Ather Energy, the electric vehicle startup based in Bengaluru, is making headlines today as it debuts on the stock exchanges, becoming the first mainboard IPO to list in the financial year 2025-26. The much-anticipated public issue, which raised ₹2,626 crore, has sparked interest because of the company’s positioning in the EV space and the evolving investor sentiment around IPOs in 2025.
Let’s walk through everything you need to know about Ather Energy’s IPO listing—step by step —including the price action, grey market premium (GMP) trends, subscription status, fund utilization, and company profile.
Listing Day Performance
On Tuesday, 6 May, Ather Energy shares were listed at ₹328 on the NSE and ₹326.05 on the BSE—modestly above the IPO issue price of ₹321. This translates to a listing gain of around 2.18% and 1.57%, respectively. While this performance aligns with the grey market’s signals of a mild pop, it also reflects the cautious optimism prevalent among investors today.
It’s worth noting that the stock did see some intraday volatility post-listing, dipping below its issue price at times. This underscores the delicate balance between investor expectations and real-time market sentiment on debut day. Source: Mint
Ather Energy’s grey market premium has had an interesting trajectory. Initially, the company’s unlisted shares commanded a premium of ₹17. However, as the bidding window closed and market sentiment turned cautious, the GMP dropped significantly.
By last week, the GMP had fallen to ₹1—a sharp decline from the earlier highs. On 5 May, just a day ahead of listing, the premium recovered slightly to ₹7 per share, as per data from investorgain.com. That translates to a potential listing gain of just around 2.18% over the upper issue price of ₹321.
This steady decline and modest recovery reflect the market’s muted appetite for early-stage gains in contrast to the more euphoric reactions we’ve seen during previous new-age tech IPOs. It signals a shift toward more measured evaluations of value and growth prospects. Source: Times Now
IPO Subscription Details: Who Subscribed and How Much
The ₹2,626 crore issue was open for bidding from April 28 to April 30. While expectations were high, the overall response was lukewarm compared to recent IPOs in similar sectors.
Here’s a quick snapshot of how different investor categories responded:
Investor Category
Subscription Status
Additional Details
Retail Investors
1.78 times
Allocation: 10%
Qualified Institutional Buyers (QIBs)
1.70 times
Allocation: 75%
Non-Institutional Investors (NIIs)
0.66 times
Allocation: 15%
Employees
5.43 times
₹30 per share discount
Overall Subscription
1.43 times
Reflects moderate overall demand
The subscription stood at 1.43 times, indicating decent but not overwhelming demand. The employee quota was the most subscribed segment, suggesting internal confidence in the company’s future. In terms of allocation, 75% of the offer was reserved for QIBs, 15% for NIIs, and 10% for retail investors. Source: The Economic Times
IPO Structure and Allotment Status
The IPO combined a fresh issue and an offer-for-sale (OFS). Existing shareholders who offloaded part of their stakes include National Investment and Infrastructure Fund II, Internet Fund III Pte. Ltd., and entities backed by IIT Madras. Even the company’s co-founders—Tarun Mehta and Swapnil Jain—partially reduced their holdings through the OFS component.
Allotment for the IPO was finalized on Friday, 3 May. Shares were credited to successful investors’ demat accounts, and refunds for unallocated shares were processed on Monday, 5 May.
Use of Proceeds: Where the ₹2,626 Crore Will Go
Ather Energy has laid out a detailed plan for utilizing the IPO proceeds, aiming to expand capacity and drive innovation:
₹927.2 crore will be used to set up a new Chhatrapati Sambhajinagar, Aurangabad, Maharashtra manufacturing facility.
₹750 crore is allocated for research and development to enhance product innovation.
₹300 crore will be directed toward brand building and marketing activities.
₹40 crore will go toward repaying existing debt.
These investments are expected to be carried out between FY26 and FY28, underlining Ather’s long-term vision for scaling up operations while strengthening its R&D backbone. Source: Mint
Company Overview: Ather Energy?
Founded in 2013, Ather Energy is a vertically integrated electric two-wheeler (E2W) manufacturer headquartered in Bengaluru. The company designs, develops, and assembles high-performance electric scooters such as:
450 Apex
450X
450S
Rizta (a more family-oriented option)
What sets Ather apart is its ecosystem-based approach. In addition to vehicle manufacturing, it has built Ather Grid, a nationwide charging infrastructure network designed to support its growing customer base. Ather’s in-house R&D team and battery manufacturing units reflect its focus on building a robust, technology-driven EV business in India.
Broader IPO Landscape
Ather’s IPO also carries weight because of the overall slowdown in IPO activity this year. After a record-breaking 2024, where companies raised ₹1.6 lakh crore via public issues, 2025 has seen only nine IPOs, raising just ₹15,722 crore.
The relatively slow pace in 2025 can be attributed to global market volatility, inflationary concerns, and geopolitical developments that have made investors more selective. Source: The Economic Times
Conclusion
Ather Energy’s stock market debut represents a key milestone—not just for the company but also for the EV sector and IPO landscape. While the listing gains have been modest, the focus now shifts to how Ather executes its growth plans over the next few years.
With clear objectives for capacity expansion, R&D, and market presence, the post-IPO journey will likely be shaped more by fundamentals and delivery than short-term momentum.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
As India’s economy continues to expand, its capital markets are buzzing with activity, and May 2025 is shaping up to be a particularly dynamic month for IPO enthusiasts. A diverse set of companies, from electric vehicles to organic consumer goods, are entering the fray, offering investors a broad spectrum of opportunities. These IPOs reflect strong entrepreneurial momentum across sectors and signal where investor interest and government incentives are heading.
Let’s dive into the most awaited upcoming IPOs, arranged thematically for better insight.
Focus on mission-critical electronics; GMP yet to be disclosed.
Wagons Learning
Education Technology
May 2 – May 6
78 – 82
1,600
38.38
May 9
Offers corporate training solutions; moderate retail interest.
Kenrik Industries
Jewellery Manufacturing
Apr 29 – May 2
25 (Fixed)
6,000
8.75
May 9
Traditional jewellery maker; retail portion subscribed 88%.
Arunaya Organics
Organic Consumer Goods
Apr 29 – May 2
55 – 58
2,000
33.99
May 7
Specializes in organic products; fully subscribed by Day 2.
Srigee DLM IPO
Company: Srigee DLM Sector: Electronics Manufacturing Services (EMS) IPO Opening: May 5 to May 7 Price Band: ₹94–99 Allotment Date: May 8
Srigee DLM, part of the Srivaru Group, is an EMS company that designs and assembles mission-critical electronics. It caters to diverse verticals like defence avionics, industrial robots, aerospace instrumentation, and medical diagnostics. The Indian EMS industry is witnessing significant policy support via PLI schemes, import tariffs, and a push for indigenous defence production under Atmanirbhar Bharat. Srigee’s IPO taps into this momentum.
The firm plans to deploy IPO funds to add SMT lines, procure high-precision testing equipment, and strengthen R&D for embedded system design. With certifications including ISO 13485 for medical devices and AS9100 for aerospace, Srigee DLM holds a competitive edge in reliability and compliance. Although GMP traction is currently limited, the company’s fundamentals and sector tailwinds make it an attractive option for long-term institutional investors. (Source: www.livemint.com)
Wagons Learning IPO
Company: Wagons Learning Sector: Education Technology IPO Opening: May 2 to May 6 Price Band: ₹78–82 Lot Size: 1,600 shares
Wagons Learning is a Pune-based EdTech company specialising in skill development for corporates, especially in the BFSI, manufacturing, and telecom sectors. In the age of rapid digital transformation and compliance-driven upskilling, Wagons’ hybrid delivery models—combining in-person instruction with interactive e-learning—have carved a strong niche.
The IPO funds will go toward curriculum digitisation, platform enhancement, AI-based performance tracking, and market expansion across Tier 2 and 3 cities. Its robust client base, which includes ICICI Bank and L&T Financial Services, offers confidence in revenue predictability. Investors drawn to India’s growing learning & development (L&D) segment may find this IPO an entry point into vertical scaling with national workforce ambitions. (Source: www.livemint.com)
Kenrik Industries IPO
Company: Kenrik Industries Sector: Jewellery Manufacturing and Retail IPO Period: April 29 to May 2 Issue Size: ₹8.75 crore Subscription Status (Day 2): Overall 45%, Retail 88%, NII 3%
Kenrik Industries manufactures handcrafted jewellery rooted in Indian tradition. Its designs are popular across Tier II and Tier III towns and distributed via retail outlets and digital storefronts. The brand relies heavily on seasonal demand and cultural festivals, which ensures recurring sales spikes.
