3 Upcoming SME IPOs Eye ₹196 Crore—Key Details, GMP, SWOT & More!

The Indian stock market is set to witness three upcoming SME IPOs—Grand Continent Hotels Limited, Rapid Fleet Management Services Limited, and Active Infrastructures Limited—aiming to raise ₹196 crore. These companies, operating in distinct sectors, offer retail and institutional investors investment opportunities. Below, we break down the details of each IPO, including issue size, objectives, financials, GMP, and SWOT analysis, helping you make an informed decision.

Grand Continent Hotels Ltd IPO

Grand Continent Hotels Limited is launching an IPO worth ₹74.46 crores. The issue consists of a fresh issuance of 62.60 lakh shares aggregating to ₹70.74 crores and an offer for sale of 3.29 lakh shares totaling ₹3.72 crores. The IPO subscription period begins on March 20, 2025, and closes on March 24, 2025. The allotment is expected to be finalized on March 25, 2025, and the listing will take place on NSE SME on March 27, 2025. 

Offer Price	₹107 to ₹113 per share
Face Value	₹10 per share
Opening Date	20 March 2025
Closing Date	24 March 2025
Total Issue Size (in Shares)	65,89,200
Total Issue Size (in ₹)	₹74.46 Cr
Issue Type	Book Built Issue IPO
Lot Size	1200 Shares
Listing at	NSE, SME

The minimum lot size is 1200 shares, requiring a retail investor to invest at least ₹1,28,400. Due to potential oversubscription, bidding at the cutoff price of ₹1,35,600 is advisable. High Net-worth Individuals (HNI) must invest in at least two lots (2,400 shares), amounting to ₹2,71,200.

Allocation of Shares

• QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
• NII (Non-Institutional Investors): 50%
• Retail Investors: 50%

GMP (Grey Market Premium)
As of March 20, 2025, the GMP for Grand Continent Hotels SME IPO stands at ₹0. With a price band of ₹113, the estimated listing price is expected to remain at ₹113, indicating no premium or discount. The expected percentage gain/loss per share is 0%.

Objectives of the Issue

1. Repayment and/or prepayment of outstanding borrowings – ₹340.81 million
2. Expansion of hotel properties in India – ₹167.92 million
3. General corporate purposes

Company Overview
Founded in 2011, Grand Continent Hotels Limited operates 19 mid-market hotels across six Indian cities, offering over 900 rooms. The company primarily serves business and leisure travelers, focusing on affordability and comfort. As of September 30, 2024, it operates 16 hotels with 753 keys across Karnataka, Tamil Nadu, Goa, Andhra Pradesh, and Telangana.

Financial Strength

Grand Continent Hotels Limited has demonstrated significant financial growth over the past few years. As of September 30, 2024, the company’s total assets stood at ₹97.94 crore, a substantial rise from ₹73.91 crore in March 2024 and ₹42.26 crore in March 2023. Revenue has also shown a consistent upward trend, increasing from ₹6.03 crore in March 2022 to ₹31.86 crore by September 2024. The company’s profitability has strengthened, with its profit after tax (PAT) rising from a loss of ₹0.79 crore in March 2022 to ₹6.81 crore by September 2024.  Despite the positive financial trajectory, total borrowings remain high, standing at ₹40.22 crore as of September 2024, up from ₹34.96 crore in March 2024. Source: Grand Continent Hotels

SWOT Analysis of Grant Continent Hotels Ltd. 

STRENGTHS	WEAKNESSES
Established brand with over a decade of experience in the hospitality sector. Strategic locations in high-demand urban areas. Strong focus on affordability and value-for-money services. Consistent revenue growth with improving profitability.	High dependency on business and leisure travel trends. Significant borrowing levels (Rs 40.22 crore as of September 2024). Limited presence compared to large hotel chains.
OPPORTUNITIES	THREATS
Expansion into tier-2 and tier-3 cities. Rising demand for budget and mid-market hotels in India. Potential for tie-ups with corporate and travel platforms.	Competition from established hospitality brands. Economic downturns affecting travel and tourism. Fluctuations in operational costs impacting margins.

Rapid Fleet Management Services Ltd IPO

Rapid Fleet Management Services Limited is launching an IPO worth ₹3.87 crores, consisting entirely of a fresh issue of 22.85 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025. The allotment is expected to be finalized on March 26, 2025, with a tentative listing date on NSE SME scheduled for March 28, 2025.

Offer Price	₹183 to ₹192 per share
Face Value	₹10 per share
Opening Date	21 March 2025
Closing Date	25 March 2025
Total Issue Size (in Shares)	22,84,800
Total Issue Size (in ₹)	₹43.87 Cr
Issue Type	Book Built Issue IPO
Lot Size	600 Shares
Listing at	NSE, SME

The minimum lot size is 600 shares, requiring retail investors to invest at least ₹1,09,800. To avoid oversubscription risks, investors are advised to bid at the cutoff price of ₹1,15,200. High Net-worth Individuals (HNI) must invest in at least 2 lots (1,200 shares), amounting to ₹2,30,400.

Allocation of Shares

• QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
• NII (Non-Institutional Investors): 50%
• Retail Investors: 50%

GMP (Grey Market Premium)
As of the latest update on March 20, 2025, Rapid Fleet SME IPO has no GMP movement, holding steady at ₹0. The price band of ₹192 keeps the projected listing price at ₹192.

Objectives of the Issue

1. Purchase of Vehicles (Goods carriages) – ₹130 million
2. Working Capital Requirements – ₹191.2 million
3. General Corporate Purposes

Company Overview
Incorporated in 2006, Rapid Fleet Management Services Limited specializes in logistics and road transportation solutions for B2B and B2C clients. The company operates a fleet of over 200 vehicles, catering to industries such as FMCG, automobile, and electronics. It has developed a mobile app for streamlined business processes, offering 24/7 operations and digital client compliance solutions.

