The primary market is gearing up for a quiet week, with only one IPO from Leapfrog Engineering Services scheduled to open for subscription from April 23 to April 27. This SME IPO aims to raise approximately ₹89 crore at a price band of ₹21–23 per share. Retail investors will need to invest around ₹2.76 lakh for a minimum bid of 12,000 shares. Meanwhile, three companies, Mehul Telecom, Citius Transnet Investment Trust, and Property Share Investment Trust, are set to list, but grey market premiums are currently at zero, indicating muted expectations for their debuts. Analysts note that while broader equity markets have shown resilience, investor participation in the primary market is selective, with a focus on quality and valuation comfort rather than speculative gains. With only one IPO on offer, the near-term outlook appears subdued, though activity may pick up if market conditions stabilize and larger issues enter the pipeline.