India's primary market is set for a busy week as seven new initial public offerings (IPOs) are scheduled to open for subscription. Four of these issues, including Powerica and Amir Chand Jagdish Kumar, aim to collectively raise over ₹2,000 crore. These offerings span both mainboard and SME segments, reflecting diverse sectors from power solutions to basmati rice exports and pharmaceuticals. The flurry of activity comes amidst cautious investor sentiment, with markets closely monitoring global developments.
Mainboard IPOs Lead the Way
Three mainboard IPOs are set to launch next week, collectively targeting approximately ₹1,950 crore. These include Amir Chand Jagdish Kumar (Exports) Limited, Powerica Limited, and Sai Parenteral's Limited. This strong pipeline of larger issues indicates continued interest from companies seeking to tap public markets for growth and expansion.[livemint]
Powerica Limited, a Mumbai-based power solutions provider, will open its initial public offering for subscription from March 24 to March 27. The company has set a price band of ₹375 to ₹395 per equity share. This ₹1,100 crore issue includes a fresh issue of shares worth ₹700 crore and an offer-for-sale (OFS) component of ₹400 crore by existing shareholders. The anchor bookfor the Powerica IPO will open a day earlier, on March 23.[businesstoday+4]
Powerica plansto use ₹525 crore from the fresh issue proceeds primarily to reduce its debt. The remaining funds will support general corporate activities. The company, promoted by Naresh Oberoi and Gurdip Singh Oberoi, specializes in diesel generator sets and medium-speed large generators. Its generator sets, powered by Cummins engines, range from 7.5 kVA to 10,000 kVA. In fiscal year 2025, Powerica's revenue grew 20% to ₹2,653.3 crore. However, its profitfor the same period declined 26.3% to ₹166.8 crore. The company's shares are expected to list on the BSE and NSE around April 2. At the upper end of the price band, Powerica is projected to have a post-issue market capitalization of approximately ₹4,998.6 crore.[businesstoday+9]
Amir Chand Jagdish Kumar (Exports) Limited, a basmati rice exporter and FMCG firm, will also open its IPO from March 24 to March 27. The company has fixed the price band for its ₹440 crore offering at ₹201 to ₹212 per equity share. This IPO is entirely a fresh issue of approximately 2.08 crore shares, meaning all proceeds will go directly to the company. Investors can bid for a minimum of 70 equity shares.[businessworld+6]
The company plans to utilizethe net proceeds from the fresh issue primarily for its working capital requirements and general corporate purposes. Amir Chand Jagdish Kumar (Exports) is known for its "Aeroplane" brand of basmati rice and has diversified into other FMCG products like aata, maida, and sugar. The company operates three manufacturing, processing, and packaging facilities in Punjab, Haryana, and New Delhi. For the six-month period ending September 30, 2025, the company reported revenue from operations of ₹1,021 crore and a profit after tax of ₹48.7 crore. The promoters, Jagdish Kumar Suri, Rahul Suri, and Ramnika Suri, held 98.17% of the pre-issue paid-up share capital. The IPO values the company at around ₹2,200 crore.[thehindu+8]
Sai Parenteral's Limited, a pharmaceutical formulations company, is another mainboard IPO opening from March 24 to March 27. The price band for its shares is set between ₹372 and ₹392. The company aims to raise ₹408.79 crorethrough this issue, which comprises a fresh issue of ₹285 crore and an offer-for-sale of ₹123.79 crore by existing shareholders. The funds raised will be used for various purposes including expanding and upgrading manufacturing facilities, repaying debt, setting up a new research and development center, and meeting working capital needs.[outlookbusiness+3]
SME Segment Sees Multiple Issues
The small and medium enterprise (SME) segment will also be active next week with four new issues scheduled to open. These smaller IPOs offer investors opportunities in niche sectors.[financialexpress]
Tipco Engineering India Limited's SME IPO will open slightly earlier, from March 23 to March 25. This issue is valued at ₹60.55 crore and includes both a fresh issue of ₹48.49 crore and an offer for sale of ₹12.06 crore. The price band for Tipco Engineering is ₹84 to ₹89 per share, with a lot size of 1,600 shares. The company's shares will list on the BSE SME platform.[livemint+3]
Highness Microelectronics Limited's IPO will be available for subscription from March 24 to March 27. Details regarding its issue size and price band are expected to be finalized closer to the opening date.[hdfcsky+2]
Vivid Electromech Limited is slated to open its IPO from March 25 to March 30. This book-built issue is worth ₹130.54 crore. It consists of a fresh issue of 0.19 crore shares, aggregating to ₹104.56 crore, and an offer for sale of 0.05 crore shares worth ₹25.97 crore.[livemint+1]
Emiac Technologies Limited's IPO is scheduled to open on March 27 and close on April 8. This offering is a book-built issue comprising 0.32 crore shares and is entirely a fresh issue. The price band for Emiac Technologies has not yet been announced.[livemint+3]
Investor Sentiment and Market Outlook
The robust activity in the primary market signals sustained investor appetite, even as broader equity markets experience some volatility. Investors are showing selective interest, closely watching geopolitical developments and market fluctuations. The mix of mainboard and SME issues provides diverse investment options across various industries, from established power solutions and food exporters to emerging pharmaceutical and engineering firms. This upcoming week will be a significant test for these companies as they seek to raise capital from public investors.[livemint+2]
