IPO Activity Remains Strong in India's Primary Market

Despite market volatility fueled by geopolitical tensions, elevated crude oil prices, and persistent foreign investor selling, India's primary market remained active. This week saw 19 companies debut on stock exchanges, raising a total of ₹7,550 crore.

The mainboard segment accounted for the bulk of the fundraising, with 11 companies collectively raising around ₹7,053 crore. The largest issue among these was Rentomojo, which raised ₹1,255.57 crore. Other notable mainboard listings included Kanohar Electricals at ₹1,055.74 crore and Manipal Payment & Identity Solutions at ₹805 crore.

While strong subscription numbers did not uniformly translate into premium listings, some companies made a strong entry. LCC Projects debuted at a 29.4% premium at ₹189 apiece, while Karamtara Engineering also listed at a 26% premium. Rentomojo was listed at ₹482.40, 19.4% higher than its issue price of ₹404 apiece and is currently up around 27% from its issue price.

The SME segment also remained active, with eight companies raising a combined ₹496 crore. Among these, Raksan Transformers raised ₹150.50 crore, while Om Galaxy raised ₹105 crore and Maharaja & Speedex India raised ₹80.13 crore. Only Maharaja & Speedex India and Amtech Esters managed to secure double-digit listing premiums.