Easing West Asia tensions boost IPO activity, 3 issues to open next week

The primary market is showing signs of revival as improving geopolitical conditions in West Asia have boosted investor sentiment, prompting three mainboard IPO launches next week and paving the way for more public issues in the pipeline.

Cordelia Cruises operator Waterways Leisure Tourism, Jaipur-based jewellery manufacturer Advit Jewels, and IT solutions provider CSM Technologies will launch their maiden public issues over the next few days, while packaging solutions provider Knack Packaging is expected to announce its price band.

Quick commerce unicorn Zepto is looking to raise over Rs 10,000 crore, and the country's largest fund house, SBI Mutual Fund, plans to launch its Rs 13,000-crore public issue next month, according to people familiar with the development.

 

In June, CMR Green Technologies and Hexagon Nutrition have already launched their IPOs, while the public issue of insurtech unicorn Turtlemint Fintech Solutions is currently underway.

Adding to the momentum, the National Stock Exchange of India (NSE) and Reliance Industries' digital and telecom arm Jio Platforms filed their draft papers with Sebi last week, paving the way for two mega listings.

Waterways Leisure Tourism has fixed a price band of Rs 769-808 per share for its Rs 585-crore IPO, which will open on June 23 and close on June 25.

The issue is entirely a fresh issue of shares with no offer-for-sale (OFS) component.

The company plans to utilise the proceeds towards lease payments of its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Pvt Ltd and for general corporate purposes.

Advit Jewels' Rs 165.16-crore IPO will also open on June 23 and conclude on June 25. The company has set a price band of Rs 130-138 per share for the issue, which comprises a fresh issue of 1.20 crore equity shares.

Of the proceeds, Rs 65 crore will be used for repayment of borrowings, Rs 65 crore for working capital requirements, and the remaining amount for general corporate purposes.

The company markets jewellery under the 'Rambhajo' brand and specialises in customised Polki and Kundan jewellery.

CSM Technologies has fixed a price band of Rs 107-113 per share for its Rs 146-crore IPO, which will open for public subscription on June 24 and close on June 27.

The issue is entirely a fresh issue of shares. The company intends to utilise the funds for working capital requirements, debt repayment, inorganic growth through acquisitions, and general corporate purposes.

Meanwhile, Knack Packaging is preparing to enter the capital market and is expected to announce its IPO price band next week.

The proposed public issue comprises a fresh issue of shares worth Rs 475 crore and an offer-for-sale of 70 lakh equity shares by promoters and an existing shareholder, according to the draft papers.

The company plans to utilise about Rs 435 crore from the fresh issue proceeds to set up a new manufacturing facility at Borisana in Gujarat's Mehsana district, and the remaining amount will be used for general corporate purposes.

According to a report by Equirus Capital, 23 companies have tapped the IPO route so far in 2026 to raise more than Rs 27,000 crore despite heightened market volatility and macroeconomic uncertainty.

This follows a record 103 maiden public issues in 2025, which collectively mobilised Rs 1.76 lakh crore, surpassing the Rs 1.6 lakh crore raised by 90 companies in 2024 and Rs 49,436 crore garnered by 57 firms in 2023.

The pipeline remains robust, with 236 mainboard IPO draft papers in the pipeline, including 163 with valid Sebi's observations and 73 awaiting regulatory observations as of May 2026, the report noted.