Recent Mainboard IPOs 2026
Recently closed mainboard IPOs listed on NSE & BSE with listing performance, GMP data, and detailed subscription analysis.
Bharat Coking Coal Limited (BCCL)
Mainboard ListedAmagi Media Labs Limited
Mainboard ListedUnderstanding Mainboard IPO Listings
What is Mainboard IPO?
Mainboard IPOs are large companies listing on NSE & BSE with minimum paid-up capital of ₹10 crore and market capitalization requirements.
Listing Gain
The percentage increase from issue price to listing price. Calculated as: (Listing Price - Issue Price) / Issue Price × 100
Grey Market Premium
Unofficial trading premium before listing. Indicates market sentiment and expected listing performance.
Subscription Rate
Total applications received vs. shares available. Higher subscription indicates strong investor interest.
Key Eligibility Criteria for Mainboard IPO
Understanding the IPO main board requirements is crucial for companies planning to go public. Here are the fundamental eligibility parameters:
Financial Requirements
| Criteria | NSE Mainboard | BSE Mainboard |
|---|---|---|
|
Paid-up Capital |
Minimum ₹10 crore |
Minimum ₹10 crore |
|
Market Capitalization |
Minimum ₹25 crore post-issue |
Minimum ₹25 crore post-issue |
|
Issue Size |
No minimum specified |
Minimum ₹10 crore |
|
Net Tangible Assets |
Minimum ₹3 crore (3-year average) |
Minimum ₹3 crore |
|
Track Record |
Minimum 3 years of operations |
Minimum 3 years of operations |
Operational Requirements
Companies must demonstrate profitability in at least two out of the last three financial years preceding the IPO application. Additionally, organizations must maintain:
- Positive net worth with no pending insolvency or bankruptcy proceedings
- No debt defaults to banks or financial institutions
- Clean regulatory record with no disciplinary actions from SEBI
- Audited financial statements for the previous three years
- Experienced promoters with at least three years in the business domain
Mainboard IPO Application Process Flowchart
┌─────────────────────────────┐
│ Board Approval for IPO │
│ & Appointment of Advisors │
└──────────┬──────────────────┘
│
▼
┌─────────────────────────────┐
│ Appoint Merchant Banker & │
│ Other Intermediaries │
└──────────┬──────────────────┘
│
▼
┌─────────────────────────────┐
│ Due Diligence & DRHP │
│ (Draft Red Herring │
│ Prospectus) Preparation │
└──────────┬──────────────────┘
│
▼
┌─────────────────────────────┐
│ File DRHP with SEBI for │
│ Observations & Approval │
└──────────┬──────────────────┘
│
▼
┌─────────────────────────────┐
│ File RHP (Red Herring │
│ Prospectus) with Stock │
│ Exchanges │
└──────────┬──────────────────┘
│
▼
┌─────────────────────────────┐
│ Marketing & Roadshows to │
│ Anchor Investors │
└──────────┬──────────────────┘
│
▼
┌─────────────────────────────┐
│ IPO Opens for Public │
│ Subscription (3-5 days) │
└──────────┬──────────────────┘
│
▼
┌─────────────────────────────┐
│ Basis of Allotment & │
│ Share Transfer to Demat │
└──────────┬──────────────────┘
│
▼
┌─────────────────────────────┐
│ IPO Listing on NSE & BSE │
│ Trading Commences │
└─────────────────────────────┘Upcoming Mainboard IPO: What to Watch in 2025
The upcoming main board IPO calendar in India showcases exciting investment opportunities. Notable upcoming mainboard IPOs include Studds Accessories IPO, Orkla India IPO, and Lenskart Solutions IPO, each offering investors access to established businesses with strong growth trajectories.
Recent Successful Mainboard IPOs
Several major companies have successfully launched their IPOs in 2024-2025, including:
- LG Electronics India: Raised ₹11,607 crore through an offer-for-sale
- Canara HSBC Life Insurance: ₹2,517.50 crore public offering
- Midwest IPO: Mixed offering of ₹451 crore (fresh issue + OFS)
Types of Mainboard IPO Offerings
| IPO Type | Description | Capital Flow |
|---|---|---|
|
Fresh Issue |
New shares created and sold to public |
Funds go to the company |
|
Offer for Sale (OFS) |
Existing shareholders sell their shares |
Funds go to selling shareholders |
|
Mixed Offering |
Combination of fresh issue + OFS |
Funds split between company & shareholders |
Investor Categories in Mainboard IPO
SEBI defines multiple investor categories for mainboard IPOs, including Retail Individual Investors (RII), Non-Institutional Investors (NII), Qualified Institutional Buyers (QIB), and eligible employees. Each category has specific allocation percentages and application requirements.
