IPO Activity This Week: 11 Public Issues Open; 5 Companies to List

Mumbai | December 22, 2025

Primary market activity is set to remain healthy in the coming truncated week, as investors will track 11 fresh IPOs opening for subscription alongside five new listings on the bourses. The combined fundraise from these issues is expected to exceed ₹755 crore, supported largely by SME offerings.

Mainboard IPO in Focus

The only mainboard issue this week is Gujarat Kidney & Super Speciality, a regional healthcare company operating a chain of mid-sized multispeciality hospitals across Gujarat, offering secondary and tertiary care services along with diagnostics.

The IPO opens for subscription on December 22 and closes on December 24. The company has set a price band of ₹108–114 per share and plans to raise ₹250.8 crore. Ahead of the issue opening, it raised around ₹100 crore through an anchor book on December 19.

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SME IPOs Opening on December 22

Four SME issues will open on December 22 and close on December 24:

• Dachepalli Publishers – An educational content publisher is looking to raise around ₹40.4 crore via its IPO at a price band of ₹100–102 per share.
• Shyam Dhani Industries, a spices manufacturer and processor, has fixed a price band of ₹65–70 for its ₹38.5-crore public issue.
• Sundrex Oil, engaged in the manufacture of industrial and automotive lubricants, has set a price band of ₹81–86 for its issue of around ₹32 crore.
• EPW India, which supplies refurbished laptops and desktop computers, plans to raise about ₹32 crore at a price band of ₹95–97 per share.

SME IPOs Opening on December 23

Five additional SME IPOs will open on December 23 and close on December 26, with December 25 being a market holiday:

• Bai Kakaji Polymers, a manufacturer of PET preforms, caps and closures, is raising ₹105.2 crore at a price band of ₹177–186 per share.
• Dhara Rail Projects, which provides maintenance and repair services for railway rolling stock systems, has fixed a price band of ₹120–126 for its issue of over ₹50 crore.
• Apollo Techno Industries, a drilling equipment manufacturer, has set a price band of ₹123–130 for its ₹48-crore IPO.
• Admach Systems, engaged in building customised automation and special purpose machines, is offering shares in the range of ₹227–239 for its ₹43-crore issue.
• Nanta Tech, a provider of audio-visual and integrated technology solutions, is raising nearly ₹32 crore at a price band of ₹209–220 per share.

Additionally, E to E Transportation Infrastructure, which provides engineering and system integration solutions for the railway sector, will open its SME IPO on December 26 with a price band of ₹164–174 per share and aims to raise over ₹84 crore.

Listings to Watch This Week

Five companies are scheduled to list during the week:
On the mainboard, KSH International will debut on the NSE and BSE on December 23 after its ₹710-crore IPO received around 83% subscription.

In the SME segment, Neptune Logitek will list on December 22, followed by Global Ocean Logistics India and MARC Technocrats on December 24. Phytochem Remedies will list on December 26.

Overall, IPO activity remains steady, led mainly by SME issues, while mainboard activity stays limited during the year-end period.

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