India IPO alerts

The Ticker Tales take

The National Stock Exchange is the venue most Indian shares and almost all equity derivatives actually trade on, and it earns a toll on that flow — which is why its unlisted shares have been among the most sought-after in the country for years. Because an exchange cannot list on itself, NSE's shares will trade on the BSE. Bidding ran from 17 to 21 September at a band of ₹1,700–1,785 a share with a lot of 8 shares, with listing planned for 24 September. The whole issue is an offer for sale of up to 12.64 crore shares, trimmed from the 14.9 crore originally planned, so at roughly ₹21,500–22,600 crore the money goes to selling shareholders such as SBI and Bank of Baroda, not to NSE itself. Day one drew close to 12 lakh applications and closed only 0.31 times covered, and the book stayed muted over the weekend before demand accelerated hard on the final day to close 5.70 times covered, with institutions at 12.7 times, big-ticket investors at 6.5 times and retail lagging at 1.3 times. The grey market premium firmed too, ending around ₹70, close to 4% over the top of the band. We expected a flat, unexciting debut, so this stayed Neutral. It listed on 24 September at ₹1,800 on the BSE, up 0.8%, then held firm through the day to close at ₹1,817, up 1.8%. A clean call: the flat, unexciting debut we expected is almost exactly what happened.

The Ticker Tales take

Sonaselection India, incorporated in 2022, makes and processes fabric — 100% cotton, cotton-lycra stretch, cotton blends and polyester blends. It bought an existing textile processing unit in 2022 and commissioned its own cotton fabric processing plant in July 2024, which moved it from doing job work for others to manufacturing and selling its own cloth. The ₹141.57 crore issue is entirely fresh shares, so every rupee raised goes into the company rather than to existing owners — the healthier shape for a first-time applicant. Worth weighing: it is a young company in a commodity trade where margins are thin and depend on cotton prices. Demand built through the week and picked up further on the final day, closing at 1.96 times covered, with retail at 2.40 times, big-ticket investors at 1.98 times and institutions at 1.16 times. The grey market premium stayed flat at just ₹2 throughout, about 2% over the ₹99 issue price. We expected a flat, unexciting debut, so this stayed Neutral. It listed on 24 September at ₹102.31 on NSE, up 3.3%, and ₹102 on BSE, up 3.0% — a touch better than our flat call, though close enough to count as a hit. It kept climbing through the day to hit the upper circuit, closing at ₹107.42 on NSE, up 8.5%. The call direction held; the modest thin-GMP debut we expected just ran a bit hotter once circuit-driven buying kicked in.

The Ticker Tales take

SS Retail, set up in 2016, runs a multi-brand chain selling mobile phones, accessories and consumer electronics — 503 stores across roughly 215 cities in Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, deliberately aimed at Tier-2 and Tier-3 towns rather than the metros. Of the ₹500 crore issue at ₹403–424 a share, ₹360 crore is fresh money for the company and ₹140 crore goes to existing owners selling down. Worth knowing: phone retail is a thin-margin, high-turnover trade, so the story rests on how many stores it can add and how well each one sells. Day two closed with the book 6.09 times covered, led by big-ticket investors at 10.43 times and retail at 7.95 times, with institutions at just 0.24 times and still to bid in size on the final day. The grey market premium firmed to ₹100, about 24% over the ₹424 issue price, and we moved up to a Strong Subscribe expecting a 30% pop. It listed on 23 September at ₹624 on NSE, up 47.2%, and ₹639.10 on BSE, up 50.7% — already blowing past our estimate — then kept running to close at ₹748.80 on NSE, up 76.6%, and ₹765.15 on BSE, up 80.5%. Direction was right but we undersold this one badly: final demand and the firming grey market premium turned out to understate just how hot the debut would be.

The Ticker Tales take

Hero Motors has been in the auto-components trade since 2001, designing and making transmission systems, gears and precision-engineered parts for two-wheeler, e-bike and electric-vehicle makers in India and overseas. The ₹1,000 crore issue is a roughly 60:40 split — ₹600 crore of fresh money going into the company and ₹400 crore to existing owners cashing out — priced at ₹79–84 a share. Day two closed with the book 3.58 times covered, led by retail at 5.34 times and big-ticket investors at 4.14 times, with institutions barely present at 0.07 times — they usually bid on the last day, so the final hours matter. The grey market premium had fallen away sharply, from ₹13 to ₹5, about 6% over the ₹84 issue price, and we cooled our call to a cautious Subscribe expecting a modest 6% pop. It listed on 23 September at ₹82 on NSE, down 2.4%, and ₹82.10 on BSE, down 2.3% — a soft, flat-to-negative open that undershot even our modest estimate. Buyers came in through the day, though, and it closed at ₹98.40 on NSE, up 17.1%, and ₹98.51 on BSE, up 17.3%. The call direction held by the close, but the size was well off — the weak open would have looked like a miss to anyone who sold early.

The Ticker Tales take

Jindal Supreme (India) has been making steel pipes and tubes since 1974 — MS black and galvanized pipes, metal beam crash barriers and GI tubular poles that go into water supply and plumbing, construction, roads and highways, bridges, oil and gas, agriculture and rural electrification. Most of the ₹124.88 crore issue is fresh money (₹99.89 crore) going into the company, with about ₹25 crore going to existing owners — the healthier shape for a first-time applicant. It is a commodity-steel business, though, so margins move with steel prices rather than with anything the company controls. Demand had been heavy and kept building, closing 31.54 times covered, with retail at 33.86 times, big-ticket investors at 27.35 times and institutions at 12.45 times, while the grey market premium climbed to ₹31, about 33% over the ₹93 issue price — we called it a Strong Subscribe expecting a 39% pop. It listed on 23 September at ₹120 on NSE, up 29.0%, and ₹121.90 on BSE, up 31.1% — a strong open close to our estimate — then kept climbing to close at ₹126 on NSE, up 35.5%, and ₹127.99 on BSE, up 37.6%. A clean call: the heavy demand and firming grey market translated almost exactly into the listing pop we expected, and then some.

