The diagnostic chain operates 21 centers across eight states and reported a 55% increase in profits in FY25, with margins improving sharply on an asset-light model.
11 offers planned next week
While there will be little new IPO activity, the spotlight next week will be firmly on the eleven companies going public, most of which are on SME platforms. Gray market activity suggests investors are being selectively bullish, with a few names commanding notable premiums.
Shyam Dhani Industries is attracting the highest interest and is trading at a GMP of around 100%, implying a potential doubling upon debut. The spice maker saw a strong 988x subscription, driven by huge demand from retail and HNI.
Close behind is E-to-E transportation infrastructure, with a GMP of around 75-80%, supported by the rail system order book and infrastructure tailwinds. Apart from these two, most other quotes show modest or flat premiums, indicating a cautious undertone despite the heavy oversubscription of some issues.
Gujarat Kidney and Super Specialty 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 subdued listing expectations despite sharp earnings growth in recent years.
Outlook for 2026
It’s more likely that the quiet end of the year will be shortened as the momentum for next year looks bigger and better. For example, more than Rs 2 lakh crore worth of IPOs have already been approved or are awaiting approval. Several major issuers, including Reliance Jio and PhonePe, are lining up, and bankers expect activity to accelerate once markets fully reopen in January.
The IPO market could pick up steam 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 sale offer, with Coal India planning to divest about 10% of its equity stake in Bharat Coking Coal. This would translate into sale of nearly 46.57 crore shares. No new shares will be issued, which means that 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 come from Fractal, a first of its kind AI IPO in India, and Hero Fincorp, a leading NBFC company.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of the Economic Times)
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