September IPO Rush: 30 Mainboard IPOs Raise Rs 38,785 Crore, Highest Monthly Fundraising Since 2025

September has emerged as one of the busiest months for India’s mainboard IPO market in nearly three decades, with 30 companies launching public issues. This was the highest monthly number of mainboard IPOs since December 1996, when 33 IPOs were launched in a single month. The strong activity also resulted in mainboard IPOs raising around Rs 38,785 crore during September.

The fundraising figure marks the highest monthly collection since October last year, when 10 IPOs collectively raised Rs 45,188 crore. A major contribution to September’s fundraising came from the National Stock Exchange (NSE) IPO, which raised around Rs 22,561 crore. The issue became the largest IPO so far this year and one of the biggest offerings in India’s primary market history.

The NSE IPO played a crucial role in driving September’s fundraising. The issue attracted significant investor participation and was subscribed 5.7 times, receiving bids worth around Rs 90,287 crore against shares worth Rs 15,823 crore on offer. The qualified institutional buyer category was subscribed 12.68 times, while the non-institutional investor segment saw 6.55 times subscription. The retail portion was subscribed 1.39 times.

The NSE issue was a pure offer-for-sale transaction, meaning existing shareholders sold their shares and the exchange itself did not receive fresh capital from the IPO. The issue was priced in the range of Rs 1,700 to Rs 1,785 per share, with the company seeking a valuation of up to around Rs 4.42 lakh crore.

Despite the headline size of the NSE IPO, most September offerings were relatively smaller. Out of the 30 mainboard IPOs launched during the month, only six issues had a size above Rs 1,000 crore, while the remaining companies came with smaller offerings averaging around Rs 400 crore.

The small and medium enterprise (SME) segment also witnessed increased activity during September. Around 37 SME IPOs were launched during the month, raising approximately Rs 1,486 crore. The rise in SME listings provided smaller companies with greater access to equity capital markets.

The increase in IPO activity came at a time when broader equity markets remained volatile due to foreign investor selling, higher bond yields, tighter global monetary conditions and geopolitical concerns affecting crude oil prices. However, strong domestic liquidity and continued systematic investment plan (SIP) inflows supported investor participation in equity markets.

Strong demand seen in several recent issues encouraged companies to proceed with listings despite uncertain market conditions. The primary market continued to attract investors looking for new opportunities, while companies used IPOs to raise funds and provide exits to existing shareholders.

Offer-for-sale transactions have remained a major component of fundraising this year. Of the approximately Rs 1.12 lakh crore raised through mainboard IPOs so far this year, around Rs 66,630 crore has been raised through OFS transactions.

The September IPO surge highlights strong activity in India’s capital markets, supported by domestic liquidity, investor participation and a growing pipeline of companies seeking market access. However, the performance of newly listed companies will depend on factors including business growth, valuations and execution after listing.

Disclaimer: The article is for informational purposes only and not investment advice.