Dalal Street is gearing up for a busy week on the primary market, with 12 initial public offerings (IPOs) worth a combined ₹15,800 crore lined up to hit the market starting June 23. After a relatively quiet stretch, the primary market picks up, even though questions linger around investor appetite amid global uncertainty.
Of the dozen IPOs, five belong to the mainboard category, while the remaining seven are from the SME segment which has seen a steadier flow of listings over recent months.
Despite the positivity, risks tied to global trade, geopolitical tensions, and inflation-linked policy shifts still cast a shadow on market sentiment.
“While macro indicators have been improving and liquidity remains supportive, the real test lies in sustained investor interest beyond headline valuations,” Bajaj Broking Research said in a note. The firm added that the success of this round of listings could determine the tone for the primary market in the first half of FY26.
High-Profile Mainboard Listings
The action kicks off on June 24, with three IPOs opening simultaneously. Among them is Kalpataru, a Mumbai-based real estate player aiming to raise ₹1,590 crore, followed by industrial gases firm Ellenbarrie with a proposed ₹852.53 crore issue. The third, Globe Civil Projects, an EPC company, aims to raise ₹119 crore. All three issues close on June 26.
However, the spotlight will be on HDB Financial Services, a subsidiary of HDFC Bank, whose ₹12,500 crore issue is set to be the year’s largest so far. The NBFC’s IPO will open on June 25 and close on June 27, with a price band of ₹700–740 per share. Market observers will be watching this one closely, not just for subscription numbers but also for signals on investor mood.
Also entering the fray is Sambhv Steel Tubes with an issue priced at ₹77–82 per share.
SME Segment Momentum Continues
The SME space continues to see resilient activity, with seven IPOs scheduled through the week. The line-up starts with AJC Jewel Manufacturers on June 23 followed by Shri Hare-Krishna Sponge Iron, Icon Facilitators, and Abram Food opening the next day. Midweek, Suntech Infra, Ace Alpha Tech, and PRO FX Tech will hit the markets.
These issues are relatively smaller in size of mostly sub-₹50 crore. However, with growing retail participation and the NSE Emerge platform gaining traction, this segment remains on the radar.
In parallel, three IPOs that opened earlier--Safe Enterprises, Mayasheel Ventures, and Aakaar Medical Technologies will remain open till June 24.
Listings Ahead
Next week will also witness eight companies listing their shares, including mainboard player Arisinfra Solutions on June 23, which had seen a modest 2.65x subscription. In the SME category, Samay Project Services, Patil Automation, Eppeltone Engineers, and Influx Healthtech will make their debut between June 23 and 25. Shares of Mayasheel, Safe Enterprises, and Aakaar Medical are scheduled to start trading on June 27.
