As negative listings galore, 5 companies to launch IPOs worth Rs 6,500 crore next week

India's primary market will see a busy week ahead with five IPOs looking to raise more than Rs 6,578 crore, even as investor sentiment remains cautious after a string of weak listings. The upcoming IPOs include four mainboard offerings and one SME IPO, led by the Rs 6,000 crore infrastructure investment trust (InvIT) of Raajmarg Infra Investment Trust.

The other mainboard IPOs include Innovision, Rajputana Stainless and Skyways Air Services, while SME player Apsis Aerocom will also open its public issue during the week.

The fresh slate of IPOs comes at a time when the primary market is struggling to maintain momentum. In recent weeks, seven out of the last eight IPOs have delivered negative listing gains, reflecting broader weakness in equity markets and cooling investor appetite for new listings.

Grey market premiums (GMPs), which often signal investor enthusiasm ahead of listings, have also been largely muted for the upcoming issues.

Rajputana Stainless IPO

The IPO calendar begins with Rajputana Stainless, which will open for subscription on March 9 and close on March 11.

The stainless steel manufacturer is looking to raise Rs 255 crore through a mix of fresh issue and offer for sale. The IPO is priced in the band of Rs 116 to Rs 122 per share, valuing the company at around Rs 1,019 crore at the upper end.

Rajputana Stainless manufactures a range of long and flat stainless steel products including billets, forging ingots and rolled bars used in sectors such as oil and gas, aerospace, automotive and precision engineering. The company operates a manufacturing facility in Gujarat and exports to markets including the US, UAE, Turkey and Poland.

Innovision IPO

The next issue will be from manpower services provider Innovision, which plans to raise about Rs 323 crore through its IPO opening March 10 and closing March 12.

The IPO consists of a fresh issue worth Rs 255 crore and an offer for sale of Rs 68 crore. The price band has been fixed at Rs 521-548 per share.

Founded in 2007, Innovision provides services such as private security, facility management and manpower sourcing. The company operates across 23 states and five union territories and serves over 180 clients across sectors including logistics, healthcare and BFSI.

Raajmarg InvIT IPO

The biggest offering next week will come from Raajmarg Infra Investment Trust, which plans to raise Rs 6,000 crore through its InvIT issue opening March 11 and closing March 13.

Sponsored by the National Highways Authority of India (NHAI), the InvIT will own and operate a portfolio of five toll road assets developed under the government’s toll-operate-transfer (TOT) model.

The assets include stretches such as Gorhar–Barwa Adda, Chilakaluripet–Vijayawada, Chennai Bypass, Chennai–Tada and Nelamangala–Tumkur, covering a total road length of about 260 km across several states.

The InvIT is priced in the band of Rs 99-100 per unit and the proceeds will primarily be used to fund the concession value payable to NHAI.

Skyways Air Services IPO

Air freight forwarding and logistics company Skyways Air Services will open its IPO on March 18 and close on March 20, with the listing expected on March 25.

The company is issuing 4.22 crore shares, including a fresh issue of 2.89 crore shares and an offer for sale of 1.33 crore shares.

Skyways Air Services provides logistics solutions including air freight, ocean freight, trucking, warehousing and customs clearance. It has partnerships with major international airlines such as Air India Cargo, Turkish Airlines and Lufthansa, and operates a global logistics network through international alliances.

The IPO price band and issue size in rupee terms are yet to be announced.

SME IPO segment

Alongside the mainboard issues, SME company Apsis Aerocom is expected to open its IPO on March 11, adding to the primary market activity during the week. SME offerings have remained relatively active in recent months, although they too have seen mixed listing performances amid volatile market conditions.

Muted GMP signals cautious sentiment

Despite the busy calendar, grey market premiums for most of the upcoming IPOs remain subdued, suggesting limited expectations of strong listing gains. The cautious tone follows a difficult period for the IPO market. Over the past few weeks, seven of the last eight companies that debuted on the exchanges have delivered negative listing returns, reflecting broader market volatility and concerns over valuations.

Weak secondary market performance has also weighed on investor appetite. The benchmark Nifty index has remained under pressure this year, prompting many investors to adopt a more selective approach toward new listings.

For issuers and bankers, the coming week will therefore be an important test of whether the IPO pipeline can regain momentum despite the recent run of disappointing debuts.

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