Top 3 IPOs to Watch This Week: 15 Sept

Current Market Overview

As of Monday, 15 September 2025, the Indian IPO market remains buoyant despite broader equity volatility. The Nifty 50 closed at 24 130 (down 0.3%) and the Sensex at 79 500 (down 0.2%), with mixed sectoral performances. The SME segment continues to attract retail interest, but mainboard IPOs backed by strong brands and business models have seen outsized GMPs.

Regulatory environment remains supportive: SEBI’s recent circular on 90% cap on first-day listing gains for SMEs has had limited impact, with grey market activity still signaling aggressive premia ahead of allotment. SEBI’s stricter disclosures on GMP reporting have improved transparency, enabling investors to gauge listing prospects more reliably. Meanwhile, the ongoing shift toward digital platforms and services continues to underpin strong demand for technology and consumer-focused issues.

Retail allocations across the top IPOs have averaged 35%, with Qualified Institutional Buyers (QIBs) at 50% and HNIs at 15%, reflecting a balanced subscription strategy for issuers. This week’s calendar features 10 IPOs across SME and mainboard, but three stand out for both demand indicators and growth potential.

Detailed Analysis

1. Urban Company (10–12 Sept subscription; Listing 17 Sept)

• Price Band: ₹98–₹103
• Grey Market Premium: ₹68 (66% of ₹103)
• Sector: Home & local services platform
• Business Model & Growth:
  • Founded in 2014, Urban Company operates a marketplace for domestic services.
  • FY25 revenue grew 38% YoY to ₹1 200 cr; EBITDA margin at 8%.
  • Strong network effects and repeat usage metrics drive high customer lifetime value.
• Listing Prospects:
  • GMP jump from ₹10 to ₹70 signals confidence in ₹171 listing price.
  • Estimated listing gain: ~68%.
• Risks & Disclaimers:
  • Regulatory risk around gig-worker classification.
  • Competition from local players could pressure margins.

2. Dev Accelerator (10–12 Sept subscription; Listing 17 Sept)

• Price Band: ₹56–₹61
• Grey Market Premium: ₹9 (14.8% of ₹61)
• Sector: Technology-enabled services (consulting & customer engagement)
• Business Model & Growth:
  • Serves enterprise clients in BFSI and e-commerce verticals.
  • FY25 revenue ₹310 cr (25% YoY growth); 12% EBITDA margin.
  • Strong order book backed by digital transformation spending.
• Listing Prospects:
  • GMP suggests ₹71 listing price (~16.4% gain).
• Risks & Disclaimers:
  • Client concentration risk (top 5 clients 60% of revenue).
  • Margin pressure if wage inflation persists.

3. VMS TMT (17–19 Sept subscription; Listing 24 Sept)

• Price Band: ₹94–₹99
• Grey Market Premium: ₹20 (20.2% of ₹99)
• Sector: Steel rebar and TMT manufacturing (infrastructure)
• Business Model & Growth:
  • Strong order book from real estate and public infrastructure projects.
  • FY25 revenue ₹450 cr (30% YoY growth); EBITDA margin 10%.
  • Backward integration and cost control support margins.
• Listing Prospects:
  • GMP implies listing near ₹119 per share.
• Risks & Disclaimers:
  • Commodity price volatility.
  • Environmental compliance and capital intensity concerns.

Investment Recommendations

Investors seeking high listing gains should prioritise Urban Company for its exceptional GMP and platform moat. Allocate 50% of IPO exposure here, given expected 60–70% upside. Dev Accelerator and VMS TMT round out a diversified trio: the former provides a moderate 15–20% gain potential in tech services; the latter, 20–25% in industrial manufacturing. For maximum allotment chances, use both ASBA via your bank’s IPO application portal and UPI mandate through your broker’s app. Apply in multiple lots to leverage retail quotas. Monitor allotment status on KFinTech’s portal on 15 Sept. Maintain exit discipline—consider booking gains near GMP-implied listing prices and avoid chasing post-listing rallies beyond that range.

Risk Disclaimer: IPO investments are subject to market, regulatory and business risks. Past GMP performance is not a guarantee of listing gains. Always consult a financial advisor and read the RHP before applying.

Market Outlook & Predictions

The Indian IPO pipeline remains robust through Q4 2025, with projected fundraising of ₹30 000 cr across mainboard and SME issues. Technology-enabled services, consumer platforms and infrastructure-linked businesses will dominate. SEBI’s enhanced disclosure norms on GMP will improve price discovery, narrowing extreme premia for less differentiated issues. Expect continued strong retail appetite, especially for platform models with clear path to profitability. Infrastructural recovery led by government capex will support manufacturing IPOs. However, any macro slowdown or credit stress could temper valuations. Investors should focus on subscription ratios, GMP trends and underlying fundamentals rather than headline listing gains alone.

Conclusion

This week’s top IPOs—Urban Company, Dev Accelerator and VMS TMT—offer diverse sector exposure with compelling pre-listing gains. Arm yourself with the latest data from TheIPoList.in, apply strategically across retail quotas and lock in potential gains at listing. Bookmark this post, follow TheIPoList.in for real-time updates and share your experiences in the comments. Ready to seize these opportunities? Apply before subscription closes and tag a fellow investor who shouldn’t miss out!

Check more details now: https://theipolist.in/