Insights, how-to guides, and market updates from the ipomarket.in research team.
SEBI's May 21, 2026 consultation paper proposes replacing the static −50%/+100% dummy price band with auto-expanding bands in 10% multiples. Re-listed stocks get fairer base prices, SME IPOs get a flexing mechanism for the first time. Comments invited until June 11, 2026. Full investor guide.
Aspri Spirits — India's largest premium alcobev distributor with 323 brands across 89 global suppliers — received SEBI approval between May 6-14, 2026 for a ₹140 Cr fresh issue plus 50 lakh OFS. Pan-India reach across 28 states, 17,000+ outlets, average realisation ₹17,666/case. Full review.
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Four major IPO and capital market developments in May 2026: India's largest alcobev distributor Aspri Spirits secures SEBI approval, SEBI proposes price discovery reform for listing day, Swiggy's IOCC special resolution falls short of 75%, and Chennai drone maker Garuda Aerospace files DRHP for a ₹750 Cr+ IPO.
Vegorama Punjabi Angithi — a Delhi NCR QSR chain operating 19 cloud kitchens and 2 fine-dining restaurants under the Punjabi Angithi brand — opens its ₹38.38 Cr BSE SME IPO on May 20, 2026 at ₹73-77 per share. GMP ₹15 (19.48% premium), FY25 PAT ₹8.22 Cr. Complete review.
Merritronix — a Hyderabad-based ESDM company with three decades of defence and aerospace electronics manufacturing — opens its ₹70.03 Cr BSE SME IPO on June 1, 2026 at ₹141-149 per share. With a strong GMP of ₹70 (47% premium), here is the complete review, financials and application framework.
Q-Line Biotech — a Lucknow-based In-Vitro Diagnostics (IVD) company — opens one of the largest NSE SME IPOs ever at ₹214.48 Cr on May 21, 2026. Price band ₹326-343, FY25 revenue ₹322 Cr, notable pre-IPO investor Vikas Khemani. Complete review, GMP and financials.
Bio Medica Laboratories — an Indore-based parenteral formulations manufacturer with 58 liquid injectable and 15 dry powder injectable products — opens its ₹52.43 Cr NSE SME IPO on May 21, 2026 at ₹132-139 per share. Complete review, GMP, financials and should-you-apply analysis.
Teamtech Formwork Solutions — a Hyderabad-based modular T-formwork manufacturer — opens its ₹50.15 Cr NSE SME IPO on May 19, 2026 at ₹61-63 per share. With 64% YoY revenue growth and 48% PAT growth, here is the complete IPO review, GMP, subscription and decision framework.
Zepto — the Stanford-dropout-founded quick-commerce challenger — is preparing a ₹11,000 crore IPO for July 2026, having secured SEBI approval in May 2026. With FY25 revenue of ₹11,110 crore (+149% YoY), a $7B valuation and a roadmap to PAT-positive FY26, here is everything investors need to know.
Vegorama Punjabi Angithi opens its ₹38.38 crore BSE SME IPO on May 20, 2026 at a price band of ₹73-77. The pure-vegetarian QSR and cloud-kitchen operator reported 54% YoY revenue growth and a 77% jump in net profit in FY25. Complete review of business, financials, peer set and investor framework.
NFP Sampoorna Foods opens its ₹24.53 crore NSE SME IPO on May 18, 2026 at a price band of ₹52-55 per share. The premium dry-fruit processor reported 53% YoY revenue growth (FY24-FY25) and a 162% jump in net profit. Complete review of business, financials, peer comparison and the investor framework.
Aavishkaar-backed Arohan Financial Services — the second-largest NBFC-MFI in Eastern India — filed DRHP for a ₹1,400 crore IPO in mid-May 2026 (₹600 cr fresh + ₹800 cr OFS by TIAA and Dell Foundation). Filed into a soft microfinance cycle. FY25 revenue ₹1,581 cr, net profit ₹110 cr. Complete review.
