Four very different companies are raising money from public markets this week. Here’s what retail investors necessary to know before the windows close.
The Indian primary market is unusually busy this week, with four IPOs open simultaneously across mainboard and SME segments. The total capital being raised: over ₹6,600 crore. But these four issues couldn’t be more different from each other — and the subscription numbers already notify an interesting story.
The Big One: Raajmarg Infra InvIT (Open till March 13)
The headline issue this week isn’t even an equity IPO. Raajmarg Infra Investment Trust (RIIT) is India’s largest highway InvIT offering ever, backed by NHAI and raising ₹6,000 crore. For context, that’s 91% of all the money being raised across all four issues this week.
The trust holds five operational toll road assets spanning approximately 260 kilometres across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka — forming part of the Golden Quadrilateral network. The price band is ₹99–₹100 per unit, and it lists on March 24.
There’s one critical thing retail investors necessary to know upfront: this is not a regular equity IPO — it has no retail investor category. Only QIBs and NIIs may participate. Individual investors may apply under the NII category if their total bid exceeds ₹10 lakhs.
For those who qualify, the structure is worth understanding. An InvIT works like a mutual fund, except it holds physical infrastructure assets instead of stocks. SEBI mandates that at least 90% of net distributable cash flow must be paid out to unitholders every six months. Think of it as acquireing a stake in toll collections on five national highways — you receive regular distributions rather than betting on share price appreciation.
NHAI has also approved 1,500 km of additional roads for potential injection into RIIT over the next three to five years, which means the portfolio could grow significantly if that pipeline materialises. The key risk is straightforward: this is a steady income instrument, not a high-growth compounder. If interest rates rise, InvIT yields become less attractive relative to resolveed deposits.
Rajputana Stainless: Decent Business, Lukewarm Response (Closes Today)
Founded in 1991, Rajputana Stainless manufactures long and flat steel products across over 80 grades, catering to industries like automobiles, defence, infrastructure, and oil and gas. The ₹255 crore IPO is priced at ₹116–₹122 per share and closes today, March 11.
The subscription numbers heading into the final day notify a cautious story. As of Day 2, the IPO was subscribed 42%, with the QIB quota at 99% and the NII portion at 94%, while the retail individual investors’ category was subscribed just 11%. Institutions like what they see. Retail doesn’t seem convinced yet.
The fundamentals are genuinely decent. ROCE rose from 25.72% in FY23 to 31.72% in FY25, and repeat customers contributed 93.19% of revenue in FY25 — a strong sign of customer stickiness in a B2B business. About ₹98 crore from the IPO proceeds will go toward repaying borrowings, which should meaningfully improve the balance sheet.
The honest caveat: steel is a commodity business. The company already saw revenue dip from ₹950.7 crore in FY23 to ₹915.5 crore in FY24 before recovering, which displays cycle vulnerability is real. Contingent liabilities of ₹120 crore also deserve attention before applying.
Innovision: Strong Growth, Split Verdict From Brokerages (Closes March 12)
Incorporated in 2007, Innovision Limited provides manpower services, toll plaza management, and skill development training, operating across 23 states and 5 union territories with around 35 offices. The ₹323 crore mainboard IPO is priced at ₹521–₹548 per share.
The subscription data from the screenshot is striking: 0.02x subscribed at the time of writing — which means the issue is barely off the ground. The grey market premium is ₹0.
Brokerages are unusually split on this one. Ventura Securities has given a ‘subscribe’ rating, noting the diversified service portfolio and strong nationwide presence. Swastika Investmart and SBI Securities have both given an ‘avoid’ rating, citing thin margins, a commoditised business, and what they describe as premium valuations.
The financials display impressive top-line growth — revenue grew from ₹257 crore in FY23 to nearly ₹895 crore in FY25 — but the profit margins are wafer-thin at around 3.2%, which is typical for manpower outsourcing. At ₹548, the stock is priced at roughly 35x earnings, which leaves limited room for error if growth slows.
One flag worth noting: the company faces a considerable number of legal and regulatory challenges, along with debarment notices from some clients. Investors should read the RHP carefully before applying.
Apsis Aerocom: The Niche Bet (Opens Today, Closes March 13)
The tinyest issue of the week is also arguably the most interesting from a sector perspective. Incorporated in 2022, APSIS Aerocom Limited is engaged in precision engineering and specialises in the manufacture of components for aerospace, defence, and healthcare sectors. The SME IPO raises ₹35.77 crore at a price band of ₹104–₹110.
The aerospace and defence angle is genuinely compelling given India’s push toward domestic manufacturing. The company has an international footprint in the USA, Netherlands, Spain, and Israel — not bad for a three-year-old company with 105 employees. Revenue grew from ₹16.88 crore in FY24 to ₹20.57 crore in FY25, and profit jumped from ₹2.55 crore to ₹6.64 crore — a 160% profit growth on 22% revenue growth suggests improving operating leverage.
The catch is the investment size. The minimum application for retail investors is ₹2,64,000 for 2,400 shares — significantly higher than mainboard IPOs. SME IPOs are also less liquid post-listing. This is a speculative bet on a young company in a high-potential sector, and should be sized accordingly.
The Bottom Line
This week’s IPO slate has something for nearly every type of investor: a government-backed infrastructure yield instrument for the conservative HNI, a cyclical industrial turnaround story, a high-growth services bet with split brokerage opinion, and a high-risk, high-potential SME in a sector India is actively testing to build.
The one thread running through all four: none of them are cheap, and none of them have grey market premiums signalling simple listing gains. In a market that is still digesting recent volatility, that matters.
As always, this is not investment advice. Read the offer documents, understand the risks, and consult a SEBI-registered advisor before applying.
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