IPO rush: 22 firms raise over ₹23,000 cr in Aug, highest in a year; can Jio, NSE propel Sept to ₹70,000 cr?

India’s primary market is ending the monsoon season with a burst of activity. After a sluggish start to 2026, when muted investor appetite and disappointing listing-day performances weighed on the initial public offering (IPO) market, the second half of the year has brought a dramatic change in sentiment.

August, in particular, emerged as the busiest month in a year, with 22 companies collectively raising more than ₹23,000 crore. And the momentum could accelerate further in September.

More than 25 companies are reportedly looking to tap the primary market next month, potentially raising as much as ₹70,000 crore if two mega offerings - Jio Platforms and the National Stock Exchange (NSE) - make their market debuts. With both touted as potential record-breakers, September could become a watershed month for India’s primary market.

Aug delivers biggest IPO haul in a year

As many as 22 companies raised ₹23,051 crore through primary market in August, according to exchange data. That was more than double the ₹10,454 crore mobilised through 12 issues in August 2025 and the highest monthly IPO fundraising in the past one year.

August’s fundraising was led by Dhoot Transmission, which raised ₹3,066.89 crore, making it the largest IPO of the month. Horizon Industrial Parks followed with an issue size of ₹2,600 crore, while LEAP India raised ₹2,480 crore. The month also saw several other substantial offerings, including Shiprocket’s ₹1,617.48-crore issue and Milky Mist Dairy Food’s ₹1,553-crore IPO.

The turnaround becomes even more striking when viewed against the first half of 2026.

IPO fundraising stood at ₹4,765 crore in January, ₹8,162 crore in February and ₹5,852 crore in March before plunging to just ₹1,076 crore in April. There were no IPOs in May. Activity resumed in June, but fundraising remained modest at ₹2,718 crore.

July provided the first major break from the subdued trend. Twelve companies raised ₹28,648 crore during the month.

August then broadened the revival, taking the cumulative number of mainboard IPOs in the first eight months of the year to 61 and total fundraising to ₹74,272 crore.

But the revival is not simply a function of larger issue sizes. Investor appetite for new listings has also strengthened considerably.

An analysis of 47 mainboard IPOs listed through August 21 shows that the average listing-day gain for companies debuting between July 1 and August 19 surged to 20.9%, compared with just 1.72% for those listed between January and June.

That means the average listing gain has increased nearly 12-fold in the second half of the year so far.

Of the 47 companies analysed, 22 debuted during the first half of CY26, while 25 listed between July 1 and August 19. Overall, the average listing-day gain across the 47 IPOs stood at 11.9%.

Sept could set a new record

August’s ₹23,000-crore tally could look modest if the September pipeline materialises.

Several companies are preparing to tap investors. These include Deepa Jewellers, with an estimated issue size of around ₹500 crore; Glass Wall Systems, at around ₹450 crore; Kanohar Electricals, at around ₹1,000 crore; Hero Motors, at around ₹1,200 crore; Parijat Industries, which is looking to raise around ₹160 crore through a fresh issue alongside an offer-for-sale component; and Pranav Construction, with an estimated issue size of around ₹300 crore.

But the real numbers could come from two much larger transactions: Jio Platforms and NSE.

Reliance Industries’ digital and telecom arm, Jio Platforms, received Sebi’s observation letter on August 28, clearing a crucial regulatory hurdle for its proposed IPO. The offering comprises an entirely fresh issue of up to 27 crore equity shares, with the issue size pegged at around ₹37,700 crore. If launched at that size, Jio Platforms could potentially set a new record as India’s largest IPO.

NSE could add another estimated ₹30,000 crore to the September fundraising tally. Sebi chairman Tuhin Kanta Pandey has said the regulator is “very close” to approving the exchange’s draft red herring prospectus, bringing the long-awaited listing closer.

Together, Jio Platforms and NSE could account for nearly ₹68,000 crore of fundraising. Add the other IPOs in the pipeline, and September could potentially approach or cross the ₹70,000-crore mark.