With proceeds to expand its store footprint, automate inventory systems, and launch a new e-commerce app, Kenrik is modernising its traditional business model. While it lacks the scale of Titan or Kalyan Jewellers, it appeals to value investors familiar with grassroots consumer stories. The subdued institutional interest reflects concerns over scalability and thin margins in a highly competitive space. (Source: www.livemint.com)
Arunaya Organics IPO
Company: Arunaya Organics Sector: Consumer Goods (Organic & Ayurvedic Products) IPO Period: April 29 onward Price Band: ₹55–58 Subscription Status (Day 2): Fully subscribed; Retail 1.77x, QIB 1x, NII 24%
Arunaya Organics is a wellness brand offering organic personal care, herbal supplements, and Ayurvedic nutrition. It follows a direct-to-consumer (D2C) approach with active distribution on Amazon, Flipkart, and its website. Over the last two years, it has built a loyal customer base through influencer partnerships and content-driven brand storytelling.
The IPO aims to raise capital for expanding production units, enhancing logistics in northern India, and executing a brand refresh for new product verticals. Arunaya’s strong retail response mirrors India’s post-COVID consumer tilt towards health, wellness, and clean-label products. However, analysts advise closely monitoring execution discipline and brand differentiation in this crowded category. (Source: www.livemint.com)
Ather Energy IPO
Company: Ather Energy Sector: Electric Vehicles IPO Size: ₹2,981 crore IPO Status: Allotment on 2nd May 2025, Listing on May 6 GMP Trend: Peaked at ₹7, dipped to ₹1
Ather Energy is a Bengaluru-based EV startup known for its innovative, connected scooters that have captured significant attention in India’s urban mobility segment. With an expanding dealership network and aggressive R&D initiatives, Ather is well-positioned in the race to electrify India’s two-wheeler segment. The company is also building a proprietary charging network called Ather Grid, which adds another layer to its strategic moat. The IPO has attracted prominent institutional investors, and its listing performance will set a crucial precedent for other cleantech and EV firms waiting in the pipeline.
The company plans to use IPO proceeds to expand manufacturing at its Hosur facility, scale up charging infrastructure, and develop new scooter variants. However, the tapering GMP suggests that investors are mindful of high valuations and current competition in the EV space, primarily from Ola Electric and TVS iQube. (Source: www.livemint.com)
Investor Takeaway: What These IPOs Say About Market Trends
Sector Diversity: From cleantech and manufacturing to education and wellness, the IPOs reflect India’s diversified entrepreneurial ecosystem.
Growth Stage vs. Legacy Models: Companies like Ather and Srigee are innovation-driven, while Kenrik and Arunaya highlight grassroots demand and retail resilience.
Retail vs. Institutional Appetite: Retail participation remains strong in consumer-facing sectors, while institutional players are backing technology-driven or import-substitute businesses.
GMP Trends: Declining GMPs for larger IPOs point to cautious optimism and greater scrutiny over valuations.
May 2025’s IPO lineup provides a glimpse into India’s economic future. From the roads we ride (Ather) to the way we learn (Wagons) and the products we consume (Arunaya), these public offerings aren’t just about raising capital – they are about reshaping consumer and industrial landscapes.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Electric vehicles (EVs) are gaining serious momentum in India, and the IPO space is heating up once again—this time with Ather Energy taking the spotlight. Known for its sleek electric scooters and strong focus on technology, Ather is poised to become the second pure-play Indian EV manufacturer to go public, following Ola Electric’s market debut last year.
The IPO comprises a fresh issue of ₹2,626 crore along with an offer for sale (OFS) of up to 1.1 crore shares, which is expected to fetch around ₹354.76 crore at the upper end of the price band. Together, this brings the total issue size to approximately ₹2,980.76 crore, marking a notable reduction from the company’s earlier plan to raise ₹4,000 crore. Source: Moneycontrol
Ather Energy IPO Details
Ather Energy has officially set a price band of ₹304 to ₹321 per share for its IPO. The offer will be open for subscription from April 28 to April 30, with the anchor book opening earlier on April 25. The basis of allotment will be finalized on May 2, followed by refunds and credit of equity shares by May 5. The stock is set to be listed on the Indian stock exchanges on May 6.
In the Ather Energy IPO, at least 75% of the shares are allocated for qualified institutional buyers (QIBs), while up to 15% are set aside for non-institutional investors (NIIs). Retail investors will have access to no more than 10% of the total offer. Additionally, up to 1,00,000 equity shares have been reserved for employees, who will also benefit from a discount of ₹30 per share. Source: Livemint
Ather Energy, headquartered in Bengaluru, is an Indian electric two-wheeler manufacturer established in 2013. It designs and produces high-performance electric scooters like the 450 Apex, 450X, 450S, and the family-oriented Rizta.
Ather has also established Ather Grid, a widespread EV charging infrastructure across India. Committed to sustainability, Ather aims to revolutionize urban commuting through innovative and eco-friendly mobility solutions, evident in their product development and manufacturing practices.
Company Performance and Financials
For the nine months ending December 2024, the company posted:
Revenue of ₹1,578.90 crore, up from ₹1,230.40 crore in the same period a year ago.
A net loss of ₹577.90 crore, significantly down from the previous year’s loss of ₹776.40 crore.
These numbers show that while Ather is still in the loss-making phase, it has been able to grow revenue and narrow losses, both positive signs as the company works toward profitability.
SWOT Analysis of Ather Energy
STRENGTHS
WEAKNESSES
High-performance, feature-rich electric scooters with a focus on technology and design. Perceived as a premium and aspirational EV brand in India. Provides a crucial advantage and reduces range anxiety for owners. In-house R&D and manufacturing allow greater control over quality and innovation.
Relatively high price point Limits affordability for a large segment of the Indian market. While expanding, their presence is still concentrated in major urban centers. Dependence on imported components can impact costs and supply chain stability. Like many early-stage EV companies, achieving consistent profitability can be a hurdle.
OPPORTUNITIES
THREATS
Growing competition from both established two-wheeler manufacturers and emerging EV startups. Fluctuations in raw material prices can significantly affect production costs and pricing strategies. Uncertainties in government policies and subsidies can influence consumer demand and operational planning.
Growing competition from both established two-wheeler manufacturers and emerging EV startups. Fluctuations in raw material prices can significantly affect production costs and pricing strategies. Uncertainties in government policies and subsidies can influence consumer demand and operational planning.
Key Managers of the IPO
To ensure a smooth and credible public issue, Ather Energy has enlisted the services of some of the top names in investment banking. The book running lead managers for this IPO include:
When Ather Energy filed its draft red herring prospectus (DRHP) back in September 2024, the company was aiming for a $2.5 billion valuation. Since then, due to changing market conditions and investor sentiment, the figure has been cut down to around $2.4 billion, reflecting a post-issue valuation of ₹11,956 crore.
Some market analysts see this as a red flag, as the last-minute downsizing and multiple valuation trims may signal a rush to list the company. However, it remains to be seen whether investors share this sentiment or look past it for the long-term EV growth story. Source: Moneycontrol
Why Ather’s IPO Stands Out
Ather’s IPO is significant because 2025 has been slow for IPOs so far. After a blockbuster 2024 where Indian companies raised ₹1.6 lakh crore through public issues, only nine companies have launched IPOs in 2025, raising just ₹15,722 crore, according to Prime Database.
As per market analysts, while secondary markets are now showing signs of a rally and foreign institutional investors (FIIs) are returning, most companies are taking a cautious approach. They prefer to wait and watch how Ather’s issue performs before launching their offerings.
The Second Major EV IPO in India
When Ather lists on the stock exchanges, it will follow in the footsteps of Ola Electric, which went public last year. This makes Ather only the second pure-play electric vehicle company in India to offer shares to the public—a big milestone for India’s green mobility push.
Ather has made a name for itself in the urban EV space with scooters like the Ather 450X, which combines performance with connectivity features like onboard navigation, over-the-air updates, and a mobile app for real-time tracking. The company is also focusing on expanding its charging infrastructure, which is crucial for the mass adoption of electric vehicles (EVs).
What Investors Should Watch Out For
Before you decide whether to invest, here are a few important points to keep in mind:
1. Valuation Sensitivity
The multiple valuation cuts could mean that the company is under pressure to list. While that’s not always a negative, it does warrant caution.
2. EV Market Potential
India’s EV market is poised for exponential growth, and Ather is one of the few players offering a strong product and expanding presence. Investors with a long-term horizon may find this as an entry point.
3. Profitability Timeline
Like many startups, Ather is still loss-making. Potential investors must understand when and how the company plans to achieve profitability.
4. Market Response
How Ather’s IPO performs could set the tone for future listings in 2025. A strong response may attract more companies to the market, while a weak one could prompt others to delay.
Final Thoughts
Ather Energy’s IPO comes at an interesting time. On the one hand, it represents India’s growing shift toward electric vehicles, offering retail investors a chance to ride that wave. On the other hand, the valuation trims and IPO downsizing suggest some caution is warranted.
