Summary:
September 2026 recorded India’s busiest mainboard IPO month since 1996, with 30 issues raising ₹38,785 crore. The NSE IPO contributed ₹22,561 crore, while smaller mainboard and SME offerings added to primary-market activity amid volatile equity markets and strong domestic liquidity.
September has emerged as one of the busiest months for India’s mainboard IPO market in nearly three decades, with 30 companies launching public issues, the highest monthly count since December 1996, when 33 IPOs were launched in a single month. The strong activity has also resulted in record fundraising, with mainboard IPOs raising around ₹38,785 crore during the month.
September IPO 2026: 30 Mainboard Issues Raise ₹38,785 Crore
The fundraising figure marks the highest monthly collection since October last year, when 10 IPOs raised ₹45,188 crore. A major contribution to September’s fundraising came from the National Stock Exchange (NSE) IPO, which raised around ₹22,561 crore, making it the largest IPO so far this year and one of the biggest offerings in India’s primary market history.
NSE IPO becomes the biggest contributor to September fundraising
The NSE IPO played a crucial role in pushing September’s IPO proceeds higher. The issue attracted significant investor participation and was subscribed 5.7 times, receiving bids worth around ₹90,287 crore against shares worth ₹15,823 crore on offer. The qualified institutional buyer category was subscribed 12.68 times, while the non-institutional investor segment saw 6.55 times subscription. The retail portion received 1.39 times subscription.
The NSE issue was a pure offer-for-sale transaction, meaning existing shareholders sold shares and the exchange itself did not receive fresh capital from the IPO. The issue was priced in the range of ₹1,700 to ₹1,785 per share, with the company seeking a valuation of up to around ₹4.42 lakh crore.
Smaller IPOs Account for Most September Issues
Despite the headline size of the NSE IPO, most September offerings were relatively smaller in size. Out of the 30 mainboard IPOs, only six issues had a size above ₹1,000 crore, while the remaining companies came with smaller offerings averaging around ₹400 crore.
The small and medium enterprise (SME) segment also witnessed increased activity. Around 37 SME IPOs were launched during September, raising approximately ₹1,486 crore. The rise in SME listings provided smaller companies with greater access to equity capital markets.
Why are companies launching IPOs despite market volatility?
The rise in IPO activity comes at a time when broader equity markets have remained volatile due to foreign investor selling, higher bond yields, tighter global monetary conditions and geopolitical concerns affecting crude oil prices. However, strong domestic liquidity and continued systematic investment plan (SIP) inflows have supported investor participation in equity markets.
Strong demand seen in several recent issues has encouraged companies to proceed with listings despite uncertain market conditions. The primary market has continued to attract investors looking for new opportunities, while companies have used IPOs to raise funds and provide exits to existing shareholders.
Offer-for-Sale Accounts for More Than Half of 2026 IPO Fundraising
A significant portion of IPO fundraising this year has come through the offer-for-sale route. Of the approximately ₹1.12 lakh crore raised through mainboard IPOs so far this year, around ₹66,630 crore has been through OFS transactions.
What Does the September IPO Rush Mean for India’s Primary Market?
The September IPO surge highlights strong activity in India’s capital markets, supported by domestic liquidity, investor participation and a growing pipeline of companies seeking market access. However, the performance of newly listed companies will depend on business growth, valuations and execution after listing.
