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

It looks like Avanse Financial, Arunaya Organics Ltd., and JSW Cement are some of the IPOs expected to launch with amounts ₹3,500.00 Cr.,₹33.99 crores, and ₹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 May 2025 and ready to shake the stock market in May. 

Since market sentiment was not satisfactory, various IPOs were not listed as expected, whereas many IPOs were also SME and Mainline. 

Here are the May IPO 2025 details. Let’s find out the current Mainboard and SME IPOs that open this May and in the forthcoming weeks in one place.

Arunaya Organics 

Arunaya Organics Ltd IPO is coming on April 29, 2025, and closes on May 2, 2025. As per the sources, it has set the price band of ₹55 to ₹58 per share. 

Arunaya Organics Ltd is one of the top companies in terms of manufacturing dyes; in addition, they are experts in the manufacture of salt-free dyes. The reason behind one of the leading companies due make sure about quality, safety, and environmental responsibilities. 

Kenrik Industries

Kenrik Industries IPO is opening on 29th April and May 6, 2025. This IPO consists only fresh issue of 34,98,000 shares with a face value of ₹10 per share. This IPO is going to launch a platform on the BSE stock exchange. 

Kenrik Industries is one of the top companies in traditional Indian jewelry. They are experts in handmade gold pieces and stones like diamonds, rubies, and cubic zirconia. 

Wagoans Learnings 

Wagons Learning IPO is the latest IPO, May 2025, will open on May 2, 2025, and close on May 6, 2025. This is a mixture of fresh issue and OFS, wherein the fresh issue of shares is worth ₹25.26 crores and an offer for sale (OFS) of up to 16,00,000 equity shares, each having a face value of ₹10.

Established in 2013, Wagons Learning Limited is well-known for delivering corporate training, digital education, and skill enhancement services.

Srigee DLM 

Srigee DLM IPO is an upcoming IPO May 2025 will open on May 5, 2025, and close on May 7, 2025. It is a book-built issue through which the company aims to raise approximately ₹16.98 crores, entirely through a fresh issue of shares. 

Srigee DLM IPO price band range is ₹94 to ₹99 per share, and Srigee DLM IPO listing date is 12 May 2025 on the BSE stock exchange. 

Manoj Jewellers 

The Manoj Jewellers IPO is scheduled to open on May 5, 2025, and close on May 7, 2025. This is a fixed price issue, through which the company plans to raise approximately ₹16.20 crores, entirely through a fresh issue of shares. The offer also includes an offer for sale (OFS) of an unspecified number of equity shares, each with a face value of ₹10.

Virtual Galaxy Infotech

Virtual Galaxy IPO is the latest IPO, which opened on 9 May 2025 and closed on 14 May 2025. It has a price band range of ₹135 – 142. This IPO is a fresh issue with the equity shares of 65,70,000. 

Virtual Galaxy Infotech is a technology company that focuses on SaaS-based solutions. It provides core banking software, IT services, ERP implementation, and custom software development.

Integrity Infrabuild Developers

Integrity Infrabuild Developers is launching its IPO from May 13 to May 15, 2025. It is a Fixed Price Issue, and the company aims to raise around ₹12 crore through this public offering. Investors can subscribe to the IPO during these three days.

In 2024, the company generated a revenue of ₹64.63 crores, up from ₹45.23 crores in 2023. Its net profit also increased to ₹0.95 crores in 2024, compared to ₹0.29 crores in the previous year.

Accretion Pharmaceuticals

Accretion Pharmaceuticals is an SME IPO that is opening on May 14, 2025, and closes on May 16, 2025. Accretion Pharmaceuticals has decided price range of ₹96 to ₹101.  

Jawa Capital Services Private Limited is the book-running lead manager of the Accretion Pharmaceuticals IPO, while Kfin Technologies Limited is the registrar for the issue. 

Accretion Pharmaceuticals was founded in 2012 and is involved in manufacturing and selling tablets, capsules, and other healthcare products.

Borana Weaves

The upcoming Mainboard IPO is coming on 20th May 2025 and closing on 22nd May 2025. As per the sources, Borana Weaves Limited is launching 70,00,000 equity shares via Fresh Issue along with a face value of ₹10. 

Borana Weaves Ltd. is a reputable textile manufacturer, offering a streamlined process that takes materials from fibre to finished fabric all in one location.

Dar Credit & Capital

The Dar credit & credential IPO is opening on 21 May 2025, and the closing date is 23rd May 2025. Moreover, the total IPO size is ₹ 25.66 crore, wherein 42,76,000 shares are included. Dar Credit & Capital IPO entirely consists fresh issue of ₹ ₹25.66 crore along with the face value of ₹10 per share. 

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.

Belrise Industries

Belrise Industries IPO is opening on 21st May and closing on 23rd May 2025. Belrise Industries’ IPO has a price and range of ₹85 to ₹90 per share. Moreover, this company is going to raise around ₹2,150 crores, wherein the IPO will be an entirely fresh issue of ₹2,150 crores. 

