Archive · 25 Sep 2026
Nine IPOs Open as Investors Weigh Growth and Risks
Several companies are asking investors to buy shares in their IPOs.
An IPO is when a company sells shares to the public for the first time.
The companies operate in areas such as infrastructure, education, lending, steel, real estate, cables and online commerce.
Adroit Industries received the most investor interest, with bids exceeding 63 times the shares offered.
AceVector, the parent of Snapdeal, received a much weaker response, with only 6% subscription in the first three hours.
Investors and brokerages like some companies because they have growing businesses, useful assets or new expansion plans.
However, these companies also face risks such as debt, competition, changing raw-material prices and difficulty completing projects.
Some companies may also have losses, high valuations or dependence on a small number of customers.
The article says 10 IPOs are involved, but it provides detailed information on nine.
The article headline refers to 10 IPOs, but details are provided for nine companies with issues opening between September 23 and September 25.
Adroit Industries had the strongest reported demand, with subscriptions exceeding 63 times, while AceVector was subscribed only 6% during the first three hours.
Swastika Infra, Moneyview, A-One Steels, Orient Cables and German Green Steel & Power also received reported bids ranging from 66% to 3.40 times.
Brokerages cited order books, diversification, capacity expansion, asset-light models and improving profitability as key positives across several issuers.
Major risks include leverage, valuation, execution, customer concentration, cyclical industries, regulatory exposure, losses and working-capital requirements.
- Who
- Nine companies detailed in the article: Swastika Infra, Elevate Campuses, Adroit Industries, Moneyview, A-One Steels, Runwal Enterprises, Orient Cables, AceVector, and German Green Steel & Power.
- What
- The companies are raising funds through IPOs with specified price bands, lot sizes and subscription periods.
- When
- The issues opened between September 23 and September 25; their stated closing dates range from September 25 to September 29.
- Where
- The companies are based or focused in locations including Jaipur, Bengaluru, New Delhi, Mumbai, Gujarat and the broader Indian market.
- Why
- The IPO proceeds are intended for purposes including acquisitions, debt repayment, growth, capacity expansion and business funding.
Brokerage Positives
Key Risks
Business growth and diversification
Brokerage Positives
Brokerages highlighted project pipelines, diversified operations, institutional contracts, market-share gains, expanding user bases and exposure to growing areas such as data centres, 5G, renewables and electric vehicles.
Key Risks
Companies may face intense competition, customer or geographical concentration, dealer dependence, dependence on government-linked utilities, and limited market share.
Financial performance and balance sheets
Brokerage Positives
Positive factors included improving profitability, operational efficiency, improving returns, low leverage, debt reduction, captive power and asset-light business models.
Key Risks
Concerns included declining profitability, persistent losses, cash burn, elevated debt, higher credit costs, rising Stage 3 loans, lower margins and declining return on net worth.
Valuation and execution
Brokerage Positives
Capacity expansion, acquisitions, redevelopment opportunities and planned growth could support future performance if delivered successfully.
Key Risks
Brokerages warned about rich or demanding valuations, execution delays, working-capital needs, project timelines, raw-material volatility and the need to sustain earnings and margins.
- Article count
- The headline says 10 IPOs, but detailed entries are provided for nine companies.
- Strongest reported subscription
- Adroit Industries was subscribed more than 63 times, mainly by high-net-worth and retail investors.
- Weakest reported subscription
- AceVector was subscribed 6% during the first three hours of bidding.
- Largest issue detailed
- Elevate Campuses is raising Rs 2,100 crore.
- Smallest issue detailed
- Adroit Industries is raising Rs 151 crore.
- Subscription period
- The listed IPOs opened between September 23 and September 25, with closing dates from September 25 to September 29.
- Common concerns
- Reported risks include leverage, execution, valuation, customer concentration, competition and industry cyclicality.