September saw a surge in IPO activity, with 25 mainboard companies raising ₹13,254 crore, the highest monthly tally in nearly two decades. This is the most robust month since February 2007, when 18 IPOs collectively mobilised ₹24,950 crore.

However, the listing performance was subdued. Out of the 25 IPOs launched in the last month, 17 got listed on the BSE and NSE, with eight debuting below their issue price, according to exchange data. The remaining nine mainboard IPOs delivered only marginal gains. The standout performer was UrbanCo Ltd, which made a strong debut with a 60% premium.

On the flip side, Jaro Institute of Technology Management slumped 16% on listing, while Ganesh Consumer Products and Solarworld Energy declined 9% and 8%, respectively. Saatvik Green Energy, Ivalue Infosolutions, and VMS TMT also underperformed, each ending about 5% lower than their issue price.

“It is really heartening to see the number of IPO listings touching a multi-year high in September. Some of the prominent reasons behind this blockbuster performance are the resilient, all-absorbing secondary markets and widespread optimism among investors,” said Anil Sharma, Co-Founder, IPO Central.

“In a way, investors are hooked to IPOs even though the data clearly indicates that returns of primary market offerings are on a downhill journey this year,” he added.

In a similar trend, the small and medium enterprises (SME) segment saw record-breaking activity, with as many as 53 IPOs garnering ₹2,309 crore - the highest ever in a single month for both the number of deals and total funds raised.

The listing performance of SME IPO was also mixed. Of the 36 that debuted in September, 15 listed below their issue price, nine remained largely flat, and only 12 posted robust gains of 20% to 100%.

Despite a surge in IPOs launches, the excitement of listing gains seems to be waning. So far in 2025, the average first-day listing returns for IPOs have slipped to 12.7%, a sharp drop of more than 58% from the 30.1% gains registered in 2024. During the same period, the BSE Sensex has delivered just over 4% returns on a year-to-date (YTD) basis, compared with over 8% in 2024.

Meanwhile, the Indian primary market is gearing up for a busy festive season, with big-ticket IPOs—from financial major Tata Capital to global tech giant LG Electronics India, and co-working leader WeWork India—scheduled to open for subscription in the coming week.

Tata Capital, the financial services arm of the Tata Group, aims to raise ₹15,512 crore through its IPO, with a price band of ₹310–326 per share. The highly anticipated issue will open for bidding on October 6 and close on October 8, while the anchor book will open for one day on October 3. Tata Capital shares are expected to debut on the BSE and NSE on October 13.

LG Electronics India Ltd, the Indian subsidiary of the South Korean conglomerate LG, will hit Dalal Street on October 7 and close on October 9, with the anchor book open for a day on October 6. The company plans to raise ₹11,607 crore at a price band of ₹1,080–1,140 per share. At the upper end of the price band, LG Electronics India’s market capitalisation is pegged at around ₹77,820 crore.

The ₹3,000 crore IPO of WeWork India opened for bidding today. Ahead of the issue, the Bengaluru-based premium flexible workspace operator raised ₹1,348.26 crore from anchor investors. The public issue is entirely an offer-for-sale (OFS) of 4.6 crore equity shares, with a price band of ₹615–648 per share, valuing the company at around ₹8,685 crore.