The Ticker Tales take

Manika Plastech makes specialised polymer packaging — co-extruded multilayer barrier films and rigid containers that keep out moisture and oxygen — for food, medicines, personal care, crop chemicals and lubricants, from seven plants in Dehradun, Hosur, Panipat, Una and Dadra. Revenue was ₹437 crore in FY26 with ₹22.4 crore of profit, and returns are respectable at about 15% on equity. Of the ₹125.5 crore issue, ₹92.5 crore is fresh money for the company and ₹33 crore goes to existing owners cashing out. Bidding closed on 16 September with the book 29.46 times covered — a good deal stronger than the interim figure we first recorded — with big-ticket investors at 66.58 times and retail at 23.98 times. The grey market premium had nonetheless cooled from ₹13 to ₹2, about 5% over the ₹43 issue price, and we expected a moderate listing — a pop of around 15%. It listed on 21 September at ₹43 on both NSE and BSE, flat with the issue price and well short of our estimate, then slipped further through the day to close at ₹40.85 on NSE and ₹40.86 on BSE, down about 5%. The call missed: heavy subscription did not translate into any listing pop once the grey market premium had drained away to almost nothing.

The Ticker Tales take

Veegaland Developers is a Kochi-based residential builder putting up apartment projects across Kerala — 10 completed, 12 under construction and 3 more planned as of 30 June 2026. The ₹210 crore issue was entirely fresh shares with no offer for sale, so every rupee raised goes into the company rather than to existing owners, which is a genuine plus. Worth knowing: it is a small, single-state developer, so its fortunes ride on one regional property market. Demand built strongly on the last day, closing 14.60 times covered with big-ticket investors at 19.41 times, institutions at 19.13 times and retail at 9.95 times. We expected a modest listing — a pop of around 11% — and called it a Subscribe. It listed on 18 September at ₹154 on the NSE, up 10.0% on the ₹140 issue price — close to our estimate, and better than the cooled grey market premium of about 4% had implied. It gave most of that back through the day, though, closing at ₹146.30, up just 4.5% — nearer to what the grey market had actually been signalling than the strong open was.

The Ticker Tales take

Glass Wall Systems designs, makes and installs building façades and premium windows and doors, working in India, the US and Australia. Most of the ₹427.89 crore issue was an offer for sale (₹367.89 crore), so existing owners were the main beneficiaries and only ₹60 crore was fresh money. Demand finished very strong all the same at 81.65 times covered, with institutions at 167.93 times. We expected a strong listing — a pop of around 33%. It listed on 16 September at ₹194 on NSE, up just 6.6%, and ₹190.10 on BSE, up 4.5%, then rallied steadily to close at ₹214.85, up 18.0%. Direction right, size wrong: we read the grey market premium of about 29% as a floor for the open, and it turned out to be a ceiling for the whole day.

The Ticker Tales take

Prasol Chemicals makes acetone-based and phosphorus-based specialty chemicals that end up in lubricants, paints, medicines, crop chemicals and personal care. Four-fifths of the ₹500 crore issue was an offer for sale, so most of the money went to existing owners rather than into the business. Final demand was modest at 3.47 times covered and the grey market premium had drained away to nothing, so we expected a flat, unexciting debut and called it Neutral. It listed on 16 September at ₹610 on NSE, down 9.8%, and ₹611 on BSE, down 9.6% — a weaker open than even we expected — then climbed back through the day to close at ₹671, effectively flat at −0.7%. The Neutral call held by the closing bell, though the opening print was uglier than the call implied.

The Ticker Tales take

Kanohar Electricals makes transformers for power transmission and distribution, with its own backward-integrated plant at Gangol so it controls more of what goes into each unit. The ₹1,055.74 crore issue was mostly an offer for sale (₹755.74 crore), meaning existing owners cashed out and only ₹300 crore was fresh money for the company. Demand finished exceptionally strong at 90.59 times covered, with institutions at 215.37 times. We expected a strong listing — a pop of around 40%. It listed on 16 September at ₹685.50 on NSE, up only 8.5%, and ₹672 on BSE, up 6.3% — well short of our estimate. Buyers then came in through the day and it closed at ₹751.50, up 18.9%. We were right on direction and wrong on size: the grey market premium of about 38% simply did not turn up at the open.

The Ticker Tales take

Deepa Jewellers is a jewellery retailer selling gold, diamond and precious-stone pieces. The ₹459.7 crore issue was a mix of ₹250 crore of fresh money and ₹209.7 crore going to existing owners, and it was 43.40x subscribed. We had expected a pop of around 18%. It opened at ₹221 on 8 September, a 24.9% premium to the ₹177 issue price, then gave back much of that to close the day at ₹194.37, up 9.8%. The call worked — the listing beat our estimate, though anyone who held past the opening bell saw the gain roughly halve.

The Ticker Tales take

Rays of Belief is the parent of Mom's Belief, a platform that assesses and delivers therapy for children with developmental needs. The ₹125 crore issue was entirely fresh money going into the business, and demand was enormous at 107.71x. We had expected a pop of around 16%. It listed dead flat at ₹239 on both exchanges on 8 September and drifted lower through the day to close at ₹228.34, about 4.5% below the issue price. The call missed — the grey market premium had already cooled from ₹38 to ₹20 before listing, and even that proved optimistic.

