IPOs to Watch Next Week in India: TechD Cybersecurity, Euro Pratik Sales, VMS TMT Lead the Lineup
• Three confirmed IPOs will open for subscription in the week starting September 15, 2025: TechD Cybersecurity, Euro Pratik Sales, and VMS TMT.
• These issues span both SME and mainboard segments, with sizes ranging from ₹39 crore to ₹451 crore.
• Market buzz is strong, with TechD Cybersecurity showing an 83% grey market premium (GMP) ahead of listing.
A Busy Week for India’s Primary Market
India’s equity markets are gearing up for another active week in the primary market, with three companies set to launch their initial public offerings (IPOs). The lineup includes TechD Cybersecurity, Euro Pratik Sales, and VMS TMT, representing a mix of sectors from digital security to building materials.
Investors will be closely tracking subscription levels, price discovery, and grey market activity as these issues hit the street.
1. TechD Cybersecurity IPO
• Segment: SME
• Subscription Dates: September 15–17, 2025
• Price Band: ₹183–₹193 per share
• Issue Size: ₹38.99 crore
• Notable Backer: Veteran investor Vijay Kedia
TechD Cybersecurity is the most talked-about SME IPO of the week, largely due to the involvement of ace investor Vijay Kedia. According to market trackers, the issue is commanding a grey market premium of nearly 83%, indicating robust investor appetite.
The company specializes in cybersecurity solutions for enterprises, a sector benefiting from increasing digital adoption and regulatory focus on data protection. However, as with most SME IPOs, investors should weigh the high volatility and limited liquidity that may follow listing.
2. Euro Pratik Sales IPO
• Segment: Mainboard
• Subscription Dates: September 16–18, 2025
• Price Band: ₹235–₹247 per share
• Issue Size: Around ₹451 crore
Euro Pratik Sales will be the largest mainboard IPO opening next week. The company is expected to attract strong institutional and retail participation due to its size and established market presence.
While sectoral details remain limited in the pre-issue stage, analysts suggest that valuations and growth prospects will be key determinants of demand. The timing of the issue also aligns with buoyant investor sentiment in the broader markets.
3. VMS TMT IPO
• Segment: Mainboard
• Subscription Dates: September 17–19, 2025
• Price Band: ₹94–₹99 per share
• Issue Size: ₹148 crore
• Listing: Tentative on September 24, 2025
VMS TMT, an Ahmedabad-based manufacturer of thermo-mechanically treated (TMT) bars, will tap the market mid-week. TMT bars are a critical input for the construction and infrastructure industry, sectors that have seen strong momentum in recent years due to government spending and private investment.
Investors will likely evaluate the company on its order book strength, production capacity, and margin profile, given the cyclical nature of the steel industry.
Market Context and Regulatory Tailwinds
The upcoming IPO rush comes on the heels of regulatory changes by SEBI, which recently eased entry for foreign investors and reduced the minimum size for large IPOs. These reforms are expected to make the Indian primary market more attractive and deepen participation.
The broader IPO calendar for FY25–26 also includes high-profile names such as Tata Capital and several infrastructure investment trusts (InvITs), suggesting that momentum is unlikely to slow down.
What Investors Should Watch
• Subscription Trends: Strong oversubscription, particularly in retail and HNI categories, often signals a healthy debut.
• Valuation Metrics: Investors should compare P/E and P/B multiples of Euro Pratik Sales and VMS TMT with listed peers.
• Grey Market Premiums: While not always accurate, GMP levels for TechD Cybersecurity highlight strong speculative interest.
• Sector Fundamentals: Cybersecurity offers structural growth, while TMT depends on infrastructure cycles.
FAQs
The primary market calendar typically firms up 2–4 days in advance. Check the exchanges (BSE/NSE) and the issue’s registrar page for final dates, price band, and lot size announced via RHP/price band notices.
Retail/HNI/QIB windows usually open at 10:00 a.m. and close at 5:00 p.m. (market days). UPI mandate approvals typically must be completed by 5:00 p.m. on the closing day; some brokers advise approving by 4:30 p.m. to avoid timeouts.
- ASBA (via net-banking): Your bank blocks funds until allotment.
- UPI (via broker app): Enter UPI ID, place bid, and approve the mandate in your UPI app before cut-off. Both routes are valid for retail.
Each IPO specifies a lot size (number of shares). Your minimum bid = price band × lot size. You can apply in multiples of one lot.
Allotment is typically T+3 to T+4 working days after issue close; refunds/unblocks follow immediately; listing usually occurs T+5 to T+6. Timelines vary by issue and registrar.
Grey Market Premium (GMP) is an informal indicator of expected listing performance. It is unofficial, volatile, and not a guarantee. Base decisions on the RHP, financials, and peer valuations.
Mainboard issues list on BSE/NSE with standard lot sizes and broader participation. SME IPOs list on NSE Emerge/BSE SME, often have different lot sizes, market making requirements, and can be more volatile/less liquid post listing.
Quotas are typically for QIB, NII/HNI, and Retail (sometimes Employee/Shareholder). Each IPO discloses category-wise allocation in the RHP.
Yes, within market hours until the issue closes. After closing, you cannot modify; ensure your UPI mandate is approved on time or your application may be rejected.
Key risks include overvaluation, sector cyclicality, concentration of revenues, and post-listing liquidity (especially in SME IPOs). Always read the Risk Factors section of the RHP.
Visit the registrar’s portal (e.g., KFintech/Link Intime) or the exchange website. You’ll need your PAN, application/DP ID, or bid details.
Yes. Profits from selling on listing day are short-term capital gains and taxed per applicable rules. Consult a tax advisor for specifics.
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