The Indian primary market faces a heavy week starting September 21, with 20 companies set to launch IPOs and 14 stocks scheduled to list. Issuers are targeting to raise over ₹4,200 crore collectively. Investors will be watching to see if current market liquidity can absorb this high volume of offerings without diluting subscription quality.
The Indian primary market is entering an intense phase, with 20 initial public offerings (IPOs) scheduled to open for subscription in the week beginning September 21, 2026. This surge of new issues follows a month that has already seen 38 IPOs, highlighting a high level of activity despite subdued conditions in the secondary market.
Collectively, 19 of these upcoming companies aim to raise over ₹4,200 crore. Of this, mainboard IPOs account for approximately ₹3,825 crore. Moneyview is also expected to enter the market later in the week, with a revised plan to raise ₹750 crore through a fresh issue alongside an offer for sale of 10.04 crore shares.
Mainboard companies are lining up in stages throughout the week. Varmora Granito will kick off its ₹708 crore IPO on September 22, with a price band set at ₹140-148 per share. The issue consists of a ₹320 crore fresh issue and an offer for sale worth about ₹388 crore.
September 23 is the busiest day for mainboard issuers, with four companies opening their books: Elevate Campuses, ArMee Infotech, Swastika Infra, and Adroit Industries India. Elevate Campuses is the largest in this group, targeting up to ₹2,100 crore with a price band of ₹343-362 per share. On the same day, ArMee Infotech aims for ₹300 crore, Swastika Infra for ₹161.37 crore, and Adroit Industries India for ₹150.7 crore. Following these, A-One Steels India will open its ₹405 crore offer on September 24, priced between ₹385 and ₹405 per share.
The SME segment remains equally active, with 13 companies expected to raise over ₹400 crore combined. September 23 will be a particularly notable day for this segment, with six SME IPOs opening simultaneously. These include companies such as Pooja Logistics, Liqvd Digital India, Unitec Fibres, SK Offset, Coreintegra Consulting Services, and Sai Urja Indo Ventures.
Beyond new subscriptions, the week will be significant for market listings, with 14 companies scheduled to begin trading. Key among these are the National Stock Exchange of India (NSE) and Sonaselection India, both set to debut on September 24. Investors will be tracking these listings closely, especially given the varying sentiment in the grey market, where names like SS Retail, SpectraA Technology Solutions, and Jindal Supreme have seen premiums exceeding 30%, while others have received a more muted response. With so many companies seeking capital simultaneously, the central question for market observers is whether there is enough liquidity to support strong subscription levels for all these issues.