The Ticker Tales take

Purple Style Labs runs Pernia's Pop-Up Shop, a luxury Indian designer-fashion retailer selling couture and occasion wear online and through large experience centres in major cities. ₹680 Cr mainboard issue at ₹546–575, entirely fresh shares, so all the money raised goes into the company rather than to existing owners. Most of it goes to lease liabilities for those experience centres (₹371 Cr) and to sales and marketing (₹139 Cr) — a growth-spend story, not a debt-repayment one. Bidding closed on 2 Sep at just 1.36× subscribed: institutions arrived late at 1.50× and retail managed 1.66×, but wealthy investors stopped at 0.89× — barely over the line for an issue this size. The grey-market premium has collapsed from ~₹30 at the open to nothing. It is also loss-making, with a ₹285 Cr loss in FY26 on ₹567 Cr of revenue and a negative net worth. We expected a small listing discount of roughly 6%, so our call was Avoid. It listed on 7 Sep at ₹539 on BSE (−6.3%) and about ₹535 on NSE (−7.0%), then recovered through the day to close at ₹568 (−1.2%). The call was right: a barely-covered book with a grey-market premium that had collapsed to nothing pointed straight at a discount, and that is what arrived — though anyone who held through day one got most of the fall back.

The Ticker Tales take

Priority Jewels, set up in 2007, designs, makes and sells lightweight, affordable diamond-studded gold and platinum fine jewellery for large chains and independent retailers. It is a small ₹91.50 Cr mainboard issue at ₹190–200 — one of the smallest on the board recently, so expect a thin free float and choppier trading now that it has listed. Bidding closed on 1 Sep heavily oversubscribed at 100.45×, led by wealthy investors ~166.49× and retail ~106.76×, with institutions ~39.87×. Our call was Strong Subscribe on an expected pop of roughly 29%. It listed on 4 Sep at ₹230 on NSE (+15.0%) and ₹225 on BSE (+12.6%), then firmed through the day to close at ₹241.50 (+20.8%). Applicants are comfortably in profit and the direction was right, though our number still ran about eight points above the day-one close — the grey market, which had halved from ~22.5% on the closing day to ~12%, was the better guide.

The Ticker Tales take

ESDS Software Solution is an AI-enabled IT services provider that runs data centres and offers cloud, colocation, managed services and GPU-as-a-service, mostly to government bodies, banks and large enterprises. The ₹720 Cr mainboard issue at ₹408–429 was entirely fresh shares, so all the money goes into the company rather than to existing owners. Worth knowing: a big slice of revenue comes from government customers and a handful of large clients. Bidding closed on 1 Sep with a huge book — 142.88× overall, institutions ~274.97×, wealthy investors ~202.87× and retail ~41.68×, from about 63 lakh applications. Our call was Strong Subscribe on an expected pop of roughly 90%. It listed on 4 Sep at ₹757 on NSE (+76.5%) and ₹746.30 on BSE (+74.0%), then kept climbing to close its first day at ₹908.40 — up 111.7% on the issue price. Applicants who held through day one more than doubled their money, and our ~90% read landed almost exactly on that day-one close. A clear hit.

The Ticker Tales take

Lumino Industries designs and makes aluminium conductors, power cables and electrical wires — including high-temperature low-sag conductors used in transmission lines — and runs a complementary power-transmission EPC arm; manufacturing is about two-thirds of revenue. ₹700 Cr mainboard issue at ₹78–82 (₹500 Cr fresh + ₹200 Cr offer for sale) that closed on 31 Aug at 123.96× subscribed, with institutions ~232.79× and wealthy investors ~185.21× against retail ~40.15×. It listed on 3 Sep at ₹110 on NSE (+34.1%) and ₹109 on BSE (+32.9%), and closed its first day at ₹110.32 (+34.5%) — applicants are comfortably in profit. The Strong Subscribe direction was right, but our ~79% read ran well high: the grey-market premium had already cooled from ~73% on the closing day to ~45% on listing eve, and the debut landed closer to that cooler number.

The Ticker Tales take

Annu Projects is an engineering, procurement and construction company that designs, builds, operates and maintains essential overhead and underground utility infrastructure — sewerage lines, telecom towers and gas pipelines — largely for government bodies. A small ₹175.06 Cr mainboard issue at ₹94–99, entirely fresh shares, so all the money raised went into the company rather than to existing owners. Bidding closed on 28 Aug at 2.93× subscribed — a thin book for a small issue, with no category showing real appetite — and the grey-market premium faded from ~₹5.7 at close to nothing by listing eve. Our call was a cautious Subscribe on an expected pop of roughly 6%. It listed on 2 Sep at ₹72 on NSE, about 27% below the ₹99 issue price, and closed its first day at ₹75.60 (−23.6%). The cushion we warned about simply was not there: a barely-covered book with no grey-market premium left nothing to hold the price up. A clear miss.

The Ticker Tales take

Symbiotec Pharmalab develops and makes active pharmaceutical ingredients, offers contract development and manufacturing (CDMO), and makes complex injectables. ₹1,757 Cr mainboard issue at ₹938–988 that closed on 27 Aug. After a slow start the big money came in late and demand finished at ~75.08× (institutions ~181×, wealthy investors ~77.6×, retail ~13.7×), while the grey-market premium eased to ~₹260 (~26% over ₹988). Anil Singhvi posted a review video but no clear verdict. Our locked call was Strong Subscribe on an expected pop of roughly 34%. It listed on 1 Sep exactly at the ₹988 issue price on NSE (₹978 on BSE, −1.0%) — no pop at all — then recovered through the day to close at ₹1,097.70 (+11.1%). Applicants who held through day one made money, but our number was well over the mark.

