Three upcoming equity issues are expected to collectively raise in the region of Rs 2,000 crore, while an InvIT is targeting Rs 6,000 crore — among the largest infrastructure trust offerings India’s primary market has seen.
Four upcoming mainboard initial public offerings — Rajputana Stainless, Innovision, Skyways Air Services and Raajmarg Infra InvIT — are set to open for subscription in the coming fortnight, after SEDEMAC Mechatronics which is currently open and seeking to raise Rs 1,087 crore.
Three of the upcoming equity issues are expected to collectively raise in the region of Rs 2,000 crore. Separately, Raajmarg Infra InvIT is targeting a raise of Rs 6,000 crore — one of the largest infrastructure trust offerings India’s primary market has seen.
Here is what is on the menu.
Rajputana Stainless (March 9–11) is a Gujarat-based manufacturer of stainless steel products — billets, bars, flats and forging ingots across 80-plus grades — that has been in operation since 1991 and clocked revenue of Rs 932 crore in FY25. The Rs 255 crore issue is a mix of fresh issue and promoter OFS, with proceeds going toward capacity expansion. At a minimum retail investment of Rs 13,420 for 110 shares, it is tentatively slated to list on March 16 on BSE and NSE.
Innovision (March 10–12) started as a manned security services company in 2007 and has since grown into an integrated manpower, facility management and toll plaza operation business with a presence across 23 states and five union territories. It manages nine NHAI toll plazas, employs over 6,900 security personnel and serves 180-plus clients across 1,000 locations. The Rs 315 crore fresh issue is aimed primarily at working capital and partial debt repayment. Emkay Global Financial Services is the book running lead manager.
Skyways Air Services (March 18–20) is a Delhi-based air freight forwarding and logistics company founded in 1984, ranked No. 1 air freight forwarder from India by World ACD for three straight years on air waybill volumes. It operates through 15 branch offices, has subsidiaries in Germany, Hong Kong, Dubai, Vietnam, Cambodia and the UK, and holds performance agreements with Saudi Cargo, Air India Cargo, Turkish Airlines and Lufthansa. The issue is a combination of fresh issue and OFS, with proceeds earmarked for debt repayment of Rs 217 crore and working capital of Rs 130 crore. The price band is yet to be announced
Raajmarg Infra InvIT (March 11–13) is not an IPO in the conventional sense — it is an Infrastructure Investment Trust, a yield instrument that distributes toll revenue to unitholders rather than offering equity ownership in a company. Sponsored by the National Highways Authority of India, the trust is seeking to raise Rs 6,000 crore and will hold five operational toll road assets spanning 260 km across Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka, including corridors along the Golden Quadrilateral. There is no retail quota — 75 per cent is reserved for QIBs and 25 per cent for non-institutional investors. It is designed for investors seeking long-term infrastructure-linked income, not listing-day gains. Listing is tentatively March 18 on BSE and NSE.
(For context on the broader IPO market backdrop, read: India’s Primary Market Stays Busy in March Despite Headwinds)