Additionally, the Belrise Industries is the latest May 2025 IPO, and it might be an opportunity to earn a profit.

Unified Data- Tech

Unified Data Tech Solutions Ltd is one of the leading companies in IT services. It is now going to launch an IPO, opening on 22 May 2025, and the closing date is 26 May 2025. Moreover, it has set the price band ₹260- ₹273, and its issue size is ₹144.5 Cr. 

Founded in 2010, Unified Data-Tech Solutions Private Limited (UDTechs) is an IT services company based in Mumbai, focused on providing tailored and innovative technology solutions.

Leela Hotels

Leela Hotels IPO is opening on  May 26 and will be closed on May 28, 2025. Further, its price band range is yet to be announced, but Leela Hotels IPO consists fresh issue of ₹3,000 crores, and OFS might be announced later. 

In 2024, the company recorded a revenue of ₹1,226.5 crores, up from ₹903.27 crores in 2023. The net loss also narrowed significantly to ₹2.13 crores in 2024, compared to a loss of ₹61.68 crores in the previous year. 

It specializes in owning, operating, and developing luxury hotels and resorts, delivering premium accommodations and personalized experiences rooted in the richness of Indian hospitality.

Aegis Vopak Terminals

Aegis Vopak terminals is an upcoming May 2025 IPO, which will open on May 26 and close on May 28, 2025. Aegis Vopak company will earn around ₹3,500 crores via a fresh issue with a face value of ₹10 each. 

This IPO is going to be listed on the BSE and NSE platforms. 

The Aegis Vopak Terminals IPO is set to be listed on the BSE and NSE on June 2, 2025. The share allotment for the IPO will take place on May 29, 2025. 

Aegis Vopak Terminals Limited, founded in 2013, is a company that runs storage terminals for liquefied petroleum gas (LPG) and other liquid products.

Prostarm Info Systems 

Prostarm Info Systems IPO is considering the latest in May 2025, opening on May 27, 2025, and the IPO will close on May 29, 2025. 

Prostarm Info Systems company is going to raise ₹168.00 crores via a fresh issue with the face value of 10 each. This IPO price band range is ₹95 to ₹105 per share. 

Prostarm Info Systems is one of the leading companies in terms of designing, making, and selling energy storage and power conditioning equipment.

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.

Blue Water Logistics

Blue Water Logistics is one of the leading companies in terms of Supply Chain Management and operates extensively across states in India.  

Blue Water Logistics IPO is the latest Mainboard May 2025 IPO, which is opening on 27th May 2025, and it will close on 29th May 2025. This IPO has consisted of a fresh issue of ₹40.5 crore with a face value of ₹10 per share.

Astonea Labs

Astonea Labs IPO is opening on May 27, 2025, to May 29, 2025, intending to raise ₹37.67 via a fresh issue. The price band range is ₹128 to ₹135 per share. 

Founded in 2017, Astonea Labs Ltd. specializes in contract manufacturing of pharmaceutical and cosmetic products for clients in India as well as abroad.

Nikita Papers 

The Nikita Papers IPO is scheduled to open on May 27, 2025, and will close on May 29, 2025. It is a Book Build Issue, aiming to raise approximately ₹67.54 crores. The IPO includes a fresh issue worth ₹67.54 crores with a face value of ₹10 each. 

In 2024, the company posted a revenue of ₹346.78 crores, down from ₹401.31 crores in 2023. However, its profit increased to ₹16.60 crores in 2024, compared to ₹8.65 crores in the previous year.

Scoda Tubes 

Scoda Tubes IPO is opening on 28 May 2025 and it will be closed on 30 May 2025. This IPO has a band range of ₹130 to ₹140 per share. 

It also has pre-IPO investors, Malabar India Fund Limited, and Carnelian Bharat Amritkaal Fund invested ₹550 Million.

Victory Electric Vehicles

Founded in October 2018, Victory Electric Vehicles International Limited specializes in the design, production, and distribution of electric vehicles.

This IPO price range is ₹72 per share, and it consists fresh issue of ₹40.66 Cr, wherein 56,47,000 shares. 

Aten Papers 

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. 

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 capitalization stands at ₹31,460.16 crore. 

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 Companies). 

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 quota of 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% of 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.  

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 and-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.

Solarworld Energy

Solarworld Energy’s IPO is a main-board public offering of equity shares with a face value of ₹5 each, totaling up to ₹600 crore. Wherein, the fresh issue would be ₹550 crore, and OFS would be ₹50 crore. 

SolarWorld Energy Solutions Limited, founded in 2013, provides solar energy solutions and specializes in engineering, buying equipment, and building solar power projects.

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.

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 

Paras Healthcare 

Paras Healthcare IPO might be coming soon, this IPO ₹400.00 crore and offer for sale of 1.50 crore shares. IPO opening -closing date and price band will be coming soon, as per the sources. 

Founded in 1987, Paras Health is a healthcare organization that runs a network of hospitals across North India, including Bihar and Jharkhand.

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.