India’s IPO market continues to stir headlines, with a mix of high-stakes developments, fresh listings, surprise withdrawals, and regulatory hurdles. From the National Stock Exchange’s billion-dollar listing facing SEBI scrutiny to helmet-maker Studds making a bold comeback attempt, the country’s capital markets show no shortage of drama. Here’s a detailed roundup of the most important IPO news you need to know today.
NSE IPO Faces Delay as SEBI Flags Compliance Issues
The most anticipated IPO in India—the listing of the National Stock Exchange (NSE)—now faces fresh turbulence. SEBI flagged critical regulatory gaps in a fresh communication to the exchange, putting the billion-dollar IPO plan in jeopardy once again.
NDTV Profit broke the story, reporting that SEBI raised several red flags related to governance standards and pending compliance issues. Business Standard and The Economic Times confirmed the development, citing insiders who indicated that the IPO may not happen in FY25 unless NSE resolves the concerns promptly.
The regulator’s concerns revolve around transparency in past share transactions, conflict of interest issues, and leadership accountability. NSE must now act swiftly and decisively if it wants to proceed with the listing. Investors and market participants had placed high hopes on the IPO, expecting it to lead FY26’s projected ₹2.1 lakh crore ($26 billion) IPO pipeline.
The exchange has not yet issued an official statement, but sources suggest that management has already started internal audits to meet SEBI’s requirements.
Retaggio Industries IPO Opens with Strong Interest
While NSE’s listing runs into a wall, Retaggio Industries opened its IPO today and immediately captured retail investor interest. The IPO, priced at ₹25 per share, saw a subscription of 31% on Day 1, with healthy demand reported from retail and HNI segments.
Business Standard, Mint, and The Economic Times reported key IPO metrics, including the price band, lot size, and grey market premium (GMP). Analysts see Retaggio’s IPO as a decent bet in the SME segment, given the company’s consistent revenue growth, healthy order book, and strong market presence in the specialty manufacturing sector.
Retaggio plans to use the proceeds for machinery upgrades, working capital needs, and geographical expansion. The IPO remains open for subscription until the end of the week, with allotment expected to finalize next Thursday.
Studds Accessories Files for IPO Again After 7 Years
India’s largest helmet manufacturer, Studds Accessories, re-entered the IPO ring after seven years. The company filed its draft red herring prospectus (DRHP) with SEBI, marking its second attempt to go public.
Rediff MoneyWiz, Mint, and Financial Express confirmed the development, noting that Studds aims to raise funds to expand its manufacturing capacity, launch new safety gear lines, and repay existing debt.
In 2018, Studds filed for an IPO but eventually shelved the plan due to market conditions. This time, the company feels more confident, thanks to strong demand for two-wheelers and an increasing focus on road safety regulations. Studds owns two large manufacturing plants and exports helmets to over 40 countries. With a growing customer base and improving margins, analysts believe the company could attract robust interest from both retail and institutional investors.
Cult.fit Picks Bankers for ₹2,500 Crore IPO
Cult.fit, the Zomato-backed fitness and wellness platform, has started its IPO journey by appointing investment bankers. According to CNBC-TV18, Groww, and Inc42, the startup has shortlisted five bankers to manage its ₹2,500 crore issue.
Cult.fit plans to file draft papers within the next two months. The company will use the IPO proceeds to fuel expansion, strengthen its tech platforms, and deepen its offline gym presence across metros and Tier 2 cities. CEO Mukesh Bansal and co-founder Ankit Nagori believe the IPO will unlock new growth avenues and elevate Cult.fit into a national wellness brand.
With Zomato’s support and a well-established presence in the fitness tech space, Cult.fit could emerge as one of the biggest startup listings of the year. Market watchers now wait for the company to file its DRHP and disclose key financials.
Shri Ahimsa Naturals IPO Subscribed 45x on Final Day
Organic and vegan product company Shri Ahimsa Naturals created a stir in the SME IPO space with a massive 45x oversubscription. The IPO, which closed today, attracted strong demand from HNIs and institutional investors.
According to Moneycontrol, The Economic Times, and News18, investors responded positively to the company’s focus on sustainable and cruelty-free wellness products. The grey market premium for the IPO soared by 11%, indicating a strong listing on the cards.
Shri Ahimsa plans to expand its product categories, strengthen D2C sales, and open exclusive experience centers in top cities. This IPO result underscores growing investor appetite for niche, high-margin FMCG companies with strong ESG credentials.
Desco Infratech IPO Allotment Status Goes Live
Desco Infratech, an SME construction services company, completed its IPO allotment process today after receiving an overwhelming 78x subscription. According to Mint, India TV, and Groww, investors can now check their allotment status through BSE and Bigshare Services’ online portals.
Desco plans to use the funds to scale up its operations, upgrade equipment, and acquire new government contracts. With a stellar response and solid fundamentals, Desco expects a strong listing performance when it hits the exchanges next week.
SEBI Halts IPO Plans of WeWork India
In another regulatory blow, SEBI placed WeWork India’s IPO plans in abeyance. The regulator raised concerns over ownership structure, debt liabilities, and financial transparency.
Moneycontrol and The Hindu reported that WeWork India had filed to raise capital through a public issue, but SEBI has now paused the process indefinitely. This setback adds to the troubled history of WeWork’s global operations. WeWork India must now restructure its offering and resolve compliance issues if it wants to revive IPO plans in 2025.
Indira IVF Hospital Scraps IPO After Film Backlash
In a surprising twist, Indira IVF Hospital withdrew its ₹3,500 crore IPO plan. According to Mint, Moneycontrol, and The Economic Times, the company retracted its draft papers after facing negative publicity tied to a recent movie’s depiction of fertility treatment centers.
The film’s release triggered widespread conversations about ethics and patient safety in the fertility space. Insiders revealed that the management chose to avoid potential reputational damage during its IPO roadshow. The company may revisit the public markets at a later stage after reassessing its brand strategy.
Tata Capital IPO Faces Complications Amid Merger Plans
Finally, Tata Capital’s IPO may face a delay due to complications arising from its proposed merger with Tata Motors Finance. According to The Ken, the merger could add ₹40,000 crore to Tata Capital’s books but may also weaken its financial profile in the short term.
Market analysts say Tata Capital must resolve asset quality concerns before proceeding with the IPO. Investors remain eager for Tata Capital’s listing, but timing will depend on how the merger unfolds.
Conclusion: A Volatile but Vibrant IPO Landscape
Today’s IPO headlines reflect the dual nature of India’s current capital markets. Regulatory scrutiny delayed high-profile listings like NSE and WeWork India, while newer players such as Retaggio, Studds, and Shri Ahimsa Naturals drew significant investor attention. Cult.fit’s preparations and Tata Capital’s roadmap add more intrigue.
With a $26 billion IPO pipeline for FY26 and growing interest among ultra-HNIs and retail investors, the IPO market still holds promise. But companies must tighten compliance, stay market-ready, and build investor trust to capitalize on the opportunity.