Surge in Mainboard and SME Offerings Set to Test Investor Appetite
India’s primary markets are gearing up for one of the busiest weeks in recent memory, with 22 initial public offerings slated to open. Of these, eight are on the mainboard while 14 belong to the Small and Medium Enterprises (SME) segment, together expected to raise nearly ₹5,000 crore.
The flurry of IPOs highlights buoyant investor sentiment, a surge in retail participation, and robust institutional interest at a time when secondary markets remain largely supportive.
Breakdown of Upcoming IPOs
According to data sourced from BSE and NSE, the Initial Public Offerings line-up includes a diverse mix of companies across industries such as pharmaceuticals, technology, infrastructure, agriculture innovations, and consumer goods.
Some key IPOs scheduled for September 23–29 include:
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- Ecoline Exim (23–25 Sep) – Price band: ₹134–141
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- NSB BPO Solutions (23–25 Sep) – Price band: ₹140–147
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- Matrix Geo Solutions (23–25 Sep) – Price band: ₹98–104
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- True Colors (23–25 Sep) – Price band: ₹181–191
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- Aptus Pharma (23–25 Sep) – Price band: ₹65–70
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- BharatRohan Airborne Innovations (23–25 Sep) – Price band: ₹80–85
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- Praruh Technologies (24–26 Sep) – Price band: ₹60–63
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- Justo Realfintech (24–26 Sep) – Price band: ₹70–74
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- Systematic Industries (24–26 Sep) – Price band: ₹185–195
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- DSM Fresh Foods (25–30 Sep) – Price band: ₹96–101
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- Telge Projects (25–29 Sep) – Price band: ₹95–105
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- Infinity Infoway – Details awaited
These Initial Public Offerngs pan across mainboard and SME exchanges, reflecting a democratization of capital raising where even smaller enterprises are actively tapping markets for funding.
Why So Many IPOs Now?
Several factors are driving the rush of companies to go public:
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- Favorable Market Conditions – Indian benchmark indices are near record highs, creating an attractive backdrop for companies seeking premium valuations.
- Strong Retail Participation – Recent IPOs have seen oversubscription, particularly in the retail and HNI (High Net-Worth Individual) categories.
- Liquidity in Secondary Markets – Despite global volatility, domestic liquidity remains robust with mutual funds and institutional investors pumping in capital.
- Sectoral Growth Stories – Sectors like pharma, IT services, agritech, and consumer goods are enjoying heightened investor interest.
Expected Fundraising: Close to ₹5,000 Crore
Collectively, the 22 IPOs aim to raise close to ₹5,000 crore. While mainboard issues are expected to account for the bulk of fundraising, SME IPOs are also drawing significant traction, supported by strong subscription data in recent offerings.
This reflects a broadening of investor appetite beyond blue-chip names, with SMEs benefiting from increased awareness and participation on platforms like NSE Emerge and BSE SME.
What Analysts Are Saying
Market experts believe this week’s IPO rush is a true litmus test for investor appetite.
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- Retail Investors: According to analysts, retail investors have become more confident about subscribing to SME IPOs, particularly after several issues delivered stellar post-listing gains in recent months.
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- Institutional Investors: Fund managers highlight that institutions are selectively participating, favoring companies with strong fundamentals and realistic valuations.
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- Cautionary Notes: Some experts warn of potential fatigue if too many IPOs crowd the market at once. Investors may become selective, which could lead to undersubscription in weaker issues.
Performance of Recent IPOs
The enthusiasm for new listings has been buoyed by the successful performance of recent IPOs. Many SME IPOs have debuted with premium listings, rewarding early subscribers. Meanwhile, mainboard issues across infrastructure and technology have shown solid secondary market performance.
This track record is creating a virtuous cycle, where successful listings attract more companies to the market, and rising investor participation fuels greater subscription levels.
Challenges Ahead
Despite optimism, the flood of IPOs also comes with risks:
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- Overcrowding: With 22 IPOs in one week, investor funds may be spread thin, leading to underwhelming subscription for some companies.
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- Valuation Concerns: Overpricing in certain IPOs may test investor patience, particularly in SME offerings where transparency is often lower.
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- Global Factors: Volatility in global markets, currency swings, and crude oil prices could impact investor sentiment in the short term.
Investor Takeaways
For investors, the upcoming week offers an unprecedented range of opportunities. However, analysts suggest a careful evaluation of company fundamentals, sectoral growth potential, and valuations before subscribing.
Retail investors are advised not to chase every public offerings but to focus on businesses with strong balance sheets and credible promoters. Diversifying allocations across mainboard and SME issues could help manage risks.
Conclusion
With 22 Initial Public Offerings scheduled between September 23 and 30, 2025, India’s primary markets are entering a blockbuster phase, testing both investor appetite and market liquidity. Backed by robust retail participation and steady institutional support, the offerings are expected to raise close to ₹5,000 crore.
While optimism runs high, the sheer volume of issues could create selective winners and losers. For companies, this is a golden window to raise capital at attractive valuations; for investors, it is a chance to participate in India’s growth story—provided they tread with caution and due diligence.
Reference Links
- NSE India – IPO Calendar
- BSE India – SME Platform
- SEBI – IPO Guidelines & Regulations
- Moneycontrol – IPO News and Analysis
- Economic Times – IPO Coverage
Disclaimer: This article is based on information available from public sources. It has not been reported by EQMint journalists. EQMint has compiled and presented the content for informational purposes only and does not guarantee its accuracy or completeness. Readers are advised to verify details independently before relying on them.