The Ticker Tales take

Hy-Tech Engineers makes hydraulic fittings and related equipment used in construction machinery, farming, automotive, injection-moulding and railways. ₹135.73 Cr mainboard issue at ₹50–53 that closed on 27 Aug. Demand finished very strong at ~87.25×, with the wealthy-investor category at ~299×, retail ~133× and institutions ~36×, and the grey market ran hot at ~₹40 (~76% over ₹53) with no clear Anil Singhvi call. Our locked call was Strong Subscribe, expecting a listing pop of roughly 53%. It listed on 1 Sep at ₹75 on NSE (+41.5%) and ₹72 on BSE (+35.8%), then climbed through the day to close at ₹78.75 (+48.6%). The call worked — our number was a shade high on the open, but the day-one close landed within a few points of it.

The Ticker Tales take

Skyways Air Services is an India-based air-freight forwarding and logistics company. ₹582.8 Cr issue at ₹131–138 that closed on 27 Aug. Demand surged late to finish about 71.25× overall, but the mix was lopsided — retail ~6.9× and the wealthy-investor category ~6.9×, while the institutional book stayed under-filled at ~0.49×. The grey-market premium had firmed to ~₹37 (~27% over ₹138), with no clear Anil Singhvi call, and our locked call was Subscribe on an expected pop of roughly 23%. It listed on 1 Sep at ₹124 on NSE (−10.1%) and ₹124.50 on BSE (−9.8%), closing at ₹125.56 (−9.0%). That is a clear miss, and the warning sign was in plain view: a 71× headline built on a nearly empty institutional book is not real demand, and the grey market was pricing enthusiasm the big money never showed.

The Ticker Tales take

Augmont Enterprises is an integrated precious-metals player, combining physical infrastructure with digital platforms for buying and selling gold and silver. ₹825 Cr mainboard issue at ₹750–788 that closed on 25 Aug. Demand finished blockbuster at ~105.78× (QIB ~226.96×, NII ~121.47×, retail ~30.98×) and the grey-market premium eased to ~₹300 (~38% over ₹788); Anil Singhvi was positive — experienced promoters, an integrated gold ecosystem and fast revenue and profit growth. Our locked call was Strong Subscribe, expecting a listing pop of roughly 45%. It listed on 31 Aug at ₹961 (+22.0%) and closed the day at ₹908 (+15.2%). The Subscribe direction held and applicants made money, but our number ran about 23 points high — the grey market, which had already cooled from ~42% to ~38%, was the better guide.

The Ticker Tales take

Tempsens Instruments is a thermal-engineering and specialised-cable maker producing customised temperature-sensing, electrical-heating and cable solutions for industry. ₹650 Cr issue at ₹285–300 that closed on 24 Aug. Final demand was extraordinary at ~180.37× and the grey market ran hot to ~₹295 (~98% over ₹300) on listing eve. Our locked call was a cautious Subscribe built on a ~6% read taken from a much thinner early signal. It listed on 28 Aug at ₹634 on NSE (+111.3%) and ₹631.20 on BSE (+110.4%) — a spectacular debut, then eased to around ₹590 (~+97%) as profit-booking set in. The Subscribe direction was right, but this was one of our largest under-calls; we report it plainly rather than re-rate a frozen call.

The Ticker Tales take

Gaja Alternative Asset Management runs an alternative-asset and private-equity business under the Gaja Capital brand. ₹550 Cr issue at ₹152–160 that closed on 21 Aug. Demand finished strong at ~31.33× but the grey-market premium cooled to ~₹12 (~8% over ₹160), with no clear Anil Singhvi call. Blended, that pointed to a listing pop of roughly 14%, so we called Subscribe. It listed on 26 Aug at ₹185 versus the ₹160 issue price — a +15.6% debut, almost exactly our read, so the call played out.

The Ticker Tales take

Sunshine Pictures develops, produces and distributes feature films, TV programmes and web series. ₹282.14 Cr issue at ₹342–360 that closed on 20 Aug. Final demand was very strong at ~105.81× and Anil Singhvi was positive — respected promoters, a blockbuster track record and improved ~76% margins — but the grey-market premium cooled from ~₹80 at close to ~₹50 by listing eve. Our locked read pointed to a listing pop of roughly 27%, a Strong Subscribe. It listed on 25 Aug at ₹396 on both NSE and BSE (+10.0%) versus the ₹360 issue price — a positive debut, but well short of our number. The direction held; the fading grey market was the better signal and our read ran about 17 points high.

The Ticker Tales take

Shankesh Jewellers is a B2B maker of handcrafted gold jewellery. ₹367.18 Cr issue at ₹88–93 that closed on 20 Aug. Demand finished muted at ~2.80× and the grey-market premium thinned to ~₹2.75 (~3%) by listing eve, with no clear Anil Singhvi call — so we saw no real listing edge and called it Neutral. It listed on 25 Aug at ₹103.30 on NSE (+11.1%) and ₹102.20 on BSE (+9.9%) versus the ₹93 issue price — a solid double-digit debut that beat our flat read. The market was more generous than the thin grey-market signal suggested; we report the miss rather than re-rate a frozen call.

The Ticker Tales take

Lalithaa Jewellery Mart is a South-India-focused jewellery retailer for value-conscious, mass-market shoppers. ₹1,700 Cr issue that closed on 19 Aug. Demand finished healthy at ~17.47× (NII ~46.6×, QIB ~12.6×, retail ~7.9×) and the grey-market premium held around ₹59 (~29% over ₹201); we locked a Subscribe expecting a listing pop of roughly 12%. It listed on 24 Aug at ₹265 on NSE (+31.8%) and ₹265.30 on BSE (+32.0%) — a blockbuster debut that comfortably beat our read. The Subscribe direction held; our number was far too conservative.

