Six companies, including Elevate Campuses and Varmora Granito, intend to enter the primary market next week. They aim to raise a total of 3,825 crore rupees through Initial Public Offerings (IPOs), as fundraising activity shows a rapid pace in 2026.
In addition to these two issuances, A-One Steels India Ltd, ArMee Infotech Ltd, Swastika Infra, and Adroit Industries (India) Ltd will also launch their public offerings, bringing the total number of planned IPOs for the week to six.
The IPO subscription will be open from September 22 to 28, with most offerings opening on September 23. The funds raised from the new placements will primarily be directed towards business expansion, capital expenditures, debt repayment, working capital needs, and other general corporate requirements.
This current wave of IPOs follows an active start to September, during which 17 offerings have already been completed. Currently, the placement process is underway for a large listing on the National Stock Exchange (NSE) by textile manufacturer Sonaselection India Ltd.
With these offerings, the number of companies launching IPOs in 2026 is expected to reach 87, including 23 issuances in August.
Kamraj Singh Negi, Managing Director and CEO of Pantomath Capital, noted: 'The primary market has clearly regained momentum, with July and August accounting for almost 60 percent of the 83,062 crore rupees raised through IPOs so far in 2026.'
He added that at the current pace of issuance and pipeline depth, the market has the potential to exceed last year's fundraising figures, although the final result will depend on market conditions and listing timelines.
Furthermore, he stated that the prospects for the remainder of the year are particularly favorable given the pipeline depth. 167 companies have received Sebi approval, representing an estimated potential issuance size of 3.06 trillion rupees, and another 71 companies, with an estimated size of 1.60 trillion rupees, are awaiting approval.
'This gives issuers significant freedom of choice for market entry, as conditions remain favorable,' he concluded.
Elevate Campuses, supported by Hillhouse Investment, will enter the primary market with an IPO worth 2,100 crore rupees on September 23, with shares priced in the range of 343–362 rupees. The three-day public offering will conclude on September 25, and listing is expected on September 30. The IPO consists entirely of a fresh issue of ordinary shares, without a secondary offering (OFS) component.
Varmora Granito's IPO, valued at 708 crore rupees, will be available for subscription from September 22 to 24. The price band for the public offering was set at 140–148 rupees per share. This offering from the tile and sanitaryware manufacturer includes a fresh issue of ordinary shares worth up to 320 crore rupees and a secondary offering (OFS) of 2.62 crore shares worth up to 388 crore rupees by investor Katsura Investments.
Integrated steel producer A-One Steels India aims to raise 405 crore rupees through its first public offering, which opens on September 24 and closes on September 28. The price band was set at 385–405 rupees per share. The IPO includes a fresh issue of ordinary shares worth 355 crore rupees and a secondary offering (OFS) of promoter shares worth up to 50 crore rupees.
ArMee Infotech, which deals in integrated technology infrastructure and renewable energy, will launch its IPO worth 300 crore rupees from September 23 to 25. The price band for the offering is set at 350–375 rupees per share, and it is entirely a fresh issue of ordinary shares.
Swastika Infra, an EPC solutions provider in power distribution and infrastructure projects, will launch its IPO worth 161 crore rupees from September 23 to 25, with a price range of 175–185 rupees per share.
Adroit Industries (India) Ltd's offering of 151 crore rupees will open from September 23 to 25 with a price range of 126–134 rupees per share.
