IPOs to watch out for in the last week of 2025: A classic case of lull before storm in 2026?

Modern Diagnostic and Research Centre will open its Rs 37 crore SME IPO on December 31, closing on January 2, and is slated to list on January 7. The issue is a fresh offer, priced in the Rs 85-90 range, valuing the company at about Rs 136 crore. India’s IPO market pauses at year-end with limited new issues, active SME listings and rising optimism for 2026 as large issuers prepare to hit the primary market. The diagnostics chain operates 21 centres across eight states and reported a 55% jump in profit in FY25, with margins improving sharply on an asset-light model. 11 listings scheduled next week 11 listings scheduled next week While fresh IPO activity remains thin, the spotlight next week will firmly be on the 11 companies set to list, most of them on the SME platforms. Grey market activity suggests investors are selectively optimistic, with a few names commanding standout premiums. Shyam Dhani Industries is attracting the strongest buzz, trading at a GMP of about 100%, implying a potential doubling on debut. The spices maker saw an strong 988x subscription, driven by massive retail and HNI demand. Close behind is E to E Transportation Infrastructure, quoting at a GMP of around 75-80%, supported by its rail systems order book and infrastructure tailwinds. Beyond these two, most other listings are showing modest or flat premiums, indicating a cautious undertone despite heavy oversubscription in some issues. Gujarat Kidney and Super Speciality is the only mainboard listing among the upcoming debuts, and will hit the BSE and NSE on December 30. The Rs 251 crore issue was subscribed 5.2 times, driven by strong retail demand, though the stock is currently trading at a flat GMP, indicating muted listing expectations despite sharp profit growth in recent years. Outlook for 2026 Outlook for 2026 The quiet end to the year is more likely to be cut shorted as the momentum for next year looks bigger and better. For instance, over Rs 2 lakh crore worth of IPOs are already approved or awaiting clearance. Several large issuers including Reliance Jio and PhonePe are lined up, and bankers expect activity to accelerate once markets reopen fully in January. The IPO market could regain its mojo from the second week of January as Bharat Coking Coal (BCCL), a wholly owned arm of Coal India , is likely to hit the primary market within the next two weeks. The proposed public issue is expected to be a pure offer for sale, with Coal India planning to offload around 10% of its equity stake in Bharat Coking Coal. This would translate into the sale of nearly 46.57 crore equity shares. No fresh shares will be issued, which means the entire proceeds from the IPO will go to the parent company and not to Bharat Coking Coal itself. Immediate IPOs on the horizon could be from Fractal, a first of its kind AI IPO in India and Hero Fincorp, a leading NBFC company. ( Disclaimer : Recommendations, suggestions, views...

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