Primary market activity remains muted, with just two offerings next week, a Rs 48 crore SME IPO by Safety Controls and Devices and PropShare Celestia REIT worth Rs 245 crore. Rising volatility, weak listings, and cautious investor sentiment have slowed IPO momentum, prompting companies to delay launches or trim valuations despite a broader pipeline remaining intact.

IPO calendar stays muted with just 2 issues opening this week. Check details

Primary market activity remains subdued, with only two issues scheduled to open for subscription next week, signalling a continued slowdown in IPO momentum amid volatile market conditions. The upcoming calendar includes one SME IPO and one REIT offering. Apart from these two issues, the Street will also see the listing of Vivid Electromech, whose IPO closed last week with a modest response.

Safety Controls and Devices will open its Rs 48 crore SME IPO for subscription from April 6 to April 8. The issue, priced in the range of Rs 75–80 per share, is entirely a fresh issue and will be listed on the BSE SME platform. The company operates in EPC services across substations, solar plants, and infrastructure projects, primarily catering to government entities and power utilities.

The offering has already raised Rs 12.67 crore from anchor investors ahead of the issue, indicating some institutional interest despite the muted broader environment. The proceeds will be used for debt repayment and working capital requirements. The GMP for the IPO is currently nil in the unofficial market.

The second IPO for the week is Property Share Investment Trust’s PropShare Celestia REIT, which will open for subscription from April 10 to April 16. The issue size is around Rs 245 crore and is entirely a fresh issue. The REIT is priced in a high-value band of Rs 10 lakh to Rs 10.5 lakh per unit and will be listed on the BSE.

The REIT offers exposure to a commercial real estate asset in Ahmedabad, with tenants including corporates and co-working operators, providing a steady rental income profile. This marks another step in the gradual expansion of India’s small and medium REIT segment.

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The limited pipeline comes at a time when IPO activity in 2026 has already begun to moderate compared with the strong run seen in previous years. Heightened volatility triggered by global factors, including geopolitical tensions and rising oil prices, has weighed on investor sentiment, particularly in the primary market.

Investors have also turned more selective after a series of weak post-listing performances in recent months, dampening retail participation. This has prompted issuers to either delay plans or recalibrate valuations.

While the broader pipeline remains intact, the near-term IPO calendar suggests that companies are waiting for more stable market conditions before launching larger offerings.

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