IPO Market Ends 2025 on Quiet Note with Strong Pipeline for 2026
India's IPO market concludes 2025 with minimal activity as only Modern Diagnostic & Research Centre opens for subscription next week with a ₹37 crore SME IPO. Eleven companies are scheduled to list, with Shyam Dhani Industries commanding 100% grey market premium. The outlook for 2026 appears strong with over ₹2 lakh crore worth of IPOs approved, including major issuers like Reliance Jio and PhonePe.
*this image is generated using AI for illustrative purposes only.
India's IPO market is heading into a quiet final week of 2025, marking a subdued end to a year that saw fundraising exceed ₹1.7 lakh crore. The week ahead is characterized more by listings than new fundraising activities, with only one company opening for subscription.
Single IPO Opening Next Week
Modern Diagnostic & Research Centre is the sole company launching its public offering next week. The diagnostics chain's SME IPO details are outlined below:
| Parameter: | Details |
|---|---|
| Issue Size: | ₹37 crores |
| Opening Date: | December 31 |
| Closing Date: | January 2 |
| Listing Date: | January 7 |
| Price Band: | ₹85-90 |
| Company Valuation: | ₹136 crores |
| Issue Type: | Fresh offer |
The company operates 21 diagnostic centres across eight states and reported a 55% jump in profit in FY25, with margins improving on an asset-light business model.
Eleven Companies Set to List
While fresh IPO activity remains limited, the spotlight will be on 11 companies preparing to debut, mostly on SME platforms. Grey market activity indicates selective investor optimism, with certain companies commanding notable premiums.
Top Performers in Grey Market
| Company: | Grey Market Premium | Subscription Rate |
|---|---|---|
| Shyam Dhani Industries: | ~100% | 988x |
| E to E Transportation Infrastructure: | 75-80% | Not specified |
| Gujarat Kidney and Super Speciality: | Flat | 5.2x |
Shyam Dhani Industries, a spices manufacturer, is attracting the strongest investor interest with grey market premiums suggesting potential doubling on debut. The company's IPO saw massive retail and HNI demand. E to E Transportation Infrastructure follows closely, supported by its rail systems order book and infrastructure sector tailwinds.
Mainboard Listing Highlight
Gujarat Kidney and Super Speciality represents the only mainboard listing among upcoming debuts, scheduled to list on BSE and NSE on December 30. Despite the ₹251 crore issue being subscribed 5.2 times with strong retail demand, the stock trades at flat grey market premium, indicating muted listing expectations.
Strong Pipeline for 2026
The market outlook for 2026 appears significantly more robust. Over ₹2 lakh crore worth of IPOs are already approved or awaiting regulatory clearance. Several large issuers including Reliance Jio and PhonePe are positioned for launches, with bankers expecting accelerated activity once markets reopen fully in January.
Immediate Prospects
Bharat Coking Coal (BCCL), a wholly owned subsidiary of Coal India, is expected to launch within the next two weeks. The proposed offering details include:
- Structure: Pure offer for sale
- Stake Sale: Approximately 10% of Coal India's equity
- Share Volume: Nearly 46.57 crore equity shares
- Proceeds: Entirely to Coal India (parent company)
Additional companies on the immediate horizon include Fractal, positioned as India's first AI-focused IPO, and Hero Fincorp, a leading NBFC company.
19
