Upcoming IPOs In April: 7 Listings To Hit Dalal Street; No Mainboard Or SME Issues This Week

The drought of mainboard initial public offerings is set to continue in April, with only SME issues hitting the market. Three companies are looking to raise funds from the capital market this month, with a combined issue size exceeding Rs 50 crore. The IPOs of these three companies will continue to remain open for bidding this week and will debut on the stock market in the second week of April.

Four SME IPOs which concluded their bidding in the last week of March will debut on the bourses (BSE and NSE SME platforms) in the first week of April.

After a robust 2024, India's IPO market has remained lukewarm in 2025 so far amid broader market sluggishness. Both the Sensex and Nifty have witnessed sharp corrections due to growing concerns over US President Donald Trump’s tariff threats and heightened market volatility.

Desco Infratech IPO was subscribed nearly 84 times, with investors placing bids for 11.44 crore shares in comparison to 13.66 lakh shares on offer. The SME issue saw an overwhelming response from non-institutional investors (NIIs), who oversubscribed their quota 233 times. The allotment of shares in the initial public offering (IPO) of Gujarat-based Desco Infratech Ltd. was finalised on Thursday, Mar. 27.

Shares of Desco Infratech are expected to be listed on the BSE SME platform on Apr. 1.

Desco Infratech IPO consisted entirely of a fresh issue of 20.50 lakh shares including allocation for anchor investors and market makers. At a price band of Rs 147 and Rs 150 apiece, the BSE SME offer is valued at Rs 30.75 crore at the upper band.

The NSE SME offer was booked nearly 63 times, led by an enthusiastic response from non-institutional buyers on the final day. Overall, investors placed bids for 25.9 crore shares in comparison to 41,36,400 shares offered, resulting in an oversubscription of 62.71 times. The allotment of shares in the initial public offering of Shri Ahimsa Naturals Ltd. was finalised on Friday, Mar. 28.

The Rs 73.81 crore Shri Ahimsa Naturals IPO is a mix of a fresh issue of 42.04 lakh shares worth Rs 50.02 crores and an offer for sale of 19.99 lakh shares totalling Rs 23.79 crores. Shri Ahimsa Naturals IPO is a fixed price issue offering shares at Rs 119 apiece.

Shares of Shri Ahimsa Naturals Ltd. are proposed to be listed on the NSE SME platform, Emerge on Apr. 2.

The initial public offering of ATC Energies System Ltd. was fully subscribed on its final day. The SME issue was booked 1.16 times, led by demand from retail investors. The company offering energy solutions such as batteries to industries, including banking and automobiles, aims to raise nearly Rs 64 crore through the public offer of shares. ATC Energies IPO is a book-built issue of Rs 63.76 crore comprising a fresh issue of 43.24 lakh shares worth Rs 51.02 crore and an offer for sale of 10.80 lakh shares worth Rs 12.74 crores. The price band for the IPO was between Rs 112 to Rs 118 per share.

The allotment of shares in the initial public offering of ATC Energies System was finalised on Friday, Mar. 28. Shares of ATC Energies System Ltd. are proposed to be listed on the NSE SME platform, Emerge on Apr. 2.

The initial public offering of Identixweb Ltd. closed for subscription on Friday, Mar. 28. The IT company, which offers custom web solutions to its clients aims to raise nearly Rs 17 crore through the public offer of shares. The SME issue received a stellar response from the investors on its final day after a muted response during the first two days. The IPO was booked 26.15 times on Friday.

The Identixweb IPO is a book-built issue of Rs 16.63 crores comprising a fresh issue of 30.80 lakh shares. The price band for the IPO is set in the range of Rs 51 to Rs 54 per share. The allotment of shares is likely to be finalised by Apr. 1 followed by the credit of shares into the demat account of successful bidders on Apr. 2. Initiation of refunds for the non-allottees will also be done on the same date. 

Shares of Identixweb are expected to be listed on the BSE SME platform on Apr. 3.

Jewellery maker Retaggio Industries Ltd. launched its IPO to raise Rs 15.5 crore from the market on Mar. 27. The public offer consists of a fresh issuance of 61.98 shares available at a fixed price of Rs 25 a piece. The subscription window will close on Apr. 2, followed by the allotment of shares on Apr.3.

The SME issue was subscribed 0.84 times so far when the issue closed for bidding on Day 2.

Retaggio Industries Ltd. shares are proposed to be listed on the BSE SME platform on Apr. 7. 

The subscription window for the Infonative Solutions IPO is open from Mar. 28 to Apr. 3. It is a book-building issue of Rs 24.71 crore comprising a fresh issue of 31.28 lakh shares, offered at a price band of Rs 75 to Rs 79 apiece.

The SME IPO was booked 0.52 times on Day 1, led by demand from retail investors.

Shares of Infonative Solutions Ltd. are proposed to be listed on the BSE SME platform on Apr. 8. The company is in the business of producing learning solutions for the corporate and educational sectors.

Spinaroo Commercial IPO is open for bidding from Mar. 28 to Apr. 3. The IPO is a fixed price issue of Rs 10.17 crore comprising a fresh issue of 19.94 lakh shares. Shares in the IPO are priced at Rs 51 apiece.

The tentative listing date for the Spinaroo Commercial IPO on the BSE SME platform is Apr. 8. The company manufactures products such as aluminium foil containers, aluminium home foil, paper cups, paper plates, and paper bowls.

The SME IPO was booked 0.16 times on Day 1, led by demand from retail investors.

Additionally, Aten Papers & Foam IPO was scheduled to open for subscription on Mar. 28. However, it got deferred and may now open in the first week of April. An official confirmation is still awaited. As per the company’s DRHP, the Aten Papers & Foam IPO will be a fresh issuance of  33 lakh equity shares offered at a price band of Rs 91 to Rs 96 per share. The BSE SME is valued at Rs 31.68 crore at the upper price band. 

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.