Overview of the 2025 Indian IPO Market

The Indian IPO market has seen mixed activity in 2025, with overall deal count down 62% year-to-date but average issue size nearly doubling. While marquee mainboard offerings continue to attract cautious participation, the SME segment has produced both blockbuster hits and muted debuts. Here’s what investors need to know today:

1. Accretion Pharmaceuticals SME IPO Debuts

• Subscription Window: May 14–16, 2025

• Issue Size: ₹29.75 crore

• Price Band: ₹96–₹101/share

Accretion Pharmaceuticals opened its SME IPO today to fund capacity expansion. Early indications point to neutral grey-market premiums, suggesting measured retail enthusiasm. Investors should track subscription ratios when bidding closes on May 16 to gauge final demand.

2. Virtual Galaxy Infotech Sees 220× Subscription

• Subscription Window: May 9–14, 2025

• Oversubscription: 220 times across all categories

• Grey-Market Premium: ₹75–₹80/share

Virtual Galaxy Infotech’s issue has become the year’s most oversubscribed SME IPO, drawing robust demand and commanding a strong grey-market premium. A successful listing later this week will reinforce investor confidence in high-growth regional tech plays.

3. Integrity Infrabuild Developers Faces Tepid Demand

• Subscription Window: May 13–15, 2025

• Subscription Level: 0.82× (retail segment underwhelming)

• Price Band: ₹100/share

Integrity Infrabuild’s SME offering opened amid selective buying, with retail interest lagging. Investors looking for potential bargains may consider the post-listing price action, but cautious underwriting underscores the need for valuation discipline.

4. Mainboard Spotlight: Ather Energy’s Listing

• Allotment Date: May 2, 2025

• Listing Date: May 6, 2025

• Issue Size: ₹2,981 crore

Ather Energy’s much-anticipated mainboard IPO listed with a modest premium, reflecting measured optimism toward India’s electric-vehicle sector. As EV adoption accelerates, Ather’s listing performance will serve as a bellwether for future marquee offerings.

5. Upcoming Pipeline & Market Outlook

1. More Retail (Amazon & Samara Capital): Planning a ₹2,000 crore mainboard IPO in the next 12–18 months to fund expansion and debt reduction.

2. Schloss Bangalore (Leela Palaces parent): Targeting India’s largest hospitality IPO (~₹5,000 crore) later this quarter.

Despite a slower start, a robust pipeline of large-scale listings in retail, hospitality, and consumer sectors signals potential revival in the latter half of 2025. Investors should position for diversification across SME IPO bargains and mainboard giants.