It is always best to do your own research or speak to a certified investment advisor before making any final decisions.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
Initial Public Offerings (IPOs) are significant milestones in the stock market, allowing private companies to go public and raise capital. For investors, understanding IPO listing time is crucial to making informed decisions.
A stock market advisor can provide insights into upcoming IPOs, helping investors strategize their trades. The IPO listing process involves regulatory approvals, market conditions, and investor sentiment, all influencing stock performance on the first trading day. Knowing the exact listing time can enhance investment opportunities.
What is IPO Listing Time and Why It Matters for Investors
IPO listing time refers to when a company’s shares start trading on a public stock exchange. This timing is significant for investors because it allows when they can start buying or selling the newly issued shares. The initial trading hours can be particularly volatile, presenting opportunities and risks.
Understanding the Importance of IPO Listing Time in Market Movements
The listing time for IPOcan influence market dynamics, including liquidity and price fluctuations. Investors aware of the stock’s listing time can perhaps better strategize their entry or exit points, potentially optimizing their investment outcomes.
What is IPO Listing Time?
IPO listing time refers to the designated moment when a company’s shares begin trading on a stock exchange. This milestone marks the company’s shift from private to public, enabling broader investor participation.
For those tracking current IPOs, understanding listing time is crucial, as it influences trading strategies and price movements on debut. The timing of an IPO plays a crucial role in market dynamics, affecting investor sentiment and demand, ultimately determining the stock’s initial performance in the open market.
How the Stock Exchange Decides When an IPO Gets Listed
In collaboration with regulatory bodies and the issuing company, stock exchanges determine the listing schedule. Factors such as regulatory approvals, market conditions, and logistical considerations play roles in setting the exact time and date for the IPO listing.
IPO Listing Time in Market: How It Works
IPO Listing Time on NSE and BSE
In India, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have a structured process for IPO listings:
New Share Listing Time and Market Reactions
On the listing day, the trading schedule is as follows:
9:00 AM to 9:35 AM: Investors can place, modify, or cancel limit orders for the new listing.
9:35 AM to 9:45 AM: Continuation of limit order placements, with the system randomly closing pending orders within this window.
9:45 AM to 9:55 AM: The exchange matches orders to determine the stock’s opening price.
9:55 AM to 10:00 AM: A buffer period to ensure a smooth transition into the normal trading session.
10:00 AM to 3:30 PM: Regular trading hours commence, during which orders can be placed, modified, or canceled.
This structured approach facilitates an orderly market entry for new IPO shares.
IPO Listing Schedule on NYSE and NASDAQ (USA)
In the United States, the New York Stock Exchange (NYSE) and NASDAQ follow these general guidelines:
9:30 AM ET: Regular trading hours commence.
Post 9:30 AM ET: IPOs typically begin trading after the opening bell, but the exact time can vary based on factors like order book building and regulatory approvals.
It’s common for IPOs to start trading a few hours into the trading day to ensure all processes are in place.
Different IPO Listing Times Across Global Stock Exchanges
Globally, IPO listing times vary based on regional practices and regulations. Each stock exchange has its protocols to ensure a smooth listing process.
Table: IPO Listing Time Across Various Stock Exchanges
Stock Exchange
Pre-open Session
Listing Time
Time Zone
NSE (India)
9:00 – 10:00 AM
10:00 AM
IST
BSE (India)
9:00 – 10:00 AM
10:00 AM
IST
NYSE (USA)
N/A
After 9:30 AM
ET
NASDAQ (USA)
N/A
After 9:30 AM
ET
When Does an IPO Get Listed After Allotment?
IPO Timeline: From Subscription to Listing on the Stock Exchange
The journey of an IPO from subscription to listing typically follows these stages:
Subscription Period: Investors apply for shares during this window.
Allotment Process: Shares are allocated to investors based on demand and regulatory guidelines.
Listing Date: The company’s shares commence trading on the stock exchange.
This process ensures that all regulatory and logistical requirements are met before public trading begins.
What Happens Between IPO Allotment and Stock Listing
Between allotment and listing, several critical activities occur:
Regulatory Filings: Final documentation is submitted to regulatory bodies.
Share Credit: Allotted shares are credited to investors’ demat accounts.
Price Discovery Preparation: Mechanisms are set up to determine the opening price on listing day.
These steps are essential to facilitate a transparent and efficient market debut.
Time of IPO Listing on the Stock Market
1. Pre-Opening Session and Price Discovery Mechanism
The pre-opening session plays a vital role in establishing the opening price of a new stock. During this period:
Order Collection: Investors place buy and sell orders without immediate execution.
Order Matching: Exchanges match orders to determine an equilibrium price.
Price Discovery: The opening price is set based on matched orders, reflecting market sentiment.
This mechanism helps mitigate volatility and ensures a fair starting price.
2. Exact Stock Exchange IPO Listing Time for Trading
The precise listing time varies by exchange:
NSE and BSE: IPOs begin trading at 10:00 AM IST after the pre-open session.
NYSE and NASDAQ: IPOs typically start trading sometime after the market opens at 9:30 AM ET, depending on various factors.
Investors should monitor official announcements for exact timings.
How Market Orders and Limit Orders Affect Early Trading Volumes
The types of orders placed can significantly impact early trading:
Market Orders: Executed immediately at the current market price, contributing to higher initial volatility.
Limit Orders: Executed only at a specified price or better, providing more control but potentially slower execution.
Understanding these order types helps investors strategize their trading approach on listing day.
Factors That Affect IPO Listing Time and Performance
1. Market Volatility and Economic Conditions
Prevailing market conditions can influence both the timing and performance of an IPO. High volatility or unfavorable economic indicators may lead companies to adjust their listing schedules or pricing strategies.
2. Demand and Subscription Levels During the IPO Process
Strong investor demand, indicated by oversubscription, can positively impact the listing price and initial performance. Conversely, under-subscription may lead to subdued market reception.
SEBI and Regulatory Approvals for Final Listing
In India, the Securities and Exchange Board of India (SEBI) plays a pivotal role in the IPO process. Companies must obtain SEBI’s approval before proceeding with an IPO, ensuring compliance with regulatory standards and protecting investor interests. This approval process involves rigorous scrutiny of the company’s financial health, governance practices, and disclosure norms. Once SEBI grants approval, the company can schedule its listing, marking the transition from a private entity to a publicly traded company.
Why Some IPOs List at a Premium While Others List at a Discount
The listing price of an IPO can vary based on several factors:
Market Sentiment: Positive market conditions and investor optimism can drive higher demand, leading to a premium listing.
Company Fundamentals: Strong financials, a robust business model, and growth prospects make an IPO more attractive, potentially resulting in a premium.
Subscription Levels: Oversubscribed IPOs often list at a premium due to high demand, while undersubscribed ones may list at a discount.
Understanding these factors can help investors gauge potential price movements on listing day.
Case Study: IPOs That Saw High Volatility During Listing
Several IPOs have experienced significant volatility on their listing days. For instance, companies with high pre-listing hype but uncertain fundamentals have seen sharp price fluctuations. Such volatility underscores the importance of thorough research and cautious investment strategies during IPO listings.
1. Ola Electric Mobility Ltd. (August 2024): Ola Electric’s IPO was launched at ₹76 per share but saw high volatility. By March 2025, the stock dropped by 38% to ₹47.4. Financial troubles, including an insolvency case from a creditor, falling sales, regulatory issues, and restructuring efforts caused this decline.
2. Hyundai Motor India Ltd. (October 2024):
Hyundai Motor India’s $3.3 billion IPO was one of the biggest in India. However, the stock fell by 4% on the first trading day. Weak interest from small investors and challenges in quick stock trading affected its debut. Despite this, strong support from big investors ensured the IPO’s success.
Should You Buy on Listing Day or Wait?
Deciding when to invest in an IPO requires careful consideration:
Buying on Listing Day: This approach allows investors to capitalize on initial price movements but comes with higher volatility and risk.
Waiting: Observing the stock’s performance post-listing can provide insights into its stability and long-term potential, albeit possibly at a higher entry price.
How to Plan Trades Around IPO Stock Listing Time
Effective planning involves:
Research: Analyze the company’s fundamentals, industry position, and growth prospects.
Monitoring Market Conditions: Assess overall market sentiment and economic indicators that could influence the stock’s performance.
Setting Clear Objectives: Define your investment horizon and profit targets to guide your trading decisions.
Understanding Limit Orders vs. Market Orders on IPO Listing
Choosing the right order type is crucial:
Limit Orders: Specify the maximum price you’re willing to pay, providing control over your entry point but with the risk of non-execution if the price doesn’t reach your limit.
Market Orders: Ensure immediate execution at the current market price but may result in higher costs due to rapid price changes.
Key Takeaways on IPO Listing Time and Market Trends
Regulatory Oversight: SEBI’s approval is critical in the IPO process, ensuring transparency and investor protection.
