3 IPOs Launch in India: SBI Funds Management Leads Rs 11,600 Cr OFS

India’s primary market is dropping three IPOs between July 14 and 16, 2026, featuring a massive Rs 11,600 crore Offer for Sale from SBI Funds Management.

📌 What Happened?

Two mainboard IPOs, Alpine Texworld Limited and SBI Funds Management Limited, are opening alongside SME issue Millworks Technologies Limited.

Alpine Texworld’s shares are priced between Rs 100 and Rs 105.

SBI Funds Management aims for Rs 11,600 crore, with shares at Rs 545-574, but it’s an Offer for Sale (OFS), meaning existing promoters sell their stake.

State Bank of India already offloaded a 1.42% stake in a pre-IPO placement, raising Rs 1,655 crore at Rs 574 per share.

Millworks Technologies, an SME issue, has a price band of Rs 315-331 per share and will list on the SME platform.

💰 Why It Matters

The SBI Funds Management IPO is entirely an Offer for Sale. This means the company itself won’t receive fresh capital; the money goes to selling shareholders like State Bank of India and Amundi India Holding.

Investors need to understand the difference: OFS offers liquidity to existing owners, not growth capital for the business.

Three simultaneous IPOs in a tight window signal an active primary market but demand careful due diligence from investors.

The pre-IPO placement for SBI Funds Management shows institutional interest, potentially setting a benchmark for the public offering.

👀 What to Watch Next

Monitor investor subscription rates for all three issues to gauge market appetite.

Track the listing performance of these companies, especially SBI Funds Management, given its OFS structure.

Watch if the high activity in the primary market continues to attract more companies seeking to go public.