6 mainboard IPOs open: Expert picks Karamtara Engineering, Manipal Payment; here's why

The primary market remained in focus on Wednesday as six mainboard initial public offerings (IPOs) opened for subscription. Of these, Gaurav Sharma, VP and Head of Research at Globe Capital, said he preferred the Karamtara Engineering Ltd and Manipal Payment and Identity Solutions Ltd issues.

Speaking to Business Today, Sharma said valuations of both companies appeared comfortable compared with their peers.

"We have six separate items to choose from. The shopping list is deeper and lengthier. I would cut it into two here. So the first I'll go with is Karamtara Engineering. It is a very well-priced company. Valuations are really comfortable. So we are suggesting our clients to apply for the same," he said.

Sharma also picked Manipal Payment and Identity Solutions, citing its valuation.

"Apart from this, Manipal Payment is also one IPO that we like. Again, valuations are very much comfortable. At the higher price band, its price-to-earnings (P/E) valuation remains reasonable compared with its listed peers. So these are the two issues that we have actually suggested to our clients," he added.

Both Karamtara Engineering and Manipal Payment IPOs will close for subscription on September 11.

Karamtara Engineering IPO

The Karamtara Engineering IPO comprises a fresh issue of shares worth Rs 675 crore and an offer-for-sale (OFS) of up to Rs 200 crore, taking the total issue size to Rs 875 crore.

The Mumbai-based company manufactures products for renewable energy and transmission lines. Its product portfolio includes solar structures, including fixed-tilt and tracker systems, fasteners for solar energy and transmission sectors, and overhead transmission line hardware fittings.

For the financial year ended March 31, 2026, Karamtara Engineering reported a net profit of Rs 228.75 crore and total income of Rs 4,316.36 crore. In FY25, its net profit stood at Rs 139.33 crore, while total income was Rs 3,165.36 crore.

Manipal Payment IPO

The Manipal Payment and Identity Solutions IPO comprises a fresh issue of shares worth Rs 320 crore and an OFS of 1.43 crore shares worth Rs 485 crore by promoter Manipal Technologies.

For the year ended March 2026, the company's profit declined 10.2 per cent to Rs 253.5 crore. The decline was partly due to a high base, as the previous year included exceptional gains of Rs 110 crore. Revenue, however, increased 5.6 per cent year-on-year to Rs 1,326.8 crore.

The company said it was among the largest manufacturers of payment cards globally and in India. It estimated its market share at around 36.4 per cent in the credit card issuance market and 30.9 per cent in the debit card market in FY26.

Four other IPOs

Besides Karamtara Engineering and Manipal Payment and Identity Solutions, four other mainboard IPOs also opened for subscription on Wednesday.

These include Steamhouse India Ltd, Asset Reconstruction Company (India) Ltd (Arcil), LCC Projects Ltd and Rentomojo Ltd.