Upcoming IPOs: Primary market to see 2 issues next week
What's the story
The primary market is witnessing a slowdown, with only two issues slated to open for subscription next week. The upcoming calendar features one small and medium-sized enterprise (SME) IPO and one real estate investment trust (REIT) issue. Apart from these two issues, Vivid Electromech will also be listed on the stock exchange after its IPO closed last week with lukewarm investor response.
Upcoming offering
Safety Controls and Devices' ₹48 crore SME IPO
Safety Controls and Devices will launch its ₹48 crore SME IPO for subscription from April 6-8. The issue, priced between ₹75-80 per share, is entirely a fresh issue and will be listed on the BSE SME platform. The company provides engineering, procurement, and construction (EPC) services in substations, solar plants, and infrastructure projects mainly for government agencies and power utilities.
Financial strategy
Anchor interest amid broader market challenges
The offering has already garnered ₹12.67 crore from anchor investors ahead of the issue, showing some institutional interest despite a muted broader environment. The funds raised will be used for debt repayment and working capital requirements. However, the gray market premium (GMP) for this IPO is currently nil in the unofficial market, indicating cautious investor sentiment.
REIT offering
Property Share Investment Trust's Celestia REIT IPO
The second IPO of the week is Property Share Investment Trust's PropShare Celestia REIT, which will open for subscription from April 10-16. The issue size is around ₹245 crore and is entirely a fresh issue. The REIT is priced at a high-value band of ₹10 lakh to ₹10.5 lakh per unit and will be listed on BSE. It gives exposure to a commercial real estate asset in Ahmedabad with corporates and co-working operators as tenants, providing steady rental income profile.
Market trends
Factors contributing to primary market slowdown
The limited IPO pipeline comes as 2026's primary market activity has started to moderate from previous years' strong performance. Global factors such as geopolitical tensions and rising oil prices have triggered heightened volatility, affecting investor sentiment in the primary market. After a string of poor post-listing performances recently, investors have become more selective, dampening retail participation. This has led issuers to delay plans or recalibrate valuations.