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India’s primary market is preparing for a fresh batch of public issues this week as investor sentiment remains cautious. Weak grey market signals, market volatility, and valuation concerns are shaping listing expectations in the upcoming IPO cycle.
Upcoming Mainboard IPOs in India (March 2026)
| Company | Sector | Issue Size | IPO Apply Dates |
|---|---|---|---|
| Rajputana Stainless | Stainless Steel Manufacturing | ₹254.98 crore | 9 – 11 Mar 2026 |
| Innovision | Manpower & Facility Management | ₹323 crore | 10 – 12 Mar 2026 |
| Raajmarg Infra Investment Trust | Infrastructure InvIT | ₹6,000 crore | 11 – 13 Mar 2026 |
| Skyways Air Services | Logistics & Air Freight | Expected ₹400+ crore (DRHP filed) | 18 – 20 Mar 2026 |
India’s primary market is entering another active phase as multiple companies prepare to tap public markets with fresh equity offerings. The week beginning March 9 is expected to witness several public issues opening for subscription across sectors including manufacturing, manpower services, logistics, and infrastructure investment trusts. Together, these offerings are expected to raise more than ₹6,500 crore, highlighting sustained demand for equity capital despite recent volatility in domestic stock markets.
The renewed IPO activity comes at a time when global markets remain sensitive to macroeconomic factors such as rising crude oil prices, geopolitical tensions, and currency market fluctuations. Indian equities have also witnessed intermittent profit booking, prompting investors to evaluate new listings more cautiously.
| Indicator | Data |
|---|---|
| Upcoming Mainboard IPOs | 4 |
| Total Capital to be Raised | ₹6,578+ crore |
| Largest Issue | Raajmarg Infra InvIT |
| Market Sentiment | Cautious |
The subdued grey market premium signals across several of these offerings indicate that speculative interest in listing gains remains limited. Institutional investors are increasingly focusing on valuation discipline and long-term fundamentals rather than short-term IPO momentum.
The first IPO scheduled to open is Rajputana Stainless, a stainless steel products manufacturer supplying bars, billets, and forging materials to sectors including engineering, oil & gas, and aerospace.
| Metric | Data |
|---|---|
| Issue Size | ₹254.98 crore |
| IPO Dates | 9 – 11 March 2026 |
| Price Band | ₹116 – ₹122 per share |
| Expected Listing | Mid-March 2026 |
The IPO consists of both a fresh issue and an offer for sale, with proceeds expected to fund capital expenditure and partial debt repayment.
Manufacturing-linked companies entering public markets often attract investors seeking exposure to India’s industrial growth cycle. However, steel sector profitability remains sensitive to global commodity price movements and domestic infrastructure demand.
The second offering in the pipeline is Innovision, a manpower services and facility management company operating across industries including logistics, retail, healthcare, and infrastructure.
| Metric | Data |
|---|---|
| Issue Size | ₹323 crore |
| IPO Dates | 10 – 12 March 2026 |
| Price Band | ₹521 – ₹548 per share |
| Expected Listing | Mid-March 2026 |
The issue comprises a mix of fresh issue shares and an offer for sale from existing shareholders.
The outsourcing and workforce management industry has expanded rapidly as companies increasingly rely on third-party service providers to optimize operational costs. For investors, the key evaluation parameters for such businesses include contract visibility, client concentration, and margin sustainability.
The largest public issue in the upcoming IPO batch is Raajmarg Infra Investment Trust, sponsored by the National Highways Authority of India. The InvIT plans to raise approximately ₹6,000 crore, making it one of the largest infrastructure investment offerings in recent months.
| Metric | Data |
|---|---|
| Issue Size | ₹6,000 crore |
| IPO Dates | 11 – 13 March 2026 |
| Asset Type | Highway Infrastructure |
| Price Band | ₹99 – ₹100 per unit |
Infrastructure Investment Trusts allow investors to participate in operational infrastructure assets that generate stable cash flows. In India, InvITs have become an important financing structure for large-scale infrastructure projects, particularly in the highways and power transmission sectors.
For long-term investors such as pension funds and sovereign wealth funds, InvITs offer relatively predictable yield streams compared with traditional equity investments.
The logistics sector will also see a new entrant in public markets with the IPO of Skyways Air Services, an integrated logistics and freight forwarding company specializing in air cargo, ocean freight, and supply-chain solutions.
| Metric | Data |
|---|---|
| IPO Dates | 18 – 20 March 2026 |
| Sector | Logistics & Freight |
| Issue Size | Expected ₹400+ crore |
The logistics sector has attracted strong investor interest in recent years as India’s e-commerce industry expands and supply chains become increasingly globalized. Companies providing integrated freight and warehousing services are expected to benefit from rising cross-border trade and manufacturing activity.
However, logistics businesses also face operational challenges such as volatile fuel prices, currency fluctuations, and changing international trade policies.
| Company | Sector | Issue Size | IPO Dates |
|---|---|---|---|
| Rajputana Stainless | Manufacturing | ₹254.98 Cr | 9 – 11 Mar |
| Innovision | Manpower Services | ₹323 Cr | 10 – 12 Mar |
| Raajmarg Infra InvIT | Infrastructure | ₹6,000 Cr | 11 – 13 Mar |
| Skyways Air Services | Logistics | ₹400+ Cr | 18 – 20 Mar |
The current batch of IPOs reflects a diverse mix of sectors tapping public markets for growth capital. Infrastructure and logistics companies are seeking to capitalize on India’s long-term economic expansion, while service-oriented businesses aim to leverage the country’s rapidly evolving corporate ecosystem.
Despite cautious grey market sentiment, the steady pipeline of public issues underscores the resilience of India’s primary market. If subscription levels remain strong, it could signal that institutional investors continue to view India as one of the most attractive emerging market investment destinations.
Looking ahead, the performance of these upcoming IPOs will provide important clues about investor risk appetite in India’s equity markets. Strong subscription and stable listing performance could revive momentum in the IPO pipeline, while weak debuts may reinforce the cautious tone currently prevailing among market participants.
⚠️ Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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