IPO and Fundraising Activity Review – #KeyTrends for the week of September 8–13, 2025,

Mainboard IPOs

Urban Company Ltd

• Subscription: Achieved a historic milestone by being subscribed 103.6 times, making it the most subscribed IPO in India for 2025 among large-scale offerings.

• Investor Interest: Particularly strong interest from Qualified Institutional Buyers (QIBs), who led the bid with 140 times subscription.

• Issue Size: ₹1,900 crore.
• Price Band: ₹98–₹103 per share.
• Listing Date: Scheduled for September 17, 2025.

Shringar House of Mangalsutra

• Subscription: Received bids for 14,02,95,060 shares against 1,70,16,000 shares on offer, resulting in a subscription of 8.24 times.

• Price Band: ₹155–₹165 per share.
• Listing Date: Scheduled for September 17, 2025.

Dev Accelerator Ltd

• Subscription: Achieved a subscription of 16.08 times, with bids for 21,14,04355 shares against 1,31,47,075 shares on offer.
• Price Band: ₹56–₹61 per share.
• Listing Date: Scheduled for September 17, 2025.

SME IPOs
VMS TMT Ltd
• Issue Size: ₹148 crore.
• Price Band: ₹94–₹99 per share.
• Subscription Dates: September 17–19, 2025.
• Listing Date: Scheduled for September 24, 2025.

Euro Pratik Sales Ltd
• Issue Size: ₹44.87 crore.
• Price Band: ₹66–₹70 per share.
• Subscription Dates: September 16–18, 2025.
• Listing Date: Scheduled for September 23, 2025.

Taurian MPS Ltd
• Issue Size: ₹42.53 crore.
• Price Band: ₹162–₹171 per share.
• Subscription Dates: September 9–11, 2025.
• Listing Date: Scheduled for September 16, 2025.

Fundraising Trends

• SME Segment: The SME IPO market has experienced robust growth, with companies raising ₹6,819 crore by the end of August 2025. This makes it the second-highest year for SME IPO fundraising, trailing only 2024.

• Upcoming IPOs: As of September 5, 2025, 74 companies are awaiting approval from SEBI for their draft offer documents, indicating a strong pipeline for the coming months.

Regulatory Developments

• SEBI Reforms: The Securities and Exchange Board of India (SEBI) announced measures to ease market access for foreign investors and large initial public offerings (IPOs).

Key changes include a new single-window clearance system for sovereign-backed and overseas retail funds, simplifying their entry into Indian markets.

SEBI also reduced the minimum share sale for large IPOs from 5% to 2.5% for companies with post-listing market capitalizations above ₹5 trillion, aiming to make large offerings easier to absorb.

Additionally, SEBI extended the timeframe for companies to meet the 25% public float requirement—from three years to five years, and up to ten years for firms with market caps exceeding ₹1 trillion.

Key Takeaways

• Urban Company IPO: Achieved a historic milestone with a subscription of 103.6 times, reflecting strong investor confidence.

• SEBI Reforms: Introduced measures to ease market access for foreign investors and large IPOs, aiming to enhance market participation and investor confidence.

• SME IPO Growth: The SME IPO market has experienced robust growth, with companies raising ₹6,819 crore by the end of August 2025.

• Upcoming IPOs: A strong pipeline of IPOs is expected in the coming months, with 74 companies awaiting SEBI approval.