000 distributors, over 1.7 million customers and about 5,000 employees, selling Coca-Cola, Thums Up, Sprite and Fanta.</li></ol>

<h2>Pipeline overview</h2><p>India's IPO pipeline spans telecom, financial markets, fintech, e-commerce, quick commerce, hospitality and insurance, with companies at different stages from preparation to SEBI approval.</p><ol><li>Jio Platforms filed its DRHP in June 2026 for a fresh issue reported at around Rs 37,000 crore, with a possible 2026 listing.</li><li>National Stock Exchange filed its DRHP in June 2026 for an offer for sale of up to 14.89 crore equity shares.</li><li>Zepto has SEBI approval for a fresh issue and OFS, linked to 2027; PhonePe has SEBI approval since January 2026 for an OFS of up to 5.07 crore shares, eyed for late 2026 or early 2027.</li><li>Razorpay filed a confidential DRHP in June 2026 for around Rs 5,000 crore to Rs 6,000 crore; OYO has SEBI approval for a Rs 6,650 crore fresh issue.</li><li>Flipkart and PayU remain in preparation without announced size; Acko is linked to early 2027 at around $300 million and Navi to 2027 at around Rs 3,000 crore.</li></ol>

<h2>IPO details</h2><p>EAAA India Alternatives Ltd opened its Rs 1,200-crore initial public offering for subscription, structured entirely as an offer for sale of 72.07 lakh shares by Edelweiss Securities &amp; Investments Pvt, with no proceeds to the company.</p><ol><li>Price band is Rs 1,585-1,665 per share of Rs 5 face value; the issue closes on October 28, 2026, with allotment expected October 29 and NSE and BSE listing tentatively on November 2, 2026.</li><li>Minimum bid is nine shares and multiples thereafter, requiring Rs 14,985 at the cap price; floor and cap are 317 times and 333 times face value respectively.</li><li>Grey market premium is Rs 33, around 2% over the cap price, implying an estimated listing price of Rs 1,698; anchor investors were allotted 21,62,161 shares at Rs 1,665 for Rs 360 crore.</li><li>IPO is valued at 39.27 times FY26 diluted EPS at the lower end and 41.25 times at the upper end versus peer average P/E of 39.89 times; weighted average RoNW for FY24-FY26 was 26.57% and 28.96% annualised for the quarter ended June 30, 2026.</li><li>FY26 total income rose 23% to Rs 964 crore from Rs 787 crore and PAT rose 15% to Rs 265 crore from Rs 230 crore; AUM was Rs 95,344.88 crore and fee-paying AUM Rs 48,623.18 crore as of June 30, 2026 across 10 Real Assets funds including two InvITs and 16 Private Credit funds.</li></ol>

<h2>Capital rotation and FII stance</h2><p>Madhu Lunawat, founder of The Wealth Company Mutual Fund, said liquidity is moving from the secondary market into IPOs and QIPs despite a subdued broader market.</p><ol><li>System liquidity is growing only about 5-7%, so capital is being reallocated from easily sold listed stocks into the primary market, with nearly Rs 2 trillion of Sebi-approved IPOs and about 130 filed IPOs worth over Rs 3 trillion pending approval.</li><li>She said foreign institutional investors remain cautious as high-quality 60-70% growers are rare, many are loss-making or very expensive, while 4-5% rupee depreciation over the past year and heavy existing exposure to private banks limit fresh allocations.</li><li>She argued retail flows into small- and mid-caps reflect a perceived 10-12% personal inflation versus around 7% yields, pushing investors toward perceived higher-growth segments as large-caps offer insufficient appreciation.</li><li>On operations, she said the fund followed a distributor-led model, launched a dozen schemes plus a specialized investment fund in its first year, expanded in tier 2 and tier 3 cities, and trained 20,000 distributors.</li></ol>

<h2>IPO pipeline</h2><p>Five mainboard and four SME IPOs will open for subscription next week, collectively seeking to raise Rs 2,768 crore.</p><ol><li>EAAA India Alternatives will be the largest mainboard offer, aiming to raise Rs 1,200 crore.</li><li>SFC Environmental Technologies will seek Rs 667.53 crore, followed by MK Sons Fine Jewels at Rs 275.40 crore, BLS Polymers at Rs 255 crore and Bombay Coated &amp; Special Steels at Rs 183.06 crore.</li><li>In the SME segment, Wiscon Industries, Ajwa Projects, Carver Roboweld and Antala Industries will open their IPOs, while Core4 Engineers, which opened last week, will close on October 27.</li><li>Two mainboard companies are scheduled to list on October 28: Jio Platforms, which raised more than Rs 30,000 crore last week, and Paras Healthcare, which raised around Rs 1,450 crore.</li></ol>

<h2>RBI stance on Tata Sons listing</h2><p>RBI Governor Sanjay Malhotra said large NBFCs and core investment companies like Tata Sons must remain registered with the RBI and follow listing norms because of systemic risks from handling public funds and leveraging group balance sheets.</p><ol><li>Malhotra said at the NDTV World Summit that such companies use public funds raised through corporate bonds, banks and other means, and CICs without direct or indirect access to public funds are exempt from registration.</li><li>He stated that any NBFC or CIC with fund access that is in the upper layer is required to list.</li><li>RBI last month rejected Tata Sons application to surrender its NBFC licence, making a public listing imminent as an upper-layer NBFC, a category Tata Sons was placed in during September 2022.</li><li>Tata Sons had applied in March 2024 to surrender registration and had repaid debt to qualify for deregistration, while its board has moved ahead with steps linked to a possible listing.</li><li>At a September 17 board meeting, four directors voted to initiate the listing process while Tata Trusts Chairman Noel Tata opposed it, with Tata Trusts holding about 66 percent of Tata Sons.</li><li>Noel Tata proposed merging unlisted entities Tata Electronics and Tata Consulting Engineers into Tata Sons to seek financial reclassification and avoid mandatory listing.</li></ol>

<h2>Four mainboard IPOs this week</h2><p>Four mainboard initial public offerings are scheduled to open for subscription in India in the week starting October 26, 2026, according to the NSE website.</p><ol><li>EAAA India Alternatives Limited, an arm of Edelweiss Financial Services, will open on October 26 and close on October 28, with anchor bidding on October 23. It aims to raise Rs 1,200 crore through an entirely Offer for Sale by Edelweiss Group with no fresh issue.</li><li>BLS Polymers IPO, entirely a fresh issue of 1.70 crore shares to raise Rs 255 crore, opens October 27 and closes October 29, with a price band of Rs 142 to Rs 150. It plans to use Rs 77.56 crore for manufacturing facility expansion and capacity increase.</li><li>SFC Environmental Technologies IPO, a fresh issue of 45.45 lakh shares plus Offer for Sale of 1.57 crore shares, opens October 27 and closes October 29, with a band of Rs 313 to Rs 330.</li><li>M K Sons Fine Jewels IPO, a fresh issue of 1.36 crore shares plus Offer for Sale of 34 lakh shares, opens October 28 and closes October 30, with a band of Rs 153 to Rs 162.</li></ol>

<h2>IPO details</h2><p>MK Sons Fine Jewels Ltd has fixed a price band of Rs 153 to Rs 162 per share for its Rs 275.4 crore initial public offering opening on October 28 and closing on October 30, with anchor bidding on October 27 and proposed listing on the BSE and NSE.</p><ol><li>The IPO comprises a fresh issue of up to 1.36 crore equity shares and an offer for sale of up to 34 lakh shares by promoter Ramchand Murlidhar Raimalani; OFS proceeds will go to the selling shareholder.</li><li>Fresh issue proceeds will fund a new showroom in Maharashtra, expansion of an existing showroom in Gujarat, repayment or prepayment of certain borrowings and general corporate requirements.</li><li>Incorporated in 2012, the company designs, manufactures and retails gold, diamond and cubic zirconia jewellery through five company-owned showrooms in Mumbai and Ahmedabad, with over 19,442 SKUs priced from about Rs 11,000 to premium bridal ranges.</li><li>It reported profit after tax of Rs 52 crore on revenue from operations of Rs 539 crore in FY26; Aryaman Financial Services is sole book-running lead manager and Bigshare Services is registrar.</li></ol>

<h2>Anchor fundraise</h2><p>EAAA India Alternatives raised Rs 360 crore by allocating 21.62 lakh equity shares at the upper end of the price band of Rs 1,585-1,665 per share via anchor book ahead of its IPO opening next week.</p><h2>IPO details</h2><ol><li>The Rs 1,200-crore initial public offering comprises entirely an offer-for-sale by promoter entity Edelweiss Securities and Investments and will open on October 26 and close on October 28.</li><li>As it is entirely an offer-for-sale, proceeds excluding offer expenses will go to the selling shareholder and the company will not receive any funds.</li><li>Global anchor participants included Government Pension Fund Global, Schroder International, Hornbill Capital Advisors, Goldman Sachs and BNP Paribas Financial Markets.</li><li>The company allocated 14.14 lakh shares to 10 domestic mutual funds including HDFC AMC, SBI Mutual Fund, ICICI Prudential AMC, Nippon Life India, Kotak Mahindra AMC, Abakkus Asset Manager, HSBC Mutual Fund and Bandhan Mutual Fund.</li><li>EAAA India Alternatives operates real assets and private credit verticals plus portfolio management services, with AUM of Rs 95,344.8 crore as of June 2026.</li><li>Axis Capital, Jefferies India, Motilal Oswal Investment Advisors and Nuvama Wealth Management are merchant bankers for the IPO.</li></ol>

<h2>Key development</h2><p>RBI Governor Sanjay Malhotra on Friday justified the classification of Tata Sons as an upper-layer NBFC, saying large NBFCs and core investment companies handling public funds must register with the RBI and follow listing norms.</p><ol><li>Malhotra said at the NDTV World Summit that such entities sit atop group companies, leverage group balance sheets and put public funds raised through corporate bonds, banks and other means at risk due to systemic risks.</li><li>He said CICs without direct or indirect access to public funds are exempt, but any NBFC or CIC with such access must register, and if in the upper layer, must list.</li><li>The RBI last month rejected Tata Sons application to surrender its NBFC licence, making a public listing imminent for the Tata Group holding company, which was placed in the upper layer in September 2022.</li><li>Tata Sons had applied in March 2024 to surrender registration and repaid debt to seek deregistration; its board has since advanced listing-linked steps while examining other options amid an internal row.</li><li>Malhotra said price stability with inflation targeting remains the priority alongside growth, citing cement and steel sales, credit growth, tax collections and auto sales as resilient; inflation is within tolerance but food and fuel supply pressures persist, with an average 5.1 per cent projection for the current year.</li><li>On the rupee, he said the RBI is not targeting any level and is focused on orderly foreign exchange conditions and managing volatility.</li></ol>

<h2>IPO size revision</h2><p>Integris Medtech has reduced the size of its proposed initial public offering, revising the fresh issue to Rs 600 crore from Rs 925 crore and halving the offer-for-sale to 1.08 crore equity shares from 2.16 crore shares proposed in the October 2025 draft filing.</p><ol><li>Promoter entity Evercure Holdings will be the only selling shareholder, reducing its OFS portion from 1.51 crore shares, while original promoters Gurmit Singh Chugh and Punita Sharma withdrew as sellers.</li><li>Of the fresh issue proceeds, Rs 509.8 crore will be used to repay debt and the balance for general corporate purposes.</li><li>The revision was made under SEBI regulations allowing up to 50% change in fresh issue size without refiling the DRHP for an IPO planned by March 2027; SEBI approved the IPO papers in February 2026.</li><li>The New Delhi-based company, backed by Everstone Capital Asia and Mukul Agrawal, describes itself as India's second-largest coronary stent maker by sales volume with facilities in India, Germany and the Netherlands.</li><li>Promoters held 84.04% stake per the DRHP, including Evercure Holdings with 28.85%, Medicore Holdings with 33.93%, and Chugh and Sharma with 10.23% each.</li></ol>

