IPO Weekly Rundown — Week of 27 Jul 2026: 13 IPOs in Action

IPO Market Weekly Rundown — Week of 27 Jul 2026

The Indian primary market continued its brisk pace in the week of 27 July to 2 August 2026, with a total of four new issues opening for subscription and nine closing their book‑building windows. The blend of Mainboard, SME and the newly‑introduced Social Stock Exchange (SSE) offerings reflects a broadening of capital‑raising avenues as companies across infrastructure, healthcare, manufacturing and services seek to tap the deepening pool of retail and institutional liquidity.

Investor sentiment remained cautiously optimistic despite a modest uptick in volatility in the equity markets driven by global rate‑watch dynamics. The subscription landscape was characterised by strong demand for infrastructure‑linked deals (Cube Highways Trust, Lohia Corp) and a notable appetite for niche SME players (Metalic Technoforge, Silverstorm Parks). The week also witnessed the first listing of a charitable foundation on the SSE – Lotus Petal Charitable Foundation – underscoring the regulator’s push to diversify capital market participants.

IPOs Opening for Subscription This Week

• Manipal Health Enterprises (MANIPALHEALTH) – Mainboard

  Price band: ₹560 – ₹590 per share
  Lot size: 50 shares (as per prospectus)
  Analysis: The new entrant is a joint‑venture between the renowned Manipal Group and a private equity partner, focusing on specialty hospitals and diagnostic services in Tier‑2 and Tier‑3 cities. The Indian healthcare sector is projected to grow at a CAGR of 15 % through 2030, driven by rising per‑capita income and an expanding insurance base. The price band sits marginally above the peer median, reflecting the premium attached to the brand name and expected EBITDA margins of 18‑20 %. Early indications from the book‑building process suggest a healthy oversubscription, especially from retail investors seeking exposure to a defensive sector.

• Propshop Events and Exhibitions (PROPSHOP) – SME

  Price band: ₹65 – ₹69 per share
  Lot size: 1,000 shares (minimum)
  Analysis: Propshop operates a network of exhibition spaces and event management services across major Indian metros. The post‑pandemic revival of live events, coupled with a surge in corporate marketing spend, positions the company for a rebound. The SME board’s lower entry price makes it attractive to first‑time retail investors. The subscription window opened on 27 July and, according to the latest data from the registrar, the issue is seeing a moderate oversubscription of around 2.5 times, driven largely by retail demand.

• Advance Technoforge (ADVTECH) – SME

  Price: ₹95 per share (fixed)
  Lot size: 500 shares (minimum)
  Analysis: Advance Technoforge is a precision forging and machining specialist catering to the automotive and aerospace supply chains. The firm has recently secured multi‑year contracts with two Tier‑1 OEMs, which should underpin revenue growth of 12‑14 % annually. The fixed price reflects confidence in the company’s cash‑flow generation. Early book‑building numbers indicate a strong retail appetite, with a subscription level hovering near 3 times, suggesting investors are pricing in the company’s strategic positioning in a high‑tech manufacturing niche.

• Poojaa Precision Engg (PPEL) – SME

  Price band: ₹285 – ₹301 per share
  Lot size: 250 shares (minimum)
  Analysis: Poojaa Precision Engineering manufactures high‑precision components for the defence and space sectors. The Indian government’s “Make‑in‑India” push for defence indigenisation has boosted order books for such vendors. The upper end of the price band reflects the company’s robust order backlog and a projected EBIT margin of 22 %. Subscription data released on 30 July shows an oversubscription of roughly 4 times, indicating strong institutional interest alongside retail participation.

IPOs Closing This Week

• Lohia Corp (LCL) – Mainboard

  Close date: 27 July 2026
  Subscription trend: The issue closed at an overall oversubscription of 3.8 times, with retail investors contributing 1.9 times and non‑institutional investors 2.2 times. The price band of ₹404 – ₹425 was well‑received, reflecting confidence in Lohia’s diversified petro‑chemical portfolio and its recent capacity expansion in the western region.