The Ticker Tales take

Horizon Industrial Parks develops and operates industrial and warehousing parks across India. Large ₹2,600 Cr issue that closed on 19 Aug. Final demand was modest — about 1.52× — and the grey-market premium thin at ~₹2 (~3% over ₹60), so we saw no real edge either way and called it Neutral. It listed on 24 Aug at ₹60.25 on NSE (+0.4%) and ₹59.65 on BSE (−0.6%) versus the ₹60 issue price — essentially flat, exactly the no-edge read our Neutral call implied.

The Ticker Tales take

Behari Lal Engineering is an integrated iron-and-steel manufacturer making customised engineering products. ~₹302 Cr issue closed 14 Aug very strong at ~108.44× subscribed, GMP running to ~₹105 (~37% over ₹285). Our GMP-led call was Subscribe expecting ~28%. It listed on 19 Aug at ₹465 NSE (+63.2%) and ₹458 BSE (+60.7%) — a blockbuster debut that far outpaced our read; the Subscribe direction held, though the listing beat the number.

The Ticker Tales take

Shiprocket runs an e-commerce enablement platform helping online sellers ship, track and manage deliveries. Large ₹2,342 Cr issue. Closed 14 Aug ~99.38× subscribed, GMP ~₹36 (~37% over ₹97); Anil Singhvi backed it for listing gains and the long term. We called Strong Subscribe expecting a pop near 37%. It listed on 19 Aug at ₹131 NSE (+35.1%) and ₹129.50 BSE (+33.5%) — a strong debut right in line with our read, so the call played out.

The Ticker Tales take

Milky Mist procures milk and makes value-added dairy products (paneer, cheese, curd, yoghurt), mostly across south India. ₹1,553 Cr issue. Final demand strong at ~59× though no GMP and demanding valuation (~85× FY26). Call frozen Neutral at close on the no-GMP read. It listed on 18 Aug at ₹165, an ~18% pop — so the cautious Neutral was beaten by the market; we report the miss but don't re-rate a frozen call.

The Ticker Tales take

Dhoot Transmission designs and makes electrical and electromechanical components — wiring harnesses, connectors and related parts — largely for the automotive and two-wheeler industry (around 41% of India's 2W/3W wiring-harness market), with a growing overseas footprint. The large ₹3,066.89 Cr mainboard issue closed on 12 Aug about 74.21× subscribed — very strong — with the grey-market premium around ₹276 (~32% over the ₹871 top price). Anil Singhvi says it can be considered for both listing gains and the long term (while flagging debt and thinning margins). We hold our Strong Subscribe, expecting a listing pop of roughly 32%; it lists on 17 Aug. It listed on 17 Aug at ₹1,193.80 on NSE (+37.1%) and ₹1,200 on BSE (+37.8%) versus the ₹871 issue price — a strong debut that beat our ~32% read, so the Strong Subscribe call played out.

The Ticker Tales take

Molbio Diagnostics is a point-of-care diagnostics company whose Truenat platform runs rapid molecular tests close to the patient (widely used for TB and other diseases). It's a ₹939.70 Cr mainboard issue, mostly an offer for sale (₹200 Cr fresh + ₹739.70 Cr OFS), so most of the money goes to existing shareholders. Bidding closed on 12 Aug about 70.26× subscribed — a strong finish — with the grey-market premium about ₹156 (~19% over the ₹807 top price). We hold our Subscribe, expecting a listing pop of roughly 19%; it lists on 17 Aug. It listed on 17 Aug at ₹980 on both NSE and BSE (+21.4%) versus the ₹807 issue price — a solid double-digit debut a touch above our ~19% read, so the Subscribe call played out.

The Ticker Tales take

LEAP India runs an asset-pooling business — a shared pool of reusable pallets and crates that companies rent. Big ₹2,480 Cr issue, mostly OFS. Closed 11 Aug ~8.38× (QIB ~17.7×), GMP ~₹13 (~8% over ₹159). Locked Neutral at close. It listed on 14 Aug at ₹165.90 NSE (+4.3%) and ₹166 BSE (+4.4%) — a modest positive debut just above the flat read our Neutral call implied.

The Ticker Tales take

Technocraft Ventures is an infrastructure EPC company that takes on turnkey engineering, procurement and construction projects, largely for state governments in north India (UP, Uttarakhand, Rajasthan, Delhi). The ₹251.88 Cr mainboard issue closed on 11 Aug strongly subscribed — about 38.69× — with the grey-market premium around ₹30 (~14% over the ₹212 top price). We held our Subscribe expecting a listing pop of roughly 18%. It listed on 14 Aug at ₹284 on NSE (+34.0%) and ₹285 on BSE (+34.4%) versus the ₹212 issue price, then ran higher intraday — a blockbuster debut that comfortably beat our read, so the Subscribe call played out well.

The Ticker Tales take

Ardee Industries is a battery-material recycler — it turns end-of-life batteries and non-ferrous scrap into high-purity lead and lead alloys for energy storage, e-mobility and automotive. The ₹425.87 Cr mainboard issue (₹320 Cr fresh + OFS) closed on 7 Aug very strong at about 133.66× subscribed, with a grey-market premium around ₹15 (~28% over the ₹53 top price). We called Strong Subscribe expecting a pop near 34%. It listed on 12 Aug at ₹72 on NSE (+35.9%) and ₹73.60 on BSE (+38.9%) versus the ₹53 issue price, then eased on profit-booking to about +26% — a strong debut in line with our read, so the Strong Subscribe call played out.