Structured Listing Process: The pre-open and regular trading sessions are designed to facilitate orderly trading of new IPO shares.
Market Dynamics: Market sentiment, company fundamentals, and subscription levels significantly influence the listing price and subsequent performance.
How Investors Can Plan for IPO Stock Listings Strategically
To assess IPO performers effectively, understand the company’s business model, financial health, and industry landscape. Stay informed about market trends and economic indicators that may influence stock performance. Evaluate your risk appetite and investment objectives to identify suitable entry and exit points. By taking a strategic approach, investors can navigate the complexities of IPO listings and optimize their investment outcomes.
FAQs
What time does an IPO list on the stock exchange?
In India, on the listing day, the stock begins trading at 10:00 AM, following the pre-open session that starts at 9:00 AM.
Can an IPO listing time be delayed?
Yes, IPO listing times can be delayed due to factors such as regulatory issues, market volatility, or logistical challenges.
How does the stock exchange determine IPO listing time?
The stock exchange, in coordination with the issuing company and regulatory bodies like SEBI, schedules the listing time based on factors such as regulatory approvals, market readiness, and operational considerations to ensure a smooth debut.
India’s stockbroking industry has rapidly evolved, with digital platforms expanding market access. Bengaluru-based investment platform Groww has emerged as the country’s largest stockbroker in terms of active clients. As it prepares for a public listing, Groww is in talks to raise $200 million in pre-IPO funding.
According to sources familiar with the matter, Groww is currently evaluating a $200 million fundraising and has held talks with Singapore’s sovereign wealth fund, GIC, and its existing investor, Tiger Global. If this deal materializes, the company’s valuation could reach approximately $6.5 billion, significantly higher than its last valuation of around $3 billion during its previous funding round in 2021. Source: Economic Times
GIC’s involvement highlights its ongoing interest in India’s fintech industry. The sovereign wealth fund has previously invested in several fast-growing Indian startups across various sectors, including Flipkart, Delhivery, Swiggy, Razorpay, and Cred. Source: TimesofIndia
This move comes at a time when Groww’s competitors, including Mumbai-based brokerage firm Dhan, are also in discussions with investors for large funding rounds, indicating a broader trend of fintech firms gearing up for expansion and public listings.
Groww Competing in a Fast-Growing Market
Groww, which started its journey as a direct mutual fund distribution platform, has now evolved into the country’s largest stockbroker in terms of active clients. According to NSE data, as of February, Groww had an active trader base of approximately 13 million users, surpassing other leading brokerage firms like Zerodha, which had around 8 million active users, and Angel One, which had approximately 7.7 million.
Groww’s plans for a pre-IPO funding round are crucial as the company looks to strengthen its financial position before entering the public markets.
In January, reports surfaced that Groww was likely to raise around $700 million through its IPO, joining the wave of Indian startups that have opted for local listings in recent years. The pre-IPO fundraising appears to be part of a larger strategy to ensure that the company has sufficient capital to navigate the stock market debut and sustain its operations in the long run. Source: Economic Times
Moving Its Domicile to India
A key development in Groww’s journey towards its IPO was the company’s decision to shift its domicile from the US to India in November last year. The move aimed to facilitate its listing on the Indian stock exchanges, allowing it to align with regulatory requirements and attract domestic investors.
For many Indian startups that initially incorporated abroad, moving their domicile back to India has become a strategic step before an IPO. This relocation helps companies avoid potential legal and tax complexities while also making it easier for Indian investors to participate in their stock offerings.
Financial Performance and Revenue Growth
Despite its rapid growth, Groww has faced financial challenges, including a notable net loss in FY24. The company reported revenues of Rs 3,145 crore for the fiscal year but also recorded a net loss of Rs 805 crore. This loss was largely attributed to a one-time tax payout to US authorities as part of its return to India. Source: Economic Times/ TimesofIndia
Expanding Beyond Stockbroking
In addition to its core stockbroking services, Groww has been actively working towards diversifying its business.
Reports indicate that the company has engaged in discussions to acquire Fisdom, a wealth management platform backed by PayU. This potential acquisition aligns with Groww’s broader strategy of expanding into wealth management and offering its users a wider range of financial products.
Besides wealth management, Groww has also ventured into the consumer durables loan segment. The company has launched financial products aimed at helping users finance big-ticket purchases, further strengthening its position as a comprehensive financial services provider.
To support its diversification plans, Groww has also introduced a new business unit called ‘W,’ which is dedicated to wealth management services. As competition intensifies in the fintech space, companies like Groww are increasingly focusing on expanding their product offerings to cater to a broader audience and create additional revenue streams.
Regulatory Challenges and Market Trends
While Groww has been on an upward trajectory, regulatory developments in the financial markets have posed challenges for new-age brokerage firms. The Securities and Exchange Board of India (Sebi) recently tightened its regulations around futures and options (F&O) trading, a segment that contributes significantly to the revenue of digital brokerage platforms.
With over 70% of revenues coming from F&O trading, many brokerage firms, including Groww, have experienced an impact due to these regulatory changes. In February, the number of active traders on Groww’s platform dropped by more than 200,000, marking the first decline in two years. Competitors like Zerodha and Angel One also witnessed a reduction in their active trader base by around 150,000 users during the same period.
Industry experts have pointed out that these regulatory changes could shift trading patterns, prompting brokerage firms to explore alternative revenue sources. Zerodha’s co-founder and CEO, Nithin Kamath, had previously stated that the new regulations could lead to a 30% decline in trading volumes across the industry. Source: Economic Times
The Road Ahead for Groww
As Groww prepares for its IPO, its ability to navigate regulatory changes, expand its product portfolio, and secure strong investor backing will be crucial. The pre-IPO funding round, if finalized, will provide the company with additional capital to strengthen its operations and scale its business.
In the bustling world of Indian fintech, Groww has rapidly emerged as a standout player. Starting as a direct mutual funds distributor, it has transformed into the country’s largest stockbroker by active clients. The Bengaluru-based startup is reportedly in talks to raise $200 million in a pre-IPO funding round, potentially valuing the company at around $6.5 billion.
Aiming for New Heights
This potential funding round involves discussions with Singapore’s sovereign wealth fund, GIC, and existing investor Tiger Global. If successful, this would double Groww’s valuation from its last fundraising in 2021, pegged the company at approximately $3 billion.
Preparing for Public Listing
The anticipated $200 million infusion is expected to precede Groww’s initial public offering (IPO), with plans to raise around $700 million through the listing. This move aligns Groww with other modern startups venturing into the public markets in recent years.
Dominating the Market
According to data from the National Stock Exchange (NSE), as of February 2025, Groww boasts an active trader base of approximately 13 million users. This positions it ahead of competitors like Zerodha, with 8 million users, and Angel One, with around 7.7 million.
Strategic Moves
In November 2024, Groww relocated its domicile from the US to India, a strategic decision aimed at facilitating its listing on Indian stock exchanges. This move underscores the company’s commitment to strengthening its presence in the Indian market.
Financial Performance
For the fiscal year ending in 2024, Groww reported revenues of ₹3,145 crore. However, the company also recorded a net loss of ₹805 crore, attributed to a one-time tax payout to US authorities related to its domicile shift back to India.
Diversifying Offerings
In a bid to broaden its service portfolio, Groww has been in talks to acquire Fisdom, a wealth management firm backed by PayU. Additionally, the company has introduced consumer durable loans and is establishing a new business unit, ‘W’, to focus on wealth management services.
Navigating Regulatory Changes
These developments occur amid increased scrutiny from the Securities and Exchange Board of India (SEBI) on futures and options (F&O) trading. New-age brokerages, which derive a significant portion of their revenue from F&O trades, have felt the impact of these regulatory changes. In February, Groww experienced a decline of over 200,000 active traders from the previous month, marking its first drop in two years. Competitors like Zerodha and Angel One also saw reductions of approximately 150,000 users each during the same period.
Industry Perspectives
Nithin Kamath, co-founder and CEO of Zerodha, commented on the situation, noting a more than 30% drop in activity across brokers. He highlighted that the industry is experiencing a downturn in business for the first time in 15 years.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
An eventful week awaits in the SME IPO market with a mix of opportunities for investors. This week features Desco Infratech Ltd., aiming to raise ₹185 crore, along with three other SME IPOs—Shri Ahimsa Naturals Ltd, ATC Energies System Ltd, and Identixweb Ltd—set to launch. These IPOs span multiple sectors, offering investors a chance to participate in emerging Indian businesses. Before diving into the details, let’s examine their objectives, financials, Grey Market Premium (GMP), and other key aspects. Here’s a closer look at what’s in store!
Desco Infratech Limited
Desco Infratech Limited is launching its SME IPO with a fresh issue of 20.50 lakh shares, aggregating to Rs 30.75 crores. The IPO subscription opens on March 24, 2025, and closes on March 26, 2025. The allotment is expected to be finalized by March 27, 2025. Desco Infratech IPO is set to list on the BSE SME platform, with the tentative listing date scheduled for April 1, 2025.
