It looks like Avanse Financial, Ather Energy and JSW Cement are some of the IPOs expected to launch with amounts ₹3,500.00 Cr., ₹4,000 crores, and major IPO are yet to be announced with the price band and issue size, however, these could have happened in the April 2025 and ready to shake the stock market in April.
Since market sentiment was not satisfactory, various IPOs were not listed as expected, whereas many IPOs were also SME and Mainline.
Here is the list of upcoming IPOs in April 2025. Let’s find out the current Mainline and SME IPOs that open this April and in the forthcoming weeks in one place.
| Upcoming IPO | Opening Date | Closing Date | Type of IPO | IPO Size | Price Band |
| Retaggio Industries | 27 March | 2 April | SME | ₹15.50 crores | ₹25 |
| Spinaroo Commercial | 28 March | 3 April | SME | ₹10.17 crore | ₹51 |
| Infonative Solutions | 28 March | 3 April | SME | ₹24.71 crores | ₹75 to ₹79 |
| Arisinfra Solutions | TBA | TBA | Mainboard | TBA | TBA |
| Aten Papers | TBA | TBA | SME | ₹31.68 crores | ₹91-96 |
| NSDL | TBA | TBA | Mainboard | TBA | TBA |
| Tata Capital | TBA | TBA | Mainboard | ₹15,000 Cr | TBA |
| Dar Credit & Capital | TBA | TBA | SME | TBA | TBA |
| Belstar Microfinance | TBA | TBA | Mainboard | ₹1300 crore | TBA |
| Avanse Financial | TBA | TBA | Mainboard | ₹3,500.00 Cr. | TBA |
| Rosmerta Digital Services | TBA | TBA | SME | ₹206.33 Cr. | ₹140 to ₹147 |
| Solar91 Cleantech | TBA | TBA | SME | ₹106 Cr. | ₹185 to ₹195 |
| Vikram Solar | TBA | TBA | Mainboard | – Cr. | TBA |
| JSW Cement | TBA | TBA | Mainboard | ₹4000 Cr. | TBA |
| Ather Energy | TBA | TBA | Mainboard | – Cr. | TBA |
| BoAt | TBA | TBA | Mainboard | ₹2000Cr | TBA |
| Vikran Engineering | TBA | TBA | Mainboard | ₹1,000 crores | TBA |
| Prostarm Info Systems | TBA | TBA | Mainboard | TBA | TBA |
| Arohan Financial | TBA | TBA | Mainboard | TBA | TBA |
Retaggio Industries
Retaggio Industries IPO is opening on March 27, 2025, and closing on April 2, 2025. Whereas, the Retaggio Industries IPO price band set is ₹25 per share. Retaggio Industries IPO consists fully fresh issue of ₹15.50 crores along with a face value of ₹10 for each share.
The retail quota is 50%, the QIB (Qualified Institutional Buyer) quota is 0%, and the HNI (High Net-Worth Individual) quota is 50%.
This firm has a good reputation and is known as one of the leading sectors in jewelry manufacturing. Financially, Retaggio Industries has a 19.74% ROE and a 7.01 PE ratio. Retaggio Industries IPO EPS(Earning Per Share) is 3.57.
Spinaroo Commercial
Spinaroo Commercial IPO is coming on 28th March 2025 and closing on 3 April 2025. This IPO is going to be listed on the BSE Platform. According to sources, Spinaroo Commercial IPO consists total, fresh issue of ₹19,94,000 shares ₹10.17 crore. As it has fresh issues from the public, all the IPO money would be gone for the company’s purpose.
One of the growing companies, Spinaroo Commercial, founded on August 17, 2012, is involved in the business of manufacturing Aluminium Foil Container, Aluminium Home Foil, Paper Cups, Paper Plates, Paper Bowls, Semi Processed Materials for Paper Cups viz. paper coating, printing, blanking, etc.
Financially, Spinaroo Commercial’s ROE is 23.23%, and P/E Ratio is 3.64. An Earning Per Share is ₹2.80 (Basic).
Infonative Solutions
Infonative Solutions IPO starts on March 28, 2025, and the IPO will close on April 3, 2025. This IPO only consists of a fresh issue of ₹24.71 crores with a face value of ₹1 each. Infonative Solutions IPO price band is ₹75 to ₹79 per share.
Infonative Solutions Limited was founded in 1998 and is a private firm that creates custom learning solutions for clients in various industries.
Financially, it has a revenue portion of ₹18.08 crores in 2024 compared to ₹20.95 crores in 2023.
Arisinfra Solutions
Arisinfra Solutions IPO is to surge around ₹600 crores in fresh issues with a face value of ₹2 each, and a retail quota is 10%, QIB is 75%, and HNI is 15%.
Arisinfra Solutions is one of the leading firms in terms of making the process of buying construction materials simpler and faster by using digital tools. Although it has a good financial background, such as assets of ₹492.83 crore and revenue of ₹702.36 crore for the financial year ending March 31, 2024.
Aten Papers and Foam
The Aten Papers and Foam IPO opening and closing dates are yet to be announced. This IPO has set a price band of ₹91-96 per share.
Further, Swastika Investment Limited is assigned as the lead manager of this IPO. In the Aten Papers and Foam IPO, 50% allocation is for QIB.
Aten Papers and Foam Limited plays a key role in the paper product supply chain. This is from various mills and is being it to clients in the packaging industry.
NSDL
Depository firm NSDL makes a plan to launch an IPO. This IPO would be entirely OFS, promoters will offload positions by selling their shares.
National Securities Depository Limited (NSDL) is a premier market infrastructure entity in India, registered with the Securities and Exchange Board of India (SEBI).
