Overview

• NFP Sampoorna Foods IPO closes on May 20 with a price band of Rs. 52-55 per share and a minimum retail investment of Rs. 1.10 lakh.

• Teamtech Formwork Solutions IPO will open from May 19 to May 21. The company plans to raise around Rs. 50.15 crore for manufacturing expansion and working capital.

• Harikanta Overseas IPO opens at a price band of Rs. 91-96 per share. Investors closely track its FY25 PAT margin of 19.5% and post-IPO P/E of 12.4x.

Most retail investors open five browser tabs while looking for IPOs to invest in. They check the GMP (Grey Market Premium) and hit apply. That approach works sometimes, but it also explains why so many people end up holding a stock they don't understand at a price that never recovers. This week has three SME IPOs open on the NSE and BSE.

Check the details below on what each company does, the exact numbers of shares you need to buy, and practical tips on IPO selection.

All Three IPOs at a Glance

Before we go in-depth, here is a table showing the latest IPOs to watch this week.

NFP Sampoorna Foods IPO: Closes May 20 (Act Fast)

This one is already live. NFP Sampoorna Foods processes and distributes dry fruits, cashews, makhana, almonds, and walnuts. It sources raw cashew nuts directly from farms in African countries. Then, it processes them in-house into different grades and sells them through B2B (Buyer to Buyer), B2C (Buyer to Customer), institutional, and government channels. The makhana and nut additions in 2024-25 are a direct play on the growing health food segment in India.

The IPO closes on May 20 with a UPI mandate deadline of 5 PM that day. Price band is Rs. 52 to Rs. 55 per share. Lot size is 2,000 shares, so the minimum investment at the upper price comes to Rs. 1,10,000. Total issue size is Rs. 24.53 crore, entirely a fresh issue. Listing is on NSE SME on May 25.

Rs. 9.5 crore (about 39%) of NFP Sampoorna Foods IPO proceeds goes toward repaying debt. Meanwhile, the rest of the money, Rs. 7.25 crore would be used as working capital, and Rs. 7.78 crore for general corporate purposes. That's a relatively small slice going toward actual growth investment. Not a dealbreaker, although if you are thinking long-term, factor that in.

Teamtech Formwork Solutions IPO: Opens May 19, Closes May 21

Teamtech is a Hyderabad-based B2B company that manufactures, refurbishes, and rents modular formwork systems. These are the structural equipment used to shape and pour concrete for walls, bridges, tanks, shafts, and circular structures. Its clients are construction and infrastructure companies, not individuals.

IPO opens May 19 and closes May 21. Price band is Rs. 61 to Rs. 63 per share with a lot size of 2,000 shares. Minimum investment at the upper price is Rs. 1,26,000. Total issue size is approximately Rs. 50.15 crore. Shares are expected to be credited on May 25, with listing on NSE SME on May 26.

The company operates a 20,000 sq. ft. manufacturing and refurbishment facility in Bollaram, Telangana. It uses in-house formwork planning software for design and project execution. The capital raised would go mainly towards expanding manufacturing capacity. It is a reasonably clean use of funds for an infrastructure-linked business.

The demand story is straightforward. India's infrastructure pipeline is large and active. Roads, metro lines, bridges, and housing projects all use formwork. The question is whether Teamtech can scale fast enough to capture that demand at sustainable margins.

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Harikanta Overseas IPO: Opens May 20, Closes May 22

Harikanta Overseas makes synthetic textile fabrics like Ikat, polyester, saree, dhupion, poly linen, and natural fiber out of Surat, Gujarat. It supplies women's and men's ethnic wear fabrics to domestic markets in Delhi, Bangalore, Maharashtra, Punjab, and Rajasthan. Harikanta Overseas also exports to Bahrain, Singapore, and Thailand.

IPO opens May 20, closes May 22. Price band is Rs. 91 to Rs. 96 per share. Lot size is 1,200 shares, but the minimum retail application is 2 lots (2,400 shares), which puts the minimum investment at Rs. 2,30,400 at the upper price. Total issue size is Rs. 25.63 crore. Listing on BSE SME is expected on May 27.

Recent financials look strong on the surface, including PAT margin of 19.5% and EBITDA margin of nearly 28% for the eight months ending November 2025. However, FY23 and FY24 numbers were significantly weaker. This difference in valuation raises questions on whether the recent profitability is a result of genuine business improvement or a short-term spike before a public listing.

