Summary of this article
PropShare Celestia IPO and Safety Controls SME IPO will open this week
US-Iran war has kept investor sentiment subdued in primary market
A series of weak post-listing performances in 2026 has further dampened enthusiasm
Upcoming IPOs: The coming week, from April 6-10, 2026, will see limited action in the primary market, as the uncertainty due to the ongoing US-Iran war has kept investor sentiment weak. Only two initial public offerings (IPOs) will open for public bidding during the week. In the mainboard segment, the Property Share Investment Trust IPO, a real estate investment trust (Reit) offering, and the Safety Controls & Devices IPO, an a small and medium enterprise (SME) issue, are set to open for subscription this week. Meanwhile, the Emiac Technologies IPO, another SME offering that opened on March 27, is scheduled to close on April 8. Another SME IPO will make its stock market debut this week.
Calendar year 2026 has so far been underwhelming for the primary market, with new listings failing to generate the kind of returns as seen in the previous year. The muted IPO pipeline for the coming week reflects this broader slowdown in activity. This is in stark contrast to 2025, when the primary market witnessed a strong surge in fundraising. As many as 376 companies collectively raised about Rs 1.95 lakh crore during the year. Of this, the mainboard segment accounted for 103 issues, mobilising nearly Rs 1.76 lakh crore, while the SME segment saw 268 companies raise Rs 12,111.55 crore.
The ongoing US-Iran war, rising crude oil prices, and gloomy outlook over inflation has kept investor sentiment subdued. At the same time, a series of weak post-listing performances has further dampened enthusiasm in the primary market. Tepid investor response and disappointing listing gains have made companies more cautious, prompting several issuers to defer their public issue plans amid uncertain market conditions.
Upcoming IPOs This Week
The following public issues will be available for subscriptions during the week of April 6-10.
PropShare Celestia IPO (Mainboard)
PropShare Celestia, the third scheme launched by Property Share Investment Trust, India’s first Securities and Exchange Board of India (Sebi)-registered small and medium Reit, seeks to raise Rs 244.65 crore through an entirely fresh issue of 2,330 shares. The book-building Reit issue will open on April 10 and close on April 16, the allotment of shares is expected to be finalised on April 17, and shares are set to be listed on the BSE tentatively on April 24.
Propshare Celestia has fixed a price band of Rs 10 lakh-10.50 lakh per share.
Ambit has been assigned as the book running lead manager and Kfin Technologies is acting as the registrar of the issue. A total of 75 per cent of the issue is reserved for qualified institutional buyers (QIBs), and the balance for non-institutional investors (NIIs). There is no retail quota in the issue.
The company will use the issue proceeds primarily to acquire Project Celestia, including funding the sinking fund and paying statutory charges, such as stamp duty and registration costs, through investments in the Celestia special purpose vehicles (SPVs). It will also allocate a portion of the proceeds for general corporate purposes.
Safety Controls IPO (SME)
Safety Controls’ IPO will open for subscription on April 6 and close on April 8. The allotment is expected to be finalised on April 9, 2026, with a tentative listing on the BSE SME platform on April 13, 2026.
The company plans to raise Rs 48 crore through a fresh issue of six million equity shares. The price band has been set at Rs 75-80 per share, and investors are required to bid in a lot size of 1,600 shares. Retail investors need to apply for a minimum of two lots, translating to an investment of Rs 2.56 lakh at the upper price band.
The company will use the issue proceeds to repay borrowings and meet working capital requirements, along with general corporate purposes.
The IPO has reserved 48.88 per cent of the net issue for QIBs (including 26.40 per cent for anchor investors), 15.17 per cent for NIIs, and 35.96 per cent for retail investors. An additional 5.07 per cent of the total issue is reserved for the market maker.
Safety Controls and Devices is an engineering, procurement and construction (EPC) company that undertakes projects across substations, solar plants, firefighting systems and hospitals for the Ministry of Ayush. The Lucknow-based company primarily caters to government entities and undertakings.
Emiac Technologies IPO (SME)
Emiac Technologies’ IPO opened for subscription on March 27, and will close on April 8. The allotment is expected to be finalised on April 9, with a tentative listing on the BSE SME platform on April 13.
The company plans to raise Rs 31.75 crore through a fresh issue of 3.24 million equity shares. The price band has been set at Rs 93-98 per share, and investors are required to bid in a lot size of 1,200 shares. Retail investors need to apply for a minimum of two lots, translating to an investment of Rs 1.17 lakh at the upper price band.
The company will use the issue proceeds to fund the purchase of computers, software and cloud infrastructure, meet working capital needs, hire manpower, and support branding and marketing activities, along with general corporate purposes.
The IPO has reserved 49.22 per cent of the net issue to QIBs, 15.23 per cent to NIIs, and 35.55 per cent to retail investors. An additional 5.19 per cent of the total issue has been reserved for the market maker.
Emiac Technologies is a technology-driven company that leverages artificial intelligence to offer digital marketing and business solutions. Its services include content creation, branding, online reputation management, digital marketing, business automation and technical support, aimed at helping businesses improve customer engagement and growth.
