Despite facing pressure from geopolitical tensions, elevated crude oil prices, and persistent foreign investor selling, the Indian stock market witnessed robust IPO activity during the week. According to reports from LiveMint, 19 companies across mainboard and SME segments made their stock-market debut, collectively raising around ₹7,550 crore. The mainboard segment dominated fundraising with 11 companies raising ₹7,053 crore, while the SME segment contributed ₹496 crore from eight companies.
Manipal Payment & Identity Solutions has emerged as a standout performer, zooming up to 20% in Wednesday's trading session after recovering from its listing day low. As reported by Business Standard, the stock was locked at the 20% upper circuit at ₹405.50, with a combined 5.73 million shares changing hands and pending buy orders for 720,000 shares on both NSE and BSE. The stock has bounced back 26% from its listing day low of ₹316, currently trading 18% higher against its issue price of ₹339 per share. The company serves 344 customers across banking, fintech, and government segments, with analysts at Aditya Birla Capital believing it's well-positioned to benefit from premium card adoption and government digitisation.
Asset Reconstruction Company (India) has also shown strong recovery momentum, trading at the 10% upper circuit at ₹152.90 amid heavy volume with 12.42 million shares changing hands. According to Business Standard, the stock has recovered 23% from its post-listing low of ₹124.10 and is trading 10% higher against its issue price of ₹139 per share. As of March 2026, ARCIL had assets under management (AUM) of ₹20,150 crore across diversified asset classes, positioning it well to capitalise on the growing stressed-asset opportunity. However, analysts note that revenue dependence on acquisition and recovery from stressed assets could lead to performance volatility.
While subscription numbers remained strong, listing performance varied significantly across mainboard issues. According to LiveMint reports, Rentomojo was subscribed 72.9 times and Glass Wall Systems received 81.7 times subscription. However, Prasol Chemicals, which raised ₹500 crore, debuted at around 10% discount at ₹610 per share. On the positive side, LCC Projects made a strong entry with 29.4% premium at ₹189 per share, while Karamtara Engineering debuted at 26% premium. Veegaland Developers, which raised ₹210 crore, made its debut on Friday, September 18, at 10% premium.
The SME segment remained active with eight companies raising ₹496 crore across various sectors. As reported by LiveMint, Raksan Transformers raised ₹150.50 crore, Om Galaxy raised ₹105 crore, and Maharaja & Speedex India raised ₹80.13 crore. The remaining five issues were smaller, ranging from ₹17.9 crore to ₹42.8 crore. Only Maharaja & Speedex India and Amtech Esters secured double-digit listing premiums at 34.4% and 33.3% respectively. The Nifty 50 ended the week down 0.22%, marking its sixth consecutive weekly decline.