The pre-IPO market cap is Rs. 94.71 crore with a post-IPO P/E of about 12.4x. At least one independent analyst has flagged the pricing as aggressive. The cautious outlook is based on historical inconsistency and the competitive nature of the textile segment.

How to Actually Analyse an IPO Before You Apply

Here is a practical, step-by-step approach that applies to any IPO, including the three mentioned above.

Start with the Red Herring Prospectus (RHP). It is publicly available on SEBI's website, BSE, NSE, and the registrar's portal. The most important section is ‘Objects of the Issue’, it tells you exactly what the company plans to do with your money. Capital expenditure and working capital are good signs. Heavy debt repayment by promoters or a large Offer for Sale (OFS) component deserves more scrutiny. In an OFS, existing shareholders are selling their stake. The company gets nothing from that money, you are essentially buying someone else's exit.

Next, look at three years of financials, not just the most recent period. Check revenue growth, PAT margin, EBITDA margin, Return on Equity, and the cash flow statement. A company can show accounting profit while burning cash in operations; that gap matters a lot. Positive, consistent operating cash flow is one of the clearest signs of a fundamentally sound business.

On valuation, calculate the P/E ratio by dividing the IPO price by the annualised EPS, then compare it to listed peers in the same sector. A P/E of 25x means very different things for a fast-growing tech company versus a traditional textile manufacturer. Always benchmark within the same industry.

Check promoter holding post-IPO. High promoter stake after listing signals that the people running the company still have skin in the game. Heavy dilution through OFS is worth questioning.

Once the IPO opens, watch the subscription data daily. QIB (Qualified Institutional Buyer) subscription is the most useful signal. If large institutional investors are putting money in at the issue price, they have done their homework. Strong QIB interest is not a guarantee of listing gains, but weak QIB interest alongside high retail subscription is a pattern worth being cautious about.

Finally and this is the step most people skip, decide your purpose before applying. Are you applying for a listing gain or holding for the long term? Both are valid strategies, but they require completely different criteria.

If you are chasing listing gains, GMP trends and subscription levels matter most. If you are investing for three to five years, business quality and valuation are what count. Getting the two mixed up is where most retail investors lose money in IPOs.

Also Read: Best Platforms to Buy Gold Coins Online for Secure Investment

Three IPOs, One Week: Here is How to Play it

All three are SME listings, which means higher volatility and lower liquidity compared to mainboard issues. Allotment is not guaranteed, and listing day swings can be sharp in either direction.

NFP Sampoorna Foods closes soon. Teamtech opens tomorrow and is the most straightforward infrastructure play of the three, with a clean use of funds and a sector that has genuine tailwinds.

Harikanta Overseas has the strongest recent margins on paper. However, the historical inconsistency and a minimum investment of Rs. 2,30,400 make it the one IPO that needs the most scrutiny before you apply.

Do not apply to all three just because they are open at the same time. Pick the one where the business, the price, and your investment goal actually line up, and sit out the rest.

FAQs

1. Which IPOs are open for investors this week?

This week, investors can track three IPOs—NFP Sampoorna Foods, Teamtech Formwork Solutions and Harikanta Overseas. These companies belong to different sectors including food processing, infrastructure and textiles. The IPOs are opening between May 18 and May 22, with listing dates scheduled between May 25 and May 27 on NSE SME and BSE SME platforms.

2. What is the minimum investment needed for these IPOs?

The minimum investment amount depends on the IPO lot size and price band. NFP Sampoorna Foods requires around Rs. 1.10 lakh for one retail application. Teamtech Formwork Solutions needs about Rs. 1.26 lakh, while Harikanta Overseas requires the highest amount at nearly Rs. 2.30 lakh because investors must apply for two lots minimum.

3. When will Teamtech Formwork shares list?
Teamtech Formwork Solutions shares are expected to list on NSE SME on May 26, 2026. The IPO opens on May 19 and closes on May 21. Share allotment is expected on May 22, while shares may get credited to demat accounts on May 25 before listing day trading begins.

4. What should investors check before applying for an IPO?

Investors should review the company’s financial performance, debt levels, promoter holding, use of IPO proceeds and valuation compared to listed peers. It is also important to read the Red Herring Prospectus carefully. Subscription data, especially institutional investor interest, can also provide useful signals about market confidence before listing day.

5. Are IPOs good long-term investments?

Some investors apply for short-term listing gains, while others invest for long-term growth. IPOs with strong subscription demand and positive market sentiment may see sharp listing gains, but there is no guarantee. Long-term investors should focus more on business quality, profitability, growth potential and valuation instead of only following grey market premium trends.