NSE leads September IPO rush as 31 companies raise ₹39,214 crore
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India’s primary market has shifted into top gear, with September emerging as the busiest month for initial public offerings (IPOs) so far in 2026. As many as 31 companies launched their public issues during the month through September 25, collectively looking to raise ₹39,214 crore, according to exchange data.
The September IPO rush has been led by the ₹22,562.71-crore public offering of the National Stock Exchange of India (NSE), which accounts for nearly 58% of the month’s total fundraising. Even excluding NSE, 30 companies have collectively raised around ₹16,651 crore in September, indicating a surge in primary-market activity.
The September fundraising has surpassed the ₹23,051 crore raised by 22 companies in August, the highest monthly IPO mobilisation so far this year. It also marks a sharp turnaround from the subdued start to 2026, when weak investor appetite and disappointing listing-day performances kept companies and investors cautious.
The revival began in July, when 12 companies raised ₹28,648 crore. August then broadened the recovery, with 22 companies tapping the market. September has taken the momentum a step further, both in terms of the number of issues and the amount raised.
NSE anchors September’s IPO rush
The NSE IPO, India’s second-largest issue after Hyundai Motor India’s ₹27,859 crore, has been the standout transaction of September. The ₹22,562.71-crore offer, which was entirely an offer for sale, was subscribed 5.68 times during the September 17-21 bidding period. The issue has also pushed September’s fundraising well above the previous monthly levels.
Several other sizeable issues have come to market during the month. Rentomojo raised ₹1,255.57 crore, Moneyview mobilised ₹1,091.68 crore, while Hero Motors raised ₹1,000 crore. Karamtara Engineering and Manipal Payment & Identity Solutions raised ₹875 crore and ₹805 crore, respectively.
Varmora Granito raised ₹708.02 crore, while Kanohar Electricals raised ₹1,055.74 crore. Other companies tapping the market included Asset Reconstruction Co. (India), Prasol Chemicals, Glass Wall Systems, LCC Projects and Steamhouse India.
Of the 31 companies that have opened IPOs during the month, 12 came to the market between September 17 and September 25, together accounting for more than ₹27,000 crore in fundraising, largely because of the NSE issue.
The list includes six issues looking to raise around ₹3,273 crore that will remain open for subscription into next week. Acevector (Snapdeal), Orient Cables, German Green Steel & Power and Runwal Enterprises opened on September 25 and will close on September 29, while Moneyview and A-One Steels India, which opened on September 24, will close on September 28.
Momentum builds after subdued H1 CY26
The September surge stands in stark contrast to the first half of the year, when 27 companies raised a total of ₹22,572.21 crore through the IPO route. 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 mainboard IPOs in May, while June saw just ₹2,718 crore raised.
The IPO market staged a sharp recovery in July, with 12 companies raising ₹28,648 crore. August followed with 22 issues raising ₹23,051 crore. By the end of August, 62 mainboard companies had raised ₹73,673.54 crore during the first eight months of the year.
September has now added another ₹39,214 crore to that tally through September 25, taking cumulative fundraising for the first nine months to around ₹1.13 lakh crore, based on exchange data.
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