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India’s primary market is heading into a busy week with five companies - Dhoot Transmission, Molbio Diagnostics, Milky Mist Dairy Food, Shiprocket and Behari Lal Engineering – tapping investors for a combined Rs. 7,443 crore. The issues span auto components, diagnostics, dairy, logistics technology and engineering, offering investors very different growth stories.
The bigger question is not whether these IPOs will attract demand, but whether the businesses can sustain their valuations after listing.
Dhoot Transmission’s Rs. 3,066.89 crore IPO opened on August 10, with a price band of Rs. 829-871. The issue comprises a Rs. 1,400 crore fresh issue and Rs. 1,666.89 crore offer-for-sale.
The company enters the market with strong operating momentum. Its revenue rose from about Rs. 2,799 crore in FY24 to Rs. 4,564 crore in FY26, while profit increased from Rs. 299 crore to about Rs. 397 crore. Its automotive-component exposure, particularly in wiring harnesses, gives it a direct play on vehicle electrification and rising electronic content.
Grey-market sentiment has been particularly strong, with the latest reported GMP at Rs. 241, or about 28% over the upper price band.
That makes Dhoot the strongest candidate for a robust listing. The bigger test, however, will be whether earnings growth can justify the premium after the initial excitement fades.
Molbio Diagnostics also opened on August 10, seeking about Rs. 939.70 crore at a price band of Rs. 768-807. The issue includes a Rs. 200 crore fresh issue and an offer for sale of about Rs. 739.70 crore.
The company reported revenue of Rs. 1,455.17 crore in FY26, compared with Rs. 1,027.94 crore in FY25, while profit rose to Rs. 164.14 crore from Rs. 138.58 crore.
Molbio has attracted anchor investors including Goldman Sachs, BlackRock, HDFC AMC and IFC, which invested Rs. 281.5 crore in the anchor round.
The risk is valuation. GMP was reported around Rs. 115-122, indicating roughly 14-15% potential listing upside. But the company's dependence on government agencies and international aid organisations for a significant share of finished-goods revenue remains a factor investors will need to watch.
Milky Mist Dairy Food will open its Rs. 1,553 crore IPO on August 11 at Rs. 133-140 per share. The issue consists of a Rs. 1,428 crore fresh issue and Rs. 125 crore OFS.
The company has already attracted strategic interest. It raised Rs. 482 crore from Jongsong Investments, an indirect arm of Temasek, in May at Rs. 139.76 per share, valuing the company at around Rs. 9,300 crore.
GMP estimates have been around Rs. 24-26, pointing to a potential listing price near Rs. 164-166.
Milky Mist has a strong consumer brand, but the valuation leaves less room for disappointment. Its long-term performance will depend on margin expansion, distribution and the ability to convert brand strength into sustained earnings growth.
Shiprocket’s Rs. 1,617.59 crore IPO opens August 12 with a Rs. 92-97 price band.
Revenue increased 24% to Rs. 2,024.14 crore in FY26, but the company remained loss-making, with a Rs. 79.25 crore net loss. EBITDA also slipped to a negative Rs. 16.56 crore from Rs. 7.03 crore.
That makes Shiprocket the most execution-dependent story among the five. Its e-commerce infrastructure business has a large addressable market, but investors will ultimately want evidence that scale can translate into sustainable profits.
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Behari Lal Engineering will open on August 12 at Rs. 271-285, seeking about Rs. 301.62 crore. The fresh issue is approximately Rs. 93 crore, while Rs. 208.62 crore will come through OFS.
Its revenue rose from Rs. 450 crore in FY24 to Rs. 546.5 crore in FY26, while profit increased from Rs. 35.8 crore to Rs. 64.6 crore.
The latest reported GMP was Rs. 25, suggesting a relatively modest listing premium.
On listing momentum, Dhoot Transmission currently stands out. Molbio offers a stronger healthcare-growth narrative, while Milky Mist combines brand strength with a demanding valuation. Shiprocket has the highest profitability question, and Behari Lal Engineering offers a smaller, more measured growth story.
GMP can indicate near-term sentiment, but it is unofficial and volatile. The longer-term winners will ultimately be determined by revenue growth, margins, cash generation and the ability to meet the expectations built into their IPO valuations.