<h2>Key development</h2><p>Healthcare IT platform Infinx Technology Solutions has appointed Kotak Mahindra Capital, Nomura and Avendus to manage its proposed $300 million initial public offering in India, targeting a listing in FY28.</p><ol><li>The proposed IPO may combine a fresh issue of shares with an offer for sale, according to people familiar with the development.</li><li>Infinx is backed by KKR and Norwest Venture Partners and provides AI-powered healthcare revenue cycle management solutions to US healthcare providers.</li><li>Founded in 2012 by Sandeep and Jaideep Tandon, the company offers patient access, insurance verification, prior authorisation, medical coding, billing and collections.</li><li>Its clients include hospitals, health systems and physician groups, with operating teams in the US, India and the Philippines.</li><li>Infinx remained bootstrapped until 2021, when it raised first institutional capital from Norwest Venture Partners, and has raised $186 million in total.</li><li>KKR acquired a significant minority stake in 2024 through its Asian Fund IV, with Norwest also participating.</li><li>In May 2025, Infinx acquired the healthcare revenue cycle management business of Nasdaq-listed i3 Verticals for $96 million, including proprietary technology.</li></ol>

<h2>IPO details</h2><p>Wiscon Industries will open its initial public offering for public subscription on October 27 and close bidding on October 29, with anchor bidding on October 26 and listing on the BSE SME platform on November 3.</p><ol><li>Price band fixed at Rs194-204 per share for the 53.92 lakh-share offer aiming to raise up to Rs110 crore.</li><li>Offer comprises fresh issue of 43.14 lakh shares and offer-for-sale of 10.78 lakh shares by promoter Sidhant Dalmia.</li><li>New Delhi-based company supplies LED TVs, air coolers, washing machines and air conditioners under flagship brand Wiscon, with business-to-business segment contributing nearly 99 percent of revenue in fiscal 2026.</li><li>Rs50 crore of net fresh issue proceeds to be invested in subsidiary Dalmia Technologies for plant and machinery and incremental working capital; Rs17 crore for company working capital and Rs5.2 crore for marketing and promotion, with balance for general corporate purposes.</li><li>Smart Horizon Capital Advisors is the merchant banker managing the issue.</li></ol>

<h2>IPO details</h2><p>Mumbai-based retail jeweller M K Sons Fine Jewels has fixed its IPO price band at Rs 153-162 per share, seeking a valuation of Rs 912 crore.</p><ol><li>The Rs 275.4-crore IPO comprises 1.7 crore equity shares, including a fresh issue of 1.36 crore shares worth Rs 220.32 crore at the upper band.</li><li>Promoter Ramchand Murlidhar Raimalani will sell 34 lakh shares worth Rs 55.08 crore via offer-for-sale.</li><li>The IPO opens for public subscription on October 28 and closes on October 30, with the anchor book opening on October 27, allotment by November 2 and market debut on November 4.</li><li>The company sells gold, diamond and Cubic Zirconia jewellery through three showrooms in Mumbai and two in Ahmedabad.</li><li>Of net fresh proceeds, Rs 152.8 crore will fund one new showroom in Maharashtra and expansion of an existing Gujarat showroom, Rs 30 crore will repay debt and the balance is for general corporate purposes.</li><li>Profit more than doubled to Rs 51.8 crore in FY26 from Rs 23.3 crore, with revenue up 53.4 percent to Rs 538.7 crore from Rs 351.3 crore; June 2026 quarter profit was Rs 15 crore on Rs 101.4 crore revenue.</li><li>Aryaman Financial Services is the merchant banker for the issue.</li></ol>

<h2>Flat market debut</h2><p>Bonfiglioli Transmissions made a flat stock market debut on October 23, listing at its initial public offering price with no listing premium for IPO allottees.</p><ol><li>Bonfiglioli Transmissions shares listed at Rs 586 apiece on both the BSE and the NSE, equal to the IPO issue price of Rs 586 per share.</li><li>The listing translated into a zero percent listing premium over the issue price, meaning investors who received shares in the public issue made no listing gains.</li><li>Following the listing, Bonfiglioli Transmissions market capitalisation stood at around Rs 11,016.56 crore.</li><li>The flat listing came in below grey market expectations, as the grey market premium had indicated an estimated listing gain of around 11 per cent on the morning of October 23, according to InvestorGain.</li></ol>

<h2>IPO exploration</h2><p>OmniActive Health Technologies Ltd, led by Sanjaya Mariwala, has begun exploratory discussions with bankers for an initial public offering that could raise $200-300 million at a valuation of nearly $1 billion.</p><ol><li>The proposed IPO could be a mix of fresh capital issuance and an offer for sale by existing majority investor TA Associates and the promoter group.</li><li>As of September 2025, TA Associates held about 56% of OmniActive, while the Mariwala family owned 40%, with the remainder held by others, according to a Crisil report published in January.</li><li>The IPO plan follows unsuccessful attempts to raise private capital amid macroeconomic headwinds and geopolitical conflicts; if completed, it would make OmniActive the first pure-play nutraceutical company to list.</li><li>OmniActive said it remains financially strong with a robust balance sheet, healthy cash reserves and debt-free structure, and that it periodically assesses strategic opportunities but has no material definitive transaction requiring disclosure.</li><li>Founded in 2005, the company makes natural, science-backed ingredients for health supplements and fortified foods and beverages, with offices in India, New Jersey and the Netherlands; TA Associates acquired a majority stake in 2021, facilitating Everstone Capital's exit.</li><li>The group derives a significant share of revenue from the US, constraining near-term growth amid tariff-related uncertainty, with a small but growing presence in Europe, Asia and Africa.</li><li>In FY25, operating income was about Rs 886 crore versus Rs 837 crore a year earlier, while adjusted profit expanded to Rs 165 crore from Rs 144 crore, as per Crisil.</li></ol>

<h2>IPO details</h2><p>Bombay Coated and Special Steels will open its Rs 183.06 crore initial public offering for subscription on October 29 and close on November 2, with the anchor book opening on October 28 and trading expected to commence on November 5.</p><ol><li>The IPO comprises an entirely fresh issue of equity shares, with the price band expected to be announced in the coming days.</li><li>The issue size was marginally reduced from Rs 191 crore proposed in the draft offer document, which was refiled in January 2026 and approved by SEBI in June 2026.</li><li>Smart Horizon Capital Advisors has been appointed as the merchant banker to manage the IPO.</li></ol><h2>Business, use of proceeds and financials</h2><ol><li>The company operates as a steel processing centre converting steel coils into value-added products, acting as an intermediary between primary producers and end-users.</li><li>It plans to use Rs 125 crore of net proceeds to repay debt against total borrowings of Rs 302.4 crore as of August 2026, and Rs 15.7 crore to acquire capital equipment under lease with Siemens Financial Services, with the balance for general corporate purposes.</li><li>Promoted by Vijaykumar Himatrai Gupta, it reported profit of Rs 15 crore on revenue of Rs 397 crore for the three months ended June 2026, and for FY ended March 2026 profit rose 6.5% to Rs 30.5 crore while revenue rose 20% to Rs 1,266.8 crore.</li></ol>

<h2>Public listing plan</h2><p>Vertis Infrastructure Trust, backed by KKR &amp; Co. and Ontario Teachers' Pension Plan, is preparing to file a draft offer document by December to convert into a publicly traded infrastructure investment trust, targeting a listing on Indian exchanges by April or May.</p><ol><li>Sponsors KKR and Ontario Teachers' Pension Plan plan to sell a combined 13-14% stake through an initial public offering likely to consist entirely of an offer for sale; at the current Rs 17,515 crore market capitalization and Rs 116 per unit price, the sale would exceed Rs 2,000 crore.</li><li>Investment manager Vertis Fund Advisors Pvt. constituted an IPO committee in April for the public listing, and Vertis has shortlisted Ambit Capital, Avendus Capital, Axis Capital and SBI Capital Markets to manage the transaction, with size, structure and timing still under discussion.</li><li>Vertis, already privately listed, is focused on improving distribution and adding assets with an optimal mix of Toll and Hybrid Annuity Model assets; it managed 8,428 lane kilometres across nine states with assets under management exceeding Rs 27,000 crore at end-FY26.</li><li>For FY26, Vertis reported revenue of Rs 4,005 crore, net distributable cash flows of Rs 1,869 crore, and a distribution of Rs 12 per unit totalling Rs 1,812 crore.</li></ol>

<h2>IPO details</h2><p>Core4 Engineers, an integrated engineering, procurement, construction and commissioning company providing solutions in railway electrification and wastewater treatment, will open its initial public offering for public subscription on the BSE SME platform on October 23. The company aims to raise Rs 54.82 crore through the public issue, which will close on October 27.</p><ol><li>The price band has been fixed at Rs 88-93 per share with a face value of Rs 10 per share and a lot size of 1,200 shares.</li><li>The issue comprises 58,94,400 shares, of which 18,11,040 shares are offered to the public.</li><li>Net proceeds will be used to fund capital expenditure for acquiring a property comprising land and an existing building, setting up a new manufacturing facility and corporate office, meeting incremental working capital requirements and for general corporate purposes.</li><li>Share allotment is expected to be finalised by October 28, while listing of shares is scheduled on the BSE SME platform on October 30.</li></ol>

<h2>Subscription and offer details</h2><p>Paras Healthcare's Rs 1,450-crore IPO was subscribed 19% by 10:30 am on October 22, with bids for 22,54,770 shares against 1,20,83,331 shares on offer.</p><ol><li>Retail investors led demand at 88% of their portion, while non-institutional investors subscribed 10%.</li><li>The IPO is open from October 21 to October 23 with a price band of Rs 660-693 per share.</li><li>The issue comprises a Rs 500-crore fresh issue and a Rs 950-crore offer for sale, including Rs 300 crore by promoter Dharminder Kumar Nagar and Rs 650 crore by Commelina, an affiliate of Creador.</li><li>Ahead of the IPO, the company raised Rs 652.5 crore via allotment of 94.15 lakh shares to 21 anchor investors, including Abu Dhabi Investment Authority and BlackRock Global Funds.</li><li>Grey market premium was Rs 25 on October 22 morning, implying about 3.6% listing gain to about Rs 718 at the upper price band.</li><li>Paras Healthcare will use Rs 375 crore from net fresh proceeds to repay debt, with the balance for general corporate purposes.</li><li>The company operates eight hospitals under the Paras brand with 2,211 beds across North India, Bihar and Jharkhand, and plans a 300-bed Gurugram hospital and 500-bed Ludhiana hospital.</li></ol>

<h2>Listing and subscription</h2><p>Ravita Engineering Services is set to debut on the NSE SME platform on Thursday with a grey market premium of around 1% indicating expectations of a marginally above-issue listing.</p><ol><li>The Rs 116.05 crore IPO was an entirely fresh issue of 1.04 crore shares at Rs 105 to Rs 112 per share, with a minimum lot of 1,200 shares and a retail minimum of 2,400 shares requiring Rs 2,68,800 at the upper end.</li><li>The issue opened on October 14, 2026 and closed on October 16, 2026 with overall subscription of 7.11 times, including 3.50 times from individual investors, 13.21 times from qualified institutional buyers excluding anchors, and 7.42 times from non-institutional investors.</li><li>Grey market premium was Rs 1 per share over Rs 112, implying an estimated listing price of Rs 113 per share, which is an unofficial sentiment indicator and does not guarantee actual listing price.</li><li>The company plans to use Rs 70 crore for long-term working capital, Rs 25.53 crore for capital expenditure on heavy equipment, and the balance for general corporate purposes.</li><li>Total income rose 154% to Rs 278 crore in FY26 from Rs 109 crore in FY25, while profit after tax rose 137% to Rs 28 crore from Rs 12 crore, with revenue from operations growing from Rs 13.49 crore in FY24 to Rs 277.63 crore in FY26.</li></ol>

<h2>Key development</h2><p>Prism, parent of Indian budget hotel chain Oyo Hotels, has nearly halved the size of its proposed initial public offering, according to a filing on Thursday, as it looks to revive its long-delayed listing plans.</p><ol><li>The SoftBank-backed company plans to sell a fresh issue of shares worth Rs 33.5 billion ($354.65 million).</li><li>Prism first filed for an IPO in 2021, seeking a valuation of up to $12 billion, but has repeatedly delayed its listing.</li><li>The company revived plans in March 2023 with a confidential filing before postponing the offering for a third time in May, turning to debt financing in the intervening years.</li><li>Prism filed an updated draft red herring prospectus in June, saying it planned to raise Rs 66.5 billion through a fresh share issue.</li><li>The potential listing would add to an already busy year for India's IPO market, with Jio Platforms' ongoing offering and a slate of others set to make it a record year for the primary domestic market.</li></ol>

