Upcoming IPO in March 2025 | Mainboard & SME IPO Watch List

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 March 2025 and ready to shake the stock market in March. 

Since market sentiment was not satisfactory, various IPOs were not listed as expected, whereas many IPOs were also SME and Mainline. However, now that the Fed rate has been declared to be stable, there may be an increment in market conditions. 

Here is the list of upcoming IPOs in March 2025. Let’s find out the current Mainline and SME IPOs that open this March month and in the forthcoming weeks in one place.

NAPS

NAPS Global India Limited IPO is going to open on March 4th, 2025, and close on March 6th, 2025. NAPS IPO has fully fresh issue of ₹13,20,000 equity shares with a face value of 10 each share, a total issue size of ₹11.80 crore. NAPS Global IPO is going to be listed on the BSE platform. 

Pankaj Jain HUF, Ratan Trading Private Limited, Eternal Offshore Services Private Limited are the promoters of this company. 

NAPS Global is a Mumbai-based company that has more than 10 years of experience in the textile industry. Moreover, NAPS Global has a main wholesale textile product business and a manufacturing and supply chain in Maharashtra.

PDP Shipping

PDP Shipping IPO will open on March 10, 2025, and close on March 12, 2025, and this company will raise ₹12.65 crores through the IPO, which has a fresh issue of ₹12.65 crores with a face value of ₹10. The price band for the IPO is set at ₹135 per share.

PDP Shipping & Projects Limited was founded in 2009 and started to give comprehensive logistics solutions, covering sea and air freight, customs clearance, and project logistics. 

As an Authorized Economic Operator (AEO), the company helps transport cargo worldwide by sea, air, road, rail, and through combined methods.

Super Iron Foundry

Super Iron Foundry IPO is coming on  March 11, 2025, and will be closed on  March 13, 2025. This company has the main aim of an IPO to raise ₹68.05 crores, which is totally fresh issue. That means, the IPO proceeds would be utilised for the company’s purposes. Super Iron Foundry IPO price band is ₹108 per share.

Super Iron Foundry was founded in 1977, and after that, they have started working in the iron and steel industry, focusing on making municipal castings, ductile iron pipe fittings, ductile iron parts for automotive and agricultural equipment, and cast-iron counterweights. Moreover, its revenue in 2024 is ₹156.87 crores compared to 2023, it was ₹126.23 crore, showing that it grew in one year. Also, the profit of 2024 was  ₹3.94 crores, while  ₹1.28 crores in 2023.

Paradeep Parivahan

Paradeep Parivahan Limited, established in 2000, is a prominent company offering port services, with a focus on logistics, ship husbandry, and stevedoring. 

Paradeep Parivahan IPO is coming on  March 17, 2025, and closes on March 19, 2025. This IPO plans to raise ₹44.86 crores. Via IPO, entirely fresh issue ₹44.86 crores with a face value of ₹10.

Divine Hira Jewellers

Divine Hira Jewellers IPO  will open on March 17, 2025, and close on March 19, 2025. The IPO price band is set at ₹90 per share.  This IPO will consist of a fully, fresh issue of ₹31.84 crores along with a face value of ₹10. 

Divine Hira Jewellers Limited was established in 2022 and began its operations by designing and selling premium 22 Karat gold jewelry.

Grand Continent Hotels

Grand Continent Hotels IPO is opening on March 20th, 2025, and will be closed on March 24th, 2025. 

Grand Continent Hotels targets the mid-range hotel market, offering options in the upper-mid, mid-priced, and economy categories. Moreover, it has a strong presence in Bangalore regarding their business.

Rapid Fleet Management Services

The Rapid Fleet IPO will be open for subscription from March 21 to March 25, 2025. Allotment details are expected to be finalized on March 26, 2025. The price range for the Rapid Fleet IPO is ₹183 to ₹192 per share. 

Founded in 2006, Rapid Fleet Management Services Limited specializes in logistics and road transportation services for B2B and B2C clients.

Active Infrastructures

Active Infrastructures IPO will open on March 21, 2025, and close on March 25, 2025. The company aims to raise around ₹77.83 crores through the IPO, via a fresh issue of ₹77.83 crores The shares have a face value of ₹5 each. The IPO price band is ₹178 to ₹181 per share.

Active Infrastructures Limited was founded in 2007 and it is a civil construction company specializing in development and commercial projects.

Desco Infratech

The Desco Infratech IPO will open on March 24, 2025, and close on March 26, 2025. This IPO has a fresh issue consisting of ₹30.75 along with a face value of ₹10 for each share. This IPO has a price band set ₹147 to ₹150 per share. 

Smart Horizon Capital Advisors Private Limited is the book-running lead manager for the Desco Infratech IPO, with Bigshare Services Pvt Ltd serving as the registrar for the offering. The market maker for the Desco Infratech IPO is Rikhav Securities Limited.

