Five SME initial public offerings (IPOs) are set to open for subscription today, September 25, 2026, giving investors a five-day bidding window until September 29. The five issues — Shree TNB Polymers, Dudani Retail, Sai Urja Indo Ventures, Himalayan Solar and Bench Mark Infotech Services — will collectively raise around Rs 177.16 crore.

Three of the IPOs — Shree TNB Polymers, Dudani Retail and Sai Urja Indo Ventures — will list on the BSE SME platform, while Himalayan Solar and Bench Mark Infotech Services will list on the NSE SME platform. Among the five, Himalayan Solar has the largest issue size at Rs 68.03 crore, followed by Bench Mark Infotech Services at Rs 42.44 crore.

All five IPOs are scheduled to close on September 29, with the basis of allotment expected to be finalised on September 30. The shares are tentatively scheduled to list on October 5, 2026.

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The Shree TNB Polymers IPO is a book-built issue worth Rs 31.20 crore. The issue comprises an entirely fresh issue of 60 lakh shares.

The IPO will remain open from September 25 to September 29, with allotment expected on September 30. The shares are proposed to be listed on the BSE SME platform on October 5.

The price band has been fixed at Rs 47 to Rs 52 per share, with a lot size of 2,000 shares. Retail investors need to bid for a minimum of 4,000 shares, requiring an investment of Rs 2.08 lakh at the upper price band. The minimum HNI application is for three lots, or 6,000 shares, amounting to Rs 3.12 lakh.

Corporate Makers Capital Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar to the issue.

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The Dudani Retail IPO is a fixed-price issue worth Rs 10.54 crore. The issue is entirely a fresh issue of 36.36 lakh shares.

Subscription will open on September 25 and close on September 29. The basis of allotment is expected on September 30, while the company is scheduled to list on the BSE SME platform on October 5.

The IPO has a fixed issue price of Rs 29 per share and a lot size of 4,000 shares. Retail investors are required to apply for at least two lots, or 8,000 shares, translating into a minimum investment of Rs 2.32 lakh. HNI investors need to apply for a minimum of three lots, or 12,000 shares, involving Rs 3.48 lakh.

Finshore Management Services Ltd. is the book-running lead manager and Maashitla Securities Pvt. Ltd. is the registrar.

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Sai Urja Indo Ventures IPO

The Sai Urja Indo Ventures IPO is a book-built issue of Rs 24.95 crore. It comprises a fresh issue of 18.29 lakh shares worth Rs 20.67 crore and an offer for sale (OFS) of 3.79 lakh shares worth Rs 4.28 crore.

The IPO will open on September 25 and close on September 29. Allotment is expected to be finalised on September 30, followed by a tentative BSE SME listing on October 5.

The price band has been set at Rs 107 to Rs 113 per share, with a lot size of 1,200 shares. Retail investors need to bid for a minimum of 2,400 shares, requiring Rs 2.71 lakh at the upper price band. The minimum HNI application is for three lots, or 3,600 shares, amounting to Rs 4.07 lakh.

Shannon Advisors Pvt. Ltd. is the book-running lead manager, while Maashitla Securities Pvt. Ltd. is the registrar.

The Himalayan Solar IPO is the largest among the five SME issues opening today, with a total issue size of Rs 68.03 crore. The book-built issue comprises a fresh issue of 58.91 lakh shares aggregating to Rs 60.68 crore and an OFS of 7.14 lakh shares worth Rs 7.35 crore.

The IPO will be open from September 25 to September 29 and is scheduled to list on the NSE SME platform on October 5, subject to the tentative IPO timeline.

The price band has been fixed at Rs 98 to Rs 103 per share, while the lot size is 1,200 shares. Retail investors need to apply for a minimum of 2,400 shares, requiring an investment of Rs 2.47 lakh at the upper price band. The minimum HNI application is for three lots, or 3,600 shares, amounting to Rs 3.71 lakh.

Finshore Management Services Ltd. is the book-running lead manager and Maashitla Securities Pvt. Ltd. is the registrar to the issue.

Bench Mark Infotech Services IPO

The Bench Mark Infotech Services IPO is a book-built issue of Rs 42.44 crore, making it the second-largest among the five SME IPOs opening today.

The issue comprises a fresh issue of 34 lakh shares aggregating to Rs 37.40 crore and an OFS of 4.58 lakh shares worth Rs 5.04 crore. The IPO will open on September 25 and close on September 29, with allotment expected on September 30. The shares are scheduled to list on the NSE SME platform on October 5.

The price band has been fixed at Rs 104 to Rs 110 per share, with a lot size of 1,200 shares. Retail investors need to bid for at least 2,400 shares, translating into a minimum investment of Rs 2.64 lakh at the upper price band. The minimum HNI application is for three lots, or 3,600 shares, requiring Rs 3.96 lakh.

GYR Capital Advisors Pvt. Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar to the issue.

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