The Ticker Tales take

MV Electrosystems makes switchgear panels, cable-protection products and electrical systems for railway coaches, EMUs and rolling stock — a niche supplier to India's railways, sitting on a large confirmed order book of roughly ₹920 Cr (about 19× its FY26 revenue). One caution: FY26 was weak, with revenue down about 21% and a small net loss. It's a small ₹290 Cr mainboard issue, entirely fresh shares. The issue closed on 3 Aug very strongly subscribed — about 188.85× — with the grey market running hot at around ₹115 (~27% over the ₹425 top price), so we called a Strong Subscribe expecting a pop of around 27%. It listed on 6 Aug at ₹520 (+22.4%) versus the ₹425 issue price — a strong debut close to our read, so the Strong Subscribe call played out.

The Ticker Tales take

Juniper Green Energy is one of India's larger independent renewable power producers, building and running utility-scale solar and wind projects that sell power under long-term contracts — a ₹1,800 Cr issue that's entirely fresh shares, so the money goes into the company. It closed on 3 Aug about 7.97× subscribed — a healthy finish after a slow start — but the grey-market premium stayed thin at about ₹9 (~4% over the ₹225 top price), with no clear Anil Singhvi call, so on that thin premium we saw no real listing edge and stayed Neutral. It listed on 6 Aug at ₹245 on NSE (+8.9%) and ₹242 on BSE (+7.6%) versus the ₹225 issue price — a modest positive debut, a touch above the flat read our Neutral call implied, so day-one investors saw a small gain.

The Ticker Tales take

Manipal Health Enterprises is one of India's largest hospital chains — the biggest private multispecialty group by licensed beds — running a national network of hospitals, clinics and diagnostic centres. This was a big ₹9,275 Cr issue (fresh shares plus an offer for sale) at a ₹560–590 band, with a chunk of the fresh money going to pay down debt. Demand picked up late to finish about 4.92× subscribed — a healthy close after a slow start — though the grey-market premium stayed thin at about ₹9 (~2%). Anil Singhvi (Zee Business) posted his IPO review video but didn't state a clear apply/avoid verdict. We stayed Neutral, seeing no real listing edge on the thin premium. It listed on 5 Aug at ₹652 on NSE (+10.5%) and ₹655 on BSE (+11.0%) — a solid double-digit debut, well above the flat read our Neutral call implied, so day-one investors saw a healthy gain.

The Ticker Tales take

Indo-MIM is one of the world's largest metal injection moulding (MIM) companies — it makes small, complex, high-precision metal parts used in cars, aerospace, defence, medical devices and industrial machinery, exporting worldwide. It's a genuine niche leader with real technology barriers. The ₹3,811 Cr issue finished strongly — about 72.34× subscribed — with grey-market premium around 35% over the ₹485 top price, a bullish read. Anil Singhvi (Zee Business) rated it a good long-term hold and said risk-takers may apply for reasonable listing gains, keeping a stop-loss below the issue price after listing. We called Strong Subscribe expecting a big pop of around 35–40%. It listed on 30 Jul at ₹700 on NSE (+44.3%) and ₹703 on BSE (+45.0%) — an excellent debut that even beat our read, so the Strong Subscribe call played out fully. Final call — locked at close on 27 Jul.

The Ticker Tales take

Xtranet Technologies is an IT solutions company working across enterprise applications, managed and digital services, and its own proprietary platforms, largely for government and enterprise clients. It's a small ₹167 Cr fresh issue (no offer-for-sale, so the money goes into the company). The issue finished about 12.24× subscribed with a grey-market premium around 7% over the ₹127 top price, so we locked a Subscribe expecting a small positive listing. It listed on 30 Jul at ₹136 on NSE (+7.1%) and ₹130.10 on BSE (+2.4%), then drifted to the lower circuit — a modest positive debut, roughly in line with our ~7% read on the NSE. Final call — locked at close on 27 Jul.

The Ticker Tales take

Lohia Corp is a long-established, globally competitive maker of machinery for the technical-textiles industry — the equipment that produces woven polypropylene and HDPE fabric and sacks (Raffia) used for packaging cement, food grains and fertiliser. It's a niche engineering business with a worldwide customer base and decades of experience, and profit grew strongly in FY26. One thing to note: the entire ₹1,101 Cr issue is an offer for sale, so the money goes to existing shareholders cashing out, not into the company. The issue finished about 7.25× subscribed, but the grey-market premium stayed thin at roughly 3% over the ₹425 top price, so with no real listing edge we held it Neutral — a frozen call we don't revise. It listed on 30 Jul at ₹461 on NSE (+8.5%) and ₹460 on BSE (+8.2%) — a modest positive debut that came in a touch above the flat read our Neutral call implied, so day-one investors saw a small gain.

The Ticker Tales take

Cube Highways Trust is an infrastructure investment trust (InvIT) that owns a diversified portfolio of 27 toll and annuity road projects across 12 states and one union territory — a long-term, cash-generating income vehicle rather than a typical growth IPO. At ₹5,000 Cr it's one of the year's larger issues, backed by an experienced sponsor with a visible pipeline of assets to acquire. It closed on 24 Jul about 4.94× subscribed — a healthy finish, as the big institutional money for an InvIT usually comes in late. Because the appeal here is steady distributions over time rather than a listing pop, our call stayed Neutral. It listed on 29 Jul at around ₹155 on NSE — roughly +2% over the ₹152 issue price — a modest debut, exactly the steady-not-spectacular read we flagged.