<h2>Revised IPO structure</h2><p>International Finance Corporation-backed Crystal Crop Protection has reduced the size of its planned initial public offering under SEBI regulations permitting issuers to increase or decrease fresh issue size by up to 50 percent without refiling the DRHP for IPOs opening on or before March 31, 2027.</p><ol><li>Fresh issue reduced to Rs 439.3 crore from up to Rs 600 crore proposed in the December 2025 DRHP, while the offer-for-sale was cut to 37.02 lakh equity shares from 74.05 lakh shares.</li><li>Promoter Ankur Aggarwal will be the sole selling shareholder in the OFS, while promoters Nand Kishore Aggarwal and Komal Aggarwal along with IFC and IFC Emerging Asia Fund, LP have withdrawn as sellers.</li><li>Proposed pre-IPO placement scaled down to up to Rs 87.86 crore from Rs 120 crore; if undertaken before filing the red herring prospectus, the fresh issue size will be reduced accordingly.</li><li>Company plans to use Rs 335 crore of net fresh issue proceeds to repay debt, with the balance for inorganic growth through unidentified acquisitions and general corporate purposes.</li><li>Per the DRHP, promoters held 86.69 percent stake and IFC entities held 8.48 percent; SEBI cleared the IPO papers in May 2026.</li></ol>

<h2>IPO filing</h2><p>Gujarat-based compliance and validation company Gamp Services has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of 46.93 lakh shares.</p><ol><li>The IPO comprises a fresh issue of 31.93 lakh shares and an offer for sale of 15 lakh shares by promoters Sanjeevkumar Mahendrakumar Patel, Girish Agrawal and Gaurav M Shah.</li><li>The company may undertake a pre-IPO placement of 6.38 lakh shares, which would reduce the fresh issue size by the corresponding amount.</li><li>It plans to use Rs 40.05 crore from net fresh issue proceeds to purchase equipment and IT hardware for its services and data logger manufacturing verticals, with the balance for unidentified acquisitions and general corporate purposes.</li><li>Gamp Services helps customers establish, qualify, operate and maintain manufacturing facilities, utilities, equipment and computerised systems in compliance with regulatory requirements, and supplies instrumentation sourced from global original equipment manufacturers.</li><li>For FY ended March 2026, profit grew 37.9% year-on-year to Rs 11 crore on revenue up 28.3% to Rs 45.8 crore; for the quarter ended June 2026, it reported profit of Rs 5.8 crore on revenue of Rs 19.5 crore.</li><li>Valmiki Leela Capital has been appointed merchant banker for the issue.</li></ol>

<h2>Key development</h2><p>Carlsberg A/S is preparing to publicly file documents for an initial public offering of its India business as early as this week, which could raise as much as $700 million.</p><ol><li>Carlsberg India, the country's second-largest brewer with about 22% market share, had confidentially submitted draft IPO documents in July.</li><li>The proposed IPO is expected to consist entirely of a secondary share sale by the Danish brewer.</li><li>Investor roadshows are expected to begin next week, with the IPO launch possible as early as December, though size, structure and timing could still change.</li><li>Carlsberg is working with Kotak Mahindra Capital Co. and the Indian units of JPMorgan Chase and Co. and Citigroup Inc. on the offering, and a Carlsberg representative did not immediately comment.</li><li>Carlsberg entered India in 2007 and operates seven breweries across the country, according to its website.</li><li>India's IPO market context includes about $14.4 billion raised so far in 2026 after a record $22 billion in 2025, with Jio Platforms Ltd.'s $3.2 billion offering fully subscribed within hours on Wednesday.</li></ol>

<h2>IPO terms</h2><p>EAAA India Alternatives, a subsidiary of Edelweiss Financial Services, has fixed a price band of Rs 1,585-1,665 per share for its maiden IPO, valuing the company at Rs 10,765 crore.</p><ol><li>The Rs 1,200-crore IPO comprises entirely an offer for sale by promoter entity Edelweiss Securities and Investments; the company will not receive any proceeds excluding offer expenses.</li><li>The issue opens for subscription on October 26 and closes on October 28, with the anchor book opening on October 23 and listing expected on November 2.</li><li>Investors can bid for a minimum of nine shares and in multiples thereafter, implying minimum retail investment of Rs 14,985 and maximum investment of Rs 1,94,805.</li><li>The manager reported AUM of Rs 95,344.8 crore as of June 2026 across real assets, including infrastructure and commercial real estate, and private credit across performing credit, special situations, real estate credit and investment-grade credit.</li><li>For the quarter ended June 2026, profit rose 45 percent year-on-year to Rs 80.7 crore from Rs 55.7 crore, while revenue from operations rose 44.4 percent to Rs 275.5 crore from Rs 190.8 crore.</li></ol>

<h2>Listing and IPO details</h2><p>Vaibhav Vyapaar Ltd. is set to debut on the NSE SME platform on October 21, 2026, with a grey market premium of around 6% indicating expectations of a modest listing gain over the issue price.</p><ol><li>The Rs 42.10 crore book-built IPO was an entirely fresh issue of 77.96 lakh shares, open from October 13 to October 15, 2026, and subscribed 2.27 times, with allotment finalised on October 16.</li><li>The price band was fixed at Rs 51 to Rs 54 per share with a lot size of 2,000 shares; retail investors needed at least 4,000 shares for Rs 2,16,000 at the upper band, while high-net-worth investors needed at least 6,000 shares for Rs 3,24,000.</li><li>The company plans to use Rs 32 crore from net proceeds to strengthen its capital base and the balance for general corporate purposes.</li><li>In FY26, total income rose 48% year-on-year to Rs 38 crore from Rs 25 crore in FY25, while profit after tax rose 33% to Rs 2 crore from Rs 1 crore.</li><li>The NBFC offers unsecured personal loans via its LoanFront digital platform through direct and co-lending arrangements; as of July 31, 2026, it reported assets under management of Rs 812.41 crore, net worth of Rs 471.96 crore and debt-to-equity ratio of 0.80.</li></ol>

<h2>IPO terms</h2><p>SFC Environmental Technologies, a Navi Mumbai-based wastewater treatment solutions provider, fixed its IPO price band at Rs 313-330 per share, targeting a Rs 667.5-crore raise at a valuation of Rs 3,232.5 crore at the upper end.</p><ol><li>The IPO comprises a Rs 150-crore fresh issue and an offer for sale of 1.56 crore shares worth Rs 517.5 crore by promoters and other shareholders, opening October 27, closing October 29, with anchor bidding October 26 and expected listing November 3.</li><li>Investors can bid for a minimum of 45 shares and in multiples thereafter, implying Rs 14,850 minimum and Rs 1,93,050 maximum retail investment.</li><li>As of August 2026, the order book totalled Rs 641 crore in wastewater treatment, Rs 561 crore in wastewater recycling and reuse, and Rs 454.5 crore in solid waste treatment.</li><li>The company will use Rs 42.2 crore of net fresh proceeds to repay debt and Rs 74.9 crore for working capital, with the balance for general corporate purposes.</li><li>For the quarter ended June 2026, profit was Rs 1.5 crore versus a Rs 1.3-crore loss a year earlier, while revenue nearly doubled to Rs 133.9 crore from Rs 67.8 crore.</li></ol>

<h2>IPO timetable</h2><p>EAAA India Alternatives Ltd, an arm of Edelweiss Financial Services, will open its Rs 1,200 crore initial public offering for subscription on October 26 and close it on October 28, with anchor investor bidding on October 23.</p><ol><li>The issue is entirely an Offer for Sale by Edelweiss Group with no fresh issue component, so the company will receive no proceeds and the entire amount will go to the selling shareholder.</li><li>The IPO size was reduced to Rs 1,200 crore from Rs 1,500 crore proposed in the Draft Red Herring Prospectus filed with the Securities and Exchange Board of India in January.</li><li>In March, Edelweiss Financial Services completed the sale of 4.4 per cent of common equity in EAAA India Alternatives for Rs 375 crore.</li><li>Incorporated in 2008, EAAA India Alternatives operates a diversified multi-strategy alternative investment platform across real assets including energy and transportation infrastructure, commercial real estate and private credit, with offices in Mumbai, New Delhi, GIFT City and Singapore.</li><li>Separately, SEC Environmental Technologies Ltd will open its IPO on October 27 and close it on October 29, with anchor bidding on October 26, comprising a fresh issue of up to Rs 150 crore and an Offer for Sale of up to 1,56,82,750 equity shares.</li></ol>

<h2>IPO schedule and structure</h2><p>BLS Polymers, a New Delhi-based maker of polymer compounds, will open its Rs 255-crore IPO on October 27 and close it on October 29, with a price band of Rs 142-150 per share valuing the company at Rs 930.5 crore.</p><ol><li>The IPO comprises a fresh issue of 1.7 crore equity shares, with the anchor book opening on October 26.</li><li>Share allotment is expected by October 30, with listing on stock exchanges scheduled for November 3.</li><li>The company plans to use Rs 77.56 crore for expanding its Goa facility and Rs 89.5 crore for working capital, with the balance for general corporate purposes.</li></ol><h2>Business and financials</h2><p>The company makes custom-formulated polymer compounds for telecom, power, railways, water and oil and gas distribution, producing at its Goa facility with 11 machines.</p><ol><li>It proposes to expand PE and XLPE compound capacity by 52,050 MTPA to 87,301 MTPA, citing near-full utilisation and international demand.</li><li>Wire and cable contributed 81 percent of FY26 revenue and industrial pipelines 19 percent.</li><li>For FY ended March 2026, net profit rose 27.8 percent to Rs 27 crore from Rs 21.1 crore, while revenue rose 6.4 percent to Rs 349.4 crore from Rs 328.4 crore.</li><li>For the quarter ended June 2026, profit was Rs 10.2 crore on revenue of Rs 107.02 crore.</li></ol>

<h2>Subscription update</h2><p>All four IPOs opened for subscription on 15 October and are scheduled to close on 19 October, with mixed demand on the second day of bidding on 16 October.</p><ol><li>Tonbo Imaging India was subscribed 7.77 times, led by NIIs at 14.35 times, followed by retail at 7.12 times and QIBs at 3.95 times.</li><li>Bonfiglioli Transmissions was subscribed 99%, with NIIs at 1.71 times, retail at 1.16 times and QIBs at 16%.</li><li>Sahajanand Medical Technologies was subscribed 82%, with QIBs at 1.12 times, retail at 82% and NIIs at 51%.</li><li>Zetwerk Manufacturing Business was subscribed 31%, with QIBs at 37%, retail at 36% and NIIs at 16%.</li></ol><h2>Grey market signals</h2><p>Grey market premiums implied positive listings for all four issues, led by Tonbo Imaging.</p><ol><li>Tonbo Imaging: premium of Rs 505 implied listing at Rs 1,205, about 72.14% above the Rs 700 price.</li><li>Bonfiglioli Transmissions: premium of Rs 129 implied listing at Rs 715, about 22% above the Rs 586 price.</li><li>Sahajanand Medical Technologies: premium of Rs 22 implied listing at Rs 366, about 6.40% above the Rs 344 price.</li><li>Zetwerk Manufacturing Business: premium of Rs 7 implied listing at Rs 158, about 4.64% above the Rs 151 price.</li></ol>

<h2>IPO schedule and quotas</h2><p>Jio Platforms IPO will open on October 21, 2026 and close on October 23, 2026 with separate reserved quotas for employees and Reliance Industries shareholders alongside the retail portion.</p><ol><li>Eligibility is fixed as of October 14, 2026, the RHP filing date; a Reliance Industries purchase on October 13 settled on T+1, one share is enough with no minimum holding period, and individuals and HUFs qualify while companies and trusts are excluded.</li><li>Permanent employees of Jio Platforms, Reliance Industries and subsidiaries including Reliance Jio Infocomm, Saavn and Haptik as of October 14 qualify; those on notice period, contract staff, promoter, promoter group and directors holding over 10% are excluded.</li><li>At the upper band of Rs 1,119 and lot of 12 shares, minimum is Rs 13,428 for retail and shareholders and Rs 12,780 for employees after Rs 54 discount; employee initial allotment capped at Rs 2 lakh up to Rs 5 lakh if undersubscribed, shareholder cap Rs 2 lakh with no discount.</li><li>One PAN can file up to three bids, one each in employee, shareholder and net issue, using separate forms and UPI mandates with same PAN as first holder; duplicate bids in same category or retail plus NII, wrong PAN, frozen demat or third-party payments risk rejection; full limits total about Rs 8.7 lakh.</li></ol>

<h2>IPO filing</h2><p>Hunger Pangs Ltd, operator of the Burma Burma Restaurant and Tea Room chain, has filed a draft red herring prospectus with SEBI for an initial public offering to expand its restaurant network across India.</p><ol><li>IPO comprises a fresh issue of equity shares worth up to Rs 150 crore and an offer for sale of up to 2.79 crore shares by existing shareholders.</li><li>OFS sellers include promoters Ankit Virendra Gupta and Chirag Narendra Chhajer, promoter group entity Bbigplas Poly Pvt Ltd, and investor shareholders Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund and L V Angel Fund.</li><li>Fresh issue proceeds will be used to set up new Burma Burma restaurants across India and for general corporate purposes.</li><li>As of July 31, 2026, the company operated 22 restaurants, one delivery kitchen and three warehouses across nine cities, located in premium malls, high streets and corporate parks.</li><li>Revenue from operations rose 46.56 per cent to Rs 155.50 crore in FY26 from Rs 106.10 crore in FY25, while EBITDA rose to Rs 25.68 crore from Rs 21.35 crore.</li><li>Delivery business contributed 10.76 per cent of FY26 operating revenue; the company also operates Burma Burma Shop and plans ready-to-eat and packaged foods.</li><li>Panthomath Capital Advisors is the sole book-running lead manager to the issue.</li></ol>

The government aims to list three public sector entities on Indian stock exchanges in FY27, Department of Investment and Public Asset Management Secretary Arunish Chawla told Business Standard. The proposed listings comprise India Infrastructure Finance Company Limited and two Coal India subsidiaries, Mahanadi Coalfields Limited and South Eastern Coalfields Limited. The disclosure outlines the government's listing pipeline for the current financial year, identifying IIFCL, MCL and SECL as the targeted candidates for bringing to D Street. No further details on timing, issue size, structure or approvals were provided in the source material.

