The upcoming week, starting 19 May 2025 promises to be a landmark period for the Indian primary market, with five IPOs scheduled to open for subscription. This flurry of activity underscores the strong interest in the IPO market, with a total capital raise of approximately INR 2,505.8 crore expected from these offerings.
Out of the total amount, INR 2,294.9 crore is anticipated from mainboard IPOs, while INR 210.9 crore is expected from SME IPOs. Among these, Belrise Industries stands out as the largest IPO, targeting a massive INR 2,150 crore, whereas Dar Credit represents the smallest offering at INR 25.7 crore. With such a diverse lineup of IPOs next week, investors are gearing up for a vibrant market, showcasing opportunities across various sectors.
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Mainboard IPOs Next Week
Belrise Industries – Biggest Among IPOs Next Week
Belrise Industries, formerly Badve Engineering, is a Pune-based auto component manufacturer specializing in two-, three-, and four-wheeler parts. The company is launching a INR 2,150 crore IPO from 21 – 23 May 2025, with a price band of INR 85 – 90 per share. The IPO comprises a fresh issue of shares, with no offer for sale. Retail investors are allocated 35% of the issue. The shares will be listed on both NSE and BSE.
Financially, Belrise reported a revenue of INR 7,484.24 crore in FY 2024, up from INR 6,582.50 crore in FY 2023. The company’s EPS stood at INR 4.78, with a Return on Net Worth (RONW) of 13.33%. Compared to peers like Bharat Forge (EPS INR 20.43, RONW 13.84%) and Uno Minda (EPS INR 15.36, RONW 21.68%), Belrise shows competitive performance in the auto components sector.
Borana Weaves
Borana Weaves is a textile manufacturer based in Surat, Gujarat, specializing in the production of unbleached synthetic grey fabric. This fabric is widely used as a base for further processing, including dyeing and printing, in various industries such as fashion, traditional textiles, technical textiles, home decor, and interior design, due to its versatility. In addition to grey fabric, the company also manufactures polyester textured yarn (PTY Yarn), which is produced by heating polyester-oriented yarn (POY Yarn), the raw material used in the production of grey fabric.
As of 31 December 2024, Borana Weaves operates a total of 15 texturizing machines, 6 warping machines, 700 water jet looms, and 10 folding machines across its three manufacturing units. While the majority of Borana Weaves’ customers are based in Gujarat, the company also supplies its products to customers in other states, including Rajasthan, Uttar Pradesh, West Bengal, Haryana, and Delhi. In FY 2024, Borana Weaves reported a revenue of INR 199.06 crore, up from INR 135.40 crore in FY 2023. The company’s net profit increased to INR 23.59 crore from INR 16.30 crore in the previous year.
IPO Details: The company is set to open its INR 144.89 crore IPO from 20 – 22 May 2025. The issue consists of a fresh issuance of 67.08 lakh equity shares, with no offer for sale. The shares will be listed on NSE and BSE.
SME IPOs Next Week
Unified DataTech Solutions
Founded in 2010, Unified DataTech is a technology company specializing in system integration. The company offers a wide range of IT solutions, including data center infrastructure, virtualization, data protection, networking, cybersecurity, and secure application delivery. Its services cater to various industries, including banking, finance, insurance, manufacturing, pharmaceuticals, IT, and IT-enabled services.
In FY 2024, the company reported a revenue of INR 260.38 crore, up from INR 110.49 crore in FY 2023. Net profit increased to INR 25.13 crore from INR 10.40 crore.
IPO Details: The company is launching a INR 144.47 crore IPO from 22 May to 26 May 2025. The price band is set at INR 260 – 273 per share. The IPO comprises a totally offer for sale of shares. The shares will be listed on BSE SME.
Victory Electric Vehicles
Victory Electric Vehicles International specializes in manufacturing a wide range of electric vehicles, including E-rickshaws, E-Cargo/Loader E-Rickshaws, and scooters. Its portfolio goes beyond standard offerings by providing customized E-Three Wheelers tailored for specific purposes, such as Food Three Wheelers and Ice Cream Three Wheelers. The company is focused on leveraging the growing opportunities presented by the electrification of mobility in India and is also exploring prospects for exporting EVs to select international markets in the future.
The company recently introduced a new variant of electric vehicles, the L-5 series, expanding its portfolio with five new models. Its primary product offerings include:
- Battery Operated Scooters
- Battery Operated E-Rickshaws (Standard and Customized)
IPO Details: The subscription window opens from 20 to 23 May 2025. The issue is priced at INR 72 per share and comprises a fresh issue of shares, with no offer for sale, with shares expected to list on the NSE EMERGE platform on 28 May 2025.
Dar Credit & Capital – Smallest Among IPOs Next Week
Dar Credit & Capital (DCCL) provides three key financial products: Personal Loans, Unsecured MSME Loans, and Secured MSME Loans. The company offers credit solutions to low-income individuals, especially those in Group D roles such as cleaners, sweepers, and peons employed by municipalities. It also supports small-scale shopkeepers, vendors, and women entrepreneurs. With extensive experience in India’s financing and investment sector, DCCL operates through branch offices in West Bengal, Rajasthan, Bihar, and Jharkhand, and has camp offices in Madhya Pradesh and Gujarat.
IPO Details: The subscription will be available from 21 to 23 May 2025, with shares expected to list on the NSE EMERGE platform on 28 May 2025.
Summary of Upcoming IPOs Next Week
The upcoming IPOs next week promise an exciting lineup of IPOs that cater to diverse sectors within the Indian economy. With significant capital at stake, investors are keenly watching these offerings, especially the larger player like Belrise Industries. The anticipated activity highlights a vibrant primary market as we approach the end of the year.
In the next week, three listings are expected in the primary market, including three SME IPOs. In conclusion, as we look forward to these developments in the primary market, keep an eye out for updates regarding these upcoming IPOs next week.
In the first four months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. Notably, there were no IPO listings in March and April 2025. Collectively, these IPOs raised INR 18,963.81 crore. Hexaware Technologies was the biggest IPO in the last 4 months, which raised INR 8,750 crore. Out of the 10 IPOs, three delivered negative listing returns. Despite this, the average listing gain for the period stood at an impressive 17.53%.
Over the past four months, the SME IPO landscape has witnessed the listing of 59 IPOs in the primary market, collectively raising INR 2,613.35 crore. Out of these, 24 IPOs debuted in the red. Despite this, the average listing return across all SME IPOs stood at a healthy 11.59%. Capital Numbers Infotech emerged as the largest IPO during this period, with an issue size of INR 169.37 crore. In contrast, Avax Apparels was the smallest offering, raising just INR 1.92 crore. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.