The Ticker Tales take

Caliber Mining and Logistics is an integrated mining-and-logistics company offering end-to-end services across the coal mining value chain — a ₹450 Cr mainboard issue (₹400 Cr fresh plus a ₹50 Cr offer-for-sale). It's a contract miner that doesn't own the mines, sitting on a large confirmed order book that gives it revenue visibility for the next few years, though it carries fairly high debt and leans on a handful of customers — close to 90% of revenue from just three. Demand was very strong: the issue closed about 146.64× subscribed, and the grey market pointed to roughly a 24% pop over the ₹424 top price. Anil Singhvi saw reasonable listing gains for risk-taking investors. We called a Strong Subscribe expecting a big pop. It listed on 24 Jul at ₹500.25 on NSE (+18%) and ₹504 on BSE (+18.9%), then climbed to close around ₹528 — about +24.6% over the ₹424 issue price. A strong debut, right in line with our call — the read held.

The Ticker Tales take

Alpine Texworld makes and trades grey fabric and yarn — a ₹126 Cr mainboard textile issue. Demand finished soft: the issue closed only about 1.36× subscribed, and the grey-market premium stayed modest at ~₹10 (~9.5%); the business is also heavily concentrated in Gujarat and carries fairly high debt. We stayed Neutral, seeing no real edge either way. It listed on 21 Jul flat at ₹105 — level with the issue price — then slipped to the 5% lower circuit at ₹99.75. A flat-to-weak debut, exactly the no-edge read we flagged, so the Neutral call held. Final call — locked at close on 16 Jul.

The Ticker Tales take

SBI Funds Management is India's largest asset manager, running SBI Mutual Fund — about ₹12.5 lakh crore in assets and roughly a 15% market share. At about ₹9,813 Cr it was one of 2026's largest IPOs, priced near 38× earnings, and entirely an offer for sale, so the money went to the selling shareholders (SBI and Amundi), not the company. Demand was strong at close — about 41.7× overall, led by institutions — and Anil Singhvi called it a proxy for India's growth story and a core long-term holding. We'd called a Subscribe expecting a roughly 17% pop on the grey-market signal. It listed on 21 Jul at ₹613 on NSE (+6.9%) and ₹610 on BSE (+6.3%), then faded to close about 6% up — a positive but muted debut, softer than we and the grey market expected. The long-term thesis is intact, but the listing pop under-delivered. Final call — locked at close on 16 Jul.

The Ticker Tales take

Laser Power & Infra is an integrated maker of power cables, conductors and specialised components for India's power transmission and distribution sector, spanning both manufacturing and EPC — revenue grew from ₹1,314 Cr (FY23) to ₹2,570 Cr (FY25) and PAT to ₹107 Cr. The ₹742 Cr issue (₹542 Cr fresh + ₹200 Cr OFS) closed on 13 Jul about 38.94× subscribed on a strong final-day surge, with grey-market premium around 13–19% over the ₹214 upper band. Anil Singhvi (Zee Business) called it reasonably valued and said risk-takers may apply for reasonable listing gains, keeping a stop-loss below the issue price after listing. It listed on 16 Jul strongly — opening ₹250 on NSE (+16.8%) and ₹269 on BSE (+25.7%) and closing around ₹262 (about +22.6%) versus the ₹214 issue price — so our cautious Subscribe played out nicely. Final call — locked at close on 13 Jul.

The Ticker Tales take

Kusumgar is a 30+ year specialist in engineered technical fabrics for aerospace, defence, industrial and automotive uses — a niche with real entry barriers — but this was a 100% Offer for Sale, so none of the ₹650 Cr raised goes into the company, and FY26 revenue and profit both slipped roughly 10–12% from FY25. The issue closed on 10 Jul very strongly subscribed — about 128.85× overall, led by heavy NII and QIB demand — with grey-market premium near 39% over the ₹419 upper band. Anil Singhvi (Zee Business) flagged the aerospace-and-defence niche and limited competition as positives, and the FY26 revenue/profit dip as the main negative; he advised risk-takers to apply for listing gains while low-risk investors keep a stop-loss below ₹419 after listing. Our locked read: predicted listing pop ≈ +48%, a Strong Subscribe. It listed on 15 Jul at about a 37% premium (₹574 on BSE, ₹569/+36% on NSE) and ran as high as ~47% intraday — the strong-listing call played out. Final call — locked at close on 10 Jul.

The Ticker Tales take

Ahmedabad-based maker of premium woven-and-laminated polypropylene bags (rice, flour, fertiliser, pet food) for clients like Cargill, KRBL and Drools — ~10.1% domestic share, exports to 71 countries; FY26 revenue ₹843.8 Cr, PAT ₹92.7 Cr, ROCE ~46.7%. —— How we built the call: locked at close on 3 Jul, predicted pop ≈ GMP +14.9% (₹28 over ₹170) + demand strong (83.33× subscribed — NII ~67×, retail ~20×, QIB ~11×) + Anil Singhvi +3 (risk-takers may apply for reasonable listing gains, keep a strict stop-loss). That blended to ~+21%, well above our +5% line → Subscribe. GMP eased to ~₹16 (9.4%) on listing eve. —— Prediction vs reality: we predicted ~+21% (Subscribe); it listed +10.59% on NSE (₹188) and +9.41% on BSE (₹186). The model ran ~10 points high as the grey-market premium faded into listing, but the Subscribe direction held — a solid double-digit debut, and Anil's 'reasonable listing gains' read played out. Final call — locked at close on 3 Jul; we don't revise a frozen call, even on a data correction.

