India’s primary market is heading into another exceptionally busy week, with 20 IPOs scheduled to open for subscription between September 21 and September 25, 2026. The upcoming issues include seven mainboard and 13 SME offerings, together targeting approximately ₹4,152 crore in fundraising. The heavy IPO calendar comes immediately after an exceptionally large week dominated by the ₹22,561-crore NSE IPO.
The latest IPO rush highlights the continuing momentum in India’s primary market, with companies across technology, infrastructure, education, manufacturing, steel, logistics and other sectors preparing to raise capital from investors. At the same time, several companies that launched their IPOs earlier are scheduled to make their stock-market debuts this week.
Seven Mainboard IPOs Lead the Week
The mainboard segment will account for the largest portion of the fundraising, with seven IPOs scheduled around the September 21–25 window. The largest among the new offerings is Elevate Campuses, which plans to raise approximately ₹2,100 crore.
The mainboard IPO calendar includes Varmora Granito, Elevate Campuses, ArMee Infotech, Swastika Infra, Adroit Industries (India), A-One Steels India and Moneyview.
The combined size of the six clearly priced mainboard offerings is approximately ₹3,825 crore, while Moneyview’s revised IPO is scheduled to open on September 24, with its price band to be announced separately.
Elevate Campuses Emerges as the Biggest New IPO
The biggest fresh offering of the week is Elevate Campuses, which is looking to raise up to ₹2,100 crore.
The company operates in student accommodation and campus-related real estate. Its IPO has a price band of ₹343 to ₹362 per share, with the entire issue consisting of a fresh issue of shares. The IPO is scheduled to open on September 23.
Because of its ₹2,100-crore size, Elevate Campuses represents more than half of the combined fundraising planned by the six priced mainboard IPOs. Its subscription response will therefore be closely watched during the week.
Varmora Granito Opens on September 22
Varmora Granito will be the first major mainboard IPO of the new week.
The Gujarat-based tiles and vitrified-products company is scheduled to open its IPO on September 22. The company has fixed a price band of ₹140–₹148 per share and is looking to raise approximately ₹708 crore.
The issue consists of a fresh issue worth ₹320 crore and an Offer for Sale component of approximately ₹388 crore.
The company operates in the construction-materials sector, making its IPO particularly relevant to investors tracking India’s housing, construction and real-estate ecosystem.
ArMee Infotech Targets ₹300 Crore
ArMee Infotech is another major mainboard offering scheduled to open on September 23.
The Gujarat-based IT infrastructure and services company plans to raise approximately ₹300 crore, entirely through a fresh issue.
Its price band has been fixed at ₹350–₹375 per share.
The IPO will therefore give investors another opportunity to gain exposure to India’s technology and IT-services sector during an otherwise diverse IPO week.
Swastika Infra and Adroit Industries Join the Rush
Two more mainboard companies are scheduled to open on September 23: Swastika Infra and Adroit Industries India.
Swastika Infra, an engineering, procurement and construction company focused on power transmission and distribution infrastructure, plans to raise approximately ₹161.37 crore. Its price band is ₹175–₹185 per share. The issue combines a fresh issue of ₹129 crore with an OFS component.
Meanwhile, Adroit Industries India, an auto-components manufacturer headquartered in Madhya Pradesh, is targeting approximately ₹150.7 crore. Its price band is ₹126–₹134 per share.
The two IPOs add infrastructure and automotive manufacturing exposure to an already diverse mainboard calendar.
A-One Steels India Opens on September 24
A-One Steels India is scheduled to open its IPO on September 24.
The Bengaluru-based steel producer is looking to raise approximately ₹405 crore, with a price band of ₹385–₹405 per share.
The issue includes a ₹355-crore fresh issue and an approximately ₹50-crore Offer for Sale.
Its arrival will add another manufacturing-focused IPO to a week already featuring companies from technology, infrastructure, education and construction-related industries.
Moneyview Returns With a Smaller IPO
Fintech company Moneyview, formerly known as Whizdm Innovations, is also scheduled to enter the primary market on September 24.
