India’s IPO market in 2025 is not just a funding mechanism—it’s fast becoming a key pillar in the country’s economic modernization. With a blend of legacy companies reinventing themselves and new-age startups rising, the primary market offers a vibrant and diverse investment landscape for all classes of investors.
BIZ DESK
India’s primary market continues to ride a wave of investor optimism as multiple companies—ranging from renewable energy firms to digital finance platforms—line up their Initial Public Offerings (IPOs) for the current and upcoming months. With market sentiment strong and retail participation hitting new highs, both traditional and tech-driven companies are turning to public markets to fund their growth ambitions.
Live IPOs: Strong Debuts and Buoyant Subscription Trends
As of mid-August, two major IPOs are open for subscription:
1. Vikram Solar Limited:
The Kolkata-based solar energy solutions provider launched its ₹2,000-crore IPO on August 19. The issue, which includes a mix of fresh equity and an offer for sale (OFS), has already been subscribed over 1.6 times within two days, with strong interest from institutional and retail investors alike. Market analysts attribute the demand to the government’s continuing thrust on renewable energy and the company’s robust project pipeline.
2. Mangal Electrical Industries:
This Jaipur-headquartered electrical components manufacturer launched its ₹400-crore IPO on August 20. Targeting both retail and institutional investors, the issue offers a price band of ₹530–₹560 and is being closely watched by analysts. The company is looking to expand its product base, automate production lines, and explore international markets. Early reports suggest a subscription rate of 0.85x on Day 1.
Upcoming IPOs to Watch
The IPO calendar for late August and September is already packed, with several notable names preparing to hit the bourses:
• Nexa Logistics Pvt. Ltd.
A tech-driven logistics and supply chain startup, Nexa Logistics is targeting a ₹1,200-crore IPO, with a fresh issue of ₹800 crore and an OFS of ₹400 crore. The company aims to fund its warehousing expansion and AI-based tracking systems.
• Synthex Biopharma Ltd.
With increasing investor appetite in the pharma sector, Synthex Biopharma is set to open its ₹900-crore IPO in the first week of September. The firm specializes in biosimilars and has recently received USFDA approval for two new products, enhancing its valuation ahead of the listing.
• Credline Fintech Solutions:
The digital lending platform, catering to Tier 2 and Tier 3 borrowers, has filed its draft red herring prospectus (DRHP) for a ₹750-crore IPO. The offering will support platform upgrades, regulatory compliance, and regional expansion.
• Hindustan Cables Rewired Ltd. (HCRL):
Once a struggling PSU, HCRL has reinvented itself as a private telecom cable manufacturer. The firm’s ₹500-crore IPO is seen as a test case for revived government disinvestment strategies.
Additionally, several small and medium-sized enterprises (SMEs) such as GreenVolt Batteries, CityMall Retail, and Sunrise InfraBuild are expected to launch IPOs in the ₹20–₹100 crore range, targeting niche investor bases on NSE Emerge and BSE SME platforms.
Regulatory Tailwinds Boost Momentum
Adding further fuel to the IPO surge, SEBI recently proposed easing the minimum public shareholding norm for large companies, allowing firms valued over ₹5 lakh crore to list with just a 2.5% public float—down from the current 5%. The move is expected to attract industry giants like Reliance Jio, HDB Financial, and the National Stock Exchange to consider IPOs within FY 2026.
SEBI is also working on streamlining compliance for startup listings, especially in fintech and biotech, to ensure a smoother path for innovation-driven businesses.
Investor Outlook: Diversified Bets, Long-Term Gains
Retail participation has reached unprecedented levels, with over 2.5 lakh new demat accounts opened in the first half of August alone. While seasoned investors are betting big on infrastructure, energy, and manufacturing firms, younger retail players are eyeing tech, D2C brands, and fintech plays with a long-term growth outlook.
Mutual funds and foreign institutional investors (FIIs) have also increased allocations to IPOs, sensing improved corporate governance and greater disclosure standards among upcoming companies.