Financially, NSDL jumped around 29.8% in net profit, Additionally, net profit was ₹66.09 cr and increased by ₹85.80 Cr, respectively, in just the third quarter.
Tata Capital
Tata Capital is one of the major companies in the Tata Group. It has announced an IPO to increase the company’s capital. This has had a substantial impact on the Tata Group, as Tata Investment’s share price was ₹5,760.00 on 24 February 2025. After the Tata Capital IPO approval, this share jumped ₹6,213.40 on 25 February 2025, respectively. The company’s market capitalisation stands at ₹31,460.16 crore.
Dar Credit & Capital
Dar Credit & Capital is one of the growing companies providing three primary types of financial products: Personal Loans, Unsecured MSME Loans, and Secured MSME Loans. The company offers loans and other loan-related solutions to low-income and Class 4 employees, such as cleaners, sweepers, and peons working in municipalities.
Belstar Microfinance
Belstrat Microfinance is backed by Muthoot Finance and plans to increase funds via an IPO of ₹1,300 crore, consisting of a fresh issue of ₹1000 crore and OFS ₹ 300 crore. Belstrat Microfinance is one of the leading firms in terms of financial services. It is famous as the nine largest NBFCs (Non-banking Finance Company).
Within 9 years, this company made substantial growth in business, portfolio, and operations. Backed by Muthoot Finance and with a strong track record, the IPO presents an attractive opportunity for investors looking to enter the microfinance sector.
Avanse Financial Services
Avanse Financial Services IPO is a book-built issue and is likely to generate around ₹3,500.00 crores through IPO, which is a combination of fresh issues of ₹1,000.00 crores and OFS with a face value of ₹5 each.
The Avanse Financial Services IPO price band is yet to be announced, while quotas have been announced. The retail quota is 35%, QIB is 50%, and HNI is 15%. Avanse Financial Services IPO is going to be listed on the BSE & NSE.
Rosmerta Digital Services
Rosmerta Digital Services IPO has an aim to raise ₹206.33 crores, which is an entirely fresh issue of ₹206.33 crores with a face value of ₹2 each.
The Rosmerta Digital Services IPO price band is ₹140 to ₹147 per share. An IPO has 3 main quotas, such as a retail quota is 35%, a QIB quota of 50%, and an HNI is 15%. This IPO is proposed to be listed on the BSE.
Solar91 Cleantech
Solar91 Cleantech’s IPO goal is to increase ₹106 crores via IPO, has a fresh issue of ₹106 crores with a face value of ₹10 each. Solar91 Cleantech IPO price band is ₹185 to ₹195 per share.
This firm has a goal to provide national and international solar transitions. Moreover, it is giving the best in PM KUSUM with the engineering, procurement, and construction services for solar projects.
Vikram Solar
Vikram Solar IPO is a Book Built Issue, and Vikram Solar IPO issue size is yet to be announced, however, it will be declared soon. The offering includes a fresh issue of ₹1,500 crores and an offer for sale of up to 17,450,882 equity shares, each with a face value of ₹10. Significantly, in this IPO, retailers accounted for 35%, while QIB had 50% and 15% for high-net-worth individuals (HNIs). Moreover, it has the purpose of getting positions on the NSE and BSE stock exchanges.
JSW Cement
JSW Cement IPO has the aim of surging financial condition via IPO, which is a fully fresh issue of ₹2,000 crores with a face value of ₹10 each.
Moreover, in the JSW Cement IPO, 35% places have been reserved for retailers, 50% for Qualified Institutional Buyers (QIBs), and 15% for High Net-worth Individuals (HNIs). An IPO share will be listed on the NSE and BSE stock exchanges.
Ather Energy
Ather Energy IPO is a Built Issue. The company is to raise around ₹[.] crores via IPO that comprises fresh issues of ₹3,100.00 crores with a face value of ₹1 each.
Financially, it has a revenue of ₹17836 million in 2023. This firm has 116 experience centers across 92 cities.
However, as per sources, the Ather Energy IPO is likely to open in April.
BoAt
BoAt has received approval from its shareholders to proceed with its IPO. The brand will soon submit its draft papers to SEBI to initiate the process. Currently, the company is looking to raise between ₹2000-2500 crore through the IPO.
In 2022, this company submitted a DRHP to launch an IPO for ₹2000 crores, in which they planned to raise ₹900 crores as a fresh issue and ₹1100 crores as an offer-for-sale by the private equity firm Warburg Pincus.
Vikran Engineering
Vikran Engineering, an Engineering, Procurement, and Construction (EPC) firm, is set to raise ₹1,000 crore through an IPO, which is a combination of a fresh issue of Rs 900 crore and an offer for sale worth ₹100 crore by the promoter. IPO details are yet to be announced.
In order to expand its business, this firm has a presence in various sectors. preparing to venture into the solar EPC industry by managing turnkey projects for solar PV systems up to 100MWp and a balance of system projects for solar power plants up to 300MWp.
Prostarm Info Systems
It’s an announcement that Prostarm Info Systems’ IPO might launch in 2025 and will also be closed in 2025. Moreover, this IPO is going to be listed on the BSE and NSE stock exchanges.
Prostarm Info Systems is one of the top firms, as it has top-notch power conditioning equipment for creating, assembling, selling, and servicing. Education to healthcare, railways to aviation, research to defense and security, all are benefited by this company, as they have expertise and knowledge.
Financially, the revenue of this company has also increased by ₹259.23 crores in 2024, which is higher than in 2023, which was ₹232.35 crores.
Arohan Financial
Arohan Financial Services, a microfinance company based in Kolkata, has submitted a draft prospectus to SEBI to obtain approval for launching its IPO. The company primarily targets underserved and unserved states across India. Market sources indicate that the IPO will raise approximately ₹1,750 crore.
