India's primary market to see seven new IPOs after SBI Funds surge
A flurry of seven new listings, headlined by a ₹5,000-crore Cube Highways offering, will test India's robust IPO demand following the blockbuster SBI Funds Management issue.
India's primary market is bracing for a busy week as seven new initial public offerings prepare to open for subscription. The flurry of issuances follows a massive display of investor appetite for the SBI Funds Management IPO, which attracted bids worth nearly ₹2.98 lakh crore and was subscribed more than 40 times.
The sheer volume of capital deployed in the SBI Funds offering—India's largest mutual fund house raised ₹9,813 crore—signals deep liquidity in the domestic equity market. This backlog of demand is now set to flow into a diverse pipeline of mainboard and small-to-medium enterprise issues, while five previously priced companies also prepare to make their trading debuts.
Mainboard pipeline led by Cube Highways
The largest of the new mainboard offerings is Cube Highways Trust, a ₹5,000 crore entirely offer-for-sale issue comprising 32.89 crore units. With a tight price band of ₹151 to ₹152 per unit, the infrastructure trust's July 22 to July 24 subscription window will be a key barometer for institutional interest in Indian road assets. Kotak Mahindra Capital is leading the issue.
Three other mainboard companies will open their books between July 23 and July 27. Xtranet Technologies is looking to raise ₹166.80 crore through a fresh issue of 1.31 crore shares priced between ₹120 and ₹127. Indo-MIM is aiming for a combination of a ₹500 crore fresh issue and an offer for sale of 6.83 crore shares, while Lohia Corp is floating a 2.59 crore share offer-for-sale. Price bands for both Indo-MIM and Lohia Corp have yet to be announced.
The SME segment will contribute three fixed-price or book-built issues. Gulf Lloyds opens a ₹18.19 crore fixed-price issue at ₹100 per share on July 20. Metalic Technoforge and Shree Balaji (Mala) Textiles follow with book-built issues of ₹49.96 crore and ₹18.90 crore, respectively.
Alongside the new subscriptions, the market will absorb five debuts. SBI Funds Management and Alpine Texworld are set to list on the main exchanges on July 21, joined by the SME issue Millworks Technologies. Caliber Mining & Logistics will list on July 24, while Sotefin Bharat debuts on July 23.