The minimum application size is 1,000 shares, requiring a retail investor investment of Rs 1,47,000. However, bidding at the cutoff price of Rs 1,50,000 is recommended to avoid oversubscription risks. HNI investors must bid for at least two lots (2,000 shares), amounting to Rs 3,00,000.
GMP (Grey Market Premium)
As of March 24, 2025, Desco Infratech’s SME IPO is trading at a GMP of Rs 20. Given the price band of Rs 150 per share, the estimated listing price is Rs 170, indicating a potential listing gain of 13.33% per share.
Objectives of the IPO
Funding capital expenditure for setting up a corporate office in Surat, Gujarat – Rs 10.43 million.
Purchasing machinery to enhance operational capabilities – Rs 16.8 million.
Funding working capital requirements – Rs 180 million.
General corporate purposes.
Company Overview
Desco Infratech Limited (Founded in 2011) is an infrastructure company engaged in engineering, planning, and construction across City Gas Distribution (CGD), renewable energy, water management, and power infrastructure. Operating in 55+ cities across 14 states, it has laid over 4,000 km of MDPE pipelines and provided 200,000+ piped natural gas connections. The company also develops water distribution networks, open wells, sump wells, and overhead tanks.
Financials
Desco Infratech Limited has shown steady growth in revenue and profitability. As of September 30, 2024, revenue stood at ₹22.75 crore, following ₹29.49 crore in FY24 and ₹29.28 crore in FY23. Profit After Tax (PAT) reached ₹3.38 crore in H1 FY25, maintaining momentum from ₹3.46 crore in FY24—a sharp rise from ₹1.23 crore in FY23 and ₹0.83 crore in FY22, highlighting improved profitability.
Established track record in infrastructure development, especially in CGD and renewable energy.
Strong execution capabilities with over 4,000 km of MDPE pipelines laid.
Presence in multiple states and cities, reducing geographical concentration risk.
Robust financial growth with increasing revenue and profit margins.
High working capital requirements necessitating external funding.
Exposure to regulatory and environmental approvals can delay projects.
Dependence on government contracts and policies for infrastructure development.
OPPORTUNITIES
THREATS
Growing demand for sustainable energy solutions, including CGD and renewable power projects.
Expansion into new geographical markets and infrastructure segments.
Increased government spending on infrastructure projects can boost contract opportunities.
Market volatility and economic downturns affect infrastructure investments.
Rising competition in the infrastructure sector from other large players.
Delays in project execution due to external factors like raw material shortages or policy changes.
Shri Ahimsa Naturals Limited
Shri Ahimsa Naturals Limited is launching its SME IPO with a total issue size of ₹ 73.81 crores. The offering consists of a fresh issue of 42.04 lakh shares worth ₹50.02 crores and an offer for sale (OFS) of 19.99 lakh shares amounting to ₹23.79 crores. The IPO will be open for subscription from March 25, 2025, to March 27, 2025.
The allotment is expected to be finalized on March 28, 2025, with a listing scheduled on the NSE SME platform on April 2, 2025. The minimum lot size is 1,200 shares, requiring a retail investor investment of ₹1,35,600. To avoid potential oversubscription risks, bidding at the cutoff price of ₹1,42,800 is recommended. HNI investors must apply for at least two lots (2,400 shares), amounting to ₹ 85,600.
GMP (Grey Market Premium)
As of March 24, 2025, Shri Ahimsa Naturals SME IPO is trading at a GMP of ₹10. With the price band set at ₹119 per share, the estimated listing price is ₹129, indicating a potential listing gain of 8.40% per share.
Objectives of the IPO
Investment in its wholly-owned subsidiary, Shri Ahimsa Healthcare Private Limited (SAHPL), for setting up a manufacturing unit in Sawarda, Jaipur, Rajasthan – Rs 350 million.
Shri Ahimsa Naturals Limited (Incorporated in 1990) manufactures and trades Caffeine Anhydrous, Green Coffee Bean Extracts, and Crude Caffeine, serving the food & beverage, nutraceuticals, cosmetics, and pharmaceutical industries. It exports to the USA, Germany, South Korea, the UK, and Thailand. As of September 30, 2024, export revenue was Rs 3,530.91 lakhs, with previous figures of Rs 7,463.71 lakhs (FY23) and Rs 9,988.01 lakhs (FY22). The Jaipur-based manufacturing unit adheres to international standards, including ISO 9001, ISO 22000, ISO 45001, ISO 14001, HACCP, and GMP.
Financials
Shri Ahimsa Naturals Limited has shown steady growth in assets, revenue, and profitability over the years. Revenue for the first half of FY25 is ₹41.37 crore, following ₹78.7 crore in FY24. However, this marks a decline from the ₹106.14 crore revenue reported in FY23. Profit After Tax (PAT) has followed a similar trend, with ₹9.74 crore recorded for the half-year ending September 2024, compared to ₹18.67 crore in FY24 and a peak of ₹38.21 crore in FY23.
Good presence in the nutraceuticals and herbal extract market with a diverse product portfolio.
Well-established export network across major international markets.
The manufacturing facility is certified with global quality and safety standards.
Consistent revenue generation from international markets, contributing to business stability.
Dependency on export markets exposes the company to forex fluctuations and international trade policies.
Declining revenue trend in recent years, indicating potential business challenges.
High working capital requirements due to raw material procurement and production costs.
OPPORTUNITIES
THREATS
Growing global demand for natural caffeine and herbal extracts in health-conscious consumer markets.
Expansion into new geographies and increasing domestic market penetration.
Rising preference for organic and natural ingredients in the food, cosmetics, and pharmaceutical industries.
Competition from domestic and international players offering similar products.
Regulatory and compliance challenges in different export markets.
Fluctuations in raw material prices may impact profit margins.
ATC Energies System Limited
ATC Energies IPO is a book-built issue worth Rs 63.76 crores, comprising a fresh issue of 43.24 lakh shares aggregating to Rs 51.02 crores and an offer for sale of 10.80 lakh shares amounting to Rs 12.74 crores. The IPO subscription opens on March 25, 2025, and closes on March 27, 2025. The allotment is expected to be finalized on March 28, 2025, with a tentative listing date on NSE SME scheduled for April 2, 2025.
The IPO price band is set between ₹112 and ₹118 per share. Retail investors must invest a minimum of ₹1,34,400 for one lot (1,200 shares). To avoid oversubscription issues, it is advisable to bid at the cutoff price, bringing the investment to ₹1,41,600. HNI investors must purchase at least two lots (2,400 shares) for ₹2,83,200.
GMP (Grey Market Premium)
As of March 24, 2025, the Grey Market Premium (GMP) for ATC Energies SME IPO stands at ₹0. With the price band at ₹118, the estimated listing price remains at ₹118 per share, with no expected gain or loss.
Objectives of the IPO
Repayment and/or pre-payment of borrowings related to the purchase of the Noida factory – ₹95.28 million
Capital expenditure for refurbishment and upgrades at the Noida factory – ₹67.22 million
IT upgradation at the Noida factory, Vasai factory, and the registered office – ₹74.69 million
Funding working capital requirements – ₹95 million
General corporate purposes
Company Overview
ATC Energies System Limited, incorporated in 2020, specializes in energy solutions, focusing on lithium and Li-ion batteries. The company provides energy storage solutions for industries like banking, automobiles, and industrial UPS systems. With factories in Vasai, Thane, and Noida, it manufactures customized battery solutions using advanced equipment. Its products cater to POS machines, ATMs, electric vehicles, and energy storage applications.
Financials
ATC Energies System Limited has shown significant revenue growth, reaching ₹22.57 crore as of September 30, 2024, following ₹51.51 crore in FY24, ₹33.22 crore in FY23, and ₹36.52 crore in FY22. Profit After Tax (PAT) stood at ₹5.77 crore in H1 FY25, after reporting ₹10.89 crore in FY24, ₹7.76 crore in FY23, and ₹11.86 crore in FY22. The company’s financial performance reflects strong revenue expansion and profitability, with steady net worth growth and controlled borrowing levels.
Diverse product portfolio catering to multiple industries
Steady revenue growth and improving profitability
Short operational history compared to established competitors
High dependency on battery technology advancements
Need for continuous investment in R&D
OPPORTUNITIES
THREATS
Rising demand for lithium and Li-ion batteries in various industries
Expansion into emerging electric vehicle markets
Growing emphasis on energy storage solutions
Competition from established battery manufacturers
Fluctuations in raw material prices affecting production costs
Regulatory changes in the energy sector
Identixweb Limited
Identixweb IPO is a book-built issue worth Rs 16.63 crores. The issue consists entirely of a fresh issue of 30.80 lakh shares. The subscription for the IPO opens on March 26, 2025, and closes on March 28, 2025. The allotment is expected to be finalized on April 1, 2025. Identixweb Limited is set to be listed on BSE SME, with a tentative listing date of April 3, 2025.
