The primary market anticipates a quiet week with no mainboard IPOs. Investor focus shifts to SME platforms, featuring one new IPO and several listings. This activity occurs against a backdrop of market downturns and rising oil prices. Amba Auto Sales & Services IPO opens soon. Adisoft Technologies and Leapfrog Engineering Services are set for listings.

IPO calendar: Which new issues and listings will hit the market this week?

Synopsis

The primary market anticipates a quiet week with no mainboard IPOs. Investor focus shifts to SME platforms, featuring one new IPO and several listings. This activity occurs against a backdrop of market downturns and rising oil prices. Amba Auto Sales & Services IPO opens soon. Adisoft Technologies and Leapfrog Engineering Services are set for listings.

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The primary market is set for a relatively quiet week in terms of fresh fundraising, with no mainboard IPOs opening for subscription. However, investor activity will continue on the SME platforms, where one new IPO is scheduled to open this week, along with a few listings.

This comes as markets continue to witness sharp downswings and muted recoveries, with oil prices surging amid fading hopes of a quick resolution to the Iran-US conflict.

Amba Auto Sales & Services IPO

The initial public offering of Amba Auto Sales & Services, an authorised dealer of Bajaj Auto and LG Electronics India, will open for subscription on April 27 (Monday) and close on April 29 (Wednesday). The company aims to raise Rs 65.12 crore through a fresh issue of 48 lakh shares at a price band of Rs 130–135 per share, meaning the entire proceeds will go to the company.

Investors can bid for a minimum of two lots of 1,000 shares each. The company operates as an authorised dealer of automobiles and consumer electronics. It is engaged in the sale of new two-wheelers and commercial vehicles from Bajaj Auto, along with after-sales services such as repairs, spare parts, lubricants, and accessories.

Grey market trends remain muted, with the company’s unlisted shares trading at zero grey market premium (GMP), according to Investorgain.

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Listings ahead

Shares of Adisoft Technologies will list on April 30 after its Rs 74-crore SME IPO saw decent subscription during the three-day bidding period. At the upper end of the price band, the minimum investment for retail investors stands at Rs 2.75 lakh for a lot size of 1,600 shares, placing it firmly in the SME segment where ticket sizes remain elevated.

A grey market premium of around 9% suggests limited listing upside, especially compared to recent SME IPOs that have seen stronger speculative interest. The muted premium comes at a time when broader market volatility and foreign outflows have tempered risk appetite, particularly for smaller issues.

The Rs 89-crore IPO of Leapfrog Engineering Services will close on April 27 (Monday). The price band has been set at Rs 21–23 per share. The issue comprises a mix of fresh issue and offer-for-sale, with Rs 79.6 crore coming from fresh equity and around Rs 8.9 crore via 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. 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.

Meanwhile, Citius Transnet Investment Trust is set to list on the BSE and NSE on April 29 (Wednesday). This follows its Rs 1,105-crore InvIT IPO being subscribed over 10 times at a price band of Rs 99–100 per unit.

The InvIT currently has a grey market premium (GMP) of zero, indicating no immediate listing gains. This suggests the issue is fairly priced, with limited speculative demand in the unofficial market. Given the nature of InvITs—which are typically yield-focused instruments rather than listing gain plays—muted GMP trends are not unusual.

Citius Transnet InvIT focuses on road infrastructure assets and manages a diversified portfolio spanning 3,406.71 lane-kilometres across nine states. The portfolio includes a mix of toll-based and annuity projects, offering a blend of traffic-linked and stable revenue streams.

With secondary markets remaining range-bound and investors focused on earnings and global cues, primary market activity is expected to stay measured in the near term, with listing performance likely to vary across sectors and company profiles.

(Disclaimer: Recommendations, suggestions, views, and opinions expressed by experts are their own and do not necessarily reflect the views of The Economic Times.)

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