GCash operator Mynt has officially launched its record ₹92.32 billion IPO, marking a significant milestone in the Philippines' financial market. According to InsiderPH, the IPO is priced at ₹6.60 per share and has already drawn several billion dollars in early demand. The offering is expected to be anchored by heavyweight investors BlackRock and Fidelity, with IFC also reportedly interested after years of backing rival Maya. The IPO represents a major financial technology milestone, with GCash joining the top 3 financial giants in the Philippines and putting the company's valuation at ₹442 billion. The strong institutional interest reflects confidence in GCash's position in the digital payments sector.
The Indian IPO market experienced a sharp decline in Q3 2026, falling below expectations despite a solid summer performance. According to Investor's Business Daily, the third quarter saw IPO activity slow sharply as several companies postponed their public offerings amid a sluggish stock market. The decline was primarily attributed to concerns about AI spending and broader market uncertainties that dampened investor appetite for new listings. However, the final months of 2026 could see a rebound, with Anthropic's blockbuster IPO waiting in the wings to potentially change the market dynamics.
The Indian IPO market achieved a historic milestone in September 2026, with 34 mainboard companies raising ₹39,380 crore - the highest monthly total in 30 years. According to Business Standard, this surge was primarily driven by the September 30 expiry of SEBI's one-time extension for IPO approvals, which allowed companies to use older audited accounts for a few extra weeks. The offer for sale route dominated the month, making up nearly three-fourths of September's total, while fresh capital actually fell to ₹10,398 crore from ₹13,196 crore in August. The National Stock Exchange alone raised ₹22,563 crore, representing 57% of September's total, while the other 33 issues averaged just ₹507 crore each.
According to reports from Upstox, 12 newly listed stocks in 2026 have delivered exceptional returns of 100% or more from their IPO issue prices. The standout performer is ESDS Software Solution with a 201.7% gain, followed by Omnitech Engineering at 194.1%, INDO-MIM at 171.9%, and SEDEMAC Mechatronics at 149.8%. Other notable performers include Shadowfax Technologies (130.5%), Advit Jewels (130.1%), and Xtranet Technologies (125.5%).
As reported by Upstox, the domestic IPO market showed mixed trends in 2026, with the first half being relatively muted due to high market volatility amid geopolitical conflicts in the Middle East region and significant FII sell-offs. However, market conditions stabilized in July and August, prompting companies that had previously delayed their public offerings to rush their public issues. Between July and September 2026, around 106 mainboard companies got listed on NSE and BSE, with more than 290 companies across mainboard and SME segments. The September rush was particularly intense, with 14 issues worth ₹6,507 crore opening in the last week alone as companies raced to beat the September 30 deadline.
According to Upstox reports, many of these companies delivered impressive quarterly results that contributed to their strong post-listing performance. Omnitech Engineering reported ₹167 crore revenue (61.5% YoY growth) and ₹30 crore net profit (468.7% YoY growth) in Q1FY27. Shadowfax Technologies showed robust growth with ₹1,358 crore revenue (65% YoY growth) and ₹65 crore net profit (712.5% YoY growth). Milky Mist Dairy Food achieved ₹973.4 crore revenue (43.6% YoY growth) and ₹64.68 crore net profit (889.8% YoY growth).
As reported by Upstox, many of these companies operate in specialized segments with high entry barriers and unique market positions. ESDS Software Solution focuses on AI, cloud and data-centre infrastructure business, while Omnitech Engineering specializes in precision engineering for aerospace and defence. INDO-MIM manufactures precision engineering components using metal injection moulding (MIM) technology, and MV Electrosystems designs and manufactures electrical & power electronics equipment. Milky Mist Dairy Food holds a dominant position in South India's packaged paneer market with high market share.
According to Upstox, the strong performance of these specialized companies indicates that investors are willing to pay substantially higher multiples for companies with strong market presence and expanding addressable markets. Despite some companies like Omnitech Engineering and Shadowfax Technologies making muted debuts on listing day, their subsequent strong earnings performance has attracted significant investor interest. The pipeline remains robust with 130 companies holding valid SEBI approval and more than 75 others waiting for clearance, as reported by Prime Database. However, the September rush highlights concerns about the quality of new listings, with prices rising to a median of 42.5 times earnings and listing gains shrinking to a 5.9% median premium from 21.3% earlier in the year.
