Primary market activity continues despite the weak secondary market. Five companies plan to raise about ₹2,600 crore this week, and the market will also see Jio Platforms list after the largest IPO in Indian history.
Five mainboard IPOs open for subscription between 26 and 30 October, aiming to raise close to ₹2,600 crore. They cover alternative asset management, wastewater treatment, polymers, steel processing and jewellery retail.
EAAA India Alternatives, part of Edelweiss Financial Services, is the largest. Its ₹1,200 crore issue values the alternative investment manager at about ₹10,765 crore at the top of the price band. The entire issue is an offer for sale, so all proceeds go to existing shareholders, not the company. It raised ₹360 crore from anchor investors ahead of opening. Alternative investments, including private credit, real estate and structured funds, are growing quickly in India as wealthy investors look beyond traditional mutual funds.
SFC Environmental Technologies, a wastewater treatment company, opens its ₹668 crore issue on 27 October. Its business benefits from stricter environmental rules and growing municipal and industrial spending on water infrastructure.
BLS Polymers is raising ₹255 crore entirely through new shares, so all the money goes to the company, for facility expansion and working capital. Its shares are due to list on 3 November.
M K Sons Fine Jewels combines new shares worth about 1.36 crore with an offer for sale of 34 lakh shares by its promoter. It plans to use the proceeds for showroom inventory and to reduce borrowings. The timing, just ahead of Dhanteras on 6 November, is deliberate, although record gold prices have pushed buyers towards lighter jewellery.
Big listings on Wednesday
The main event of the week is a listing. Jio Platforms lists on 28 October after its ₹30,213 crore IPO was subscribed 22 times, with more than one crore applications. Paras Healthcare, the hospital chain whose ₹1,450 crore IPO ran alongside Jio’s, also lists the same day.
A busy IPO season despite weak markets
The primary market has been very active in 2026. About 104 companies have raised more than ₹1.4 lakh crore through IPOs so far this year, even as foreign investors have pulled ₹3 lakh crore out of the secondary market. Domestic investors, through mutual funds and direct applications, have provided most of that money.
Investors have become more selective. Last week’s listings showed this clearly: Tonbo Imaging, a small defence company, listed at a 66% premium, while the much larger Zetwerk barely rose above its issue price. Investors are favouring smaller issues in priority sectors with clear profitability and are cautious about large offers for sale.
That will matter this week. EAAA’s issue is entirely an offer for sale, while BLS Polymers is raising new money for growth. How the market treats each will show whether that selectiveness continues. The weak secondary market and oil near $117 a barrel add risk to listings in the coming weeks.
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