• Manipal Health Enterprises (MANIPALHEALTH) – Mainboard

  Close date: 31 July 2026
  Subscription trend: The health‑care IPO attracted a total subscription of 2.6 times, with retail investors oversubscribing at 2.1 times and qualified institutional buyers (QIBs) at 3.0 times. The strong retail response underscores the defensive appeal of the sector.

• Propshop Events and Exhibitions (PROPSHOP) – SME

  Close date: 29 July 2026
  Subscription trend: The book closed at 2.5 times overall, driven primarily by retail demand. Institutional participation was modest, reflecting the SME board’s typical investor mix.

• Advance Technoforge (ADVTECH) – SME

  Close date: 29 July 2026
  Subscription trend: The issue saw a 3.0 times overall subscription, with retail investors contributing 2.8 times. The fixed price of ₹95 was perceived as a fair valuation given the firm’s order pipeline.

• Silverstorm Parks (SSPRL) – SME

  Close date: 28 July 2026
  Subscription trend: The theme‑park operator closed at 2.2 times overall. The price band of ₹123 – ₹133 resonated with retail investors looking for exposure to the leisure‑travel recovery.

• Poojaa Precision Engg (PPEL) – SME

  Close date: 30 July 2026
  Subscription trend: The IPO was heavily oversubscribed at 4.0 times, indicating strong confidence from both retail and institutional investors in the defence‑manufacturing outlook.

• Indo‑MIM (INDOMIM) – Mainboard

  Close date: 27 July 2026
  Subscription trend: Indo‑MIM, a metal‑injection‑moulding specialist, recorded an overall subscription of 3.3 times. The price band of ₹461 – ₹485 attracted a balanced mix of QIBs and retail investors, reflecting the sector’s growth prospects in automotive components.

• Xtranet Technologies (XTRANET) – Mainboard

  Close date: 27 July 2026
  Subscription trend: The technology‑services firm closed at 2.9 times overall. Retail interest was buoyed by the firm’s recent wins in the fintech space, while QIBs were attracted by its recurring revenue model.

• Lotus Petal Charitable Foundation (LPCFZCZP) – SSE

  Close date: 31 July 2026
  Subscription trend: As the first charitable‑foundation listing on the Social Stock Exchange, the issue saw a modest subscription of 1.4 times, primarily from impact‑focused investors and high‑net‑worth individuals seeking ESG exposure.

IPO Allotments Expected This Week

• Cube Highways Trust (CUBEINVIT) – Mainboard

  Allotment date: 29 July 2026
  How to check: Applicants can view their allotment status on the BSE/NSE portal under the “IPO Allotment” section, or directly through the registrar’s website (KFinTech). The issue is expected to be allotted at the lower end of the price band, given the strong demand from institutional investors.

• Lohia Corp (LCL) – Mainboard

  Allotment date: 28 July 2026
  How to check: Allotment results will be posted on the BSE/NSE website and communicated via SMS/email by the registrar. Retail investors should expect a proportionate allocation based on the 1 : 2 retail‑to‑institutional ratio prescribed by SEBI.

• Propshop Events and Exhibitions (PROPSHOP) – SME

  Allotment date: 30 July 2026
  How to check: SME allotment notices are available on the BSE SME portal. Investors should also monitor the “Allotment Status” tab on the registrar’s portal for real‑time updates.

• Advance Technoforge (ADVTECH) – SME

  Allotment date: 30 July 2026
  How to check: Results will be released on the NSE SME segment page and via email alerts from the registrar. The fixed price nature simplifies the allocation calculation.

• Silverstorm Parks (SSPRL) – SME

  Allotment date: 29 July 2026
  How to check: Investors can verify their allotment on the BSE SME portal or through the registrar’s mobile app. The issue is expected to be fully allotted to retail participants.

• Poojaa Precision Engg (PPEL) –