Upcoming IPOs Next Week: Gujarat Kidney and 10 SME Issues to Open for Subscription; 5 New Listings Expected

The primary market momentum continues unabated as India heads into the second-last week of 2025, with an exciting lineup of 11 new public issues scheduled to open for subscription next week. While SME IPOs will dominate the calendar with 10 new offerings, the mainboard segment will see Gujarat Kidney & Super Speciality IPO raising over ₹251 crore. Additionally, five companies including mainboard player KSH International are set to make their stock market debuts.

Mainboard IPO: Gujarat Kidney & Super Speciality

The sole mainboard offering next week, Gujarat Kidney & Super Speciality IPO, will open the subscription window for investors seeking exposure to the healthcare sector.

IPO Details

• Subscription Period: Monday, December 22 to Wednesday, December 24, 2025
• Price Band: ₹108-114 per share
• Issue Size: Over ₹251 crore
• Book Running Lead Manager: Nirbhay Capital Services
• Registrar: MUFG Intime India

Gujarat Kidney & Super Speciality operates a regional chain of multispeciality hospitals across central Gujarat, focusing on secondary and tertiary care services. The company manages seven hospitals with 340 operational beds and has established strong capabilities in renal sciences and urology.

This IPO presents investors an opportunity to participate in India's growing healthcare infrastructure, particularly in the tier-2 and tier-3 city segments where demand for quality healthcare services continues to expand.

SME IPOs Opening December 22-24

Four SME IPOs will commence their subscription period on December 22 and close on December 24, coinciding with the Gujarat Kidney mainboard offering:

1. Sundrex Oil IPO

• Subscription Dates: December 22-24, 2025
• Segment: SME Platform
• Sector: To be specified in prospectus

2. Shyam Dhani Industries IPO

• Subscription Dates: December 22-24, 2025
• Segment: SME Platform
• Sector: To be specified in prospectus

3. Dachepalli Publishers IPO

• Subscription Dates: December 22-24, 2025
• Segment: SME Platform
• Sector: Publishing/Media

4. EPW India IPO

• Subscription Dates: December 22-24, 2025
• Segment: SME Platform
• Sector: To be specified in prospectus

SME IPOs Opening December 23-26

Five additional SME IPOs will open for subscription on December 23 and remain open through December 26, providing investors with a slightly longer subscription window:

5. Apollo Techno Industries IPO

• Subscription Dates: December 23-26, 2025
• Segment: SME Platform
• Sector: Technology/Manufacturing

6. Bai Kakaji Polymers IPO

• Subscription Dates: December 23-26, 2025
• Segment: SME Platform
• Sector: Polymer/Plastics

7. Admach Systems IPO

• Subscription Dates: December 23-26, 2025
• Segment: SME Platform
• Sector: Technology/Systems

8. Nanta Tech IPO

• Subscription Dates: December 23-26, 2025
• Segment: SME Platform
• Sector: Technology

9. Dhara Rail Projects IPO

• Subscription Dates: December 23-26, 2025
• Segment: SME Platform
• Sector: Railway Infrastructure

New Listings Next Week

While new IPOs open for subscription, five companies are scheduled to make their stock market debuts next week, providing listing gains opportunities for allottees:

1. KSH International IPO

• Listing Exchanges: BSE and NSE (Mainboard)
• Tentative Listing Date: Monday, December 23, 2025
• Segment: Mainboard

KSH International's mainboard listing will be closely watched by market participants as it represents one of the larger offerings making its debut. The company's performance on listing day will set the tone for investor sentiment toward recent IPO allotments.

2. Neptune Logitek IPO

• Listing Exchange: BSE SME
• Tentative Listing Date: Sunday, December 22, 2025
• Segment: SME
• Sector: Logistics

3. Global Ocean Logistics India IPO

• Listing Exchange: BSE SME
• Tentative Listing Date: Tuesday, December 24, 2025
• Segment: SME
• Sector: Logistics

4. MARC Technocrats IPO

• Listing Exchange: NSE SME
• Tentative Listing Date: Tuesday, December 24, 2025
• Segment: SME
• Sector: Technology/Engineering

5. Phytochem Remedies (India) IPO

• Listing Exchange: BSE SME
• Tentative Listing Date: Thursday, December 26, 2025
• Segment: SME
• Sector: Pharmaceuticals/Herbal Remedies

Understanding SME IPOs

With 10 out of 11 new issues coming from the SME segment, it's important for investors to understand the characteristics and considerations specific to SME IPOs:

What are SME IPOs?

SME (Small and Medium Enterprises) IPOs are public offerings by smaller companies listed on dedicated SME platforms of stock exchanges—BSE SME and NSE Emerge. These platforms were created to provide capital-raising opportunities for small and medium-sized businesses.