Sebi approved four IPOs in the week ended October 16, including Sohan Lal Commodity Management's pre-filing and fresh issue-cum-OFS offerings by Eswari Global Metal Industries and Cult.fit, plus Indian Gas Exchange's OFS-only issue. Separately, Fusion CX's Rs 702 crore IPO was subscribed 4.45 times on its final day, with bids for 6,24,64,035 shares against 1,40,40,000 shares on offer, including 5.70 times subscription in retail and 4.50 times in the non-institutional quota. Zetwerk Manufacturing Businesses' Rs 5,012 crore IPO was subscribed 31% on day two, with bids for 5,74,99,200 shares against 18,50,66,845 shares, including 37% in the QIB quota and 35% in retail. Zetwerk allotted 14.91 crore shares at Rs 151 to 99 anchor funds to raise Rs 2,251.23 crore, with participation from BlackRock, Goldman Sachs, Nomura, Capital Group, Norway's Government Pension Fund Global, ADIA, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and others.

Zetwerk Manufacturing Businesses Private Limited's Rs 5,012.33-crore IPO entered Day 2 on October 16, 2026, after 23% subscription on Day 1 against 18.50 crore shares on offer, with QIBs at 30% on 9.89 crore shares, retail investors at 22% on 3.41 crore shares and NIIs at 9% on 5.12 crore shares. Grey market premium was Rs 14, about 9.27% over the Rs 151 upper price band, implying an estimated Rs 165 listing price, though unofficial and not guaranteed. The issue comprises a Rs 2,830 crore fresh issue and a 14.45 crore-share offer for sale worth about Rs 2,182 crore, with a Rs 143-151 band, 99-share lot requiring Rs 14,949 at the upper end, and Rs 14 employee discount; bidding closes October 19, allotment October 21, and BSE-NSE listing October 23. Anchor allotment raised Rs 2,251.23 crore from 99 investors at Rs 151. Of about Rs 2,160 crore net proceeds, Rs 1,300 crore and Rs 860 crore are earmarked for debt repayment/prepayment, plus acquisitions and general purposes. FY2026 showed a loss, negative EPS and negative 15.64% average return on net worth.

Tonbo Imaging India Ltd.'s Rs852.18 crore book-built IPO, described as entirely a 1.22 crore-share offer for sale, opened on Oct 15, 2026 and will close on Oct 19, 2026, with a price band of Rs665 to Rs700 per share, lot size of 21 shares and minimum investment of Rs14,700. As a 100% OFS, proceeds will go to selling shareholders. As of 2:20 PM on day one, the issue was subscribed 2.50 times overall, with retail at 2.25 times, QIB at 2.12 times and NII at 3.57 times. ICICI Direct assigned a subscribe rating, noting over 28,000 systems deployed across 24 countries, ITAR-free IP-led products for surveillance and situational awareness, largest domestic thermal imaging manufacturer status with 51% export share in FY24-26, and flagged 517 working capital days in FY26, supply-chain, government-contract and technology risks. Swastika gave a Neutral rating, citing strong moat in defence optics but dependence on execution consistency.

Zetwerk Manufacturing Businesses Ltd's initial public offering opened to muted demand, subscribed 0.03 times by 12:30 PM on opening day, with bidding open until October 19 at a price band of Rs143-151 per share and proposed listing on BSE and NSE on October 23. The issue comprises a fresh issue worth Rs2,830 crore and an offer for sale of 14.45 crore shares valued at about Rs2,182 crore at the upper band, taking total size to about Rs5,012 crore. SBI Securities and ICICI Direct assigned Subscribe ratings, citing its scalable hybrid asset-light model, operating leverage, diversified end-markets, global supplier network and proprietary Zetwerk OS, with debt repayment expected to cut finance costs and aid FY27 profitability. Swastika rated it Neutral, flagging lower operating margins and consolidated net loss of Rs1,606 crore in FY26 and Rs64 crore loss from continuing operations in Q1 FY27. At the upper band, valuation is 66.5x FY26 EV/Ebitda, 1.4x EV/Sales and 1.6x Price/Sales, with working capital intensity and negative operating cash flows flagged as monitorables.

Mumbai-based cardiovascular device maker Sahajanand Medical Technologies opened its Rs 475.48-crore IPO on October 15, with NSE data showing 10% subscription by 12:15 pm. The issue received bids for 9,65,608 shares against 97,50,482 shares on offer, led by retail investors at 17% subscription followed by non-institutional investors at 6%. In the grey market, shares commanded a 14% premium on October 15 morning, as per InvestorGain, though such premiums are unofficial and do not guarantee listing gains. Ahead of opening, the company mobilised Rs 140.06 crore via anchors, allotting 40.71 lakh shares to eight institutions at the upper price band. Of this, 30.25 lakh shares worth about Rs 104 crore went to five domestic mutual fund houses through seven schemes, including Nippon Life India, DSP Mutual Fund, WhiteOak Capital, Invesco India and UTI AMC, alongside Allianz Global Investors Fund, Tata AIA Life Insurance and Natixis International Funds. The IPO is entirely an offer for sale of 1.38 crore shares. The company develops Class III and Class C/D devices focused on vascular intervention and structural heart products. Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India) and Nuvama Wealth Management are book running lead managers.

Jio Platforms has reserved up to Rs 2,500 crore for eligible Reliance Industries shareholders and up to Rs 500 crore for employees in its IPO. The record date for shareholder eligibility was fixed as October 14, 2026, the day it filed its red herring prospectus. Due to T+1 settlement, investors needed to buy RIL shares by October 13 to have them in demat on record date; purchases on October 14 or later do not qualify. The quota offers a direct application route alongside indirect exposure via RIL, but does not guarantee allotment. Maximum bid is expected at Rs 2 lakh, with matching PAN and application via ASBA, broker apps or UPI. The price band is Rs 1,065-1,119 per share for a fresh issue of up to 27 crore shares of Rs 10 face value, implying Rs 28,755 crore at the lower end and about Rs 30,213 crore at the upper end, larger than Hyundai Motor India's 2024 IPO. Anchor book opens October 19, public issue October 21-23. Reported valuation is about $108 billion or roughly Rs 10.3 lakh crore. It is entirely a fresh sale with no selling by Reliance Industries, Meta, Google, Mubadala and Public Investment Fund, with proceeds largely for repayment of borrowings at Reliance Jio Infocomm and general corporate purposes.

Paras Healthcare has fixed a price band of Rs 660-693 per share for its Rs 1,450-crore initial public offering, seeking a valuation of about Rs 7,500 crore. The issue comprises a Rs 500-crore fresh issue and a Rs 950-crore offer-for-sale, with promoter Dharminder Kumar Nagar selling up to Rs 300 crore and investor Commelina selling up to Rs 650 crore. The anchor book opens October 19, public subscription runs October 21-23, with listing expected October 28 on BSE and NSE. Investors can bid for a minimum 21 shares, implying minimum retail investment of Rs 14,553 and maximum of Rs 1,89,189. Allocation reserves 75% for qualified institutional buyers, 15% for non-institutional investors and 10% for retail. The eight-hospital chain with 2,211 beds plans to use Rs 375 crore from net fresh proceeds to repay debt against consolidated borrowings of Rs 888.9 crore as of June 2026, with balance for general corporate purposes, and targets 3,011 beds by March 31, 2028 via new hospitals in Gurugram and Ludhiana.

Bonfiglioli Transmissions, a subsidiary of Italy-based Bonfiglioli S.p.A., raised Rs 759.26 crore via an anchor book on October 14 ahead of its Rs 2,533.8-crore initial public offering. The IPO will open for public subscription on October 15 and close on October 19 with a price band of Rs 558-586 per share. The issue is entirely an offer-for-sale of 4.32 crore equity shares by promoter Bonfiglioli S.p.A., so net proceeds after offer expenses will go to the selling shareholder and the company will receive none. A total of 73 institutional investors bought 1.29 crore shares at the upper end of the band, with 20 domestic mutual funds through 46 schemes receiving 76.72 lakh shares worth Rs 449.61 crore. Participants included SBI Mutual Fund, ICICI Prudential AMC, HDFC AMC, Goldman Sachs, BlackRock, Abu Dhabi Investment Authority and insurers including ICICI Prudential Life and HDFC Life. The company makes gear motors, gearboxes and drive systems for industrial, automation, off-highway and renewable uses. Axis Capital, BNP Paribas, ICICI Securities and Jefferies India are lead managers.

Sahajanand Medical Technologies raised Rs 140.06 crore in its anchor book on October 14, allotting 40.71 lakh shares at Rs 344, the upper end of its Rs 327-344 price band, to eight institutional investors. Five domestic mutual fund houses — Nippon Life India, DSP Mutual Fund, WhiteOak Capital, Invesco India and UTI AMC — received 30.25 lakh shares worth about Rs 104 crore across seven schemes, while Allianz Global Investors Fund, Tata AIA Life Insurance Company and Natixis International Funds also participated. The Mumbai-based cardiovascular device maker's Rs 475.48-crore IPO, opening October 15 and closing October 19, is entirely an offer for sale of 1.38 crore shares by promoters and investors including Samara Capital Markets Holding, Kotak Pre-IPO Opportunities Fund and Morgan Stanley-backed NHPEA Sparkle Holding B.V. The company will receive no proceeds. Founded in 2001, it makes Class III and Class C/D devices including coronary stents, balloons, TAVI devices, occluders, renal stents and peripheral drug-coated balloons. Motilal Oswal Investment Advisors, Avendus Capital, HSBC Securities and Capital Markets (India) and Nuvama Wealth Management are book running lead managers.

Paras Healthcare filed its red herring prospectus on October 14 for its Rs 1,450-crore IPO, which will open on October 21, close on October 23, with anchor bidding on October 19, allotment by October 26 and listing on October 28. The offer comprises a Rs 500-crore fresh issue and Rs 950-crore offer for sale by promoter Dharminder Kumar Nagar (Rs 300 crore) and Creador affiliate Commelina (Rs 650 crore), reduced from Rs 1,800 crore proposed in June 2026 draft papers cleared by SEBI in August 2026; the price band is due October 15. The Haryana-based operator runs eight hospitals under the Paras Health brand with 2,211 beds across North India, Bihar and Jharkhand, and plans 300-bed Gurugram and 600-bed Ludhiana facilities to reach 3,011 beds by March 2028. It will use Rs 375 crore of net proceeds to repay debt against Rs 888.9 crore fund-based debt. Q1 FY27 net profit was Rs 49.6 crore on Rs 470.3-crore revenue; FY26 profit was Rs 43.8 crore on Rs 1,606-crore revenue. JM Financial, BofA Securities India and Nuvama Wealth Management are bankers.

