The IPO calendar remains muted with only 2 issues opening this week. Check the details

Amid volatile market conditions signaling a continued slowdown in IPO momentum, only two issues are set to open for subscription next week, with primary market activity remaining subdued. The upcoming calendar includes an SME IPO and a REIT offering. In addition to these two issues, the Street will also see the listing of Vivid Electromac, whose IPO closed last week to modest response.

Safety Controls and Devices its Rs. 48 crore SME IPO will open for subscription from April 6 to April 8. per share Rs. The issue priced in the range of 75-80 is a completely new issue and will be listed on the BSE SME platform. The company deals in EPC services for substations, solar plants and infrastructure projects, mainly catering to government entities and power utilities.

The offer raised pre-issue from anchor investors Rs. 12.67 crore raised, indicating some institutional interest despite a muted broader environment. This amount will be used for debt repayment and working capital requirements. The GMP for IPOs is currently zero in the informal market.

The second IPO for the week is property share investment trust’s Propshare Celestia REIT, which will open for subscription from April 10 to April 16. Issue size Rs. 245 crores and is a completely new issue. The price of the REIT is Rs. 10 lakh to Rs. 10.5 lakh per unit is in the high value band and will be listed on BSE.

The REIT offers exposure to commercial real estate assets in Ahmedabad, with tenants including corporate and co-working operators, providing a stable rental income profile. This is another step in the gradual expansion of India’s small and medium REIT segment.

The limited pipeline comes at a time when IPO activity in 2026 is already starting to moderate compared to the strong run seen in previous years. Rising volatility due to global factors including geopolitical tensions and rising oil prices weighed on investor sentiment, particularly in the primary market.

Investors have also become more selective following a series of poor post-listing performances in recent months, which has reduced retail participation. This has prompted issuers to delay plans or revalue.

While the broader pipeline remains intact, the near-term IPO calendar suggests that companies are waiting for more stable market conditions before launching larger offerings.