Activity in the primary market is intensifying as eleven companies, including Rentomojo, Karamtara Engineering, and Kanohar Electricals, intend to raise 7055 crore rupees through Initial Public Offerings (IPOs).
These IPOs are scheduled to hit the market between September 7 and 15, with most listings opening for subscription on Tuesday and Wednesday.
Rajkumar Rati, Investment Director at YES Securities, noted that this surge in multiple issuances reflects the drive to capture equity capital at early stages in young companies, as all of them have a market capitalization below $1 billion USD at the time of listing.
The companies participating in the primary market fundraising represent various sectors: real estate developers, engineering and manufacturing firms, a payment and identity solutions provider, a specialty chemical manufacturer, and an online rental platform.
Of the total amount of 7055 crore rupees, 2722 crore rupees (39 percent) constitutes the primary capital issuance, which goes to the company itself, while 4333 crore rupees (61 percent) is a secondary sale by existing shareholders. According to Rati, such mobilization indicates high corporate confidence and robust liquidity in the Indian primary market.
The funds raised from these new issues will primarily be used for business expansion, capital expenditures, debt repayment, meeting working capital needs, and other general corporate purposes.
This upcoming IPO frenzy follows a strong start to September, when Rays of Belief and Deepa Jewellers already launched their IPOs on September 1. Thanks to these listings, the number of companies launching IPOs in 2026 is expected to increase to 75, including 23 launches in August.
IPO Schedule and Details
Among the eleven companies opening an IPO, Pranav Constructions will be the first whose offering opens for public subscription on September 7. This offering, worth over 351 crore rupees, will close on September 9.
Following this will be Kanohar Electricals, Prasol Chemicals, and Glass Wall Systems (India), which will open their IPOs on September 8. On September 9, Rentomojo, Manipal Payment and Identity Solutions, Arcil, LCC Projects, Karamtara Engineering, and Steamhouse India will launch, and Veegaland Developers will open its IPO on September 10.
Pranav Constructions set a price band of 118–124 rupees per share for its IPO, which includes a primary issue of 315.6 crore rupees and an OFS of 28.57 lakh shares valued at 35.43 crore rupees.
Kanohar Electricals fixed a price band of 601–632 rupees per share for its IPO amounting to 1056 crore rupees. Prasol Chemicals set a price band of 643–676 rupees per share for an IPO worth 500 crore rupees, consisting of a primary issue of 80 crore rupees and an OFS up to 420 crore rupees.
Glass Wall Systems (India) determined a price band of 172–182 rupees per share for its IPO totaling 428 crore rupees. Rentomojo set a price band of 384–404 rupees per share for its IPO amounting to 1256 crore rupees. This offering includes a primary issue of up to 150 crore rupees and an OFS of 2.73 crore shares valued at 1106 crore rupees at the upper end of the price band.
Karamtara Engineering's IPO, worth 875 crore rupees, includes a primary issue of 675 crore rupees and an OFS of shares worth up to 200 crore rupees. The price range is 241–254 rupees per share.
Manipal Payment and Identity Solutions set a price band of 322–339 rupees per share for its IPO totaling 805 crore rupees. The offering includes a primary issue of 320 crore rupees and an OFS of up to 1.43 crore shares valued at 485 crore rupees.
Arcil has a price band of 132–139 rupees per share for its IPO worth 733 crore rupees, which entirely consists of an OFS. Since there is no primary issue, Arcil will not receive revenue from the offering.
LCC Projects set a price band of 139–146 rupees per share for its IPO totaling 427 crore rupees. Steamhouse India will raise 414 crore rupees through its IPO, which includes a primary issue of 353 crore rupees and an OFS of 61 crore rupees. Veegaland Developers will raise 210 crore rupees solely through the primary issuance of shares.