India’s IPO market is set for another busy week as several companies prepare to open their public issues. The biggest attraction is the SBI Funds Management IPO, while Alpine Texworld and Millworks Technologies are also expected to attract investor interest.
The upcoming IPOs come at a time when market sentiment is improving. Investor confidence has increased after SEBI introduced its revised Total Expense Ratio (TER) rules, and recent IPOs have received a positive response from the market.
SBI Funds Management IPO takes centre stage
The SBI Funds Management IPO is a complete Offer for Sale (OFS) worth about ₹11,692.91 crore. The issue includes more than 20.37 crore equity shares, which are being sold by existing shareholders State Bank of India (SBI) and Amundi India Holding. Since this is an OFS, the company will not receive any money from the IPO.
Before launching the public issue, SBI completed a pre-IPO placement worth ₹1,655 crore by selling around 2.88 crore shares to 30 institutional investors at ₹574 per share. Some of the investors include 360 ONE, Tata AIG, Go Digit, Bennett Coleman and 3P India Equity Fund.
The IPO also has reserved portions for different investor groups. SBI shareholders have a dedicated quota of over 1.30 crore shares, while separate reservations have been made for SBI employees and SBI Funds Management employees. Eligible employees will get a ₹54 per share discount.
SBI Funds Management is India’s largest asset management company based on quarterly average assets under management (QAAUM). It manages ₹29.46 lakh crore in total assets, while its mutual fund business alone handles ₹12.51 lakh crore, giving it a market share of around 15.3%.
The company is also India’s biggest passive fund manager with a 27.9% market share in ETFs and index funds. It has 16.21 million active SIP accounts, and a large number of these investors come from cities beyond India’s top 30 urban centres.
For FY26, the company reported revenue from operations of ₹4,389.49 crore and a profit after tax of ₹3,067.38 crore. It also posted a strong return on equity (ROE) of 43.02%, showing solid financial performance.
However, the draft prospectus also mentions a few legal matters. These include allegations of fraudulent mutual fund redemptions at its Gangtok branch, an FIR related to nominee registration in Agra, and a dispute over the transfer of mutual fund investments in Haldia. Separately, parent company SBI is involved in an insolvency case related to another company.
Alpine Texworld plans expansion with IPO funds
Textile company Alpine Texworld is also entering the stock market with a fresh issue to support its future growth. Earlier documents mentioned an issue size of 1.50 crore shares, while updated reports suggest the issue may include around 1.20 crore shares. The minimum application size is 142 shares.
The company was established in 2016 as Alpine Spinweave Private Limited and later changed its capital structure before planning the IPO.
In FY26, Alpine Texworld reported revenue of ₹342.71 crore and net profit of ₹21.71 crore. Its subsidiary, Alpine Cottweave LLP, contributed nearly 39% of the company’s total profit, making it an important part of the business.
The company currently operates two manufacturing units in Gujarat and plans to use the IPO money to build a third weaving unit, which will help increase its production capacity.
With a Return on Net Worth (RoNW) of 29.44%, Alpine Texworld compares well with several listed textile companies. Investors are expected to closely watch its growth plans and financial performance.
Millworks Technologies and positive market mood support IPO activity
SME company Millworks Technologies has also gained attention because of its unique shareholding history. The company recently announced a 200-for-1 bonus issue, while its promoters had originally bought shares at an average cost of just ₹0.05 per share.
The IPO has a lot size of 400 shares, but retail investors must apply for at least two lots, making the minimum investment around ₹2.65 lakh. The issue is being managed by GYR Capital Advisors, while Purva Sharegistry is the registrar.
The overall market environment has also become more positive after SEBI announced its revised Total Expense Ratio (TER) and Base Expense Ratio (BER) rules, which came into effect on April 1, 2026. Although the regulator reduced some expense limits, the final rules were considered less strict than expected, helping boost investor confidence in asset management companies.
Overall, this week’s IPO lineup offers investment opportunities across financial services, textiles and technology. While the companies have reported strong financial performance and attracted institutional interest, investors should carefully review each company’s business, financials and risk factors before making any investment decision.