India’s primary market is heading into another extremely busy week, with six mainboard IPOs scheduled to open between September 22 and September 24, 2026. The upcoming issues span sectors including tiles and bathware, technology, infrastructure, education-related real estate, industrial products and steel.
According to the latest IPO calendar, the six companies are Varmora Granito, ArMee Infotech, Swastika Infra, Elevate Campuses, Adroit Industries (India) and A-One Steels India. Together, the issues are expected to raise roughly ₹3,824 crore, putting another major block of capital-raising activity into India’s primary market.
The unusually crowded schedule means investors will have several IPOs competing for attention and capital at almost the same time. The week also comes immediately after the much larger NSE IPO, making September one of the busiest periods for India’s IPO market in 2026.
Varmora Granito IPO Opens on September 22
The first mainboard IPO of the week will be Varmora Granito, which is scheduled to open for subscription on September 22.
The company has set a price band of ₹140 to ₹148 per share, while the issue size is approximately ₹708.02 crore. The IPO is scheduled to remain open until September 24. The minimum lot size is 101 shares, requiring an application of approximately ₹14,948 at the upper end of the price band.
Varmora Granito operates in the tiles and bathware space, putting the company in a sector closely connected with India’s construction, housing and real-estate activity.
Its IPO will be the first major offering to arrive during the three-day primary-market rush, potentially setting the tone for investor sentiment before four additional issues open on September 23.
Four Mainboard IPOs Open on September 23
September 23 will be the busiest day of the week, with four mainboard IPOs opening simultaneously.
The companies are ArMee Infotech, Swastika Infra, Elevate Campuses and Adroit Industries (India).
The concentration of four offerings on a single day means investors will have to evaluate several companies across completely different industries at the same time.
ArMee Infotech IPO
ArMee Infotech is scheduled to open on September 23 with an issue size of approximately ₹300 crore.
The price band has been fixed at ₹350 to ₹375 per share, with a lot size of 40 shares. At the upper price, one retail lot would require approximately ₹15,000.
The company operates in the technology space, making the IPO one of the offerings that could attract investors looking for exposure to India’s expanding technology ecosystem.
Swastika Infra IPO
Swastika Infra is also scheduled to open on September 23.
According to the current IPO calendar, the issue is expected to raise approximately ₹160.9 crore, with a price band of ₹175 to ₹185 per share.
The company will therefore enter the market at a substantially smaller scale than Varmora Granito and Elevate Campuses, but it will still compete for investor attention during an unusually crowded IPO week.
Elevate Campuses IPO
Among the six upcoming offerings, Elevate Campuses stands out because of its much larger issue size.
The IPO is scheduled to open on September 23 and is expected to raise approximately ₹2,100 crore. The reported price band is ₹343 to ₹362 per share.
The company operates in the education-related campus and real-estate infrastructure space. Its large issue size makes it one of the major offerings investors will be monitoring during the week.
Adroit Industries IPO
Adroit Industries (India) is the fourth mainboard IPO scheduled to open on September 23.
The issue is expected to raise around ₹151 crore, with a reported price band of ₹126 to ₹134 per share.
Adroit’s offering is considerably smaller than Elevate Campuses and Varmora Granito, but its industrial focus gives investors another sector to compare against the technology, infrastructure and consumer-facing businesses launching during the week.
A-One Steels India IPO Opens on September 24
The final mainboard IPO of the week will be A-One Steels India, which is scheduled to open on September 24.
The IPO has a reported issue size of approximately ₹405 crore, with a price band of ₹385 to ₹405 per share. The lot size is 37 shares, meaning the minimum application at the upper price is approximately ₹14,985.
The company operates in the steel and industrial-products space, giving the week’s IPO lineup exposure to another important segment of India’s manufacturing economy.
Combined IPO Fundraising Could Reach Around ₹3,800 Crore
Taken together, the six mainboard offerings represent approximately ₹3,824.61 crore of potential fundraising, according to current IPO-calendar data.
The distribution of the issue sizes is particularly notable. Elevate Campuses accounts for the largest portion at around ₹2,100 crore, followed by Varmora Granito at approximately ₹708 crore and A-One Steels at around ₹405 crore.
ArMee Infotech, Swastika Infra and Adroit Industries make up the remaining portion.
This creates a wide range of choices for investors, from relatively large offerings to smaller mainboard issues.
Why This IPO Week Is Getting So Much Attention
The six-IPO rush comes at an important time for India’s primary market.
The market is already dealing with the enormous NSE IPO, which is scheduled to close on September 21 and list on September 24. The NSE issue alone is worth approximately ₹22,561 crore, meaning the primary market is handling an unusually large amount of capital at the same time.
The six new IPOs coming immediately afterward will add another layer of activity.
Investors therefore have to consider not only the individual fundamentals and valuations of each company but also the amount of money already committed to other IPOs and the overall condition of the equity market.
IPO GMP Could Become a Major Talking Point
As these six IPOs approach their opening dates, the grey market premium, or GMP, is likely to receive significant attention.
GMP represents unofficial trading sentiment before a company’s shares are listed. Investors often compare the GMP with the IPO’s upper price band to estimate how the grey market is valuing the issue.
However, GMP is not an official indicator and does not guarantee the actual listing price. It can change rapidly as subscription numbers, market sentiment and demand develop.
For these six upcoming IPOs, investors will likely monitor GMP alongside subscription data rather than relying on the grey market figure alone.
September Could Become One of the Busiest IPO Periods of 2026
The six upcoming mainboard offerings demonstrate just how active India’s primary market has become.
Earlier in September, six mainboard IPOs opened on the same day on September 9, including Rentomojo, Karamtara Engineering, LCC Projects, Steamhouse India, Manipal Payment & Identity Solutions and Asset Reconstruction Company (India).
The market is therefore experiencing repeated periods of concentrated IPO activity rather than a steady flow of individual offerings.
For investors, this means capital allocation and careful comparison between companies become increasingly important when several issues are open simultaneously.
What Investors Will Watch Before Applying
With the six IPOs approaching, investors will be watching several factors closely: the final price bands, subscription levels, anchor-investor participation where applicable, grey-market movements, valuations and the financial performance disclosed in the respective offer documents.
The September 22–24 window will be particularly important because all six companies will enter the market within just three days.
The current schedule places Varmora Granito first on September 22, followed by ArMee Infotech, Swastika Infra, Elevate Campuses and Adroit Industries on September 23, and A-One Steels India on September 24.
With approximately ₹3,824 crore potentially being raised across the six offerings, the upcoming week is shaping up to be another major test for India’s IPO market.
The combination of a technology company, infrastructure businesses, an education-campus platform, industrial companies and a large tiles-and-bathware player means investors will have a broad range of sectors to examine. At the same time, the enormous NSE IPO and other recent offerings could influence how much capital investors are willing to commit.
As subscription windows open, the focus will shift from expectations to actual investor demand. The final subscription numbers, valuation levels and eventual listing performance will provide a clearer picture of how India’s market is absorbing this latest wave of new public offerings.
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