Four Indian companies — Manipal Health Enterprises, Milky Mist Dairy Foods, Caliber Mining & Logistics and Juniper Green Energy — are readying or already running mainboard IPOs, with listings due on the NSE and BSE through late July and into August 2026, as promoters and private equity investors look to cash in on a buoyant primary market and companies raise fresh capital largely to pare debt.
Manipal Hospitals leads a crowded, varied pipeline
The headline offering belongs to Manipal Health Enterprises, the company behind Manipal Hospitals, which received SEBI’s go-ahead on July 3.
Its draft red herring prospectus, filed with NSE and BSE, confirms a fresh issue of up to ₹8,000 crore combined with an offer for sale of up to 4.32 crore shares from investors including Temasek’s Imperius Healthcare, the Manipal Education and Medical Group, TPG and Mubadala; the filing also flags that the company may raise up to ₹1,600 crore through a separate pre-IPO placement, which would shrink the fresh issue by that amount if it goes ahead.
The price band, bid dates and listing date remain blank in the filing, so specific dates circulating in trade reports — such as a late-July opening — are estimates, not company-confirmed timelines. The chain’s 38-hospital, 12,000-plus-bed footprint across 14 states is drawn from industry trackers; most of the fresh proceeds are earmarked for repaying subsidiary-level debt.
Milky Mist Dairy Foods and Caliber Mining & Logistics: Upcoming IPO
The other two issues span very different sectors — though one of them has already moved well past the pipeline stage.
Milky Mist Dairy Foods, which sells paneer, cheese, curd and ghee rather than liquid milk, is pursuing a ₹1,785-crore fresh issue plus a ₹250-crore offer for sale — confirmed in its NSE-filed prospectus; its revenue climbed from ₹1,394 crore in FY23 to ₹2,349 crore in FY25, a roughly 30% compound growth rate, and the company has already completed roadshows.
Caliber Mining & Logistics, a Nagpur-based contract miner working mainly for Coal India subsidiaries, is no longer a draft-stage filing — its red herring prospectus went live on NSE on July 13, with the issue open for bidding from July 17 and closing July 21, at a price band of ₹402-424 a share, ahead of a listing on July 24.
After two pre-IPO placements totalling ₹100 crore trimmed the fresh issue, the final structure is a ₹400-crore fresh issue plus a ₹50-crore offer for sale by the promoter Chadda family, for a total offer size of ₹450 crore.
Juniper Green Energy IPO
Juniper Green Energy, a Gurugram-based renewable energy producer with long-term supply agreements with SECI, NTPC and Tata Power, is planning a 100% fresh issue of up to ₹3,000 crore, confirmed in its NSE filing, with no offer for sale.
Strong debut by SBI Funds Management IPO
Its NSE-filed prospectus confirms the issue was structured entirely as an offer for sale — up to 20.37 crore shares, split between State Bank of India (up to 12.83 crore shares) and Amundi India Holding (up to 7.54 crore shares) — with no fresh issue, meaning the company itself received no listing proceeds.
The ₹9,813-crore issue was subscribed 41.66 times, with qualified institutional buyers alone bidding over 140 times their quota. As of July 15, the issue’s grey market premium stood at ₹93 a share, pointing to a possible listing price near ₹667 against the ₹574 upper price band, or a gain of about 16%.
What investors should watch before bidding
Market trackers caution that grey market premiums — the unofficial, unregulated indicator of how a stock might debut — are a sentiment gauge, not a promise of listing-day gains.
Prices in this informal market can swing sharply on broader triggers; GMPs across several IPOs flattened out during a market dip in March tied to escalating tensions between Iran and the US, only to recover once sentiment stabilised.