The Ticker Tales take

A Gujarat-based cotton-yarn / textile-spinning issue that closed 1 Jul at about 5.05× subscribed (retail ~2.5×, NII ~8.3×). —— How we built the call: at the 2 PM lock on closing day our predicted listing pop was about +4.6%, split as GMP +4.6% (₹6.25 grey-market premium over the ₹136 price) + demand 0 (5.05× reads as 'on-track', not strong enough for a bump) + Anil Singhvi 0 (no clear call). That +4.6% sits inside our ±5% 'no real edge' dead-band, so the call locked at Neutral — not Subscribe. GMP then faded to about ₹3 (~2.2%) before listing. —— Prediction vs reality: we forecast roughly +4.6%; the stock actually listed at ₹130 on both NSE and BSE — a −4.4% discount to the ₹136 issue price. So the model ran about 9 points too optimistic — the thin GMP signal didn't hold on debut. The saving grace: we called it Neutral, not Subscribe, so we never promised a pop, and the stock clawed back to the 5% upper circuit intraday, so day-one investors weren't badly burnt. Final call — locked at close on 1 Jul; we don't revise a frozen call, even on a data correction.

The Ticker Tales take

An entirely fresh issue (no offer-for-sale), so all the money raised goes into the company. —— How we built the call: at the 2 PM lock on closing day (29 Jun) our predicted listing pop was about +3.5%, split as GMP +3.5% (₹4 grey-market premium) + demand 0 (1.36× subscribed reads as on-track, not strong) + Anil Singhvi 0 (no clear call). That sits inside our ±5% dead-band, so the call locked at Neutral — always a fundamentals call, not a listing-pop play. GMP then faded to flat by listing eve. —— Prediction vs reality: we forecast ~+3.5%; the stock listed flat at the ₹113 issue price on both NSE and BSE, then slipped ~5% intraday to the lower circuit at ₹107.35. So the model ran ~3–4 points too optimistic on debut, but the Neutral call was the right read — there was no listing edge, exactly as flagged. Final call — locked at close on 29 Jun.

The Ticker Tales take

A rare monopoly play — India's only home-grown ocean cruise line (Cordelia Cruises), ~79% market share. —— How we built the call: GMP was thin at ₹5 (~0.6%) and demand was actually weak — the issue closed just 0.69× subscribed (undersubscribed) — but Anil Singhvi publicly backed it as a Subscribe for both listing gains and the long term, and that endorsement plus the monopoly angle anchored our Subscribe call (locked at close, 25 Jun). Honestly, the 0.69× subscription was a red flag our optimism underweighted. —— Prediction vs reality: GMP implied only ~+0.6%, and the stock listed sharply lower — down ~15.7% on NSE (₹681) and ~14.6% on BSE (₹690) versus ₹808. This was our biggest miss: the weak demand should have pulled the call to Neutral; a Subscribe on a barely-subscribed IPO didn't hold on debut. The long-term cruise-monopoly thesis is intact, and Anil's stop-loss (below ₹765) is now especially relevant. Final call — locked at close on 25 Jun.

The Ticker Tales take

Jaipur-based handcrafted jewellery maker (Rambhajo brand). —— How we built the call: at the 2 PM lock on closing day (25 Jun) our predicted listing pop was about +41%, split as GMP +41% (₹56 over the ₹138 price) + demand strong (212.6× subscribed — the most sought-after IPO of 2026 so far) + Anil Singhvi 0 (no clear call). Well above our +25% line, so the call locked firmly at Subscribe. Financials backed it: revenue nearly tripled from ₹46.6 Cr (FY23) to ₹124.9 Cr (FY25), PAT up from ₹10.4 Cr to ₹25.4 Cr. —— Prediction vs reality: we forecast ~+41%; the stock listed +36.9% on NSE (₹188.90) and +35.5% on BSE (₹187). So the model ran ~4–5 points high but directionally spot on — a strong listing, exactly as our Subscribe call implied. Final call — locked at close on 25 Jun.

The Ticker Tales take

Big insurtech platform with 6.3 lakh+ digital partners and 45 insurer tie-ups, but it stayed loss-making and demand was soft — the issue closed only about 1.2× subscribed and GMP had slipped to a discount on listing eve. It listed on 29 Jun, weak: around ₹136.20 on BSE (−10.4%) and ₹134.90 on NSE (−11.3%) versus the ₹152 issue price — exactly the flat-to-negative debut we flagged. A high-risk, long-horizon bet, not a listing-pop play. Final call — locked at close on 23 Jun.

The Ticker Tales take

A ~₹54 Cr fresh issue in reclaim rubber — a genuinely unglamorous, cyclical, input-cost-driven business. No offer-for-sale means the money goes into the company, not promoter pockets, which is a small plus. Still an SME: small size, high lot value, limited history. Suitable only for investors who can stomach SME volatility and have read the numbers.

The Ticker Tales take

The largest of this week's SME issues at ~₹70 Cr. The minimum lot works out to roughly ₹2.5 lakh, which keeps it firmly in the experienced-investor lane. Electricals is a competitive, margin-sensitive space — the question to answer from the prospectus is whether order book and margins justify the ask. Treat grey-market chatter as noise, not signal.

The Ticker Tales take

A small, entirely-fresh issue raising ~₹34.5 Cr to fund growth. As an NSE SME listing the float is tiny and the minimum application is ~₹1.3 lakh, so this is a narrow, speculative play — not a broad retail name. Worth a look only if you understand SME risk: thin liquidity, wider price swings, and far less disclosure than a mainboard company. Read the RHP before applying.

The Ticker Tales take

India's largest aluminium recycler came cheap for a pure-OFS issue, drew a blockbuster 127× subscription, and Anil Singhvi's 'must apply' call played out — it listed ~43% up on BSE (~40% NSE), beating its ~37% GMP. He flagged keeping a stop-loss below the issue price for the longer haul.