India's primary market is experiencing one of its busiest weeks of 2026, with 11 IPOs opening for subscription and targeting a combined ₹24,574 crore in fundraising. According to reports from The Economic Times, the week will be dominated by two large mainboard issues - NSE and Hero Motors - which together account for more than ₹23,500 crore of the total fundraising. The remaining mainboard and SME issues will compete for retail and HNI investor attention during the same period.
NSE will be the biggest issue of the week, with an IPO size of ₹22,562 crore at the upper end of the price band. As reported by The Economic Times, the exchange will list on BSE as it has not sought approval for its own shares to trade on its own platform. Employees participating in the IPO will receive a discount of ₹170 per share. The issue has been resized, with NSE having earlier planned a larger offer for sale but cutting the proposed size by around 15% due to reduced shareholder participation.
Hero Motors will open for subscription on September 16, with the company planning to use part of the fresh issue proceeds for debt repayment. According to The Economic Times, the IPO will also provide existing shareholders with a partial exit through the OFS component. The automotive technology company from the Munjal family group supplies auto components and has exposure to powertrains, electric mobility, and global automotive engineering businesses.
Grey market trends indicate early investor interest in the two major offerings. As reported by The Economic Times, NSE is commanding a grey market premium of around 12%, while Hero Motors is trading at a grey market premium of about 11%. The IPO market calendar shows continued activity, though investor money is likely to be concentrated around NSE and Hero Motors due to their size, brand recall, and broader market interest.