ATC Energies System

ATC Energies System specializes in making and supplying lithium-ion batteries. 

ATC Energies IPO opening and closing duration is 25 – 27 March 2025. The price band ranges from ₹112 – 118 per share. ATC Energies IPO consists fresh issue of 43,23,600 shares ₹48.42 – 51.02 crore and OFS 10,80,000 shares ₹12.10 – 12.74 crore. The IPO shares have ₹10 of each share. 

This IPO consists 35% quota of retailers and it is going to be listed on the NSE platform.

Shri Ahimsa Naturals

Shri Ahimsa Naturals IPO will open on March 25, 2025, and close on March 27, 2025. It is a Book Built Issue. The price band is set ₹113 to ₹119 Per Share. A ₹50.02 Crores is a fresh issue and OFS has 19,99,200 Equity Shares. 

The company reported a revenue of ₹78.70 crores in 2024, down from ₹106.14 crores in 2023. It also reported a profit of ₹18.67 crores in 2024, compared to ₹38.21 crores in 2023. Based on these financials, IPO investors are advised to consider applying for the IPO with a long-term perspective.

Identixweb

Identixweb IPO opens for subscription on March 26, 2025, and closes on March 28, 2025. This is an SME IPO as it is going to be listed on BSE SME on 3rd April 2025. 

Founded in 2017, Identixweb Limited is an IT firm and one of the well-known companies that focuses on providing Software as a service (SAAS) – based digital product solutions.

Retaggio Industries

Retaggio Industries IPO is opening on March 27, 2025 closing on April 2, 2025. This firm has a good reputation and is known as one of the leading sectors in jewelry manufacturing. This 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.  

Retaggio Industries IPO will be listed on the BSE on April 4, 2025. The retail quota is 50%, the QIB (Qualified Institutional Buyer) quota is 0%, and the HNI (High Net-Worth Individual) quota is 50%.

Infonative Solutions

Infonative Solutions Limited was founded in 1998 and is a private firm that creates custom learning solutions for clients in various industries. 

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 the face value of ₹1 each. Infonative Solutions IPO price band is ₹75 to ₹79 per share. 

Financially, it has a revenue portion of ₹18.08 crores in 2024 compared to ₹20.95 crores in 2023. Moreover, PAT(Profit After Tax) was ₹1.45 crores in 2024, while in 2023. It was ₹1.07 crores.

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.

Arisinfra Solutions

Arisinfra Solutions IPO is to surge around ₹600 crores in fresh issues with a face value of Rs 2 each, and a retail quota is 10%, QIB is 75%, and HNI is 15%. It is going to be listed on both BSE and NSE platforms on 28th March. 

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.

Dar Credit & Capital

Dar Credit & Capital is one of the growing companies involved in the business of 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 the low-income and the Class 4 employees like cleaners, sweepers, and peons working in municipalities.

Aten Papers and Foam

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 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 selling it to clients in the packaging industry.

Belstar Microfinance

Belstrat Microfinance is backed by Muthoot Finance, and plans to increase funds via 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 NBFC(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.

Tata Capital

Tata Capital is one of the major companies in the Tata group, this has announced an IPO, to increase the capital of the company, significantly, it has a substantial impact on Tata Group, as Tata Investment’s share price was ₹5,760.00 on 24th Feb 2025, while after the Tata Capital IPO approval, this share jumped ₹6,213.40 on 25th Feb 2025 respectively, and the company’s market capitalization stands at ₹31,460.16 crore. 

NSDL

Depository firm NSDL makes a plan to launch an IPO valued at 3,000 cr. This IPO would be entirely OFS, promoters will offload positions by selling their shares for Rs 5.72 Cr with a face value of Rs 2 for each share. 

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 Rs 66.09 cr and increased by Rs 85.80 Cr respectively, in just the third quarter.

Avanse Financial Services

Avanse Financial Services IPO is a book-built issue and likely to generate around ₹3,500.00 crores through IPO, which is a combination of fresh issues of ₹1,000.00 crores with a face value of ₹5 each. 

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 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. 

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 is 50%, and an HNI is 15%. This IPO is proposed to be listed on 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, for retailers, 35% place, while QIB has 50% and 15% for High Net-worth Individuals (HNIs). Moreover, it has a purpose to get 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 JSW cement IPO 35% place has 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 Book 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 Rs 17836 million in 2023. This firm has 116 experience centers across 92 cities.  

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 had submitted DRHP to launch an IPO for ₹2000 crores, in which, they planned to raise ₹900 as a fresh issue and ₹1100 crore 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 Rs 1,000 crore through an IPO, which is a combination of a fresh issue of Rs 900 crore and an offer for sale worth Rs 100 crore by the promoter. IPO details are yet to be announced. 

In order to expand 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 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 ₹259.23 crores in 2024, which is higher than in 2023, which was ₹232.35 crore. 

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 INR 1,750 crore.