The minimum lot size for an application is 2,000 shares. Retail investors are required to invest a minimum of ₹1,02,000. However, due to the possibility of oversubscription, it is suggested to bid at the cutoff price, which amounts to ₹1,08,000. High Net-Worth Individuals (HNI) must apply for at least two lots (4,000 shares), amounting to ₹2,16,000.
GMP (Grey Market Premium)
No major movement has been observed in the Grey Market Premium (GMP). The same trend is expected to continue until the listing day.
Objectives of the IPO
The company intends to utilize the net proceeds from the IPO for the following purposes:
Investment in marketing to support the organization’s growth plans in India and internationally – ₹25 million.
Investment in market research and product development through talent hiring for the issuer company – ₹42 million.
Investment in the subsidiary for product development through talent-hiring – ₹41.58 million.
General corporate purposes.
Company Overview
Incorporated in 2017, Identixweb Limited is a technology company specializing in Shopify app development and custom web solutions. The company offers services, including Shopify app development, web app development using PHP and React, and WordPress plugin development. Identixweb has a team of over 50 professionals and has developed over 35 public Shopify apps while completing over 100 projects. The company serves e-commerce, fashion, fintech, and SaaS industries.
Financials
Identixweb Limited has demonstrated steady growth in its financial performance over the years. Revenue for the first half of FY25 is ₹4.79 crore, following ₹6.66 crore in FY24 and ₹6.27 crore in FY23, indicating stable earnings. Profit After Tax (PAT) has improved, reaching ₹2 crore for the six months ending September 2024, compared to ₹2.77 crore in FY24 and ₹1.35 crore in FY23. Total borrowings remain minimal at ₹0.11 crore, reflecting a strong financial position with low debt dependency.
Dependency on changing policies of Shopify and other third-party platforms.
Cybersecurity threats and data privacy regulations.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
The Indian stock market is set to witness three upcoming SME IPOs—Grand Continent Hotels Limited, Rapid Fleet Management Services Limited, and Active Infrastructures Limited—aiming to raise ₹196 crore. These companies, operating in distinct sectors, offer retail and institutional investors investment opportunities. Below, we break down the details of each IPO, including issue size, objectives, financials, GMP, and SWOT analysis, helping you make an informed decision.
Grand Continent Hotels Ltd IPO
Grand Continent Hotels Limited is launching an IPO worth ₹74.46 crores. The issue consists of a fresh issuance of 62.60 lakh shares aggregating to ₹70.74 crores and an offer for sale of 3.29 lakh shares totaling ₹3.72 crores. The IPO subscription period begins on March 20, 2025, and closes on March 24, 2025. The allotment is expected to be finalized on March 25, 2025, and the listing will take place on NSE SME on March 27, 2025.
The minimum lot size is 1200 shares, requiring a retail investor to invest at least ₹1,28,400. Due to potential oversubscription, bidding at the cutoff price of ₹1,35,600 is advisable. High Net-worth Individuals (HNI) must invest in at least two lots (2,400 shares), amounting to ₹2,71,200.
Allocation of Shares
QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
NII (Non-Institutional Investors): 50%
Retail Investors: 50%
GMP (Grey Market Premium) As of March 20, 2025, the GMP for Grand Continent Hotels SME IPO stands at ₹0. With a price band of ₹113, the estimated listing price is expected to remain at ₹113, indicating no premium or discount. The expected percentage gain/loss per share is 0%.
Objectives of the Issue
Repayment and/or prepayment of outstanding borrowings – ₹340.81 million
Expansion of hotel properties in India – ₹167.92 million
General corporate purposes
Company Overview Founded in 2011, Grand Continent Hotels Limited operates 19 mid-market hotels across six Indian cities, offering over 900 rooms. The company primarily serves business and leisure travelers, focusing on affordability and comfort. As of September 30, 2024, it operates 16 hotels with 753 keys across Karnataka, Tamil Nadu, Goa, Andhra Pradesh, and Telangana.
Financial Strength
Grand Continent Hotels Limited has demonstrated significant financial growth over the past few years. As of September 30, 2024, the company’s total assets stood at ₹97.94 crore, a substantial rise from ₹73.91 crore in March 2024 and ₹42.26 crore in March 2023. Revenue has also shown a consistent upward trend, increasing from ₹6.03 crore in March 2022 to ₹31.86 crore by September 2024. The company’s profitability has strengthened, with its profit after tax (PAT) rising from a loss of ₹0.79 crore in March 2022 to ₹6.81 crore by September 2024. Despite the positive financial trajectory, total borrowings remain high, standing at ₹40.22 crore as of September 2024, up from ₹34.96 crore in March 2024. Source: Grand Continent Hotels
SWOT Analysis of Grant Continent Hotels Ltd.
STRENGTHS
WEAKNESSES
Established brand with over a decade of experience in the hospitality sector.
Strategic locations in high-demand urban areas.
Strong focus on affordability and value-for-money services.
Consistent revenue growth with improving profitability.
High dependency on business and leisure travel trends.
Significant borrowing levels (Rs 40.22 crore as of September 2024).
Limited presence compared to large hotel chains.
OPPORTUNITIES
THREATS
Expansion into tier-2 and tier-3 cities.
Rising demand for budget and mid-market hotels in India.
Potential for tie-ups with corporate and travel platforms.
Competition from established hospitality brands.
Economic downturns affecting travel and tourism.
Fluctuations in operational costs impacting margins.
Rapid Fleet Management Services Ltd IPO
Rapid Fleet Management Services Limited is launching an IPO worth ₹3.87 crores, consisting entirely of a fresh issue of 22.85 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025. The allotment is expected to be finalized on March 26, 2025, with a tentative listing date on NSE SME scheduled for March 28, 2025.
The minimum lot size is 600 shares, requiring retail investors to invest at least ₹1,09,800. To avoid oversubscription risks, investors are advised to bid at the cutoff price of ₹1,15,200. High Net-worth Individuals (HNI) must invest in at least 2 lots (1,200 shares), amounting to ₹2,30,400.
Allocation of Shares
QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
NII (Non-Institutional Investors): 50%
Retail Investors: 50%
GMP (Grey Market Premium) As of the latest update on March 20, 2025, Rapid Fleet SME IPO has no GMP movement, holding steady at ₹0. The price band of ₹192 keeps the projected listing price at ₹192.
Objectives of the Issue
Purchase of Vehicles (Goods carriages) – ₹130 million
Working Capital Requirements – ₹191.2 million
General Corporate Purposes
Company Overview Incorporated in 2006, Rapid Fleet Management Services Limited specializes in logistics and road transportation solutions for B2B and B2C clients. The company operates a fleet of over 200 vehicles, catering to industries such as FMCG, automobile, and electronics. It has developed a mobile app for streamlined business processes, offering 24/7 operations and digital client compliance solutions.
Rapid Fleet Management Services Limited has shown steady financial performance over the years. As of September 30, 2024, the company’s total assets stood at ₹101.3 crore, increasing from ₹70.66 crore in March 2024 but slightly fluctuating compared to previous years. Revenue for the half-year period ending September 2024 was ₹87.39 crore, lower than ₹116.32 crore in March 2024 but still reflecting a strong operational scale. Profit after tax (PAT) stood at ₹7.01 crore as of September 2024, slightly down from ₹8.07 crore in March 2024 but significantly higher than ₹3.4 crore in March 2022. However, total borrowings have increased considerably, reaching ₹34.07 crore in September 2024 compared to ₹14.93 crore in March 2024, which may indicate leveraged expansion or operational funding requirements. Source: Rapid Fleet
SWOT Analysis of Rapid Fleet Management Services Limited
STRENGTHS
WEAKNESSES
Strong logistics and transportation industry presence with nearly two decades of experience.
A well-maintained fleet of over 200 vehicles catering to multiple industries.
Investment in technology, including a dedicated mobile app for seamless operations.
Diversified service offerings, including full/partial load, Exim services, and renewable energy logistics.
Relies heavily on economic and industrial activity for revenue generation.
Significant increase in borrowings (₹34.07 crore as of September 2024).
Competitive industry with low entry barriers leading to pricing pressures.
OPPORTUNITIES
THREATS
Expansion into renewable energy logistics, particularly in wind turbine transportation.
Increasing demand for technology-driven logistics solutions.
Growth in India’s logistics sector is driven by e-commerce and manufacturing expansion.
Rising fuel costs impacting operational margins.
Intense competition from established logistics companies.
Regulatory changes affecting fleet management and transport compliance.
Active Infrastructures Ltd IPO
Active Infrastructures Limited is launching an IPO worth ₹77.83 crores, consisting entirely of a fresh issue of 43.00 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025. The allotment is expected to be finalized on March 26, 2025, with a tentative listing date on NSE SME scheduled for March 28, 2025.
