Four IPOs hit D-Street: Patel Retail, Shreeji Shipping soar; Vikram Solar, Gem Aromatics off to muted start

The Indian share market on Tuesday witnessed the listing of four mainboard initial public offerings (IPOs) - Vikram Solar, Gem Aromatics, Shreeji Shipping Global, and Patel Retail - in an otherwise weak broader market amid looming fears of additional U.S. tariffs. The BSE Sensex and NSE Nifty dropped up to 0.7% each in the first hour of trade after the U.S. government announced a 25% additional tariff on imports from India, effective August 27.

Despite the bearish sentiment, Patel Retail and Shreeji Shipping Global made a strong debut, while shares of Vikram Solar and Gem Aromatics listed marginally higher.

Patel Retail topped the chart in terms of listing gains, with its stock debuting at ₹305 on the BSE, up 19.6% over the IPO price of ₹255, taking its market capitalisation to ₹1,018.72 crore. On the NSE, the stock opened at ₹300, up 17.65%.

Shreeji Shipping Global, which operates in the shipping and logistics sector, also delivered healthy listing gains. The stock kicked off trading at ₹271.85 on the BSE, up 7.9% over its issue price of ₹252, valuing the company at ₹4,428.93 crore. On the NSE, shares listed at ₹270, a 7.14% premium.

Meanwhile, renewable energy solutions provider Vikram Solar saw its shares list at ₹340 on the BSE, a 2.4% premium over its issue price of ₹332, valuing the company at ₹12,298.38 crore. On the NSE, it listed at ₹388, up 1.8% against the IPO price.

On the other hand, shares of Gem Aromatics, engaged in the flavours and fragrance business, debuted at ₹325 on the BSE, flat compared to its issue price, with a market cap of ₹1,697.71 crore. On the NSE, the stock opened marginally higher at ₹333.10, up 2.5% over the issue price.

Retail supermarket chain operator Patel Retail received an overwhelming response to its ₹242.76-crore IPO, which was subscribed 95.70 times. The QIB portion was subscribed 272.43 times, the NII segment 108.18 times, the retail category 42.49 times, and the employee quota 25.37 times.

The ₹410.71-crore IPO of Shreeji Shipping Global was subscribed 58.08 times. The QIB portion received bids 110.41 times, the NII category 72.70 times, and the retail portion 21.92 times.

Kolkata-based Vikram Solar also saw strong demand for its ₹2,079.37-crore IPO, which was subscribed 54.63 times. The QIB portion was booked 142.79 times, the NII category 50.90 times, the retail portion 7.65 times, and the employee quota 4.84 times.

The ₹451.25-crore IPO of Gem Aromatics was subscribed 30.45 times. The QIB segment was booked 53.76 times, the NII category 45.96 times, and the retail portion 10.49 times.

All four mainboard IPOs were launched between August 19 and August 21, 2025, with the allotment of shares to eligible investors finalised on August 22, 2025.

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