IPO Calendar Week of April 6: Mainboard Quiet; One SME Issue and One REIT IPO to Open
The week starting April 6, 2026 is expected to be subdued on the primary market front, with no mainboard IPO scheduled to open or list. Reflecting the continued caution among issuers amid geopolitical uncertainty and market volatility, just two public issues will hit the market — an SME IPO and a small and medium real estate investment trust (SM REIT) offering. One SME listing is also lined up for the week.
SME IPO Opening: Safety Controls & Devices — Rs 48 Crore
Safety Controls & Devices Ltd, an engineering, procurement and construction (EPC) company specialising in the installation of substations, firefighting equipment, and solar plant construction, will launch its SME IPO from April 6 to April 8. Key details of the issue:
- Issue size: Rs 48 crore — entirely a fresh issue of 60 lakh shares, with no offer for sale (OFS) component.
- Price band: Rs 75 to Rs 80 per share.
- Lot size: 1,600 shares per lot; minimum investment for retail investors is 2 lots (3,200 shares).
- Listing platform: BSE SME.
- Use of proceeds: Funding working capital requirements, repayment of outstanding borrowings, and general corporate purposes.
The company has stated in its red herring prospectus that the listing is expected to enhance its visibility, strengthen its brand image among existing and potential customers, and create a public market for its equity shares in India.
REIT IPO Opening: PropShare Celestia — Rs 244.65 Crore
Property Share Investment Trust, operating as an SM REIT (small and medium real estate investment trust), will launch the PropShare Celestia IPO on April 10, with the issue closing on April 16. This offering provides retail and institutional investors a structured route to invest in income-generating commercial real estate. Key details:
- Issue size: Rs 244.65 crore — exclusively a fresh issue of units, with no OFS component.
- Price band: Rs 10 lakh to Rs 10.50 lakh per unit.
- Underlying asset: Project Celestia — seven floors in Venus Stratum, a Grade A+ mixed-use commercial building located in Nehru Nagar, Ahmedabad.
- Super built-up area (SBUA): 2,07,838 sq. ft.
- Occupancy: The asset is fully occupied, providing immediate rental income visibility.
- Use of proceeds: Acquisition of the seven floors in Venus Stratum constituting Project Celestia.
The PropShare Celestia offering is notable as it gives investors exposure to a fully leased, Grade A+ commercial property in Ahmedabad's growing commercial real estate market through a regulated REIT structure — without the need to directly purchase the underlying property.
Listing Next Week: Vivid Electromech
On the listing front, Vivid Electromech — a manufacturer of electrical panels and automation systems — will make its market debut on the NSE SME platform next week. This will be the only listing during the week, with no mainboard companies scheduled to begin trading.
What the Muted Calendar Signals
The near-absence of mainboard IPO activity for the week of April 6 underscores the cautious mood gripping India's primary markets. With the rupee under sustained pressure, FII outflows running into tens of thousands of crores, crude oil prices elevated, and the West Asia conflict still unresolved, large issuers are opting to wait for more stable conditions before launching significant public offerings. The return of high-quality mainboard IPOs to the calendar will be closely watched as a barometer of investor confidence and market stabilisation.
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