The Indian primary market features two mainboard IPOs from Kusumgar and Laser Power & Infra, alongside two SME offerings this week. Kusumgar’s issue is an entirely secondary sale, while Laser Power aims to use funds for debt reduction. Investors should note the varying objectives of these companies, ranging from specialized fabric manufacturing to power infrastructure components.
What Happened
The Indian stock market is set for a week of primary market activity from July 6 to July 10, 2026. Two mainboard companies, Kusumgar Ltd and Laser Power & Infra Ltd, are launching their initial public offerings (IPOs), along with two SME listings from Happy Steels and Devson Catalyst. These offerings represent different segments of the manufacturing and infrastructure sectors, providing investors with new options in the specialty fabric and power transmission spaces.
Kusumgar IPO: Focus on Offer for Sale
Kusumgar, a manufacturer of synthetic fabrics for defense and industrial use, has set a price band of Rs 398 to Rs 419 per share. The IPO opens for subscription on July 8 and will conclude on July 10. The offering is structured as an Offer for Sale (OFS), meaning the company will not receive any capital from this issue. Instead, the Rs 650 crore raised will go directly to existing promoters selling their stake. For the fiscal year 2026, the company reported a net profit of Rs 98.2 crore on revenue of Rs 692 crore. The shares are tentatively scheduled to list on July 15, 2026.
Laser Power & Infra: Debt Reduction Focus
Laser Power & Infra Ltd (LPIL) will launch its Rs 742-crore IPO on July 9, closing on July 13. Unlike Kusumgar, this issue includes a fresh component of Rs 542 crore alongside an OFS of Rs 200 crore. The company intends to use the majority of the fresh proceeds, approximately Rs 490 crore, to pay down debt. Operating in the power transmission sector, the company reported an FY26 revenue of Rs 2,326 crore and a net profit of Rs 151 crore. Its order book is valued at Rs 3,243 crore as of March 31, 2026, which may be a key metric for investors evaluating future revenue visibility.
SME Market Activity
The SME segment will see two launches starting July 9. Happy Steels, a manufacturer of precision automotive parts, is seeking to raise Rs 25 crore through a fresh issue of shares, with a price band of Rs 62-66. Devson Catalyst, which produces specialty chemicals, plans to raise Rs 42 crore, with its price band set between Rs 112 and Rs 118. These smaller offerings carry different liquidity and risk profiles compared to mainboard IPOs.
What Investors Should Track
For Kusumgar, investors may evaluate the implications of an all-OFS structure, as the company will not retain any proceeds for operational growth. For Laser Power & Infra, the primary monitorable is the effectiveness of the debt repayment plan and how it improves the balance sheet. Furthermore, because both companies operate in specialized manufacturing fields, tracking the long-term demand from their respective sectors—such as defense for Kusumgar and power infrastructure for LPIL—is essential. As with all public offerings, the final listing performance will depend on market sentiment, subscription levels, and sector-specific developments following the close of the issues.