The Indian IPO market is experiencing significant activity with five major public issues scheduled to open this week, collectively raising ₹7,479 crore. According to reports from CNBC TV18, Dhoot Transmission is leading the pack with the largest offering, while investors are closely monitoring price bands and grey market premium (GMP) trends, which indicate a positive listing outlook for the upcoming offers. The upcoming IPOs span sectors including dairy, engineering, and e-commerce, with each offering showing strong grey market performance and a notable trend where fresh capital is once again making up a larger share of the money being raised. As per The Economic Times, this week marks a busy period after a quiet spell, with the lineup including Dhoot Transmission, Molbio Diagnostics, Milky Mist Dairy Food, Shiprocket and Behari Lal Engineering, giving investors exposure to auto components, diagnostics, dairy, e-commerce logistics and engineering plays.
Milky Mist Dairy Food IPO has emerged as the most subscribed issue among the current offerings, achieving 2.17 times subscription on Day 2 with strong investor confidence across all categories. The dairy products maker has fixed its price band at ₹133-140 per share for its ₹1,553 crore IPO, with subscription opening on August 11 and closing on August 13. The IPO comprises a fresh issue of ₹1,428 crore and an Offer For Sale (OFS) of ₹125 crore, with the company expected to command a post-issue market capitalisation of ₹10,310-10,778 crore. According to ET Now, the non-institutional investors' portion was subscribed 3.56 times, while the retail quota was subscribed 2.44 times, indicating robust demand from both categories. The company plans to use proceeds for repayment or prepayment of borrowings, expansion and modernisation of manufacturing facility at Perundurai in Tamil Nadu, and establishment of whey protein concentrate, yoghurt and cream cheese plants. The shares are proposed to be listed on BSE and NSE on August 18.
Shiprocket IPO has maintained exceptional subscription performance with 3.16 times subscription on Day 2, demonstrating robust investor interest in the e-commerce logistics sector. The Temasek-backed company has fixed its price band at ₹92-97 per share for its ₹1,617.5 crore IPO, with subscription opening on August 12 and closing on August 14. The IPO comprises a fresh issue of ₹885.50 crore and an OFS component of ₹732 crore, with the company expected to command a post-issue market capitalisation of ₹7,058 crore at the upper price band. According to ET Now, the retail investors' portion was subscribed 3.33 times, while the non-institutional investors' category was subscribed 1.23 times, indicating strong institutional and retail participation. The company plans to use proceeds for marketing initiatives, strengthening technology infrastructure, repayment of borrowings, potential acquisitions and general corporate purposes. Shiprocket's shares are proposed to be listed on BSE and NSE on August 19.
Behari Lal Engineering IPO has demonstrated exceptional market response with 7.78 times subscription on Day 2, indicating strong investor confidence in the engineering sector play. The company's ₹302 crore mainboard issue comprises a fresh issue of ₹93 crore and an OFS component of ₹208.62 crore, with the latest grey market premium standing at ₹80 as of August 14. Adding this premium to the upper price band of ₹285 gives an implied listing price of ₹365, translating to an implied listing gain of 28.07% over the upper issue price. According to ET Now, the retail portion was subscribed 2.69 times, while the non-institutional investors' category was booked 2.11 times, with the QIB segment at 73% subscription. The company operates two manufacturing facilities at Mandi Gobindgarh in Punjab and has recently started construction of a third facility in Fatehgarh Sahib district, manufacturing metal rolls, engineering castings, alloy steel products and forging ingots for steel, power and heavy engineering industries.
The primary market remained buoyant with Milky Mist Dairy Food IPO achieving 2.17 times subscription on Day 2, while Behari Lal Engineering and Shiprocket saw strong investor interest with 7.78 times and 3.16 times subscription respectively. Based purely on grey market activity, Shiprocket offers the highest implied listing gain at 37.63%, followed by Behari Lal Engineering at 28.07% and Milky Mist Dairy Food at 16%. For investors forced to pick one IPO from the five, Dhoot Transmission appears to be the more balanced choice based on valuation comfort, sector tailwinds and use of proceeds for debt reduction and expansion, while Molbio looks stronger for investors willing to pay a higher valuation for proprietary healthcare technology and faster revenue growth. The allotment for Shiprocket IPO is expected to be finalised on August 17, 2026, with tentative listing on NSE and BSE on August 19, 2026.
