India's mainboard IPO market is seeing a busy week after a quiet spell, with five companies looking to raise a combined Rs 7,479 crore by August 12. The lineup includes Dhoot Transmission, Molbio Diagnostics, Milky Mist Dairy Food, Shiprocket and Behari Lal Engineering, giving investors a mix of auto components, diagnostics, dairy, e-commerce logistics and engineering plays.
Five IPOs: Dhoot Transmission is the biggest one
Dhoot Transmission and Molbio Diagnostics opened for subscription on August 10 and will close on August 12. Milky Mist Dairy Food opens on August 11 and closes on August 13. Shiprocket and Behari Lal Engineering will open on August 12 and close on August 14.
The largest issue in the pack is Dhoot Transmission, which plans to raise Rs 3,066.89 crore at a price band of Rs 829-871 per share. The IPO includes a fresh issue of Rs 1,400 crore and an offer for sale of Rs 1,666.89 crore. Molbio Diagnostics is looking to raise Rs 940 crore at a price band of Rs 768-807 per share. The issue includes a fresh issue of Rs 200 crore and an offer for sale of Rs 739.70 crore.
Milky Mist Dairy Food's Rs 1,553 crore IPO is priced at Rs 133-140 per share. It includes fresh capital of Rs 1,428 crore and an offer for sale of Rs 125 crore. Shiprocket’s Rs 1,617 crore IPO has a price band of Rs 92-97 per share. The issue includes a fresh issue of Rs 885.5 crore and an offer for sale of Rs 731.98 crore.
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Meanwhile, Behari Lal Engineering plans to raise Rs 301.62 crore at a price band of Rs 271-285 per share. Its issue includes fresh capital of Rs 93 crore and an offer for sale of Rs 208.62 crore.
What should investors pick?
Among the five, analysts are leaning toward Dhoot Transmission and Molbio Diagnostics, though for different reasons.
Antu Eapen Thomas, Senior Research Analyst at Geojit Investments, said Dhoot Transmission is his preferred pick because the company is well placed to benefit from automotive electrification and has leadership in wiring harnesses.
“We prefer Dhoot Transmission as the company is well-positioned to benefit from the structural growth in automotive electrification, enjoys strong market leadership in wiring harnesses, and offers a relatively attractive valuation,” Thomas said.
He also said planned debt reduction and capacity expansion through IPO proceeds strengthen the company’s long-term growth outlook.
That makes Dhoot a more direct play on India’s auto electrification cycle. Wiring harnesses are used across vehicles, and demand could rise as electric and feature-rich vehicles need more complex electrical systems. The fresh issue component gives the company capital to reduce debt and expand capacity.
Molbio Diagnostics, on the other hand, is being seen as a technology-led healthcare bet. The company is involved in research, development, manufacturing and commercialisation of rapid diagnostic solutions. Its proprietary Truenat platform is a portable, battery-operated PCR-based molecular diagnostics system designed for resource-limited settings.
Rahul Sharma, Head of Research at Equity99, said Molbio is his top pick from the pack. “The company has developed its proprietary Truenat platform, a portable, battery-operated PCR-based molecular diagnostics system designed for resource-limited settings, offering accurate test results within an hour,” Sharma said.
He said Molbio has 16 registered patents across its point-of-care micro-PCR platform, creating high entry barriers against traditional lab-based diagnostic platforms.
Molbio reported ROE of 15.59% and ROCE of 17.55%. In FY26, the company reported EBITDA margin of 22.56% and PAT margin of 11.28%. Its revenue grew at a 31.5% CAGR over the last three years, according to Sharma. He said the IPO will list at a PE of 54.6 times at the issue price, but the valuation can be defended given the company’s proprietary intellectual property.
The risk in Molbio is valuation and its dependence on government-backed contracts. Geojit’s Thomas said Molbio remains a strong healthcare technology play with a differentiated Truenat platform, but its higher valuation and contract dependence call for some caution.
Milky Mist is the safer consumption story in the group. It operates in branded dairy and value-added food products, a category that has steady household demand. Thomas said Milky Mist is a strong alternative for investors who prefer a consumption-oriented business with predictable demand, backed by India’s expanding branded food and dairy market. However, he said expensive valuation may affect near-term momentum.
Shiprocket is the digital commerce bet. The company has built itself as a merchant-first, AI-powered, end-to-end e-commerce enablement platform. Its long-term case rests on India’s growing online commerce market and increasing demand from small and medium merchants for logistics, fulfilment and technology solutions. The risk is its path to profitability.
"Any slowdown in e-commerce growth or increase in competitive intensity could delay its path to profitability," Thomas said.
Behari Lal Engineering is the smallest mainboard IPO in the set. With an issue size of Rs 301.62 crore, it may attract investors looking at niche engineering plays, but analyst preference in the current pack is more clearly visible toward Dhoot and Molbio.
For investors forced to pick one IPO from the five, Dhoot Transmission appears to be the more balanced choice based on valuation comfort, sector tailwinds and use of proceeds for debt reduction and expansion. Molbio looks stronger for investors willing to pay a higher valuation for proprietary healthcare technology and faster revenue growth.
Milky Mist can suit those seeking a consumer story, while Shiprocket is a longer-term digital commerce bet with higher execution risk.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