Reliance Jio has filed its red herring prospectus with markets regulator Sebi, setting the timetable for its initial public offering. The IPO will open for subscription on October 21 and close on October 23. The public offer is described as India's biggest and comprises a fresh issue of 27 crore shares. No further pricing, lot size, or listing details were disclosed in the available update.

Paramotor Digital Technology, a Mumbai-based fintech company focused on digital gifting, spend management and rewards platforms, filed its updated draft red herring prospectus with SEBI on October 14 for its proposed IPO. The company had filed through the confidential pre-filing route in May 2026 and received SEBI approval in August 2026. The proposed Rs 1,000 crore IPO comprises a fresh issue of Rs 698 crore and an offer for sale of up to Rs 302 crore by promoters Sonia Pankaj Asher and Rahul Anand. It may consider a pre-IPO placement of up to Rs 139.6 crore, which would reduce the fresh issue size. From net fresh proceeds, Rs 355 crore is earmarked for customer acquisition, retention, brand promotion and business development, Rs 94 crore for technology development, cloud infrastructure and IT assets, and Rs 38 crore for office infrastructure, with the balance for general corporate purposes. The company operates yayyy.shop, SpendPro, RewardOn and DevStack, and acts as programme manager and distribution agent for non-reloadable prepaid instruments. It reported consolidated profit of Rs 23.8 crore on revenue of Rs 252.7 crore for the quarter ended June 2026, and profit of Rs 59.1 crore on revenue of Rs 603.1 crore for FY26. Motilal Oswal Investment Advisors and Equirus Capital are merchant bankers.

The Securities and Exchange Board of India (Sebi) has proposed replacing paid-up capital eligibility for SME IPOs with post-issue market capitalisation thresholds, alongside changes to profitability, application size, offers for sale, lock-ins and market making. Companies with market capitalisation up to Rs1,000 crore would list on the SME platform, while those between Rs1,000 crore and Rs4,000 crore could opt for it but must use Indian Accounting Standards for restated consolidated statements. Sebi proposed raising the operating profit requirement to average Rs3 crore a year over three years, from Rs1 crore in two of three years, while allowing non-compliant firms to list via book-building with at least 75% allotment to qualified institutional buyers, failing which refunds are due. It proposed cutting minimum application value to Rs1 lakh from Rs2 lakh, with Rs25,000 lots and one-share trading lots. It also proposed a one-year holding rule for offers for sale, QIB exemptions from 20% issue and 50% holding limits, streamlined promoter and non-promoter lock-ins, and removal of the Rs10 crore general corporate purposes cap while retaining 15% limit. Comments are due by November 4.

Zetwerk is raising Rs 5,012 crore via an IPO priced at Rs 143-151 per share, open 15-19 October, comprising a Rs 2,830 crore fresh issue and the balance as an offer for sale, seeking about Rs 25,500 crore valuation versus Rs 27,000 crore post-money in March. It plans to use Rs 2,160 crore of proceeds to deleverage. Revenue from continuing operations rose from Rs 12,364 crore in FY24 to Rs 15,913 crore in FY26, after falling 8.4% in FY25 and rebounding 40.4% in FY26. Adjusted Ebitda improved from Rs 97 crore to Rs 421 crore, but consolidated loss widened to Rs 1,606 crore in FY26 from Rs 371 crore in FY25 and Rs 918 crore in FY24. June quarter revenue grew 55% to Rs 4,118 crore with net loss narrowing to Rs 733 crore. Excluding a Rs 836 crore accounting charge and Rs 486 crore discontinued loss, FY26 loss was Rs 286 crore. Repeat customers drove over 80% of manufacturing revenue with 129% median net revenue retention. Crisil reaffirmed Crisil A- but cut outlook to negative on 2.65% Ebitda margin and working-capital intensity. Cash stood at Rs 2,444 crore with negative net debt, order book at Rs 12,370 crore, and price-to-sales below 2x.

Fusion CX Ltd's Rs 702-crore initial public offering opened on October 14, recording 5% subscription by 10:25 am on NSE, with bids for 6,38,673 shares against 1,40,40,000 shares on offer. Retail portion was subscribed 19% and non-institutional investors 4%. The price band is Rs 275-289 per share, with a minimum 51-share lot requiring Rs 14,739 at the upper end. The issue closes October 16, with allotment expected October 19 and listing October 22. In the grey market, shares commanded an 11% premium to the upper price band, which indicates sentiment but does not guarantee listing performance. The offer comprises a Rs 500-crore fresh issue and an offer for sale of 69.90 lakh shares worth Rs 202 crore. Fresh proceeds will repay borrowings and fund IT upgrades including Arya and MindVoice via step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited. For FY26, total income rose 37% to Rs 1,852 crore from Rs 1,352 crore, while profit after tax rose about 130% to Rs 170 crore from Rs 74 crore.

Kotak Institutional Equities' October 11 report found small IPOs below Rs1,000 crore delivered 17% weighted-average listing gains in 2026, versus 13% for mid-sized IPOs of Rs1,000-5,000 crore and 4% for large IPOs above Rs5,000 crore. About 40% of 2026 IPOs gained over 25% on listing, up from 22% in 2025 but below 47% in 2024. India saw 96 IPOs raising about $12 billion in 2026, compared with 103 IPOs raising $20 billion in 2025 and 91 raising $19 billion in 2024. Around 60% of 2026 fundraising was via offers for sale, with only 23% for expansion, 40% for debt repayment and 9% for capital enhancement and working capital. In secondary markets, Nifty Smallcap 100 rose 16% and Nifty Midcap 100 rose 3% over six months while Nifty 50 fell 5%. Mid- and small-cap funds drew 32% of active equity inflows in January-August 2026. Kotak warned gains reflect high earnings expectations and a concentrated rally, cautioning on sustainability.

Fusion CX raised Rs 315 crore from anchor investors ahead of its Rs 702-crore IPO, allotting 1,09,30,795 shares at Rs 289 apiece, the upper end of the Rs 275-289 price band. Investor Ashish Kacholia invested Rs 20 crore through Bengal Finance and Investment Pvt Ltd, allotted 6,92,019 shares, taking his total investment to Rs 55 crore after a Rs 35 crore secondary transaction. Kotak Mahindra Life Insurance invested Rs 15 crore, allotted 5,19,027 shares, taking its total to Rs 65 crore after a Rs 50 crore secondary deal. Six domestic mutual funds across 15 schemes received 85,08,703 shares, or 77.84% of anchor allocation, with Kotak Mahindra Mutual Fund, ICICI Prudential Mutual Fund, Motilal Oswal Mutual Fund, Quant Mutual Fund, ITI Mutual Fund and JM Financial Mutual Fund participating, alongside Loomis Sayles Global Emerging Markets Equity Fund and Meru Investment Fund PCC-Cell 1. The Rs 702-crore IPO comprises a Rs 500 crore fresh issue of 1.73 crore shares and Rs 202 crore OFS of 69.90 lakh shares. It opens October 14 and closes October 16, 2026, with lot size of 51 shares requiring minimum Rs 14,739 at the top end. Allotment is expected October 19 and NSE-BSE listing October 22. Swastika Investmart assigned a Neutral rating, citing 20.5-21.6 times FY26 EPS valuation broadly in line with peers.

The Securities and Exchange Board of India has proposed a stricter framework for monitoring use of funds raised from the public, based on recommendations from a working group chaired by V S Sundaresan to review LODR Regulations, 2015. Appointment of a monitoring agency would become mandatory for all issuances regardless of size, excluding the offer-for-sale portion, with agencies reporting directly to stock exchanges. If a listed entity does not cooperate, the agency would report on best available information with a statement of non-cooperation. Exchanges could levy Rs50,000 per instance of non-cooperation per quarter or half-year, issue notices within 30 days of the due date, escalate to promoters if the report is not filed or fine unpaid within 15 days, and seek freezing of promoters' demat accounts if default persists for 10 more days. Non-payment of fees would not count as non-cooperation, with agencies allowed to take fees in advance. Reports and non-cooperation statements would be displayed on exchange websites, and defaulting firms could not replace the agency until rectified. Timelines would shift from ICDR to LODR rules.

The Securities and Exchange Board of India (SEBI) has extended until March 31, 2027 a relaxation allowing IPO-bound companies to revise the fresh-issue size by up to 50% without filing fresh draft offer documents, extending the earlier deadline of September 30, 2026. The extension was communicated to the Association of Investment Bankers of India on October 12. SEBI had set the prior deadline in early April amid West Asia tensions weighing on sentiment. Under the earlier framework, changes of more than 20% in issue size required fresh draft filings. The relaxation is intended to help issuers respond to market volatility and shifting investor appetite without restarting the filing process. It applies only to the fresh-issue component where new shares are issued, not to unrestricted changes. Companies must keep the primary IPO objective unchanged, provide justification for the revision, have book-running lead managers certify compliance, update the draft red herring prospectus, and disclose changes via an addendum to maintain transparency.

Triveni Power Transmission Limited (TPTL) has listed its equity shares on the BSE and NSE following the demerger of the power transmission business of Triveni Engineering & Industries Limited (TEIL). The demerger was carried out under a Composite Scheme of Arrangement approved by the National Company Law Tribunal, effective May 19, 2026, with April 1, 2026 as the appointed date. Under the scheme, eligible TEIL shareholders received one fully paid-up TPTL equity share of face value Rs 2 for every three TEIL shares held as of the record date of July 22, 2026. Management said the listing enables sharper business focus, transparent performance evaluation and independent growth, with priorities on capital allocation, technology, talent and expansion across industrial, marine and defence applications. TPTL’s portfolio includes high-speed and niche low-speed gearboxes, new equipment, retrofits, replacements, refurbishment, upgrades and lifecycle support. It serves global OEMs, EPC companies and customers in power generation, oil and gas, chemicals and fertilisers, steel, cement, sugar and distillery, marine and defence.

HD Fire Protect has raised Rs 213.11 crore through anchor allotment ahead of its Rs 712-crore initial public offering, which opens on October 13 and closes on October 15 at a price band of Rs 258-271 per share. The company allotted 78.64 lakh shares at the upper end of the band to 16 institutional investors on October 12, including 56,52,331 shares to nine domestic mutual funds such as SBI Mutual Fund, HDFC Asset Management Company, ICICI Prudential Asset Management Company and Mirae Asset. Bajaj Life Insurance and Axis Max Life Insurance took a combined 5.51 lakh shares worth Rs 14.95 crore, while Ashoka WhiteOak, Allianz Global Investors Fund and Amundi Funds also participated. The IPO is entirely an offer for sale by promoters Harish Narshi Dharamshi and Kusum Dharamshi, so the company will receive no proceeds. The Mumbai-based maker of water-, foam- and gas-based fire suppression systems derived 65% of revenue domestically and 35% from exports. FY26 profit rose 6.4% to Rs 116.8 crore on revenue up 13% to Rs 489.3 crore; June quarter profit was Rs 23.8 crore on Rs 109 crore revenue.

Nuvama Institutional Equities estimates pre-listing shareholder lock-ins for 99 companies listed up to 8 October 2026 will expire between 12 October 2026 and 29 January 2027, making about $24 billion of shares eligible for trading. The analysis covers promoter and non-promoter holders across one-month, three-month and six-month periods. The report stresses eligibility does not mean actual selling, as promoters may retain holdings, though supply could rise where a large share of equity unlocks. In October, Xtranet Technologies sees 38% unlock. November includes Horizon Industrial Parks with 97 million shares, Shiprocket with 37 million and Manipal Health Enterprises with 35 million, plus OnEMI Technology Solution with 66 million shares or 39% on 9 November. December highlights CMR Green Technologies with 142 million shares or 65% on 9 December and Hexagon Nutrition with 67 million or 54% on 15 December. January includes SBI Funds Management with 1,428 million shares or 70% and Laser Power & Infra with 78 million or 55% on 18 January, Kusumgar with 63 million or 60% on 14 January, and CSM Technologies and Advit Jewels with 55% and 53% on 4 January.

Activity will pick up in the primary market in the week beginning October 12, with nine companies planning IPOs worth a combined Rs 10,506 crore, including Rs 10,288 crore in the mainboard segment and Rs 218 crore in the SME segment. On October 13, HD Fire Protect will open its Rs 712.3 crore mainboard IPO at Rs 258-271 per share, alongside SME issues from Vaibhav Vyapaar worth Rs 42.1 crore at Rs 51-54 and Ravita Engineering Services worth Rs 116.05 crore at Rs 105-112. Fusion CX will open its Rs 702 crore IPO on October 14 at Rs 275-289, comprising a Rs 500 crore fresh issue and Rs 202 crore offer for sale. Five IPOs open on October 15, accounting for Rs 9,234 crore, led by Zetwerk Manufacturing Business's Rs 5,012.3 crore issue at Rs 143-151, Bonfiglioli Transmissions' Rs 2,533.6 crore offer at Rs 558-586, Tonbo Imaging India's Rs 852 crore offer at Rs 665-700, Sahajanand Medical Technologies' Rs 475.5 crore offer at Rs 327-344, and Shellz India's Rs 60 crore SME issue at Rs 170-179.

