Other mainboard IPOs include Innovision, Rajputana Stainless and Skyways Air Services, while SME player Apsis Aerocom will open its public issue during the week.
The latest slate of IPOs comes at a time when the primary market is struggling to maintain momentum. In recent weeks, seven of the last eight IPOs have posted negative listing gains, reflecting broader weakness in equity markets and investor appetite for new listings.
Gray market premiums (GMPs), which often signal investor interest before listing, have also been largely muted for future issues.
Rajputana Stainless IPO
The IPO calendar begins with Rajputana Stainless, which will open for subscription on March 9 and close on March 11.
The stainless steel maker is looking to raise Rs 255 crore through a combination of a fresh issue and an offer for sale. The IPO is priced at Rs 116 to Rs 122 per share, valuing the company at around Rs 1,019 crore at the upper end.
Rajputana Stainless manufactures a range of long and flat stainless steel products including billet, forging ingots and rolled bars used in sectors such as oil and gas, aerospace, automotive and precision engineering. The company operates a manufacturing facility in Gujarat and exports to markets including the United States, United Arab Emirates, Turkey and Poland.
Innovation IPO
The next issue will be from HR services provider Innovation, which plans to raise around Rs 323 crore through its IPO starting on March 10 and ending on March 12.
The IPO has a fresh issue of Rs 255 crore and an offer for sale of Rs 68 crore. The price band has been set at Rs 521-548 per share.
Founded in 2007, Innovation provides services such as private security, facility management and human resources. The company operates across 23 states and five union territories and serves more than 180 clients in sectors including logistics, healthcare and BFSI.
Rajmarg IPO Invitation
The biggest offering in the coming week will come from Rajmarg Infra Investment Trust, which plans to raise Rs 6,000 crore through its InvIT issue starting March 11 and ending March 13.
Funded by the National Highways Authority of India (NHAI), InvIT will own and operate a portfolio of five road assets developed under the government’s Total-Operate-Transfer (TOT) model.
The assets include stretches like Gurhar-Barwa-Adda, Chilakaluripet-Vijaywada, Chennai Bypass, Chennai-Tada and Nelamangala-Tumkur, covering about 260 km of road in several states.
InvIT is priced at Rs 99-100 per unit and the proceeds will be used primarily to fund the royalty paid to NHAI.
IPO of Skyways Airlines
Air freight and logistics company Skyways Air Services will open its IPO on March 18 and close on March 20, with the listing expected on March 25.
The company issued 4.22 million shares, including a fresh issue of 2.89 million shares and a sell offer of 1.33 million shares.
Skyways Air Services offers logistics solutions including air freight, sea freight, trucking, warehousing and customs clearance. It has partnerships with major international airlines such as Air India Cargo, Turkish Airlines and Lufthansa, and operates a global logistics network through international alliances.
The IPO price bond and issue size in monetary terms are yet to be announced.
SME IPO segment
Despite the main board issues, SME company Apsis Aerocom is expected to launch its IPO on March 11, adding to early market activity during the week. SME offerings have remained relatively active in recent months, although they too have seen mixed listing activity amid volatile market conditions.
A silent GMP indicates a sense of caution
Despite the busy calendar, gray market premiums for most upcoming IPOs remain low, suggesting limited expectations of strong listing gains. The cautious tone follows difficult times for the IPO market. In the past few weeks, seven of the last eight companies that debuted on exchanges have posted negative listing returns, reflecting broader market volatility and concerns about valuations.
Poor secondary market performance also weighed on investor appetite. The benchmark Nifty index has remained under pressure this year, prompting many investors to opt for new listings.
For issuers and bankers, next week will therefore be an important test of whether the IPO pipeline can pick up speed despite the recent disappointing start.
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