India’s primary market is set for another action-packed week, with five new IPOs opening for subscription and four companies scheduled to make their stock market debut. The strong investor response to the IPOs of SBI Funds Management and Millwork Technologies last week has kept the momentum alive, even as stock markets remain volatile due to ongoing geopolitical tensions in West Asia.
This week the spotlight is on the much-awaited listing of SBI Funds Management, as it has received extremely high demand during its ₹9,813-crore initial public offering (IPO). Meanwhile, investors will also have the opportunity to bid for five fresh public issues. Among them, the mainboard IPOs of Xtranet Technologies and Cube Highways Trust InvIT are expected to draw significant attention, while three SME IPOs will also open for subscription.
In this Blog, we will have a detailed look at the IPOs opening for bidding and the companies set to debut on the stock exchanges this week.
IPOs Opening for Subscription This Week
The primary market will remain active this week, with five companies set to launch their public issues for investors. According to the latest IPO schedule, the lineup includes two mainboard offerings and three SME IPOs.
1. Xtranet Technologies IPO
- Segment: Mainboard
- Subscription opens: This week
- Investor categories: Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs) and Retail.
Xtranet Technologies is one of the most anticipated mainboard IPOs this week and is expected to attract significant interest from investors. The ₹166.8-crore Xtranet Technologies IPO will open for subscription on July 23 and close on July 27. The company has set the price band at ₹120–127 per share. The IPO consists entirely of a fresh issue of 1.31 crore equity shares, with no offer-for-sale (OFS) component. The company’s shares are expected to be listed on the BSE and NSE on July 30.
The minimum application size is 110 shares, requiring a minimum investment of ₹13,970 for retail investors at the upper end of the price band. The company plans to utilise the IPO proceeds to repay borrowings, acquire new systems and hardware, meet working capital requirements, and fund general corporate purposes.
2. Cube Highways Trust InvIT
- Segment: Mainboard Infrastructure Investment Trust (InvIT)
- Subscription opens: This week
Cube Highways Trust InvIT offers investors an opportunity to invest in a portfolio of operational, revenue-generating highway assets. The Cube Highways Trust InvIT IPO will remain open for subscription from July 22 to July 24. The ₹5,000-crore issue is being launched through the book-building process, and its units are proposed to be listed on both the BSE and NSE.
As an Infrastructure Investment Trust (InvIT), Cube Highways Trust allows investors to invest in operational infrastructure assets such as highways. InvITs are generally favoured by long-term investors because they have the potential to generate regular cash distributions and relatively stable returns.
3. Three SME IPOs
Apart from the mainboard issues, three SME IPOs are also scheduled to open for subscription this week:
- Shree Balaji Mala Textiles IPO (BSE SME): The ₹18.90-crore IPO bidding will be open from July 22 to July 24. The IPO is priced between ₹66 and ₹70 per share.
- Metallic Technoforge IPO (NSE SME): This IPO will be open from July 21 to July 23. The company has set a price band of ₹72–77 per share, with the IPO size pegged at ₹49.96 crore.
- Gulf Lloyds India IPO (SME): The fixed-price issue will be available for subscription from July 20 to July 22. The company has priced the IPO at ₹100 per share, with a total issue size of ₹18.19 crore.
Four IPO Listings to Watch This Week
Apart from new public issues, investors will also keep a close eye on the stock market debut of four recently concluded IPOs. Among them, the listing of SBI Funds Management is expected to be the biggest highlight of the week.
1. SBI Funds Management
The much-awaited listing of SBI Funds Management Ltd, India’s largest asset management company by assets under management (AUM), is scheduled for this week.
Key details:
- Listing date: July 21, 2026
- IPO size: Around ₹9,813 crore
- Issue type: Offer for Sale (OFS) fully
- Promoters: SBI and Amundi India Holding
- Stock exchanges: BSE and NSE
The IPO received a strong response from both institutional and retail investors during the subscription period. Ahead of its market debut, the grey market premium (GMP) pointed to the possibility of a healthy listing. However, investors should note that GMP is an unofficial indicator and should not be the sole factor while making investment decisions.
