Winning Bizness Desk
Mumbai.Six IPOs worth ₹3,825 crore set to open this week as companies tap India’s equity markets
India’s primary market is set for another busy week, with six companies preparing to launch initial public offerings (IPOs) and raise a combined ₹3,825 crore between September 22 and 28.
The companies entering the market are Elevate Campus, Varmora Granito, A-One Steels India, Armee Infotech, Swastik Infra and Adroit Industries India. Most of the issues will open for subscription on September 23.
The companies plan to use the proceeds for capital expenditure, business expansion, debt repayment, working capital requirements and other corporate purposes.
Six companies line up IPOs worth ₹3,825 crore
The six issues vary significantly in size and structure, with Elevate Campus accounting for more than half of the total amount being raised.
Key details include:
- Elevate Campus: ₹2,100 crore
- Varmora Granito: ₹708 crore
- A-One Steels India: ₹405 crore
- Armee Infotech: ₹300 crore
- Swastik Infra: ₹161 crore
- Adroit Industries India: ₹151 crore
Elevate Campus launches biggest issue of the week
Elevate Campus, which has Hillhouse Investment as an investor, will launch the biggest IPO of the week. The ₹2,100-crore issue will open on September 23 and close on September 25.
The company has fixed a price band of ₹343-362 per share. The entire issue comprises fresh shares, with no offer-for-sale (OFS) component.
The shares are expected to be listed on September 30.
Varmora Granito includes fresh issue and OFS
Varmora Granito will open its ₹708-crore IPO on September 22, with the issue remaining open until September 24. The price band has been fixed at ₹140-148 per share.
The issue comprises a fresh issue of up to ₹320 crore and an OFS of 2.62 crore shares worth ₹388 crore by investor Katsura Investments.
A-One Steels plans to raise ₹405 crore
A-One Steels India is looking to raise ₹405 crore through its IPO. The issue will open on September 24 and close on September 28, with a price band of ₹385-405 per share.
The offering includes a fresh issue of ₹355 crore and an OFS of up to ₹50 crore by the promoters.
Three more companies join primary market rush
Armee Infotech will launch its ₹300-crore IPO from September 23 to 25. Its price band has been set at ₹350-375 per share. The issue will comprise entirely new equity shares.
Swastik Infra, an EPC solutions provider involved in power distribution and infrastructure projects, plans to raise ₹161 crore. Its issue will also open from September 23 to 25, with a price band of ₹175-185 per share.
Adroit Industries India will offer its ₹151-crore IPO for subscription during the same September 23-25 period. The company has fixed a price band of ₹126-134 per share.
September has already seen 17 public issues
The primary market has remained active through September, with 17 public issues already arriving this month. The NSE’s mega IPO and textile manufacturer Sonaslection India’s issue are currently open for subscription.
With the six new IPOs, the total number of companies entering the market in 2026 will rise to 87. The figure includes 23 IPOs launched in August.
The structure of the six upcoming issues also highlights an important distinction for investors:
- Fresh issue: A company creates and sells new shares, with the proceeds going directly to the company.
- OFS: Existing shareholders or promoters sell their shares, with the proceeds going to those selling shareholders rather than the company.
- Fresh issue proceeds are generally used for purposes such as expansion, capital expenditure, working capital or debt repayment.
- In an OFS, the company does not receive the money raised from the shares being sold.
