The primary market is set for a busy week, with IPOs scheduled to open for subscription between November 16 and November 20. Together, the issues are looking to raise over Rs 10,000 crore. Two mainboard IPOs, Crystal Crop Protection and Mahanadi Coalfields, will open alongside the SME offering of Watrana Rentals.
Crystal Crop Protection’s Rs 455 crore IPO will be the first to open on November 18, followed by Mahanadi Coalfields and Watrana Rentals on November 19. While Crystal Crop Protection will close its issue on November 20, the other two offerings will remain open until November 23.
Here is a closer look at the three IPOs investors can track next week.
The Rs 455 crore IPO of agrochemical and seed manufacturer Crystal Crop Protection will open for subscription on Wednesday, November 18, and close on Friday, November 20. The company has fixed the price band at Rs 259-272 per share. Investors can bid for a minimum of 55 shares and in multiples thereafter, translating into a minimum retail investment of Rs 14,960 at the upper end of the price band.
The offering comprises a fresh issue of shares worth Rs 354.77 crore and an offer for sale (OFS) of Rs 100.71 crore by existing shareholders.
Crystal Crop Protection manufactures crop protection products, including herbicides, fungicides and insecticides, alongside seeds and other agricultural solutions. The company operates a distribution network spanning 23 states and four union territories, with 14,717 independent distributors as of June 30, 2026.
For FY26, its revenue grew 16% year-on-year, while net profit increased 22% to Rs 144.91 crore from Rs 118.39 crore in FY25.
IIFL Capital Services is the book-running lead manager, while MUFG Intime India is the registrar.
The basis of allotment is expected to be finalised on November 23, with a tentative listing date of November 26 on the BSE and NSE.
Mahanadi Coalfields IPO
Coal India subsidiary Mahanadi Coalfields will open its mainboard IPO for subscription on Thursday, November 19, with bidding scheduled to close on Monday, November 23. The offering will comprise an entirely secondary sale of 66.18 crore equity shares, representing a 10% stake in the company.
As the issue is structured entirely as an OFS, Mahanadi Coalfields will receive no proceeds from the offering. The money raised will go to the selling shareholder, Coal India. The price band and total issue size have yet to be announced.
Mahanadi Coalfields is India’s largest coal producer by production and operates primarily in Odisha’s Talcher and Ib Valley coalfields. As of June 30, 2026, the company operated 17 mines, including 14 opencast mines and three underground mines.
Its revenue increased 3% in FY26, while net profit declined 1% to Rs 10,698.12 crore from Rs 10,825.12 crore in the previous financial year. For the six months ended September 2026, the company reported a net profit of Rs 4,880.66 crore on total income of Rs 17,107.83 crore.
SBI Capital Markets is the book-running lead manager, while Kfin Technologies is the registrar. The basis of allotment is expected on November 25, with a tentative listing scheduled for November 27 on the BSE and NSE.
Watrana Rentals IPO
Watrana Rentals will launch its Rs 120.10 crore SME IPO on November 19, with subscription closing on November 23. The company has fixed a price band of Rs 232-245 per share.
The offering comprises a fresh issue of equity shares and is scheduled to list on the NSE SME platform. At the upper end of the price band, the company is targeting proceeds of Rs 120.10 crore, including firm reservations.
Oneview Corporate Advisors is the book-running lead manager. The tentative allotment date is November 25, while shares are expected to make their market debut on November 27.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.