Reuters reported that Moneyview has reduced the size of its IPO and is targeting a valuation of up to approximately ₹5,985 crore, or about $624 million. The company operates a digital financial-services platform that works with banks, non-bank lenders, insurers and other financial institutions.
The revised issue includes a fresh issue of approximately ₹750 crore along with an Offer for Sale of around 10.04 crore shares. Its price band was still awaited at the time of the latest reports.
Thirteen SME IPOs Add More Competition
The mainboard companies are only part of this week’s IPO activity.
The SME segment has 13 IPOs scheduled to open, collectively adding more than ₹400 crore to the week’s fundraising target.
The first group includes FX Multitech, Vivekanand Cotspin and Robokidz Eduventures, which are scheduled to open on September 21.
FX Multitech is targeting approximately ₹45.24 crore, Vivekanand Cotspin around ₹22.2 crore and Robokidz Eduventures approximately ₹31.09 crore.
Two more SME IPOs — Himalaya Nutravedics India and Anand Seamless — are scheduled for September 22.
September 23 Will Be the Busiest IPO Day
September 23 could become the most crowded day of the week, with multiple issues opening simultaneously.
Six SME IPOs are scheduled for that day: Pooja Logistics, Liqvd Digital India, Unitec Fibres, S.K. Offset, Coreintegra Consulting Services and Sai Urja Indo Ventures.
Combined with the four mainboard IPOs opening that day — Elevate Campuses, ArMee Infotech, Swastika Infra and Adroit Industries — investors could have 10 IPOs launching around the same date.
This makes September 23 particularly important for the primary market, as companies will effectively compete for investor attention and available capital at the same time.
IPO Listings Will Also Keep the Market Busy
The week is not only about new IPO launches. Several companies that recently completed their offerings are also scheduled to begin trading.
According to The Economic Times, six mainboard and eight SME companies are scheduled to list during the week. Mainboard listings include Manika Plastech, Hero Motors, SS Retail, Jindal Supreme India, NSE and Sonaselection India.
The highly anticipated NSE listing is scheduled for September 24, following the close of its ₹22,561-crore IPO on September 21.
That means investors will simultaneously be dealing with new IPO applications, allotments and major stock-market listings throughout the same week.
NSE IPO Adds Another Major Dimension
The timing of the 20-IPO rush is particularly notable because it follows India’s largest IPO of the year.
NSE’s ₹22,561-crore issue closed on September 21 after attracting strong demand. Reuters reported that the IPO was fully subscribed and described the offering as one of India’s largest ever.
The NSE listing on September 24 will therefore occur alongside the opening of several new IPOs, including Moneyview and A-One Steels India.
This creates an unusually concentrated period for India’s primary market.
What Investors Will Be Watching This Week
With so many offerings arriving at once, investors will be closely monitoring subscription numbers, valuations, grey-market premiums, anchor participation and the financial performance of individual companies.
Grey-market premiums may attract considerable attention, but they remain unofficial indicators and can change rapidly. They should not be treated as guaranteed predictions of listing prices.
The broader stock market will also matter. Reuters reported on September 21 that Indian equities were attempting to recover after a prolonged period of weakness, while elevated crude-oil prices and geopolitical concerns remained important factors for market sentiment.
A Record-Busy Week for India’s IPO Market
The arrival of 20 IPOs in a single week underlines the extraordinary pace of India’s primary market in September.
Seven mainboard and 13 SME companies are scheduled to seek investor money, with approximately ₹4,152 crore in combined fundraising targeted. At the same time, 14 companies are expected to list, creating activity on both sides of the IPO market.
The biggest story will undoubtedly be the combination of the NSE listing and Elevate Campuses’ ₹2,100-crore IPO, but investors will also be watching Varmora Granito, Moneyview, A-One Steels India, ArMee Infotech, Swastika Infra and Adroit Industries closely.
With IPO openings, allotments and listings all concentrated into just five trading days, the week beginning September 21 is shaping up to be one of the busiest periods of India’s 2026 primary-market calendar.
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