The minimum lot size is 600 shares, requiring retail investors to invest at least ₹1,06,800. To avoid oversubscription risks, investors are advised to bid at the cutoff price of ₹1,08,600. High Net-worth Individuals (HNI) must invest in at least 2 lots (1,200 shares), amounting to ₹2,17,200.
Allocation of Shares
QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
NII (Non-Institutional Investors): 50%
Retail Investors: 50%
GMP (Grey Market Premium) The GMP for Active Infrastructures SME IPO as of March 20, 2025, is ₹0, meaning there is no expected deviation from the ₹181 price band at listing.
Objectives of the Issue
Funding Working Capital Requirements of the Company – ₹389.8 million
Repayment/ Prepayment of Certain Borrowings and Margin Money for Bank Guarantee – ₹167.23 million
Capital expenditure towards the purchase of construction equipment -₹70.48 million
General Corporate Purpose
Company Overview
Incorporated in 2007, Active Infrastructures Limited is a civil construction company specializing in infrastructure development and commercial projects. The company operates across India, with projects in Maharashtra, Madhya Pradesh, Uttar Pradesh, and Tripura. Its portfolio includes road construction, flyovers, water supply systems, irrigation, and commercial spaces such as office complexes and retail centers.
Financial Strength
As of September 30, 2024, Active Infrastructures Limited reported total assets of ₹97.16 crore, down from ₹107.58 crore in March 2024. Revenue for the half-year period ending September 2024 stood at ₹33.9 crore, significantly lower than ₹97.43 crore in March 2024. Profit after tax (PAT) was ₹5.55 crore in September 2024, declining from ₹10.45 crore in March 2024 but remaining positive compared to ₹0.09 crore in March 2022. Total borrowings reduced to ₹56.09 crore in September 2024 from ₹109.19 crore in March 2022, indicating improved debt management. Source: Active Infrastructures
STRENGTHS
WEAKNESSES
Established presence in the infrastructure and commercial construction sectors.
Ongoing and completed projects across multiple states.
Reduction in total borrowings, reflecting financial discipline.
Intense competition from established players in the construction sector.
Conclusion
The three upcoming SME IPOs—Grand Continent Hotels, Rapid Fleet Management Services, and Active Infrastructures—offer diverse investment opportunities across hospitality, logistics, and infrastructure sectors. Each company has its strengths and challenges, making it crucial for investors to evaluate financial performance, growth potential, and industry trends before making an investment decision. With different objectives and business models, these IPOs could play a significant role in shaping their respective industries while providing investors with new avenues for growth.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
After a strong run last year, IPO activity in India’s primary markets has tapered off, with no mainboard listings in the past three weeks amid a correction in the secondary market. However, investor interest remains high, with several anticipated public issues—notably, the recently announced NSDL IPO.
If investing in this IPO is what you are considering too, here are four details to know about this upcoming IPO and the company to help you make an informed decision.
The upcoming NSDL IPO, valued at an estimated Rs.3,000 crore, will be a complete Offer for Sale (OFS) of 5.72 crore equity shares. Major stakeholders, including IDBI Bank Limited, National Stock Exchange (NSE), State Bank of India (SBI), HDFC Bank, and Union Bank of India, will offload their shares as part of the offering.
While the offer price is yet to be announced, the issue will be structured across different investor categories, with not more than 50% of the net offer allocated to Qualified Institutional Buyers (QIBs), of which 60% is reserved for anchor investors. At least 15% of the net offer will be available for Non-Institutional Investors (NIIs), while Retail Individual Investors (RIIs) will have access to at least 35%.
Objectives of NSDL IPO
NSDL aims to utilize the IPO proceeds to strengthen its market presence, expand its user base, and enhance operational resilience. The company’s strategy is centered around:
Increasing Market Penetration: NSDL plans to attract new investors by growing its network of depository participants, including new-age brokerage firms. It also offers technology-driven incentives such as API integrations and volume-based fee structures.
Expanding Depository Services: The company is working to simplify processes for holding various asset classes in dematerialized form, such as sovereign gold bonds, mutual fund units, and private securities.
Enhancing Investor Participation: Through initiatives like ‘Market Ka Eklavya,’ NSDL actively promotes awareness and accessibility in capital markets.
Strengthening Technological Infrastructure: A strong focus on IT infrastructure ensures seamless operations, scalability, and security, including blockchain-based offerings for security monitoring.
Diversifying Offerings: NSDL is expanding its payments bank business by integrating services such as digital payment cards, zero-balance accounts, mutual fund investments, and insurance products.
Established in 1996, National Securities Depository Limited (NSDL) is India’s first and largest central securities depository, playing a crucial role in the country’s financial market infrastructure. In Mumbai, NSDL facilitates electronic holding and securities settlement, eliminating the risks and inefficiencies of physical paper-based transactions.
NSDL provides services to investors, stockbrokers, custodians, and issuer companies through its extensive network of depository participants. NSDL has revolutionized how securities are traded, settled, and held in India with a seamless and secure system for dematerializing securities.
Revenue generation for NSDL primarily comes from custody fees charged to issuers, maintenance fees from depository participants, and transaction fees for facilitating securities transfers. Additionally, NSDL operates through its subsidiaries- NSDL Database Management Limited (NDML) and NSDL Payments Bank Limited (NPBL)- expanding its offerings beyond traditional depository functions. Over the years, NSDL has continued to innovate, introducing new products and services, including blockchain-based solutions, e-voting, and digital payment services, further strengthening India’s securities market ecosystem. Source: Annual Report
Company Finances:
NSDL’s Total Revenue
NSDL’s revenue from operations grew by 17.73% in FY 2023-24, reaching Rs.571.10 crore compared to Rs.485.5 crore the previous year. This increase is largely driven by the surge in demat accounts across India, fueled by greater market participation, rising investor interest, and regulatory mandates promoting dematerialization.
As the country’s largest depository with a dominant position in the securities depository space, NSDL benefits from the prevailing high transaction volumes.
Net Profit
NSDL has demonstrated consistent profitability, with an average net profit of Rs.2,369.61 crore over the last three financial years. In FY 2023-24, the company reported a net profit of Rs.2,580.76 crore, reflecting a 22.4% increase from Rs.2,108.19 crore in FY 2022-23. This growth is attributed to rising demat account registrations, increased transaction volumes, and expanding market participation.
NSDL Payments Bank recorded a Profit After Tax (PAT) of Rs.1.58 crore among its subsidiaries. NSDL Database Management Limited (NDML) reported a PAT of Rs.35.47 crore, contributing to NSDL’s overall financial strength.
Other Facts to Know Before NSDL IPO
NSDL has a significant presence in India’s Foreign Portfolio Investors (FPI) segment, with 11,200 registered FPIs representing 99.99% of FPI holdings. This highlights its role in managing foreign investments in the Indian capital markets.
As of FY 2024, NSDL’s net worth is Rs.1,509 crore, and its debt-to-equity ratio is nil, indicating a debt-free financial position. Plus, the company’s Net Profit Ratio is 54.6%.
The NSDL IPO presents an opportunity to invest in India’s largest securities depository, which is crucial to the country’s financial infrastructure. With a steady increase in revenue, profitability, and market participation, NSDL continues expanding its offerings and technological capabilities.
However, as with any investment, factors such as market conditions, industry trends, and individual risk appetite should be carefully evaluated. So, conduct thorough research and review the company’s financials and growth prospects before making an investment decision. Source: Annual Report
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
The IPO market has seen a slow start in March 2025, especially in contrast to the active listing spree in February. Unlike the previous month, which witnessed multiple mainboard IPOs, March has been relatively quiet, with no major IPOs hitting the market. PDP Shipping & Projects Limited is only the second IPO of the month, and it comes from the SME segment. This logistics-focused IPO presents an interesting prospect as investors look for new opportunities. Let’s look into the key details, financials, and SWOT analysis to help you make an informed investment decision.
IPO Details
PDP Shipping & Projects Limited is offering a fixed price IPO of ₹12.65 crores, consisting entirely of a fresh issue of 9.37 lakh shares. The IPO subscription opened on March 10, 2025, and will remain open until March 12, 2025. The allotment of shares is expected to be finalized on March 13, 2025, and the company is set to be listed on the BSE SME platform on March 18, 2025 (tentative).
The IPO is priced at ₹135 per share, which means investors need to bid in multiples of this price. Since the company is listed in the SME segment, liquidity may be lower than mainboard stocks, but it also offers potential for growth within the logistics industry. Investors should carefully evaluate the fundamentals before subscribing to the issue.
Allocation of Shares
Investors can apply for a minimum of 1 lot (1,000 shares). Below is the investment requirement:
The PDP Shipping IPO GMP is NIL, suggesting no unofficial premium in the grey market. This implies muted demand pre-listing, which has been a trend in recent SME IPOs.
