From Leela Hotels to Aegis, 9 cos look to raise Rs 7k cr via IPOs this week

India’s primary market is in full swing this week, as nine companies line up to raise nearly Rs 7,000 crore through initial public offerings (IPOs). From luxury hospitality to logistics and energy, the wave of listings spans both the mainboard and SME segments, reflecting the growing depth of India’s capital markets as 2025 progresses.

Leela Hotels leads with a high-stakes offering

At the forefront is Leela Hotels, operating under Schloss Bangalore Ltd, which opened its Rs 3,500-crore IPO on May 26. The issue will remain open until May 28. Known for its landmark properties in Bengaluru, Chennai, New Delhi, Jaipur, and Udaipur, Leela is offering shares in a price band of Rs 85 to Rs 90. The IPO consists of both a fresh issue and an offer for sale, with the proceeds directed toward reducing debt and supporting general corporate operations.

Before the IPO opened to the public, Leela raised Rs 1,575 crore from anchor investors, underscoring strong institutional interest. Yet the company’s financials present a mixed picture. Despite a 26 per cent increase in revenue for FY24, Leela’s profit for FY25 stood at a modest Rs 47.65 crore, after several years of losses. Its high debt and a steep price-to-earnings ratio of 220 have raised eyebrows, especially when compared to more profitable peers like Indian Hotels and EIH.

Also read: Groww parent firm seeks up to $1 billion IPO via confidential pre-filing route

Aegis Vopak bets on infrastructure growth

Running in close competition is Aegis Vopak Terminals, which is aiming to raise Rs 2,800 crore through a fresh issue of 11.91 crore shares, priced between Rs 223 and Rs 235. Like Leela, its IPO window is open from May 26 to May 28. The funds are intended for debt repayment and capital expenditure, particularly for a new cryogenic LPG terminal, along with other corporate uses. Anchor investors have already committed Rs 1,260 crore.

The IPO saw a modest start on day 1, with retail investors showing early enthusiasm. Analysts at Bajaj Broking observed that while Aegis Vopak is strategically positioned in energy logistics, its high valuation limits near-term upside. Listing day returns may be muted, they noted, but the long-term outlook remains positive. As new terminals become operational from FY26 onwards, the company’s profitability and cash flows are expected to improve, potentially delivering value over a two to three-year period.

SME segment sees a flurry of activity

The action isn’t confined to the mainboard. The SME segment is equally lively, with seven companies entering the fray.

On May 27, four IPOs opened for subscription. Prostarm Info Systems is raising Rs 168 crore through a fresh issue of 1.60 crore shares, priced between Rs 95 and Rs 105. The company, which specializes in energy storage and power conditioning equipment, attracted strong retail interest, with the retail portion subscribed 0.89 times by mid-morning.

Also read: RBI's bumper dividend eases fiscal position, to help bolster growth: SBI report

Blue Water Logistics, a player in coastal logistics, is offering Rs 40.5 crore worth of shares. The IPO is listed on NSE Emerge and is intended to finance new vehicle purchases and working capital needs.

Astonea Labs, which manufactures pharmaceuticals and cosmetics on a contract basis, launched a Rs 37.67-crore IPO, offering shares at Rs 128 to Rs 135. Retail investors must apply for a minimum lot of 1,000 shares, amounting to Rs 1,35,000. The IPO will close on May 29, with listing on BSE SME slated for June 3.

Nikita Papers, a paper manufacturing firm, is also on the calendar with a Rs 67.54-crore issue. The IPO involves a fresh issue of 64.94 lakh shares, with a minimum lot size of 1,200 shares. The issue closes on May 29 and will list on the NSE SME platform.

More listings set for May 28

Three additional SME IPOs are set to open on May 28. Scoda Tubes, a stainless-steel product manufacturer, is targeting Rs 220 crore with shares priced between Rs 130 and Rs 140. The listing is scheduled for June 4 on both BSE and NSE.

Also read: India overtakes Japan to become world's 4th largest economy: NITI Aayog CEO

NR Vandana Tex Industries, a textile firm known for its Vandana and Tanaya brands, is offering shares in the Rs 42 to Rs 45 range. With a lot size of 3,000 shares, retail investors would need to commit Rs 1,35,000 to participate.

Neptune Petrochemicals, which produces bitumen for road construction and industrial use, is raising Rs 73 crore. The IPO is priced between Rs 115 and Rs 122, with a lot size of 1,000 shares requiring a minimum investment of Rs 1,22,000.

The strong performance of India’s IPO market, even amid global uncertainties, reflects robust fundamentals and investor confidence, Prashant Singhal, Partner and IPO Markets Leader at EY India, said in a recent report. He expressed optimism that this momentum would continue, driven by policy support and a dynamic economic landscape.