India's primary market is experiencing an unprecedented surge with ₹2.5 lakh crore expected to be raised through IPOs in 2026, potentially crossing the full-year 2024 fundraising total. According to Systematix Group's Nikhil Khandelwal, close to 120 companies have already received regulatory approval to launch their IPOs in the next six months, while the total number of companies that have filed for an IPO stands between 240 and 250. The surge represents a dramatic acceleration from the first half of the year, when capital markets activity was subdued at around ₹25,000-30,000 crore raised across IPOs by June. Activity then accelerated sharply, with about ₹50,000 crore raised between July and August alone, compared to 61 IPOs raising ₹75,000 crore between January and August.
India's primary market witnessed one of its most crowded weeks, with nine mainboard IPOs closing on Friday along with three on SME platforms across the two bourses. According to The Times of India, the nine primary offers together saw total demand worth about ₹1.4 lakh crore against a mobilisation target of about ₹3,100 crore. This represents a significant escalation from the initial six mainboard IPOs that opened on September 9, marking the first time in 30 years that exactly six offers have opened in a single day. The week of September 7 to 11 saw frenzied primary market activity, with as many as 12 IPOs launched over the past five days, four of which are still open for subscription. The September 9 rush came as 12 mainboard IPOs are lined up between September 7 and September 11, targeting roughly ₹7,180 crore in total.
As the six mainboard IPOs opened for subscription on September 9, grey market premiums (GMPs) showed mixed performance across the offerings. Rentomojo maintained a stable GMP of ₹130, indicating an estimated listing price of ₹547 per share with a 35% listing gain expected. ARCIL showed a GMP of ₹24 per share, suggesting an estimated listing price of ₹163 per share with a 17% gain. LCC Projects hovered close to ₹45 GMP, indicating an estimated listing at ₹191 per share with a 30% gain. Karamtara Engineering maintained a GMP of ₹75 per share, indicating an estimated listing price of ₹329 per share with a 30% gain. Manipal Payment & Identity Solutions showed a GMP of ₹8 per share, suggesting an estimated listing at ₹347 per share with a 2% gain. Steamhouse India maintained a GMP of ₹20 per share, indicating an estimated listing at ₹101 per share with a 25% gain.
Six mainboard IPOs are in their final day of bidding, with subscriptions closing on September 11. According to The Economic Times, Rentomojo, Karamtara Engineering, and LCC Projects IPOs were fully subscribed on Day 1 itself, setting the stage for potentially strong bidding activity as they enter the final day. Rentomojo received an overall subscription of 1.42 times on Day 1, with Retail Individual Investors at 1.54 times, Non-Institutional Investors at 2.46 times, and Qualified Institutional Buyers at 41%. Karamtara Engineering achieved 1.27 times subscription overall, with Retail Individual Investors at 1.07 times, Non-Institutional Investors at 1.81 times, and Qualified Institutional Buyers at 1.20 times. LCC Projects recorded 1.32 times subscription, with Retail Individual Investors at 1.26 times, Non-Institutional Investors at 1.72 times, and Qualified Institutional Buyers at 1.14 times. The latest subscription data shows Karamtara Engineering reaching 3.61 times subscription by Day 2, LCC Projects at 3.84 times, and Steamhouse India at 2.21 times. Manipal Payment & Identity Solutions achieved 31% subscription on Day 2, while Asset Reconstruction recorded 87% subscription.
As SEBI's extended September deadline approaches, 29 IPOs totaling ₹37,580 crore face critical pressure to launch before their approvals expire. According to Prime Database, the most significant upcoming listing is NSE's ₹30,000 crore IPO, which is set to hit the markets this month alongside other major offerings. Some of the IPO approvals that will expire in September include Credila Financial Services (₹5,000 crore), Dorf-Ketal Chemicals India (₹5,000 crore), Innovatiview India (₹2,000 crore), Mouri Tech (₹1,500 crore), Imagine Marketing (₹1,500 crore), Continuum Green Energy (₹1,000 crore), and Greaves Electric Mobility (₹1,000 crore). While some smaller issues are rushing to the primary market to beat the deadline, a few large companies have tapped other sources of funding to meet their immediate capital expenditure needs.
