The primary market anticipates a quiet week with only one new IPO, Leapfrog Engineering Services, opening for subscription. Three companies, Mehul Telecom, Citius Transnet InvIT, and Property Share Investment Trust, are scheduled to list after previous offerings. Investor sentiment appears cautious, reflected in zero grey market premiums for all upcoming listings, suggesting expectations of flat debuts.

IPO activity remains muted next week with just one issue opening; three listings lined up

The primary market is set for a quiet week ahead, with just one IPO scheduled to open even as three companies prepare to list following offerings that closed in the previous week. Investor sentiment also appears cautious, with grey market premiums (GMP) for all upcoming listings currently at zero, signalling expectations of flat debuts.

Only one IPO to open next week

The sole public issue slated to open is Leapfrog Engineering Services, an SME IPO looking to raise about Rs 89 crore.

The IPO will open for subscription on April 23 and close on April 27, with listing expected on April 30 on the BSE SME platform. The price band has been fixed at Rs 21–23 per share.

The issue is a mix of fresh issue and offer-for-sale, with Rs 79.6 crore coming from fresh equity issuance and around Rs 8.9 crore through OFS.

Given the SME structure, the entry threshold remains high. Retail investors will need to bid for a minimum of 12,000 shares, translating into an investment of about Rs 2.76 lakh at the upper price band.

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Leapfrog Engineering operates in the engineering services and EPC space, offering end-to-end solutions across sectors such as oil & gas, pharmaceuticals, food processing and metals.

Three IPO listings scheduled

While fresh issuances remain limited, the market will see three listings in the coming week -- Mehul Telecom, Citius Transnet Investment Trust (InvIT), and Property Share Investment Trust (PropShare Celestia).

All three IPOs had opened and closed in the week gone by and are now headed for listing. However, grey market trends for all three remain flat, with GMP currently at zero, indicating muted listing expectations across the board.

The lack of premium in the grey market suggests limited speculative interest and cautious investor participation, particularly in SME and InvIT offerings.

Analysts note that while broader equity markets have shown resilience, primary market enthusiasm has been selective, with investors focusing on quality and valuation comfort rather than chasing listing gains.

Outlook: selective participation likely

With only one IPO on offer and flat GMP signals across upcoming listings, the near-term IPO pipeline appears subdued.

That said, activity is expected to pick up gradually, especially if market conditions remain stable and larger mainboard issues enter the pipeline.

For now, the focus remains on how the upcoming listings perform, as they will set the tone for investor appetite in the primary market over the next few weeks.

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