Sahajanand Medical Technologies, a Gujarat-based cardiovascular device maker, has fixed a price band of Rs 327-344 per share for its Rs 475.5-crore IPO comprising 1.38 crore equity shares entirely via offer for sale. The issue opens October 15 and closes October 19, with anchor bidding on October 14, allotment likely on October 21 and listing expected October 23, targeting about Rs 3,500 crore market capitalisation. Selling shareholders include promoters, Samara Capital Markets Holding, Kotak Pre-IPO Opportunities Fund and NHPEA Sparkle Holding BV, so the company will receive no proceeds. Excluding 2.5 lakh employee-reserved shares, 50% is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors. Minimum bid is 43 shares, implying Rs 14,792 to Rs 1,92,296 retail investment range. The company makes vascular intervention and structural heart devices including coronary stents, balloons, TAVI systems and occluders. FY26 profit rose 174.65% to Rs 69.1 crore on revenue of Rs 1,210.5 crore, up 18.1%; April-June 2026 profit was Rs 15.1 crore on Rs 351.6 crore revenue.

Tonbo Imaging India has fixed a price band of Rs 665-700 per share for its Rs 852-crore initial public offering, which will open for subscription on October 15 and close on October 19. The IPO is entirely an Offer for Sale of 1.22 crore equity shares by promoters and existing investors, with no fresh issue component, so the company will not receive any proceeds. Selling shareholders include promoters Arvind Kondangi Lakshmikumar, Ankit Kumar and Cecilia D'Souza, along with Vinimaya Advisory LLP, CE AQ Technologies, Timothy Guy Mitchell, Artiman Partners LLC, Amit Dilip Shah and Ramesh Radhakrishnan. Founded in 2003 and focused on defence product manufacturing since 2012, the company designs and manufactures sensing, processing, communication and guidance systems for surveillance, reconnaissance, targeting and control. Its portfolio includes thermal imaging cores, weapon sights, binoculars, targeting systems, missile seekers, fire control and guidance systems for global defence, law enforcement, homeland security and OEM customers. JM Financial and IIFL Capital Services are lead managers, with KFin Technologies as registrar.

Bonfiglioli Transmissions, the Indian subsidiary of Italy's Bonfiglioli S.p.A, has fixed a price band of Rs 558-586 per share for its Rs 2,533.6 crore initial public offering, implying a valuation of Rs 11,016 crore. The IPO of 4.32 crore shares is entirely an offer-for-sale by the promoter, so all net proceeds will go to Bonfiglioli S.p.A and the company will receive no funds. The issue opens on October 15 and closes on October 19, with anchor bidding on October 14, allotment expected by October 21 and listing on October 23. SEBI cleared the draft filed in February 2026 in June 2026. The company reserved 50,000 shares for employees at a Rs 29 discount, with 50% of the net issue for QIBs, 15% for NIIs and 35% for retail investors. Minimum bid is 25 shares. The maker of gear motors, gearboxes and drive systems reported profit of Rs 148.6 crore on revenue of Rs 1,131.9 crore for six months ended June 2026. Axis Capital, BNP Paribas, ICICI Securities and Jefferies India are managers.

Business-to-business manufacturing platform Zetwerk has set a price band of Rs 143-151 per share for its initial public offering. At the upper end, the pricing implies a company valuation of Rs 25,583 crore, or $2.7 billion. The total IPO size is Rs 5,012 crore. This comprises a Rs 2,830-crore fresh issue and an offer for sale of 144.5 million shares worth Rs 2,182 crore. The details were disclosed in the red herring prospectus filed on Sunday.

R.K. Fashion Accessories shares are scheduled to debut on the NSE SME platform on October 12 with a grey market premium of around Rs 2, or 2.44% over the Rs 82 upper-end issue price, implying an estimated listing price of about Rs 84. The Rs 35 crore IPO comprised a fresh issue of 42.67 lakh shares with no offer-for-sale and was priced in a Rs 77-82 band. The issue, open October 5-7, was subscribed 2.70 times overall, including 14.11 times by qualified institutional buyers excluding anchors, 3.11 times by individual investors and 1.77 times by non-institutional investors. Lot size was 1,600 shares, requiring retail investors to apply for at least 3,200 shares worth Rs 2,62,400 and HNIs for 4,800 shares worth Rs 3,93,600. Proceeds totalling Rs 27.47 crore are earmarked for working capital (Rs 5.21 crore), a new plating facility in Baruipur (Rs 8.80 crore), a B2B showroom (Rs 5.37 crore), B2C stores (Rs 2.48 crore), inventory (Rs 5.60 crore) and general corporate purposes. In FY26, total income rose 77% to Rs 32 crore and profit after tax rose 215% to Rs 6 crore.

Business-to-business manufacturing platform Zetwerk has expanded the size of its proposed initial public offering, according to its red herring prospectus filed on Sunday. The company raised the fresh issue component to Rs 2,830 crore from Rs 2,600 crore earlier proposed, marking an increase of Rs 230 crore. It also increased the offer for sale by 49% to 144.5 million shares. The number of selling shareholders remains unchanged at 24. The filing indicates participation by eight institutional investors among the sellers, including Peak XV Partners, Lightspeed Venture Partners and Accel, with additional names truncated in the source disclosure. The revision lifts both the primary capital to be raised by Zetwerk and the secondary share sale by existing investors. No pricing, timeline or valuation details were provided in the available disclosure beyond the revised issue size and OFS share count.

India's primary market will see five IPOs worth at least Rs 1,572 crore open next week, with only one listing scheduled. HD Fire Protect will open its Rs 712 crore offer for sale of 2.63 crore shares during October 13-15 at Rs 258-271 per share, targeting about Rs 4,749 crore market capitalisation and listing on October 21. Fusion CX will open its Rs 702 crore IPO during October 14-16 at Rs 275-289 per share, comprising a Rs 500 crore fresh issue and Rs 202 crore offer for sale, targeting about Rs 4,172 crore valuation and listing on October 22. Sahajanand Medical Technologies will open its offer for sale of 2.76 crore shares during October 15-19, with price band yet to be announced, listing on October 23. SME issues Ravita Engineering Services, a Rs 116 crore issue at Rs 105-112, and Vaibhav Vyapaar, a Rs 42 crore issue at Rs 51-54, open October 13-15. The week's sole listing is RK Fashion Accessories, whose SME issue was subscribed 2.7 times.

Airtel Money, officially Airtel Mobile Commerce NV, is seeking to raise £529 million ($700 million) for existing shareholders in what could be London's biggest initial public offering in five years. Existing investors including Qatar Investment Authority and Mastercard Inc. are selling 270 million shares at a fixed price of £1.96, implying a market value of £5.3 billion, below the previously reported $8 billion to $9 billion range to boost demand. Bharti Airtel International may sell an additional 27 million shares via an overallotment option after trading starts on the London Stock Exchange on Oct. 9, with the stock expected to be eligible for FTSE UK indexes. The deal is entirely secondary and will raise no new money for Airtel Money or parent Airtel Africa, with Bloomberg Intelligence noting a limited free float of about 16.5%. The company processed $213 billion in the 12 months through June with about 53 million monthly active users across African branches and kiosks for payments, microloans and purchases.

Indian companies raised a record $12.5 billion through IPOs in January-September 2026, the highest nine-month total since 1980 as per LSEG, even as the Nifty 50 fell about 14 percent. The number of IPOs fell 17.9 percent to 220 from 268 a year earlier, but proceeds rose 11.3 percent, lifting average issue size to approximately $57 million from $42 million. Three offerings — NSE at $2.36 billion, SBI Funds Management at $1.02 billion and Manipal Health at $970 million — accounted for nearly 35 percent of proceeds. Broader equity capital market proceeds fell 1.7 percent year-on-year to a three-year low of $40.8 billion. September saw 34 mainboard IPOs raise Rs 39,380 crore, the highest monthly total of 2026, but nearly three-fourths was offer-for-sale. Domestic liquidity offset foreign portfolio investor selling of Rs 2.7 lakh crore to Rs 3 lakh crore. Average listing premium cooled to 15.1 percent in September from 24.4 percent in August, with median at 5.9 percent versus 21.3 percent. Equity underwriting fees fell 9 percent to $415.6 million, while total investment banking fees rose 2 percent to a record $1.1 billion on M&A strength. Over 130 companies hold Sebi IPO approvals.

Three SME IPOs totalling around Rs 241 crore are scheduled to list on the BSE SME platform on October 9, after subscription closed on October 6 and allotment was finalised on October 7. Acme India Industries, the largest at Rs 121.69 crore, combined a fresh issue of 54.07 lakh shares worth Rs 105.98 crore with an offer for sale of 8.02 lakh shares worth Rs 15.71 crore, priced at Rs 196 with a 600-share lot; it was subscribed 124.23 times overall, led by NIIs at 196.27 times. Paramount Syntex raised Rs 81.79 crore via a fresh issue of 64.40 lakh shares in a Rs 119-127 band with a 1,000-share lot, subscribed 1.88 times overall. TNA Solutions, the smallest at Rs 37.86 crore via a fresh issue of 54.08 lakh shares priced at Rs 70 with a 2,000-share lot, was subscribed 55.20 times, led by NIIs at 102.14 times.

Fusion CX, the Kolkata-based BPO and customer experience management company, will open its Rs 702-crore IPO for subscription on October 14 and close on October 16, with the anchor book opening on October 13, allotment expected by October 19 and listing on October 22. The price band is fixed at Rs 275-289 per share, implying a valuation of Rs 4,172 crore at the upper end. The offer comprises a Rs 500 crore fresh issue and a Rs 202 crore offer for sale by promoters P N S Business and Rasish Consultants of Rs 101 crore each, reduced from the Rs 1,000 crore proposed in the May 2025 draft papers cleared by SEBI in December 2025. From net fresh proceeds, Rs 275.6 crore will repay debt against Rs 322 crore consolidated borrowings as of August 2026, and Rs 61.1 crore will fund IT upgrades at step-down subsidiaries Omind Technologies Inc. and Omind Technologies, with the balance for unidentified acquisitions and general corporate purposes. Minimum bid is 51 shares, or Rs 14,739 at the upper end. In FY26, profit rose 128.5 percent to Rs 169.8 crore on revenue up 36.8 percent to Rs 1,818.1 crore; June 2026 quarter profit was Rs 55.7 crore on Rs 490.4 crore revenue. It operates 40 delivery centres across 13 countries.

Vaibhav Vyapaar, a digital NBFC operating the LoanFront personal loan app, will open its initial public offering for subscription on October 13 and close on October 15, with anchor bidding on October 12. The price band is fixed at Rs 50-52 per share for a fully fresh issue of 77.96 lakh shares aggregating up to Rs 40.54 crore at the upper end. Allotment is expected by October 16 and listing on the NSE Emerge platform on October 21. Proceeds will primarily augment the company's capital base, with the balance for general corporate purposes. Incorporated in 2009 and licensed by the RBI as an NBFC in 2010, the company offers unsecured personal loans to salaried and self-employed individuals and undertakes origination, underwriting and servicing under co-lending arrangements. It reported AUM of Rs 81.24 crore, net worth of Rs 47.2 crore and debt-to-equity of 0.80 as of July 2026. For April-July 2026 it posted Rs 3 crore profit on Rs 18 crore revenue; FY26 profit rose 33.2% to Rs 1.97 crore on revenue up 46.9% to Rs 36.8 crore. Getfive Advisors is the merchant banker.

