New Delhi, September 8, 2025 — The Indian primary market is heating up with three high-profile mainboard IPOs set to open for subscription between September 10 and 12. Together, these (Urban Company, Shringar House & Dev Accelerator) companies aim to raise more than ₹2,400 crore, making it one of the most anticipated weeks in the IPO calendar.
1. Urban Company: The Most Awaited of the Lot
- Size & Structure: India’s leading home and beauty services platform is out with a hefty ₹1,900 crore IPO. The issue includes a fresh issuance of ₹472 crore and an Offer for Sale (OFS) of ₹1,428 crore by investors including Accel India, Elevation Capital, Bessemer India, Internet Fund, and VY Capital.
- Pricing: The price band is fixed at ₹98–103 per share, with a lot size of 145 shares (minimum retail investment ~₹14,935).
- Grey Market Buzz: Investor sentiment is soaring—grey market premiums (GMPs) have surged to ₹28–30, indicating a possible listing pop of nearly 30%.
- Investor Alert: The Red Herring Prospectus (RHP) lists twelve risks—including sustained losses, high marketing costs, dependency on freelance professionals, and regulatory vulnerability.
- Why It Matters: As one of the rare tech IPOs this year, Urban Company is seen as a benchmark for the gig and services segments, potentially setting the tone for other tech-driven listings.
2. Shringar House of Mangalsutra: Blending Tradition with Capital Markets
- Fund Raise: The Mumbai-based designer and manufacturer of mangalsutras is launching an IPO of ₹401 crore, fully backed by fresh issuance.
- Pricing Details: Shares are priced between ₹155–165, with a lot size of 90 shares.
- GMP Signs: The grey market reflects a healthy 14.55% premium (₹24 GMP), signaling positive investor sentiment.
- Context: With its niche in branded jewelry, this IPO taps into domestic demand for organized, culturally rooted products.
3. Dev Accelerator (DevX): Capitalizing on Workplace Trends
- IPO Snapshot: The flexible office solutions provider is looking to raise ₹143.35 crore via a fully fresh issue.
- Price Band and Valuation: The price is set at ₹56–61, translating to a post-issue market cap of ~₹550 crore.
- GMP Momentum: The issue commands an 18% listing gain in grey markets, suggesting upbeat demand.
- Why It Matters: DevX reflects the growing trend of hybrid and flexible workspace models in India’s evolving office landscape.
Fast Facts Snapshot
| IPO Company | Size (₹crore) | Price Band (₹) | Grey Market Premium | Listing Outlook |
|---|---|---|---|---|
| Urban Company | 1,900 | 98–103 | ~26–30% | High |
| Shringar House of Mangalsutra | 401 | 155–165 | ~14.6% | Moderate-High |
| Dev Accelerator | 143.35 | 56–61 | ~18% | Moderate |
Broader Market Impact
This trio of IPOs joins a wider wave of offerings—Sebi has approved 13 IPOs, including high-profile listings like Boat-parent Imagine Marketing, signaling a strong primary market revival.
Mumbai’s Dalal Street is clearly buzzing as nine new IPOs and seven listings are lined up for the week, offering a mix of mainboard and SME entrants.
Investor Takeaways
- Decisive Demand: Strong GMPs across all three listings reflect investor appetite, particularly for tech and flexible model ventures.
- Risk Vigilance: Urban Company’s RHP outlines critical operational and financial risks. Investors should evaluate carefully amid enthusiasm.
- Time-Sensitive Move: With festive season and limited retail allocation, early actions could secure favorable allotment and valuation.