Allocation Structure
- QIB: 50% of total issue size
- Non-Institutional Investors: 15% of total issue size
- Retail Investors: 35% of total issue size
Mainboard vs SME IPO: Key Differences
| Parameter | Mainboard IPO | SME IPO |
|---|---|---|
|
Paid-up Capital |
₹10+ crore |
Up to ₹25 crore |
|
Listing Platform |
NSE/BSE Mainboard |
NSE Emerge/BSE SME |
|
Market Maker |
Not required |
Mandatory for 3 years |
|
Financial Reporting |
Quarterly (every 3 months) |
Half-yearly (every 6 months) |
|
Minimum Application |
Varies (typically ₹10,000-15,000) |
₹1 lakh minimum |
|
Track Record |
3 years + profitability |
3 years operational |
|
Investor Reach |
Broader institutional & retail |
Primarily retail & HNI |
Benefits of Investing in Mainboard IPO
For Companies:
- Access to substantial capital for expansion and debt reduction
- Enhanced brand visibility and corporate credibility
- Better valuation and exit opportunities for early investors
- Improved corporate governance and transparency standards
For Investors:
- Opportunity to invest in established, proven businesses
- Potential for listing gains and long-term capital appreciation
- Portfolio diversification across sectors and industries
- Regulated investment environment with SEBI oversight
Risks Associated with Mainboard IPO
While mainboard IPOs offer attractive opportunities, investors should be aware of:
- Market Volatility: Share prices may fluctuate significantly post-listing
- Overvaluation: Some IPOs may be priced higher than intrinsic value
- Lock-in Periods: Promoter shares have mandatory lock-in, affecting supply dynamics
- Allocation Uncertainty: Oversubscribed IPOs may result in partial or no allotment
Upcoming Main Board IPO: Investment Strategies
To maximize returns from upcoming mainboard IPO opportunities:
- Research Thoroughly: Analyze the company’s financials, business model, and industry position
- Review the Prospectus: Understand risk factors, fund utilization, and competitive landscape
- Check Grey Market Premium (GMP): Assess market sentiment (for informational purposes only)
- Monitor Subscription Data: Track investor demand across categories
- Consider Long-term Prospects: Evaluate growth potential beyond listing gains
- Diversify Applications: Don’t invest all capital in a single IPO
Regulatory Framework for IPO Main Board
Mainboard IPOs in India are regulated by SEBI to ensure transparency and investor protection, with companies required to comply with ICDR Regulations 2018. The regulatory framework covers:
- Disclosure requirements and prospectus standards
- Pricing mechanisms (fixed price or book building)
- Allotment procedures and timelines
- Post-listing compliance and corporate governance
- Continuous disclosure obligations
FAQs About Mainboard IPO
The minimum investment varies by IPO but typically ranges from ₹10,000 to ₹15,000 for retail investors, based on the lot size and price band set by the company.
From DRHP filing to listing, the process typically takes 3-6 months, depending on SEBI observations, regulatory approvals, and market conditions.
Yes, retail investors can sell their allotted shares immediately after listing on the stock exchange. However, promoters and pre-IPO shareholders face lock-in restrictions.
In oversubscribed IPOs, shares are allotted proportionately based on the category. Retail investors are assured minimum allotment of one lot if the oversubscription is less than the total applications.
The price is determined through book building (where investors bid within a price band) or fixed price method. Final price is decided based on demand from anchor investors and public subscription.
You need a Demat account, linked bank account, PAN card, and a UPI ID for online applications. No physical documents are required for the application process.
Mainboard IPOs generally involve larger, more established companies with stricter regulatory requirements, but all investments carry risks. Proper due diligence is essential regardless of the platform.
Before the IPO launch, companies raise funds from anchor investors by allocating a portion of the total offer size, which helps build confidence and price discovery for the public issue.
Conclusion
The mainboard IPO market in India represents a gateway for established companies to access public capital while offering investors opportunities to participate in proven business models. With upcoming main board IPOs scheduled throughout 2025, staying informed about eligibility criteria, application processes, and market dynamics is essential for both issuers and investors.
Whether you’re tracking the upcoming IPO main board calendar or evaluating current offerings, understanding the regulatory framework, financial requirements, and investment strategies will help you make informed decisions in India’s dynamic capital markets. Always conduct thorough research, assess your risk tolerance, and consider consulting financial advisors before investing in any IPO.