Five IPOs to Raise Nearly ₹2,600 Crore as Primary Market Remains Active

IPO Calendar Balances Business Funding With Promoter Exits

Five upcoming issues offer investors a varied mix of fresh capital raises and shareholder sell-downs.

A busy calendar, with different kinds of offers

EAAA India Alternatives, SFC Environmental Technologies, M K Sons Fine Jewels, BLS Polymers and Bombay Coated and Special Steels are seeking a combined ₹2,581.5 crore, based on their stated issue sizes. The schedule follows a busy month for the primary market, which included Jio Platforms’ ₹30,213-crore public issue. The source also says 104 companies have raised more than ₹1.4 trillion through IPOs in 2026 so far.

The five businesses cover distinct sectors, but the more important difference for investors may be whether an IPO finances the company or gives existing shareholders an opportunity to sell. An offer for sale (OFS) transfers shares from existing holders; the company does not receive those proceeds. A fresh issue creates new shares and brings funds into the business, though it also increases the share count.

Issue structure shapes the use of proceeds

EAAA India Alternatives, an arm of Edelweiss Financial Services, is seeking ₹1,200 crore through an entirely OFS issue. Its price band is ₹1,585-1,665 per share, valuing the company at ₹10,765 crore at the upper end. It has raised around ₹360 crore from anchor investors ahead of the public issue, but the OFS structure means the IPO proceeds will go to selling shareholders rather than the company.

SFC Environmental Technologies’ ₹668-crore issue combines a ₹150-crore fresh issue with an OFS of up to 1.57 crore shares. The company plans to use the fresh proceeds for debt repayment and working capital. M K Sons Fine Jewels, meanwhile, is offering fresh shares alongside an OFS by promoter selling shareholder Ramchand Murlidhar Raimalani. Its proposed uses include inventory for a new Maharashtra showroom, expansion of an existing Gujarat showroom, borrowings and general corporate expenses.

Expansion and debt repayment feature in the smaller issues

BLS Polymers’ ₹255-crore IPO is entirely a fresh issue. It plans to allocate ₹77.56 crore to expand its manufacturing facility and increase production capacity, and ₹89.5 crore to working capital, with the balance for general corporate purposes. For investors, the proposed capacity expansion is a business-growth rationale, while the working-capital allocation highlights the importance of understanding the company’s operating cash needs.

Bombay Coated and Special Steels is also issuing only fresh shares, targeting ₹183.1 crore. It plans to use ₹125 crore to repay or prepay borrowings and ₹15.7 crore towards the acquisition cost of capital equipment under existing lease arrangements with Siemens Financial Services. Debt reduction could ease repayment obligations, but investors should assess it alongside the company’s overall financial position, which is not detailed in the supplied information.

Timing adds to the crowded primary-market queue

The issues are scheduled to open from October 26, with subscription periods running into late October and, for Bombay Coated and Special Steels, November 2. Further companies are also in the IPO pipeline, including Gujarat Victory Forging, Milestone Gears, Avaada Electro, Swara Baby Products, Integris Medtech and AGS Health. These companies are expected to announce price bands and launch plans by November 5. The stated post-Diwali observance of Labh Pancham in Gujarat, from November 6 to 15, may affect markets and business activity there, adding a timing consideration for issuers.

A busy issuance calendar can give investors more choice, but it can also make comparisons important. Price bands and issue sizes alone do not establish whether an IPO is attractively valued. The available details do not provide enough information to compare the companies’ operating performance or valuation against peers; prospective applicants will need to examine the offer documents for that context.

Key Highlights

• Five IPOs are seeking a combined ₹2,581.5 crore, with openings scheduled between October 26 and October 29.
• EAAA India Alternatives’ ₹1,200-crore issue is entirely an OFS; the company will receive no proceeds.
• SFC Environmental Technologies plans to use fresh-issue proceeds for debt repayment and working capital.
• BLS Polymers has earmarked funds for manufacturing expansion and working capital.
• Bombay Coated and Special Steels plans to direct most of its proceeds towards borrowings.

Investor Note: Treat the IPO calendar as a list of opportunities to investigate, not a signal to apply across the board. Compare each offer’s fresh-issue and OFS components, intended fund use, valuation and disclosures in its offer document before making an investment decision.