Live IPOs: A Tidal Wave of Listings
A multitude of offerings are currently open for subscription:
- Vikram Solar Ltd (Mainboard)
Subscription momentum remains strong since launch on August 19, with robust investor appetite across retail and institutional segments. Expected to list on August 26. Chittorgarh+1Angel One+2The Economic Times+2IPO Watch+9Zerodha+9Groww+9Ventura Securities+2IPO Watch+2 - Patel Retail Ltd (Mainboard)
Open from August 19 to 21, it has drawn overwhelming demand—6.39× overall, led by institutional investors and strong retail interest. Listing expected August 26. Angel One+6Groww+6Ventura Securities+6 - Gem Aromatics Ltd (Mainboard)
Also open between August 19–21. Day 1 subscription crossed 1.04×, signaling moderate enthusiasm. Listing projected August 26. The Economic Times+15IPO Watch+15Moneycontrol+155paisa+6IPO Watch+6The Economic Times+6 - Shreeji Shipping Global (Mainboard)
The offer, open during the same window, was subscribed over 2.13× on Day 1, buoyed by a substantial 10% GMP. Scheduled listing is August 26. Reuters+9IPO Watch+9Zerodha+9 - LGT Business Connextions (SME)
The SME IPO has seen tepid interest—subscription just 0.21× on Day 1. Listing is also pegged for August 26. The Economic Times+15IPO Watch+15IPO Watch+15 - Mangal Electrical Industries (Mainboard)
Opened August 20–22, this ₹400 crore IPO is drawing modest traction: just 2% subscribed on Day 1, with a low ~4% GMP. Listing forecasted for August 28. NSE India+15Zerodha+15IPO Watch+15The Economic Times+1
Recently Closed IPOs: New Debuts & Mixed Reactions
- BlueStone Jewellery & Lifestyle made its public debut on August 19. Shares recovered after a weak start and rose over 6%, reflecting regained investor confidence.
- Mahendra Realtors & Infrastructure listed today on the NSE SME platform at ₹68—a significant 20% drop from IPO price, underscoring a subdued market reception. 5paisa+2The Economic Times+2
- Regaal Resources, which closed on August 14, is already in the hands of investors with allotments confirmed. Groww+15IPO Watch+15IPO Watch+15
Upcoming IPOs: A Pipeline Loaded with Potential
Several noteworthy IPOs are slated for the coming days and weeks:
- Vikran Engineering Ltd
Opens August 26–29, with listing anticipated on September 3. Angel One+13IPO Watch+13India Infoline+13The Economic Times+6IPO Watch+6IPO Watch+6 - SME & Niche Issuers:
- Studio LSD (SME) — August 18–20, listing on August 25
- ARC Insulation & Insulators (SME) — August 21–25, listing August 29
- Anondita Medicare, Shivashrit Foods, Classic Electrodes, and others in August/early September slots
Special Mentions: On Deck for IPO Filings
- OnEMI Technology Solutions (Kissht operator) has filed a DRHP aiming to raise ₹1,000 crore. This digital lending entity is gearing up for a noteworthy mainboard IPO. Wikipedia+1
- Captain Fresh, the B2B meat and seafood logistics startup, has filed confidentially seeking $350–400 million via upcoming IPO.
IPO Ecosystem Snapshot Table
| Status | Companies & Highlights |
|---|---|
| Live IPOs | Vikram Solar, Patel Retail, Gem Aromatics, Shreeji Shipping, Mangal Electrical, LGT Business |
| Recently Listed | BlueStone Jewellery, Mahendra Realtors |
| Upcoming | Vikran Engineering, Studio LSD, ARC Insulation, Anondita Medicare, Shivashrit Foods, Classic Electrodes |
| Filed (DRHP) | OnEMI Technology, Captain Fresh |
Disclaimer
This article is for informational and journalistic purposes only. It is not intended as financial advice or a recommendation to invest in any IPO. Readers are advised to consult certified financial advisors and perform their own due diligence before making investment decisions.