Mainboard IPOs
The week of September 8‑12, 2025 turned into a whirlwind for India’s primary market as three heavyweight firms kicked off their public offers on September 10. India IPO 2025 became the buzz phrase on trading floors, driven largely by Urban Company’s massive ₹1,900 crore raise. Its price band of ₹98‑103 per share and a minimum lot of 145 shares set the tone for a high‑profile listing that is slated for September 17 on both NSE and BSE.
Following close on Urban’s heels, Shringar House of Mangalsutra opened a ₹400.95 crore IPO with a tighter band of ₹155‑165. The jewelry‑focused company mirrored Urban’s timeline, closing its subscription window on September 12 and moving to allotment on the 15th. The third mainboard entrant, Dev Accelerator, targeted a modest ₹143.35 crore raise priced between ₹56‑61 per share. All three firms shared the same book‑closing date, underscoring the coordinated launch strategy of the week.
Urban Company’s offering attracted a slate of prominent book‑running lead managers – Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs (India) Securities and JM Financial – signalling strong institutional confidence. MUFG Intime India acted as registrar, ensuring smooth processing of the high‑volume subscription. The robust backing helped the company secure a firm listing slot and generated considerable media attention.
SME Segment Activity
While the mainboard names grabbed headlines, the SME segment displayed equally vigorous activity. Karbonsteel Engineering debuted with a ₹59.30 crore IPO priced at ₹151‑159 per share, opening its books on September 9 and closing on the 11th. The engineering firm’s modest size did not dampen investor interest, reflecting a broader appetite for diversified exposure.
Jay Ambe Supermarkets entered the market with an ₹18.45 crore raise, offering shares at ₹74‑78. Its subscription window aligned perfectly with the mainboard giants, running from September 10 to 12. The retailer’s tight price band suggested confidence in its growth prospects despite the competitive FMCG landscape.
Airfloa Rail Technology, a niche player in rail‑related services, launched a sizable ₹91.10 crore IPO. Priced between ₹133‑140, its offering spanned September 11‑15, extending slightly beyond the mainboard window and allowing investors a longer subscription period. Galaxy Medicare capped off the SME flurry with a ₹22.31 crore raise, pricing shares at ₹51‑54 and mirroring the mainboard timeline of September 10‑12.
In total, seven companies – including Amanta Healthcare and six other SME firms – made their exchange debuts, adding fresh faces to both NSE and BSE. This concentration of listings within a single week illustrated the resilience of India’s primary market. Even as some analysts voiced caution about overall market sentiment, the sheer volume of capital raised and the diversity of sectors represented signaled enduring confidence among corporates and investors alike.
