India's Primary Market Set for Major Fundraising with Upcoming IPOs

Exciting Week Ahead for India's Primary Market

India's primary market is poised for a significant fundraising week, with companies aiming to raise nearly Rs 11,980 crore through various public offerings. The spotlight will be on the highly anticipated SBI Funds Management IPO, along with the Alpine Texworld mainboard offering. Both of these public issues are set to open for subscription from July 14 and will close on July 16.

The majority of the funds will be generated from SBI Funds Management, which has a public issue valued at Rs 11,693 crore. In contrast, Alpine Texworld, a textile firm, plans to raise Rs 126.25 crore through a fresh issue. Additionally, Millworks Technologies will introduce its IPO worth Rs 160.34 crore during this timeframe, while details regarding Shree Balaji Mala Textiles are still pending.

SBI Funds Management IPO: A Major Player in the Market

The IPO from SBI Funds Management will consist entirely of an offer for sale (OFS) involving 20.37 crore shares, meaning the company will not receive any funds from this public offering. The price range has been set between Rs 545 and Rs 574 per share, with a minimum bid requirement of 26 shares. At the upper limit, a retail lot will cost Rs 14,924. Current market trends indicate that the IPO is enjoying a grey market premium (GMP) of approximately 20 percent.

Shares are anticipated to debut on both the BSE and NSE on July 21. Kotak Mahindra Capital is serving as the book-running lead manager, while Kfin Technologies has been appointed as the registrar. Established in 1992, SBI Funds Management is recognized as India's largest asset management company by mutual fund assets, managing SBI Mutual Fund as a joint venture between State Bank of India and Amundi. By the end of 2025, the company managed around Rs 16.32 lakh crore in assets, representing nearly 15.5% of India's mutual fund AUM, and served over 16.05 million investors across various segments.

Financially, the company has shown robust growth in FY26, with revenue rising to Rs 4,976.11 crore from Rs 4,236.15 crore in FY25, and profit after tax increasing to Rs 3,067.38 crore from Rs 2,540.15 crore. EBITDA reached Rs 4,058.44 crore.

Alpine Texworld's IPO: Aiming for Expansion

The second mainboard offering next week will be from Alpine Texworld, which seeks to raise Rs 126.25 crore through a fresh issue of 1.20 crore shares. The price band has been set at Rs 100-105 per share, with a minimum application size of 142 shares. Retail investors will need Rs 14,910 to apply for one lot at the upper end of the price range. These shares are also expected to list on July 21. D&A Financial Services is the lead manager for this issue, while Kfin Technologies will act as the registrar.

Alpine Texworld specializes in textile dyeing and fabric processing, operating two manufacturing facilities with an annual processing capacity of 6,000 MT of cotton and blended yarn. The company also utilizes 112 high-speed looms for producing denim, shirting, suiting, and ready-for-dyeing fabrics. The IPO proceeds will be allocated as follows: Rs 32.08 crore for establishing a new weaving unit at a proposed third facility in Ahmedabad, Rs 52.20 crore for repaying or prepaying borrowings, and the remaining funds for general corporate purposes.

Its financial performance has significantly improved in FY26, with revenue increasing by 47 percent to Rs 350.18 crore, and profit after tax soaring by 152 percent to Rs 21.72 crore. EBITDA rose to Rs 47.45 crore, compared to Rs 27 crore in the previous fiscal year.

Millworks Technologies to Boost SME IPO Activity

The SME primary market will also see activity with Millworks Technologies launching its public issue on July 14, available for subscription until July 16. The company has set a price band of Rs 315-331 per share, aiming to raise Rs 160.34 crore. This IPO is expected to list on the BSE SME platform.