April 2026 is shaping up to be a busy month for IPOs, with several marquee names expected to hit the market. However, the timing is tricky given the April 2 tariff deadline and ongoing market volatility. Here’s the complete calendar and our analysis of each upcoming issue.
Confirmed IPOs
1. Hexaware Technologies (April 7-9)
Issue Size: Rs 9,950 crore (OFS by Carlyle Group)
Price Band: Rs 674-708
Valuation: Rs 45,000 crore (22x FY26 PE)
Business: Mid-tier IT services with $1.2 billion revenue. Strong in cloud, data, and AI services
Our View: SUBSCRIBE — Reasonable valuation vs peers (Mphasis at 28x, Coforge at 35x). Carlyle exit is a concern but business quality is solid
2. Schloss Bangalore (Leela Hotels) (April 14-16)
Issue Size: Rs 3,500 crore (Fresh + OFS)
Price Band: Expected Rs 440-460
Valuation: Rs 12,000 crore
Business: Operates 12 ultra-luxury Leela hotels across India. RevPAR growing 18% YoY
Our View: SUBSCRIBE — India’s luxury hospitality market is undersupplied. Strong brand with iconic properties in Bangalore, Delhi, Mumbai, Goa, and Udaipur
Expected in April (DRHP Filed)
3. Ather Energy
Issue Size: Rs 4,500 crore
Valuation: Rs 14,000-16,000 crore
Business: Premium electric scooters (450X series). 12% EV market share. Hero MotoCorp strategic backer (40% stake)
Our View: NEUTRAL — Good product but still loss-making. Competition from Ola, TVS, Bajaj intensifying. Wait for pricing
4. Boat (Imagine Marketing)
Issue Size: Rs 2,000 crore
Valuation: Rs 8,000-10,000 crore
Business: India’s #1 wearables and audio brand. Revenue Rs 3,500 crore. Recently turned profitable
Our View: SUBSCRIBE — Strong brand in a growing category. Reasonable valuation if priced below 25x PE
Market Conditions Advisory
Given the April 2 tariff deadline, we recommend:
- Avoid subscribing to IPOs opening before April 5 (tariff uncertainty too high)
- For IPOs opening after April 7, assess the tariff outcome first
- Prioritize profitable companies (Hexaware, Leela) over loss-makers
- Keep IPO allocation to 10-15% of your equity portfolio maximum