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Financial Strength

Rapid Fleet Management Services Limited has shown steady financial performance over the years. As of September 30, 2024, the company’s total assets stood at ₹101.3 crore, increasing from ₹70.66 crore in March 2024 but slightly fluctuating compared to previous years. Revenue for the half-year period ending September 2024 was ₹87.39 crore, lower than ₹116.32 crore in March 2024 but still reflecting a strong operational scale. Profit after tax (PAT) stood at ₹7.01 crore as of September 2024, slightly down from ₹8.07 crore in March 2024 but significantly higher than ₹3.4 crore in March 2022. However, total borrowings have increased considerably, reaching ₹34.07 crore in September 2024 compared to ₹14.93 crore in March 2024, which may indicate leveraged expansion or operational funding requirements. Source: Rapid Fleet

SWOT Analysis of Rapid Fleet Management Services Limited 

STRENGTHS	WEAKNESSES
Strong logistics and transportation industry presence with nearly two decades of experience. A well-maintained fleet of over 200 vehicles catering to multiple industries. Investment in technology, including a dedicated mobile app for seamless operations. Diversified service offerings, including full/partial load, Exim services, and renewable energy logistics.	Relies heavily on economic and industrial activity for revenue generation. Significant increase in borrowings (₹34.07 crore as of September 2024). Competitive industry with low entry barriers leading to pricing pressures.
OPPORTUNITIES	THREATS
Expansion into renewable energy logistics, particularly in wind turbine transportation. Increasing demand for technology-driven logistics solutions. Growth in India’s logistics sector is driven by e-commerce and manufacturing expansion.	Rising fuel costs impacting operational margins. Intense competition from established logistics companies. Regulatory changes affecting fleet management and transport compliance.

Active Infrastructures Ltd IPO

Active Infrastructures Limited is launching an IPO worth ₹77.83 crores, consisting entirely of a fresh issue of 43.00 lakh shares. The IPO opens for subscription on March 21, 2025, and closes on March 25, 2025. The allotment is expected to be finalized on March 26, 2025, with a tentative listing date on NSE SME scheduled for March 28, 2025. 

Offer Price	₹178 to ₹181 per share
Face Value	₹5 per share
Opening Date	21 March 2025
Closing Date	25 March 2025
Total Issue Size (in Shares)	43,00,200
Total Issue Size (in ₹)	₹77.83 Cr
Issue Type	Book Built Issue IPO
Lot Size	600 Shares
Listing at	NSE, SME

Source: Active Infrastructures

The minimum lot size is 600 shares, requiring retail investors to invest at least ₹1,06,800. To avoid oversubscription risks, investors are advised to bid at the cutoff price of ₹1,08,600. High Net-worth Individuals (HNI) must invest in at least 2 lots (1,200 shares), amounting to ₹2,17,200.

Allocation of Shares

• QIBs (Qualified Institutional Buyers): Not Applicable (SME IPO)
• NII (Non-Institutional Investors): 50%
• Retail Investors: 50%

GMP (Grey Market Premium)
The GMP for Active Infrastructures SME IPO as of March 20, 2025, is ₹0, meaning there is no expected deviation from the ₹181 price band at listing.

Objectives of the Issue

1. Funding Working Capital Requirements of the Company – ₹389.8 million
2. Repayment/ Prepayment of Certain Borrowings and Margin Money for Bank Guarantee – ₹167.23 million
3. Capital expenditure towards the purchase of construction equipment -₹70.48 million
4. General Corporate Purpose

Company Overview

Incorporated in 2007, Active Infrastructures Limited is a civil construction company specializing in infrastructure development and commercial projects. The company operates across India, with projects in Maharashtra, Madhya Pradesh, Uttar Pradesh, and Tripura. Its portfolio includes road construction, flyovers, water supply systems, irrigation, and commercial spaces such as office complexes and retail centers.

Financial Strength

As of September 30, 2024, Active Infrastructures Limited reported total assets of ₹97.16 crore, down from ₹107.58 crore in March 2024. Revenue for the half-year period ending September 2024 stood at ₹33.9 crore, significantly lower than ₹97.43 crore in March 2024. Profit after tax (PAT) was ₹5.55 crore in September 2024, declining from ₹10.45 crore in March 2024 but remaining positive compared to ₹0.09 crore in March 2022. Total borrowings reduced to ₹56.09 crore in September 2024 from ₹109.19 crore in March 2022, indicating improved debt management. Source: Active Infrastructures

STRENGTHS	WEAKNESSES
Established presence in the infrastructure and commercial construction sectors. Ongoing and completed projects across multiple states. Reduction in total borrowings, reflecting financial discipline.	Revenue fluctuations indicating inconsistent project flow. Dependence on government contracts and infrastructure funding.
OPPORTUNITIES	THREATS
Expansion into new infrastructure projects, including smart city initiatives. Growth in the commercial real estate segment.	Economic downturns impacting infrastructure spending. Intense competition from established players in the construction sector.

Conclusion

The three upcoming SME IPOs—Grand Continent Hotels, Rapid Fleet Management Services, and Active Infrastructures—offer diverse investment opportunities across hospitality, logistics, and infrastructure sectors. Each company has its strengths and challenges, making it crucial for investors to evaluate financial performance, growth potential, and industry trends before making an investment decision. With different objectives and business models, these IPOs could play a significant role in shaping their respective industries while providing investors with new avenues for growth.

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