India IPO alerts

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.