Key Characteristics of SME IPOs

• Lower Issue Size: Typically raise smaller amounts compared to mainboard IPOs
• Minimum Investment: Often higher lot sizes relative to issue price
• Listing Platforms: Listed on BSE SME or NSE Emerge, not mainboard exchanges
• Liquidity Considerations: Generally lower trading volumes compared to mainboard stocks
• Growth Potential: Early-stage companies with potentially higher growth prospects
• Risk Profile: Higher risk due to smaller size, limited track record, and lower liquidity

Investment Considerations for SME IPOs

Investors evaluating SME IPOs should carefully consider:

• Business Model Viability: Assess the sustainability and scalability of the company's operations
• Financial Track Record: Review historical financial performance and profitability trends
• Promoter Quality: Evaluate promoter background, integrity, and shareholding pattern
• Use of Proceeds: Understand how IPO funds will be deployed for growth
• Valuation: Compare pricing with peer companies and growth prospects
• Liquidity Risk: Be prepared for potential difficulty in exiting positions
• Lock-in Considerations: Understand any lock-in periods for promoter holdings

Primary Market Momentum Analysis

The consistent flow of IPOs reflects several positive market dynamics:

Favorable Market Conditions

• Investor Appetite: Strong retail and institutional demand for new equity offerings
• Liquidity: Adequate market liquidity supporting multiple simultaneous offerings
• Valuations: Reasonable pricing attracting investor interest
• Exit Opportunities: Private equity and venture capital firms monetizing investments

Sector Diversity

Next week's IPO lineup demonstrates sector diversity with offerings spanning:

• Healthcare (Gujarat Kidney)
• Logistics (Neptune Logitek, Global Ocean Logistics)
• Technology (Apollo Techno, Admach Systems, Nanta Tech, MARC Technocrats)
• Manufacturing (Bai Kakaji Polymers)
• Infrastructure (Dhara Rail Projects)
• Pharmaceuticals (Phytochem Remedies)
• Publishing (Dachepalli Publishers)

This sector variety allows investors to select opportunities aligned with their sectoral preferences and market outlook.

IPO Application Strategy

For investors planning to participate in next week's IPOs, consider these strategic approaches:

Portfolio Allocation

• Diversification: Spread applications across multiple issues rather than concentrating on one
• Risk-Return Balance: Mix mainboard and SME applications based on risk tolerance
• Sector Selection: Focus on sectors with favorable growth outlooks
• Capital Management: Ensure adequate funds available for multiple applications

Due Diligence Checklist

Before applying to any IPO, investors should:

• Read the offer document (RHP/DRHP) thoroughly
• Analyze financial statements for at least three years
• Review objects of the issue and fund utilization plans
• Check promoter background and related party transactions
• Compare valuations with listed peer companies
• Assess management quality and corporate governance standards
• Review legal proceedings and contingent liabilities
• Evaluate growth strategies and competitive positioning

Application Timing

• Early Application: Apply early in the subscription window to avoid last-minute technical issues
• Bid Monitoring: Track subscription data throughout the bidding period
• Price Selection: For price band issues, consider bidding at the upper price for higher allotment probability
• Multiple Demat Accounts: Use different demat accounts (self, family members) to increase application chances

Listing Day Considerations

For investors receiving allotments in current IPOs listing next week:

Listing Gain Strategy

• Pre-Market Analysis: Monitor grey market premium (GMP) indicators if available
• Opening Price Assessment: Evaluate listing price relative to issue price
• Volume Monitoring: Check initial trading volumes for liquidity assessment
• Profit Booking: Decide in advance whether to book listing gains or hold for long term
• Stop-Loss Discipline: Set stop-loss levels if planning to hold post-listing

Long-Term Investment Approach

Investors with long-term horizons should:

• Focus on business fundamentals rather than listing day performance
• Ignore short-term price volatility
• Monitor quarterly results and business developments
• Reassess investment thesis periodically
• Average positions if conviction remains strong

Regulatory Framework and Investor Protection

The Securities and Exchange Board of India (SEBI) has implemented robust regulations to protect IPO investors:

• Disclosure Requirements: Comprehensive information disclosure in offer documents
• Price Discovery: Book-building process for fair price determination
• Allotment Process: Transparent, automated allotment systems
• Refund Timelines: Strict timelines for application refund processing
• Listing Regulations: Mandatory listing within specified timeframes
• Continuous Disclosure: Ongoing disclosure obligations post-listing

Market Outlook

The strong IPO pipeline heading into year-end signals confidence among companies and investors alike. Key factors supporting continued primary market activity include:

• Economic Growth: India's robust GDP growth supporting business expansion
• Demographic Dividend: Young, growing population driving consumption
• Digital Adoption: Technology penetration creating new business opportunities
• Infrastructure Development: Government spending catalyzing sectoral growth
• Financial Inclusion: Expanding retail investor base through digital platforms

Conclusion

Next week's lineup of 11 new IPOs and 5 listings underscores the vibrant state of India's primary market. While Gujarat Kidney represents the sole mainboard opportunity, the 10 SME offerings provide diverse sectoral exposure for investors seeking early-stage growth opportunities.

Investors should approach both mainboard and SME IPOs with appropriate due diligence, understanding that each segment carries distinct risk-return profiles. The dominance of SME issues reflects the growing acceptance of this platform among smaller companies seeking public market access and investors willing to assume higher risk for potential higher returns.

As always, IPO investments should align with individual financial goals, risk tolerance, and investment horizons. While the excitement around new issues is palpable, disciplined analysis and selective participation remain the keys to successful IPO investing.

Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.

Categories: Gujarat Kidney IPO, SME IPO December 2025, upcoming IPOs next week