IPO Quiet Week Ahead as 2026 Pipeline Looks Strong in India
IPO Quiet Week Ahead as 2026 Pipeline Looks Strong in India
India wraps 2025 with a quiet IPO week, but a bustling 2026 pipeline and standout listings are on the horizon.
India’s IPO market wrapped a blockbuster 2025 with a quiet final week in terms of fresh fundraising, as activity shifted toward listings. After charging to a record, the year is ending with just one SME IPO opening next week—the Modern Diagnostic and Research Centre. The company plans a Rs 37 crore SME issue priced in the Rs 85–90 range, valuing it at about Rs 136 crore, and expects to list on January 7 after closing subscriptions on January 2. The diagnostics chain operates 21 centres across eight states and posted a 55% jump in profit in FY25, aided by an asset-light model that has helped margins improve.
Meanwhile, 11 companies are slated to list next week, mostly on SME platforms, with grey market activity suggesting selective optimism. Shyam Dhani Industries is drawing the strongest buzz, trading at a GMP of roughly 100%, pointing to a potential listing-day doubling for investors. The company saw an exceptionally strong retail and HNI response, with a 988x subscription. E to E Transportation Infrastructure also commands attention, quoting a GMP around 75–80% on the back of a rail systems order book and supportive infrastructure tailwinds. Beyond these two, most listings show modest or flat premiums, indicating a cautious tone despite pockets of enthusiasm.
On the mainboard, Gujarat Kidney and Super Speciality is set to debut on December 30, in a Rs 251 crore issue that was subscribed 5.2 times, driven by robust retail demand. The stock, however, is trading at a flat GMP, underscoring tempered listing expectations even as profits have surged in recent years.
Looking ahead, the year-end quiet is expected to be short-lived, as the momentum for 2026 appears larger and brighter with a robust pipeline led by big-ticket names. Investors and market watchers are watching closely for how the listed peers perform and how much fresh liquidity the upcoming year will attract. The shift from broad fundraising to selective listings and strategic expectations suggests 2026 could be a more active cycle for India’s primary markets.