The funds raised from the IPO will be utilized for:
Long-term working capital requirements
General corporate purposes
Company Overview
Established in 2009, PDP Shipping & Projects Limited offers end-to-end logistics services, including: Sea & air freight, Customs clearance, and Project Logistics
As an Authorized Economic Operator (AEO), the company provides multi-modal transport services via sea, air, road, and rail, focusing on specialized cargo such as machinery, defense equipment, and automobiles. It primarily serves markets like Brazil, the USA, and South Korea.
Business Model & Service Offerings
Multimodal Transport Operations (MTO): The company holds an MTO license, ensuring seamless cargo movement via rail, road, and air. Services include customs clearance, warehousing, and door-to-door delivery.
Air Freight: Strong partnerships with global airline carriers enable cost-effective, time-efficient cargo transport, including pick-up, customs clearance, and last-mile delivery.
Ocean Freight: Handles LCL, FCL, and cargo consolidation, including customs clearance and shipment tracking.
Packaging, Warehousing, & Distribution: Provides packaging, secure warehousing, transportation, and last-mile distribution for domestic and international shipments.
Financial Strength
PDP Shipping & Projects Limited has shown a dynamic financial performance over the years, reflecting growth and fluctuations across key financial metrics. Below is a breakdown of its economic standing for November 30, 2024, and the last three fiscal years.
Established Market Presence: Since 2009, the company has built a strong reputation in the logistics industry.
Asset-Light Model: PDP Shipping maintains flexibility and costs low by leveraging third-party operators.
Diverse Service Offerings: Covers multiple transport modes, making it a one-stop logistics solution.
Global Reach: Strong presence in key international markets like the USA, Brazil, and South Korea.
Competitive Industry: The logistics sector is highly fragmented, with established players dominating the market.
Economic Slowdowns: Global trade fluctuations and economic downturns can impact freight demand.
Regulatory Challenges: Stringent compliance requirements in different countries could pose operational risks.
OPPORTUNITIES
THREATS
Growing Demand for Logistics: The global freight and logistics sector is expanding, providing growth potential.
E-commerce & Supply Chain Growth: Increased online trade could drive demand for logistics services.
Government Policies: Support for infrastructure and logistics under various schemes could benefit the company.
Competitive Industry: The logistics sector is highly fragmented with established players dominating the market.
Economic Slowdowns: Global trade fluctuations and economic downturns can impact freight demand.
Regulatory Challenges: Stringent compliance requirements in different countries could pose operational risks.
Final Thoughts
PDP Shipping & Projects Limited has shown stable asset growth but faces challenges such as declining revenue and increasing debt. The company operates with an asset-light model and has a strong global presence, which could be advantageous. However, as with any IPO, market conditions and company fundamentals are crucial in determining its future trajectory. Investors and analysts will closely watch how the listing unfolds and how the company performs in the coming quarters.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
India’s IPO market has experienced a good start in 2025, with February 2025 witnessing a notable surge in IPO filings. Thirty-four companies submitting their Draft Red Herring Prospectuses (DRHPs) across BSE SME, NSE Emerge, and the mainboard platforms indicate a strong pipeline for upcoming public offerings.
However, the momentum faced headwinds as the month progressed. Despite the temporary slowdown, the overall outlook for upcoming IPOs in 2025 remains optimistic, with projections suggesting that total equity fundraising through upcoming IPOs in India could top $23 billion, up from $19.6 billion in 2024. This optimism is further bolstered by the anticipation of several high-profile IPOs slated for March 2025, offering promising opportunities for investors.
Let’s briefly look at the complete IPO list for March 2025 to understand the projected IPO numbers for this month.
NAPS Global India Ltd, a leading player in the industrial automation sector, is making its public market debut to raise capital for expansion and technological advancements. The company has established a strong presence in automation solutions, catering to manufacturing, logistics, and energy industries. With its IPO, NAPS Global aims to fund the development of AI-powered automation tools and expand its footprint in international markets.
The IPO is entirely a fresh issue of 13.20 lakh shares. On Day 1 of this IPO, 4th March 2025, the IPO was subscribed 0.23 times.
Balaji Phosphates Ltd, a prominent manufacturer of phosphate-based fertilizers and industrial chemicals, recently concluded its IPO, attracting significant participation from institutional and retail investors.
Incorporated in 1996, the company produces Single Super Phosphate (SSP), NPK Granulated and Mixed Fertilizers, and Zinc Sulphate, all compliant with India’s Fertilizer Control Order standards. It markets its products under the brands ‘RATNAM’ and ‘BPPL’ to retailers, wholesalers, and cooperatives, with farmers as end users.
The IPO, which aims to scale production capacity and invest in sustainable manufacturing processes, was subscribed to 1.21 times by 4 March 2025. The public issue saw a 1.09 times subscription in the retail category, 1.26 times in the QIB category, and 1.34 times in the NII category. Balaji Phosphates Ltd.’s tentative listing date on the NSE SME is set for 7 March 2025.
IPO Awaiting Listing: Shreenath Paper Products Limited IPO
Shreenath Paper Products Limited, a notable player in the paper and packaging industry, completed its IPO and is now awaiting listing on the stock exchange.
Incorporated in 2011, the company provides supply chain solutions for industries requiring various paper materials, such as coated, food-grade, machine-glazed, and adhesive papers. It also supplies sublimation base paper, thermal base paper, straw paper, cup stock paper, security PSA sheets, high-strength paper, C2S and C1S papers, and more.
The company sources specialized manufacturers, tests samples, procures materials in required quantities, and supplies different paper grades made from recycled paper, bagasse, and virgin pulp. It serves FMCG, textiles, pharmaceuticals, packaging, food & beverages, and e-commerce industries.
The IPO closed on 28th February 2025 and is awaiting listing tentatively on 5th March 2025. Shreenath Paper Products IPO was subscribed 1.85 times on Day 3. The public issue saw a 3.18 subscription in the retail category and a 0.52 subscription in the NII category.
The Tata Group’s non-banking financial services arm is expected to launch its IPO with an issue size of around Rs.15,000 crore. The offering includes a fresh issue of 23 crore equity shares and an offer for sale by existing shareholders.
Reliance Jio:
The telecom giant is targeting a record-breaking Rs.40,000 crore IPO, with a potential valuation of approximately $120 billion (Rs.10 lakh crore). Expected in the second or third quarter of 2025, this could be India’s largest IPO to date.
National Securities Depository Ltd (NSDL):
The depository firm is preparing for a Rs.3,000-crore IPO, with additional regulatory approvals pending before the final listing.
LG Electronics:
This Indian arm of the South Korean electronics company is set to go public with a Rs.15,000 crore IPO. The offer includes 10.18 crore equity shares, but no fresh issue component exists.
JSW Cement:
A Rs.4,000 crore IPO is in the pipeline, with proceeds allocated for capacity expansion and debt reduction. The offering includes a fresh issue of Rs.2,000 crore and an offer for sale of Rs.2,000 crore.
Ather Energy:
The electric two-wheeler manufacturer is set to launch an IPO worth Rs.3,100 crore and offer to sell 2.2 crore shares.
Excelsoft Technologies:
The Karnataka-based global vertical SaaS company has filed its draft red herring prospectus (DRHP) with the SEBI for a Rs.700 crore IPO. The IPO offering includes a fresh equity issue of Rs.210 crore and an OFS (offer for sale) of Rs.490 crore.
Bottomline:
The IPO landscape in India is witnessing growth, and March 2025 will introduce promising investment opportunities. As companies across diverse industries tap into the public markets, investors can participate in businesses with strong expansion potential.
While IPO investments offer exciting prospects, thorough research and due diligence remain essential to making informed decisions. With a brief list of current new IPOs and guidance from trusted stock market advisory, investors can confidently navigate the evolving IPO landscape.
Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
FAQs
What are new IPO stocks?
New IPO stocks are shares of companies that have recently gone public through an initial public offering (IPO) and started trading on stock exchanges.
How to analyze companies before investing in an IPO?
To analyze companies before investing in an IPO, evaluate their financial health, revenue growth, and profitability from the red herring prospectus. Assess the business model, industry outlook, competitive positioning, and IPO valuation compared to peers. Review the use of IPO proceeds and past IPO trends (if any) to gauge potential post-listing performance.
What factors influence an IPO’s listing price?
Market demand, company valuation, industry trends, financial performance, and overall market conditions influence an IPO’s listing price.
Get answers to the most pertinent questions on your mind now.
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An investment advisory firm is a company that helps investors make decisions about buying and selling securities (like stocks) in exchange for a fee. They can advise clients directly or provide advisory reports and other publications about specific securities, such as high growth stock recommendations. Some firms use both methods, like Research & Ranking, India’s leading stock advisory company, specializing in smart investments and long-term stocks since 2015.
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