Avaada Electro Ltd., the solar manufacturing arm of Avaada Group backed by Brookfield Renewable Partners, is planning to launch its initial public offering as early as mid-November, people familiar with the matter said. The company confidentially filed draft documents in October 2025 to raise up to Rs 7,600 crore ($786 million) and received regulatory approval in April. The offering comprises a fresh issue of up to Rs 1,600 crore and an offer for sale of up to Rs 6,000 crore by parent Avaada Ventures Pvt. The company is meeting potential investors, though timing and size could still change. ICICI Securities Ltd., Axis Capital Ltd., Bank of America Corp., HSBC Holdings Plc, SBI Capital Markets Ltd. and IIFL Capital Services Ltd. are managing the sale. Avaada Electro manufactures high-efficiency solar photovoltaic cells and modules, operating 8.5 gigawatts of module capacity across Nagpur and Dadri, with plans to add 5.1 gigawatts to reach 13.6 gigawatts. The launch comes as Indian IPO proceeds reached almost $10 billion in July-September, with nearly $14 billion raised by 278 IPOs so far.

Zerodha founder Nithin Kamath said IPOs are the only bullish corner of the market, calling recent listings a full-on party while the broader market feels like a bear market. Data to October 6, 2026 close showed 67.2% of 125 mainboard IPOs listed between October 2025 and September 2026 trading above issue price, with a median return of +24.7%. The split was 17.6% up 0-25%, 18.4% up 25-50%, 17.6% up 50-100% and 13.6% up over 100%. The data covers 401 mainboard IPOs across five cohorts, excluding SME listings, REITs, InvITs and FPOs, with returns from issue price excluding dividends. The latest cohort outperformed older groups: the October 2024-September 2025 cohort of 95 IPOs had 47.4% above issue price and median -9.4%, while earlier cohorts showed medians of +8.6%, +16.6% and +41.3%. For the latest cohort, 32.8% traded below issue price. The Nifty 50 closed at 22,603, about 3,770.2 points or 14.3% below its 26,373.20 peak and down 13.55% year-to-date amid oil, geopolitical, economic and currency pressures.

India's IPO sector mix shifted in the first nine months of 2026 ended September 30, with engineering companies leading listings, according to Prime Database data. As many as 11 engineering firms tapped the primary market in 2026, up from six in the corresponding 2025 period, followed by 10 financial services and investment firms versus four last year, and eight jewellery companies. Market participants linked engineering issuance to the Rs 12.2 lakh crore public capex in Budget 2026-27, which created a deep bench of mid-sized suppliers needing growth capital, and to an ongoing capex cycle across infrastructure, manufacturing, power and industrial capacity. While issuance was diversified by count, with 19 of 20 sector categories seeing at least one IPO in 2026, it was concentrated by value. Financial services took about 25% of funds raised, while just two large issues accounted for roughly 30% of mainboard money, underscoring a common underlying capex and manufacturing theme.

Mumbai-based HD Fire Protect on October 7 fixed the price band at Rs 258-271 per share for its upcoming IPO, seeking a valuation of Rs 4,750 crore. The Rs 712.1-crore offer comprises entirely an offer-for-sale of 2.62 crore shares by promoters Harish Narshi Dharamshi and Kusum Dharamshi, with no fresh issue, so all net proceeds will go to selling shareholders. The IPO opens October 13 and closes October 15, with anchor bidding October 12, allotment expected by October 16 and listing on October 21. Investors can bid for 55 shares and multiples thereof, implying minimum retail investment of Rs 14,905 and maximum of Rs 1,93,765. Half the net offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors, plus Rs 1.75 crore for employees at a Rs 25 discount. The maker of water-, foam- and gas-based suppression systems earned 65% of fiscal 2026 revenue domestically and 35% internationally. FY26 profit rose 6.4% to Rs 116.8 crore on revenue of Rs 489.3 crore, up 13.05%; June 2026 quarter profit was Rs 23.8 crore on Rs 109 crore revenue. Ambit, Anand Rathi Advisors and IIFL Capital Services are lead managers.

Jio Platforms Limited plans to raise around Rs 37,700 crore in what could be India's largest-ever IPO, with subscription expected from October 21 at a proposed price band of Rs 1,150-1,220 per share and reported valuation of around Rs 11 trillion. The DRHP cites 524.4 million customers as of March 31, 2026, about 1.4 times the second-largest player's 4G/5G base, carrying around 60% of India's wireless data traffic and adding 27 million net active mobility customers in Fiscal 2026. It reported revenue from operations of Rs 1,46,885.3 crore and EBITDA of Rs 76,255.4 crore with 51.91% margin, with revenue CAGR of 15.79% and EBITDA CAGR of 17.79% over Fiscal 2024-2026, while net leverage fell to 0.36 times. Strengths cited include its digital ecosystem, 11,303 technology staff, 6,817 patent applications and Reliance ecosystem links. Opportunities include 263.5 million 2G users, fixed broadband penetration rising from 20% to 46% by Fiscal 2031, 79 million MSMEs, overseas tech stack exports, and India's digital economy growing from Rs 49.6 trillion to Rs 125.8 trillion. Risks include competition, licensing and spectrum regulation, network and cybersecurity disruption, satellite connectivity, inflation pressure on margins, and churn.

Tata Sons' board has sought an expert legal opinion on Tata Trusts' restructuring proposal to avoid mandatory listing and is unlikely to formally consider it yet, sources said. The board views the proposal as lacking a formal shareholder mandate as it was not presented as a valid resolution approved and signed by Sir Ratan Tata Trust and Sir Dorabji Tata Trust. The Trusts, which own 66% of Tata Sons, with the two principal trusts jointly holding 51.54%, proposed merging Tata Electronics Systems Solutions and Tata Consulting Engineers into Tata Sons to generate operating income and reduce investments in group companies, taking it outside NBFC and core investment company definitions. The plan follows the Reserve Bank of India's directive to list as an upper-layer NBFC, for which Tata Sons has begun financial, regulatory and corporate preparations. A Trusts executive said the plan was an evaluable option sent also to the RBI and that shareholder approval under Article 121A is required anyway. Legal experts said the board must independently assess the plan and its earlier listing resolution remains valid absent a formal shareholder resolution.

Gurugram-based AITMC Ventures, operating as AVPL International, filed an updated draft red herring prospectus with SEBI on September 30 for an IPO comprising entirely a fresh issue of 3.5 crore equity shares. Market sources peg the offer size at Rs 155-200 crore. The company had filed via the confidential route in October 2025 and received SEBI approval in January 2026. Promoters hold 57.95% and public shareholders hold 42.05%. Proposed use of proceeds includes Rs 14.5 crore to upgrade Global Incubation and Skill Hubs in 50 AICTE-approved colleges, Rs 69.67 crore for a Future Tech Park at Sisai, Haryana, Rs 40.44 crore to upgrade 17 ITIs and three polytechnic colleges in Uttar Pradesh, Rs 10.4 crore for R&D labs at IIT Ropar, IIT Kanpur and Gurugram, Rs 20 crore for debt repayment, and the balance for general corporate purposes. For FY26 standalone profit was Rs 13.38 crore on Rs 106.75 crore revenue; FY25 consolidated profit nearly doubled to Rs 16.14 crore from Rs 8.63 crore as revenue more than doubled to Rs 87.47 crore from Rs 41.87 crore. Khandwala Securities is the merchant banker.

Indian IPO-bound companies prioritised debt repayment over expansion in the first nine months of 2026, according to Prime Database Group data cited in the report. Of Rs 46,712 crore raised via fresh issues, Rs 18,068 crore, or 39%, was earmarked for debt retirement, up from Rs 12,662 crore, or 32%, a year earlier. Capacity expansion, new projects, plant and machinery accounted for Rs 10,418 crore versus Rs 8,857 crore last year. Funds for capital enhancement and working capital fell to Rs 4,521 crore, or 9%, from Rs 7,534 crore, or 19%, in 2025. General corporate purposes rose to Rs 5,553 crore from Rs 4,368 crore despite regulatory scrutiny. Acquisitions and strategic investments increased to Rs 3,436 crore, or nearly 8%, from Rs 534 crore, or about 1%. Investment in subsidiaries, joint ventures and associates was Rs 665 crore versus Rs 591 crore. Issue expenses were Rs 3,687 crore against Rs 3,355 crore. Brand building fell to Rs 341 crore from Rs 471 crore, while research and development dropped to Rs 196 crore from Rs 750 crore.

Mumbai-based HD Fire Protect, a manufacturer of fire protection equipment and systems, will open its initial public offering for subscription on October 13 and close it on October 15. The IPO comprises entirely an offer for sale of 2.62 crore equity shares by promoters Harish Narshi Dharamshi and his wife Kusum Dharamshi, so all net proceeds will go to the selling shareholders and the company will receive no funds. Shares worth Rs 1.75 crore are reserved for employees. The anchor book opens on October 12, allotment is expected by October 16, and trading on the BSE and NSE is expected to commence on October 21. The company filed its draft red herring prospectus in September 2025 and received SEBI approval in January 2026. It operates two manufacturing facilities in Maharashtra and supplied 2,066 customers in fiscal 2026, with 65 percent domestic and 35 percent international business. For the quarter ended June 2026, it reported profit of Rs 23.8 crore on revenue of Rs 109 crore. For FY26, profit grew 6.4 percent to Rs 116.8 crore and revenue rose 13 percent to Rs 489.3 crore. Ambit, Anand Rathi Advisors and IIFL Capital Services are merchant bankers.

Four trustees of the Tata charities that control Tata Sons have accused fellow trustees Venu Srinivasan and Vijay Singh of breaking with their long-standing opposition to listing the holding company, deepening a governance dispute at the $277 billion group. In an October 5 letter, Noel Tata, Neville Tata, Darius Khambata and Bhaskar Bhat told Srinivasan and Singh that exploring ways to keep Tata Sons unlisted was consistent with positions previously approved by the seven charitable trusts, according to two sources familiar with the letter. Tata Trusts owns 66% of Tata Sons, the holding company for 26 publicly listed Tata Group companies. The authors said keeping Tata Sons unlisted had been debated and endorsed on multiple occasions and that a restructuring proposal was being considered after India's central bank rejected an exemption from listing rules. They said the trusts were acting as controlling shareholders and not interfering in Tata Sons' affairs. Srinivasan, Singh and Tata Trusts did not immediately respond to requests for comment.

Global equity fundraising topped $1.08 trillion across 5,566 deals in the first nine months of 2026, only the second time more than $1 trillion has been raised in that period, according to Mergermarket, surpassing full-year totals of the past four years with fewer but larger deals than in record year 2021. Momentum faded in the third quarter as Federal Reserve tightening pushed Treasury yields to multidecade highs and AI-valuation concerns grew. Mergermarket said technology, essentially artificial intelligence, made up almost half of third-quarter equity capital market deals, led by SK Hynix's $26.5 billion New York depository-receipt listing and Intel's $23 billion August raise. Smaller issuers were crowded out, while smart-ring maker Oura postponed its offering citing IPO-market uncertainty, with SB Energy, Nscale and a possible November Anthropic listing also delayed or pending. Market participants said higher yields caused investors to pause and that ample private capital and valuation worries reduced urgency to list, despite June's record SpaceX IPO fueling bumper-quarter expectations.

Arka Mookerjee, co-head of equity capital markets at law firm JSA, said euphoria in India's IPO market is giving way to selective investing with greater scrutiny of valuations and pressure to rationalise pricing. This comes even as Prime Database shows 69 companies launched IPOs in the last three months and raised over Rs 90,000 crore. Mookerjee said quality issuers offering good value can still attract demand despite secondary-market volatility. He expects manufacturing-linked entities, healthcare, and businesses using AI to streamline operations to lead listings, while pure info-tech or AI issuers may struggle to match funding needs with longer public fundraising timelines. He said QIP activity, linked to secondary volatility, remains driven by public shareholding needs, capital expenditure and debt retirement, with banks and financial institutions likely to tap equity and debt to strengthen balance sheets. He noted rising acceptance of SEBI's confidential pre-filing route, continued SEBI focus on objects, capital structure and promoter issues, and JSA's aim to build India's largest capital markets practice.

Citigroup Inc. ranked as the top underwriter for global initial public offerings for the year through September 2026, narrowly ahead of Goldman Sachs Group Inc. in Bloomberg league tables, according to the report. Goldman Sachs retained the lead for overall global equity offerings, a broader category that also includes block trades and follow-on share sales. Citi's IPO position reflected roles in several mega listings in Asia and the US, including National Stock Exchange of India Ltd.'s $2.4 billion September listing in Mumbai, described as one of India's largest ever. It also served as lead global coordinator on SK Hynix Inc.'s $26.5 billion Nasdaq listing in July, the largest-ever US share sale by a foreign company, and had a role in SpaceX's $86 billion IPO in June. The report noted Citi has been expanding its investment banking team globally, including equity capital markets hires such as Charlie Black from Goldman as head of North America technology ECM, Bernal J. Vargas III from JPMorgan Chase & Co. as head of ECM in North America, and Rob Chan as head of ECM syndication in Asia.

