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Upcoming IPOs in May 2023

02 May 20236 mins read by Angel One
An IPO is a process where a company offers shares of its stock to the public for the first time. Let us look at the upcoming IPOs in May 2023.
Upcoming IPOs in May 2023
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In May 2023, the investment world will be abuzz with the news of several upcoming IPOs. An initial public offering or IPO, is the process through which a private company offers shares of its stock to the public for the first time. This is a significant event for both the company and potential investors, as it provides an opportunity for the company to raise capital and for investors to participate in the growth of a potentially profitable business. So let’s dive in and explore the upcoming new IPO in May 2023.

 IPO Calendar Of May 2023

Issuer Company IPO Size (Rs. in Crore) Price Band (Rs.) Issue Date
Gold Plus IPO 300 NA May-23
Aadhar Housing Finance IPO 7,300 NA May-23
Hexagon Nutrition IPO 100 NA May-23
Capillary Technologies India IPO 850 NA May-23
Keventer Agro IPO 350 NA May-23
Capital Small Finance Bank IPO 450 NA May-23
Sresta Natural Bioproducts IPO NA NA May-23
OLA Cabs IPO 1500 NA May-23
Droom Technology IPO 3000 NA May-23
One Mobikwik Systems IPO 1,900 NA May-23
Skanray Technologies IPO 400 NA May-23
Gemini Edibles & Fats IPO 2,500 NA May-23
Ixigo IPO 1600 NA May-23

Gold Plus

Gold Plus Glass Industry Limited, which has been engaged in glass manufacturing for more than 15 years, is considered to be one of the leading entities in this industry. The company produces high-quality glass products which are used by various industries and end-users. Currently, they are planning to launch the Gold Plus IPO to raise funds from the public and sell shares.

Aadhar Housing Finance

Aadhar Housing Finance Ltd is a housing finance firm that assists millions of individuals in achieving their dream of owning a home. The company intends to raise funds from the general public and list its securities on stock exchanges through an upcoming IPO. The Aadhar Housing IPO will involve a combination of a Fresh Issue and an Offer for Sale, with the objective of raising a total of Rs. 7300 crore from the market.

Hexagon Nutrition

Hexagon Nutrition, a research-focused company that provides a range of micronutrient products to combat malnutrition, is planning to raise Rs. 600 crores through its upcoming IPO. The company operates in both domestic and international markets. With a strong commitment to addressing malnutrition in children, Hexagon Nutrition offers a diverse range of solutions to combat this issue.

Capillary Technologies India

This company offers AI-based, cloud-native software as a solution product such as loyalty management and customer data platform to develop loyalty programs for consumers and channel partners.

Keventer Agro

This company, based in Kolkata, is a prominent player in the fast-moving consumer goods industry, focusing on packaged, fresh, and dairy food products. They offer a diverse portfolio of products across multiple brands and categories, consisting of more than 90 different items as of March 31st, 2021. They have a strong presence throughout the value chain, including fresh, frozen, and long-shelf-life food products that do not require refrigeration.

Capital Small Finance Bank

In 2016, they began functioning as India’s inaugural small finance bank (SFB) and currently holds a prominent position among SFBs in India in terms of asset quality, cost of funds, retail deposits, and CASA deposits in the fiscal year 2021. Their portfolio is the most varied among other SFBs and they have a substantial presence in various asset categories. Furthermore, they have the highest percentage of secured lending among SFBs as of FY2021, with 99% of their lending being secured.

Sresta Natural Bioproducts

Sresta Natural Bioproducts Ltd, a company based in Hyderabad, specializes in providing packaged organic food and is preparing to raise approximately Rs. 500 crore through an IPO from the general public. The IPO consists of a fresh issuance of equity shares worth Rs. 50 crore and an offer for the sale of up to 70.30 lakh equity shares by current shareholders. As one of the pioneers in the packaged organic food industry, the company’s objective is to offer safe and healthy food products free from chemicals and pesticides, while maintaining the nutritional benefits and goodness of natural foods.

Ola Cabs

Ola Cabs is a prominent transportation network company that offers mobility services through its application, connecting customers with a wide range of vehicles such as bikes, E-Rickshaws, auto-rickshaws, taxis, and cabs. With its presence in over 250 cities in India, New Zealand, the UK, and Australia, Ola Cabs is a global leader in the mobility industry.

Droom Technology

Droom Technology is a technology and data science firm that enables the buying and selling of automobiles online through its asset-light e-commerce platform. Their platform provides a modern e-commerce experience for cars and is a major online platform for selling used cars in India. Droom Technology stands out as the only major player in India which operates with a completely online transactional model. They also have an extensive collection of automobiles listed on their platform, with over 1.15 million vehicles available for sale, including both new and used cars, two-wheelers, and other vehicles, as of September 30, 2021

One Mobikwik Systems

MobiKwik is a fintech company based in India and is one of the largest mobile wallet providers in the country. They also offer a “Buy Now Pay Later” (BNPL) service, which allows customers to make purchases now and pay for them at a later date. According to their financial statements, MobiKwik’s mobile wallet gross merchandise value (GMV) and BNPL GMV were among the highest in the industry during the fiscal year 2021.

Skanray Technologies

A prominent medical device company based in India that specialises in the creation, production, and promotion of medical devices. They have a broad range of products, such as patient monitoring systems, cardiology equipment, respiratory management systems, and imaging systems, which are available for personal use, retail sale, hospitals, and original equipment manufacturers (OEMs) across the world.

Gemini Edibles & Fats

Based in Hyderabad, India, they are a prominent and rapidly expanding company in the edible oils and fats industry in India. Their business activities involve manufacturing, distributing, and promoting edible oils and speciality fats throughout the country. Their “Freedom” brand has established them as the dominant player in the sunflower oil market in Telangana, Andhra Pradesh, and Odisha, while they hold the third-largest market share in Karnataka.


Ixigo is a tech firm dedicated to supporting Indian travellers in organizing and handling their trips, whether it’s by rail, air, buses, or hotels. By utilizing artificial intelligence, machine learning, and data science-driven advancements on their online travel agency (OTA) platforms such as their mobile applications and websites, they help travellers make more informed decisions. They strive to be the most customer-focused travel company by providing exceptional customer service to their users.

Companies go public for a variety of reasons, including raising capital for expansion, paying off debt, or allowing existing shareholders to cash out. IPOs are highly anticipated events because they give investors the opportunity to onboard a potentially successful company early on and reap the benefits of its growth over time.

However, investing in an IPO can also be risky, as the company’s track record in business and financial performance may not be well established yet. The company might be releasing the IPO for the wrong reasons, such as paying off high interest as it is facing a cash crunch even for its regular operations. It is important that you do your research and consider the company’s prospects carefully before deciding to invest.

Overall, upcoming IPOs in May 2023 will surely generate a lot of attention and excitement in the business world. Stay tuned for more information as the date approaches!


If you want to invest in any of the new IPO in May 2023, open demat account today with Angel One for a smooth and easy investing experience.

Disclaimer: Please note that IPO investments are subject to risks. You must research each company and align with the ones that fit your investment objectives and risk tolerance.

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