After months of subdued activity, India’s IPO (Initial Public Offering) market is finally waking up from its slumber. This week, the Street is set to see the comeback in full swing, with one Mainboard IPO and four SME IPOs hitting the market, along with one listing on the cards.
While the first few months of 2025 were relatively muted, the buzz is building up for some major IPOs anticipated later this year, making the market more thrilling for investors. But before we look too far ahead, let’s dive into what is coming up this week-
A look at the numbers: Mainboard vs SME IPOs in 2025 so far
As of now, 2025 has seen 10 Mainboard IPOs and a much more 59 SME IPOs hitting the market. So far, the SME segment has been keeping the IPO buzz alive while the Mainboard space has been slower, but that might change soon with some heavyweights waiting in the wings.
Mainboard IPO
Ather Energy IPO: Star of the week
The big highlight this week is Ather Energy, the electric vehicle maker ready to debut on the Mainboard. The Ather Energy IPO is a book-building issue worth Rs 2,981.06 crore.
The IPO will open for subscription on April 28, and close on April 3. Ather Energy has set a price band of Rs 304 to Rs 321 per share
It consists of a fresh issue of 8.18 crore shares aggregating to Rs 2,626.30 crore, and an offer-for-sale (OFS) of 1.11 crore shares worth Rs 354.76 crore. The allotment of shares is expected to be finalised by May 2. Thereafter, this mainboard issue’s tentative listing date is set for May 6, on both BSE and NSE.
Top investment banks like Axis Capital, HSBC Securities, JM Financial, and Nomura are leading the IPO, with Link Intime India handling the registrar duties.
SME IPOs adding spice to the week
While Ather Energy grabs the headlines, the SME segment is buzzing with four IPOs lined up this week, each bringing its own flavour to the market.
Iware Supplychain Services IPO
Kicking things off in the SME space is Iware Supplychain Services. The IPO will be open from April 28 to April 30, with allotment expected on May 2 and listing scheduled for May 6 on the NSE SME platform. The price band of this issue is set at
This IPO is a fixed-price issue of Rs 27.13 crore, consisting entirely of a fresh issue of 28.56 lakh shares. GetFive Advisors is managing the issue, and Kfin Technologies will handle the registrar role, with SMC Global Securities as the market maker.
Kenrik Industries IPO
Next up is Kenrik Industries. This IPO opens slightly later, starting April 29 and closing on May 6. The price band of this SME IPO is set at Rs 25 per share. The allotment will be finalised by May 7, with a tentative listing on May 9 on BSE SME.
It is offering a fixed-price IPO worth Rs 8.75 crore, comprising a fresh issue of 34.98 lakh shares.
Turnaround Corporate Advisors is the lead manager, and Skyline Financial Services is the registrar, while MNM Stock Broking will act as the market maker.
Arunaya Organics IPO
Adding to the action, Arunaya Organics is bringing a book-built SME IPO worth Rs 33.99 crore. The IPO opens on April 29 and closes on May 2, with allotment expected by May 5. It will list on the NSE SME platform on May 7.
The price band has been set between Rs 55 to Rs 58 per share. This offer includes a fresh issue of 52.60 lakh shares and an offer for sale of 6 lakh shares.
Unistone Capital is leading this issue, while Bigshare Services is the registrar, and R.K. Stock Holding is the market maker.
Wagons Learning IPO
The fourth SME IPO this week is Wagons Learning. Opening on May 2 and closing on May 6, the allotment will be finalised by May 7, and the listing is scheduled for May 9 on BSE SME.
The IPO is priced between Rs 78 to Rs 82 per share. This is bringing a book-built IPO worth Rs 38.38 crore to the table. It includes a fresh issue of 30.80 lakh shares and an offer for sale of 16 lakh shares.
Khandwala Securities is the lead manager, Cameo Corporate Services is the registrar, and Rikhav Securities will act as the market maker.
Listing to watch out for- Tankup Engineers
Besides the new IPOs, investors will also see a listing this week. Tankup Engineers, which closed its subscription on April 25, will make its market debut on April 30.