Six companies are set to launch mainboard IPOs between September 22 and September 28, 2026, targeting a combined ₹3,825 crore. While the primary market remains active, investors should distinguish between companies raising money for business expansion and those where existing investors are simply selling their stake.
The Indian primary market is entering a busy phase, with six companies scheduled to launch public offerings between September 22 and September 28, 2026. This cluster of listings aims to raise a total of ₹3,825 crore, reflecting a continued trend of high fundraising activity that has characterized the market throughout the year. With 87 IPOs already hitting the market in 2026, liquidity is being tested as more companies compete for investor capital.
Major Offerings and Capital Usage
Hillhouse Investment-backed Elevate Campuses is the largest of the upcoming batch. The company plans to open its ₹2,100-crore IPO on September 23, with a price band set between ₹343 and ₹362 per share. This offering is structured as a fresh equity sale, meaning the money raised will flow directly into the company to fund expansion projects and capital spending.
Varmora Granito is also set to debut, aiming to raise ₹708 crore between September 22 and 24. Unlike a pure fresh issue, this offering includes a significant component called an Offer for Sale (OFS), where existing investors, such as Katsura Investments, sell their shares to the public. In an OFS, the proceeds go to the selling shareholders rather than the company, which is an important detail for investors to track when evaluating the company’s future growth potential.
Other companies entering the market include A-One Steels India, targeting ₹405 crore, ArMee Infotech aiming for ₹300 crore, Swastika Infra at ₹161 crore, and Adroit Industries at ₹151 crore. Many of these firms have stated that they intend to use their IPO proceeds for debt reduction and working capital, which aims to improve their balance sheets.
Market Pipeline and Risks
The sheer volume of IPOs is a critical point for investors. Currently, there are 167 companies that have received SEBI approval for their public issues, with a potential combined value of ₹3.06 trillion. Another 71 companies are still waiting for regulatory clearance.
This creates a crowded pipeline. While the high number of listings shows confidence in the market, it also means that liquidity could become stretched. If too many companies tap the market at once, investor demand might weaken, making it harder for stocks to maintain their prices after listing. Investors should look closely at the Red Herring Prospectus (RHP) for each company to understand their valuation, the health of their business, and exactly where the money will be spent. Evaluating whether a company is profitable, how much debt it carries, and how it plans to grow in a competitive sector is essential before participating in any new issue.