Shah Investor's Home debuted on NSE and BSE on October 6 at Rs 171 per share, a 2.4% premium to the Rs 159-167 IPO price band. The Rs 90.17-crore IPO, open September 28-30, was subscribed 38 times, with post-listing market capitalisation at Rs 361.72 crore. The company plans to use Rs 60 crore of net proceeds for working capital requirements and the balance for general corporate purposes. Analyst Mahesh M. Ojha of Kantilal Chagganlal Securities cited the company's 30-plus-year track record, sizeable retail client base, expanding digital platforms and initiatives such as SIHL Moneymaker and ALGOFY as long-term positives. However, he flagged FY26 revenue and PAT declines of around 24% and 44% year-on-year, negative operating cash flow and high dependence on Gujarat and broking income. At around 18 times FY26 earnings, he viewed valuation as broadly reasonable but offering limited comfort, advising allotted investors to consider booking listing gains and fresh investors to wait for price stabilisation and 1-2 quarters of results.

Three SMEs — Acme Universal Safezone 9, Pind Hospitality and Shivchem Agro — listed on BSE SME on October 6 after collectively raising nearly Rs 68 crore. Acme Universal Safezone 9 debuted strongest at Rs 101, a 42.2% premium to its Rs 71 issue price. Its Rs 35.93 crore fresh issue of 50.61 lakh shares, priced at Rs 65-71 with 1,600-share lots, was subscribed 23.41 times, led by NII at 31.98 times and QIB ex-anchor at 31.29 times. Pind Hospitality listed at Rs 79.2, 20% below its Rs 99 issue price. Its Rs 17.82 crore fresh issue of 18 lakh shares, priced at Rs 93-99 with 1,200-share lots, was subscribed 2.71 times. Shivchem Agro debuted flat at Rs 62. Its Rs 14.01 crore fresh issue of 22.60 lakh shares, priced at Rs 59-62 with 2,000-share lots, was subscribed 2.20 times. All three IPOs opened September 28, closed September 30, with allotment October 1.

Vinir Engineering Limited has filed its Draft Red Herring Prospectus with SEBI for an IPO comprising an entirely fresh issue of up to 7.1 crore equity shares of face value Rs 2 each, with no offer-for-sale, proposing to list on BSE and NSE. Pre-issue outstanding shares stood at 21.26 crore. Net proceeds are earmarked with Rs 149.85 crore for advanced forging and machining plant and machinery and Rs 35 crore for working capital, besides funding inorganic growth through unidentified acquisitions and general corporate purposes. QIB portion will not exceed 50%, with up to 60% of that for anchor investors, while NII and retail portions will be not less than 15% and 35%. GYR Capital Advisors is BRLM and KFin Technologies is registrar. The Bengaluru-based company offers integrated forging, machining and testing with over 5,000 dies, 30,000 MTPA forging and 8,000 MTPA machining capacity across three units. Defence and aerospace rose to 26.59% of revenue in FY2026 from 12.03% in FY2024. Revenue grew 7.82% in FY2026, net worth CAGR was 20.60% over March 2024-2026, and exports were 9.46% of revenue.

Orient Cables (India) shares fell sharply on Tuesday, 6 October, a day after a strong market debut. The stock opened at Rs 380 against its previous close of Rs 403.30 and dropped 10% to Rs 363, its lower circuit level and fresh all-time low, largely due to profit booking as investors locked in listing gains. Even at that level, the shares remained up about 33% from the IPO issue price of Rs 272. On Monday, 5 October, the stock had listed at Rs 448 on the BSE, a 65% premium to the issue price. Experts attributed the decline to selling to pocket listing gains and said investor focus in coming months will be on quarterly revenue growth, profitability, order execution and operating cash flow. The company is a B2B manufacturer of networking cables and passive networking equipment serving telecom, broadband, data centres, renewable energy, smart building automation, FMEG, automotive and e-mobility industries.

Nityas Gems & Jewellery and Vishal Nirmiti IPOs are set to finalise allotment on October 6, 2026, with share credit and refunds scheduled for October 7 and tentative listing on BSE and NSE on October 8. Nityas Gems & Jewellery IPO was subscribed 2.25 times overall, led by retail at 4.04 times, followed by NII at 2.05 times and QIB at 1.06 times. Vishal Nirmiti IPO was subscribed 1.71 times overall, with NII at 1.81 times, retail at 1.67 times and QIBs at 1.27 times. In the grey market, Nityas Gems & Jewellery commands a premium of Rs 1, implying an estimated listing price of Rs 76 against an issue price of Rs 75, a 1.33% premium. Vishal Nirmiti commands a premium of Rs 2, implying an estimated listing of around Rs 222 against an issue price of Rs 220, a 0.91% premium. Bigshare Services Pvt. Ltd. is registrar for Nityas Gems & Jewellery, while MUFG Intime India Pvt. Ltd. is registrar for Vishal Nirmiti, with allotment checkable on BSE, NSE and registrar websites.

Six SME IPOs closed on October 5 with subscriptions ranging from 1.06 to 2.32 times, with allotments expected by October 6. Dove Soft's Rs 73.26 crore offer of 66 lakh shares at Rs 104-111 was subscribed 1.36 times, with NIIs at 1.87x, QIBs at 100% and retail at 81%. Omara Ventures India's Rs 41.98 crore offer at Rs 296-311 was subscribed 1.06 times for 13.5 lakh shares, with NIIs at 1.63x, QIBs at 100% and retail at 43%. Shree TNB Polymers' Rs 31.8 crore fresh issue of 60 lakh shares at Rs 50-53 was subscribed 1.91 times. Sollfege Smart Electronics' Rs 21.78 crore issue at Rs 55 was subscribed 2.08 times. SJP Ultrasonics' Rs 23.45 crore issue at Rs 67 was subscribed 1.77 times. Eventions' issue of up to Rs 38.11 crore at Rs 112-118 was subscribed 2.32 times. Five companies will list on BSE SME and Eventions on NSE Emerge on October 8, with proceeds for working capital, expansion, machinery, debt repayment and corporate purposes.

Biocon Electric Limited has filed its Draft Red Herring Prospectus with Sebi for an IPO of up to 59,00,000 equity shares of Rs 10 face value, comprising a fresh issue of up to 48,00,000 shares and an offer for sale of up to 11,00,000 shares by five promoter-selling shareholders offering up to 2,20,000 shares each. Pre-offer outstanding was 1,50,00,000 shares, with proposed listing on the Main Board of BSE and NSE. Of the net offer, not more than 50% is for QIBs including up to 60% for anchor investors, not less than 15% for non-institutional bidders and not less than 35% for retail investors. Net fresh proceeds will fund working capital of Rs 6,257.45 lakh, with balance for general corporate purposes. FY2026 revenue from operations rose 37.94% to Rs 19,673.37 lakh, EBITDA rose 17.58% to Rs 2,563.82 lakh and PAT rose 22.96% to Rs 1,414.05 lakh, with EBITDA margin at 12.94% and PAT margin at 7.19%. The Delhi-registered maker of wires, lighting, switches and switchgear operates three plants and offers over 1,500 SKUs.

Anarock Property Consultants reported FY26 revenue from operations of Rs 881.90 crore, up 33.83% from Rs 658.95 crore, and net profit of Rs 93.22 crore, up 53.38% from Rs 60.78 crore, per its draft red herring prospectus for a proposed Rs 1,000-crore IPO. Operating cash flow swung to an outflow of Rs 12.07 crore from an inflow of about Rs 93 crore in FY25 as trade receivables rose to Rs 464.21 crore from Rs 316 crore, attributed partly to revenue growth and year-end billing timing. Transaction advisory contributed Rs 442.45 crore, leasing and investment advisory Rs 306.83 crore, and management services Rs 89.17 crore. Anarock acquired 53.68% of DSP Design Associates for Rs 64.01 crore on September 27, 2026; DSP had an operating cash outflow of Rs 1.61 crore in FY26. On a proforma basis including DSP, FY26 revenue would be Rs 1,123.87 crore and net profit Rs 100.07 crore, implying an 8.90% margin versus 10.57% reported. The IPO comprises a Rs 550 crore fresh issue and Rs 450 crore offer for sale, with Rs 148 crore earmarked for additional DSP shares, Rs 120 crore for technology and AI, and Rs 89.5 crore for hiring.

Nuvama Alternative & Quantitative Research estimates shareholder lock-ins in 91 companies listed up to September 30, 2026 will expire between October 5 and December 29, covering shares worth about $14 billion. The figure represents eligibility, not confirmed selling, as holdings include promoters and promoter groups and actual supply will depend on shareholder decisions. Largest proportional unlocks include Central Mine Planning & Design Institute with 464 million shares (65%) on October 6, Amir Chand Jagdish Kumar with 62 million shares (60%) on October 5, Sai Parenteral with 21 million shares (48%) on October 5, CMR Green Technologies with 142 million shares (65%) on December 9, Turtlemint Fintech Solutions with 160 million shares (54%) on December 28, and Hexagon Nutrition with 67 million shares (54%) on December 15. Smaller October unlocks include Rentomojo, Purple Style Labs and SBI Funds Management. November-December also lists Juniper Green Energy, Dhoot Transmission, Milky Mist Dairy Food and NSE of India with 0.1%-3% of shares.

The Shapoorji Pallonji Group has put on hold plans for an initial public offering of Shapoorji Pallonji Real Estate, with a banker saying there is currently no active work on the IPO despite six banks being selected in January. The IPO was seen as a route to pare group debt estimated at more than Rs 55,000 crore. Focus has shifted to its 18.4% stake in Tata Sons after the Reserve Bank of India rejected Tata Sons' plea to deregister as a core investment company. On September 17, Noel Tata proposed a selective capital reduction for Tata Sons to buy back about 3% held by Mistry family entities, potentially yielding about Rs 25,000 crore for debt repayment and refinancing. A Tata Sons listing remains debated, opposed by Tata Trusts holding about 66%. SPRE has 22 projects under construction, 19 million sq ft completed, a 140 million sq ft pipeline and over 2,000 acres. Joyville posted FY25 revenue of $320 million and $1.4 million profit, while SD Corp had $54 million revenue and an $18 million loss.

R.K. Fashion Accessories Ltd. opened its Rs 34.99 crore book-built SME IPO for subscription on October 5, 2026, closing October 7, with allotment expected October 8 and tentative NSE SME listing October 12. The fresh issue comprises 42.67 lakh shares with no offer-for-sale. Price band is Rs 77-82 per share with lot size of 1,600 shares. At upper band, retail minimum is two lots (3,200 shares) for Rs 2,62,400, while HNIs must apply for at least three lots (4,800 shares) for Rs 3,93,600. Affinity Global Capital Market Pvt Ltd is book-running lead manager, Cameo Corporate Services Ltd is registrar, and Anant Securities is market maker. Net proceeds totalling Rs 27.47 crore are earmarked for working capital (Rs 5.21 crore), new plating facility in Baruipur, Kolkata (Rs 8.80 crore), new B2B showroom in Kolkata (Rs 5.37 crore), B2C stores completion (Rs 2.48 crore), inventory (Rs 5.60 crore) and general corporate purposes. In FY26, total income rose 77% to Rs 32 crore from Rs 18 crore, while PAT rose 215% to Rs 6 crore from Rs 2 crore.

Runwal Enterprises will debut on the BSE and NSE on Monday with zero grey market premium, implying a flat listing near the issue price of Rs 305. The Rs 500-crore IPO was entirely a fresh issue of 1.64 crore shares with no offer-for-sale, priced in a band of Rs 290-305 with a lot size of 49 shares, or Rs 14,945 minimum retail investment at the upper end. Subscription ran September 25-29, 2026, with overall subscription of 2.64 times — retail 1.19 times, QIB ex-anchor 4.10 times and NII 4.14 times. Proceeds include Rs 100 crore to repay company borrowings and Rs 225 crore for borrowings of subsidiaries Susneh Infrapark, Runwal Residency and Evie Real Estate, with the balance for future project acquisitions and general corporate purposes. In FY26 total income rose 76% to Rs 1,851 crore from Rs 1,051 crore in FY25, while PAT surged 234% to Rs 186 crore from Rs 56 crore. Incorporated in 2016, the Mumbai-focused developer ranked third for launches and sales during January 2023-March 2026.