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First mainboard IPOs in four weeks test institutional appetite at **₹1,200 crore** combined; anchor books close Monday with SME pipeline waiting behind.
₹1,200 crore
across both issues
₹96,000 crore
fundraising surge in Q4 2025
23,400
—as stable enough to underwrite three-year lockups
₹400 crore
fresh issue alongside promoter sale
India's mainboard IPO market restarts this week with CMR Green Technologies and Hexagon Nutrition opening subscriptions, ending a month-long absence of institutional-grade public offerings. The combined raise targets approximately ₹1,200 crore across both issues, the first meaningful institutional access to Indian primary equity since mid-December.
CMR Green Technologies, a renewable energy infrastructure provider, and Hexagon Nutrition, which supplies nutraceutical ingredients to global food manufacturers, represent the first dual mainboard launch since the calendar cleared in early January. Both companies filed draft prospectuses in late November, weathering the intervening volatility that kept bankers from printing term sheets. The January pause followed a ₹96,000 crore fundraising surge in Q4 2025, the heaviest three-month period in Indian IPO history, leaving allocators temporarily exhausted and underwriters recalibrating pricing appetite.
The restart matters because it tests whether institutional demand has reset after the December binge. Anchor books for both issues close Monday, giving family offices and long-only funds forty-eight hours to signal whether they view current Nifty levels—hovering near 23,400—as stable enough to underwrite three-year lockups. CMR's offering includes a ₹400 crore fresh issue alongside promoter sale, while Hexagon structures as pure secondary, a format that typically attracts value buyers expecting near-term margin expansion without dilution risk. Neither company carries the consumer-tech premium that drove last quarter's oversubscriptions, which means pricing discipline returns as the primary selection criterion.
The broader calendar remains SME-weighted, with five small-cap issues scheduled for February, but no additional mainboard names confirmed beyond this week's pair. That imbalance signals continued caution among large corporates and their syndicate banks, who prefer waiting for clearer macroeconomic signals—specifically, the Union Budget's infrastructure allocation figures and any adjustments to capital gains tax treatment following the April policy review. The gap also reflects a thinner pipeline: only twelve companies currently hold SEBI approval for mainboard listings, down from nineteen in November, as several issuers postponed amid valuation compression in mid-cap indices.
Operators should track anchor participation rates by Thursday evening and watch for any price-band revisions before retail opens Friday. If both issues close below 1.5x subscription in the institutional tranche, expect further mainboard delays into March. The February SME slate—headlined by Rajnandini Fashion and SMR Jewels—will proceed regardless, given sub-₹50 crore deal sizes that clear without institutional anchors.
Hexagon's nutraceutical exposure offers a direct read on foreign portfolio investor appetite for India's specialty chemicals exporters, a subsector that saw ₹18,000 crore in outflows during January's FPI rotation. CMR's renewable infrastructure angle positions it as a secondary beneficiary if the Budget increases green-capex outlays, currently projected at ₹1.2 lakh crore for FY27.
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For the principal
Anchor allocation deadlines Monday; participation rates signal whether staff should prioritize February primary or wait for March institutional-grade pipeline clarity.
For the operator
Watch Thursday anchor close for sub-1.5x risk; price-band revisions before Friday retail open indicate weakening book-build and potential March mainboard delays.
For the house
Named accounts receive CMR anchor terms by Sunday; Hexagon secondary structure suits value mandates expecting margin expansion without dilution drag through Q2.
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