Upcoming IPOs in India: 3 Issues Worth ₹3,491 Crore Set to Launch

India’s primary market is showing early signs of revival, but the structure of upcoming IPOs reveals a deeper shift in capital flows. Instead of aggressive growth-driven listings, the focus is now clearly moving toward income-generating assets and niche SME plays. The ₹3,491 crore IPO pipeline is not just about fundraising volume but about changing investor behavior in a volatile macro environment where stability and cash flows are becoming more important than hype-driven growth.

Core Explanation: A Mixed IPO Cycle with Clear Market Signals

The upcoming IPO cycle is dominated by one large institutional-grade offering and two smaller SME issues. This creates a layered opportunity structure where different investor segments are targeted simultaneously.

The centerpiece is Bagmane Prime Office REIT, which alone accounts for the majority of capital raising, while Value 360 Communications and Recode Studios represent high-risk, high-return SME opportunities.

Overall IPO Snapshot

IPO Name	Issue Size	Segment	Focus Type
Bagmane REIT	₹3,405 Cr	Mainboard	Yield / Income
Value 360 Communications	₹41.7 Cr	SME	Growth
Recode Studios	₹44.6 Cr	SME	Consumer

Data suggests that when markets turn volatile, capital shifts toward predictable income assets. This leads to higher institutional participation in REITs, which results in stronger pricing discipline compared to SME IPOs.

Bagmane Prime Office REIT: Institutional-Grade Yield Play

Business Model and Investment Thesis

Bagmane Prime Office REIT offers exposure to premium commercial real estate, primarily in Bengaluru. Unlike traditional stocks, REITs generate returns through rental income distribution rather than earnings growth alone.

The trust owns Grade A office assets leased to global tech companies, which provides long-term rental visibility and stable cash flows.

Bagmane REIT IPO Details

Parameter	Details
Issue Size	₹3,405 crore
Fresh Issue	₹2,390 crore
OFS	₹1,015 crore
Price Band	₹95–₹100
Lot Size	150 units
IPO Dates	May 5 – May 7
Listing	BSE, NSE

Asset and Financial Metrics

Metric	Value
Portfolio Size	20.3 million sq ft
Occupancy Rate	~97.9%
Key Tenants	Global tech companies
Income (9M FY25)	₹1,960 crore
Profit (9M FY25)	₹829 crore

Data suggests high occupancy combined with premium tenants This leads to stable rental income Which results in predictable yield for investors

Key Insight

This IPO is less about listing gains and more about steady income. REIT yields typically range between 6 to 9 percent depending on asset quality and market conditions.

Value 360 Communications: Niche Growth in PR and Branding

Business Model and Positioning

Value 360 Communications operates in public relations, investor communication, and brand advisory. It benefits from rising demand for corporate communication, startup ecosystem expansion, and digital branding.

Value 360 IPO Details

Parameter	Details
Issue Size	₹41.7 crore
Price Band	₹95–₹98
Lot Size	1200 shares
IPO Dates	May 4 – May 6
Listing	NSE SME
Minimum Investment	~₹1.17 lakh

Issue Structure

Component	Value
Fresh Issue	Majority portion
OFS	Small portion
Total Shares	~42 lakh

Key Insight

This is a growth-oriented SME IPO tied to increasing corporate communication needs. However, liquidity constraints make it more volatile compared to mainboard IPOs.

Recode Studios: Consumer Brand in High-Growth Segment

Business Model and Market Opportunity

Recode Studios operates in the beauty and personal care sector, one of the fastest-growing consumer segments in India. The company focuses on cosmetics and personal care products driven by digital-first distribution.

Recode Studios IPO Details

Parameter	Details
Issue Size	₹44.6 crore
Price Band	₹150–₹158
Lot Size	800 shares
IPO Dates	May 5 – May 7
Listing	BSE SME
Minimum Investment	~₹2.5 lakh

Issue Breakdown

Component	Value
Fresh Issue	Majority portion
OFS	Smaller portion
Total Shares	~28 lakh

Key Insight

The company is positioned in a fast-growing sector, but like most SME IPOs, it carries higher risk due to limited liquidity and smaller scale operations.

Hidden Driver: Rise of Yield-Based Investing

One of the most important structural changes is the growing demand for yield-generating assets.

With volatility in equity markets and uncertain global conditions, investors are increasingly shifting toward predictable income streams.

REITs offer

• Regular income distribution
• Exposure to real estate without ownership
• Lower volatility compared to equities

This trend reflects a broader transition in investor preference.

What Most Investors Get Wrong

Many investors assume all IPOs deliver strong listing gains.

This assumption breaks down in two cases

• REIT IPOs prioritize income over price appreciation
• SME IPOs may deliver gains but come with liquidity risks

Understanding this difference is critical for proper allocation.

Contrarian Insight: Smaller IPOs May See Faster Price Movement

While most attention will remain on the REIT, SME IPOs could witness sharper short-term movement due to limited supply and higher retail participation.

This can lead to

• Oversubscription
• Quick listing gains
• Higher volatility

However, this also increases risk significantly.

Future Scenarios: What Will Drive Performance

Factor	Impact
Interest rates	Higher rates support REIT demand
Market volatility	Drives shift toward income assets
Institutional participation	Supports REIT pricing
Retail demand	Drives SME IPO momentum

The interplay of these factors will determine how these IPOs perform post-listing.

Actionable Strategy for Investors

• Differentiate between yield and growth IPOs
• Allocate capital based on risk appetite
• Avoid chasing oversubscribed IPOs blindly
• Focus on long-term fundamentals rather than listing hype

Final Take

The ₹3,491 crore IPO lineup highlights a transition phase in India’s primary market, where stability and income are gaining importance alongside growth. The dominance of a REIT-led issue reflects institutional preference for predictable returns, while SME IPOs continue to offer selective high-risk opportunities. Investors who understand this shift and position accordingly will have a clear advantage in navigating this evolving market environment.

Which IPO is the largest in this cycle

Bagmane Prime Office REIT is the largest IPO, accounting for the majority of the ₹3,491 crore total issue size.

Are SME IPOs suitable for all investors

No, SME IPOs carry higher risk due to lower liquidity and volatility, making them suitable only for informed investors.

What should investors focus on in this IPO cycle

Investors should focus on the nature of the IPO, whether it is yield-driven like REITs or growth-driven like SME issues, and allocate accordingly.