2. Millworks Technologies
Millworks Technologies is also set to make its stock market debut this week after successfully completing its IPO. The issue witnessed robust investor participation during the subscription period, making its listing one to watch.
3. Alpine Texworld
Another company scheduled to debut this week is Alpine Texworld. Investors will be watching its listing performance closely to see whether it delivers gains amid the positive sentiment in the primary market.
4. Another SME IPO
In addition to these companies, one more SME IPO is expected to be listed this week, taking the total number of scheduled IPO listings to four.
Why the SBI Funds Management Listing Is Important
The listing of SBI Funds Management is attracting significant attention as the company is one of India’s largest and most established asset management firms. With assets under management (AUM) exceeding ₹12.5 trillion and a wide distribution network backed by State Bank of India, the company has a strong presence in the country’s growing mutual fund industry.
The IPO stands out for several reasons:
- It is one of the largest IPOs of 2026, making it a key event in the primary market.
- The company holds a leading position in India’s expanding mutual fund sector, supported by a well-established brand and extensive reach.
- Growing retail participation in mutual funds continues to support the industry’s long-term growth potential.
- The strong response from institutional investors during the IPO reflects confidence in the company’s business model and prospects.
What’s Driving the IPO Market?
- India’s primary market has witnessed a strong revival after a relatively subdued first half of the year. Several factors have helped improve investor confidence and fuel activity in the IPO space, including:
- Steady performance in the equity markets, which has supported positive investor sentiment.
- Consistent inflows from domestic institutional investors (DIIs), providing stability despite bouts of market volatility.
- Growing participation by retail investors, reflecting rising interest in equity investments.
- Improving corporate earnings, which have boosted confidence in new listings.
- Expectations of several large IPOs from leading companies later this year, keeping investors optimistic about the primary market pipeline.
What are the Things required Before Applying for an IPO?
- Before investing in any IPO, it is important to evaluate the company and the issue carefully rather than relying solely on market buzz. Here are a few key factors to keep in mind:
- Read the Red Herring Prospectus (RHP) to understand the company’s business, risks, and objectives.
- Evaluate the business model and assess how the company generates revenue.
- Review the company’s financial performance, including its revenue, profitability, and debt levels.
- Compare the IPO valuation with that of similar listed companies to determine whether the pricing is reasonable.
- Assess the industry’s growth prospects and the company’s competitive position within the sector.
- Do not base your investment decision solely on the grey market premium (GMP), as it is an unofficial indicator and may not accurately reflect listing performance.
- Invest in line with your financial goals and risk tolerance, ensuring the IPO fits your overall investment strategy.
FAQs
Q1. Has the SBI Funds Management IPO allotment been announced?
Ans. The SBI Funds Management IPO allotment is expected to be finalised later today. Once released, investors can check their allotment status through:
- Visit the KFin Technologies website and enter your PAN, application number, or DP ID.
- BSE or NSE websites by entering the required application details.
Q2. Is the SBI Funds Management IPO a good investment?
Ans. Most brokerage firms have a positive long-term view on the SBI Funds Management IPO. They believe the issue is reasonably valued compared with its peers, making it an attractive option for long-term investors.
Q3. Which IPO should we buy this week?
Ans. There is no single IPO that suits every investor. The right choice depends on your risk appetite, investment horizon, and financial goals. Whether you are aiming for short-term listing gains or long-term wealth creation, evaluate the company’s fundamentals carefully before investing, as IPOs carry varying levels of risk.
Q4. How can I check if my IPO has been allotted?
Ans. You can check your IPO allotment through the registrar’s website or the BSE/NSE portals using your PAN or application number. You may also receive an email or SMS confirmation from your broker or the registrar.
Q5. What is the GMP of the SBI Funds Management IPO?
Ans. The grey market currently values the SBI Funds Management IPO at a premium of ₹92–97 per share, indicating a potential listing gain of around 16–17% over the issue price. However, GMP is an unofficial indicator and may change before listing.
Q6. Which is the next major IPO in India?
Ans. The National Stock Exchange (NSE) plans to launch India’s next major IPO, with an estimated issue size of ₹25,000–30,000 crore, subject to regulatory approvals.
