20 new IPOs are launching next week. Here's what's actually going on

Key takeaways

• Seven mainboard IPOs open between September 22 and 28, 2026, together aiming to raise roughly ₹4,917 crore, led by the ₹2,100 crore Elevate Campuses issue (HDFC Sky, 2026).

• Thirteen SME IPOs open the same week across BSE SME and NSE Emerge, spread out from September 22 through September 29 (HDFC Sky, 2026).

• This is a small slice of a much bigger pipeline: 238 companies are currently queued to raise a combined ₹4.66 lakh crore, according to Prime Database (HDFC Sky, 2026).

• The wave lands the same week the ₹22,569 crore NSE IPO lists and several other recent issues, including Hero Motors, SS Retail and Jindal Supreme, begin trading (Kotak Neo, 2026).
  

Which mainboard IPOs are actually opening?

Seven companies are opening mainboard issues this week, ranging from small-cap manufacturers to a ₹1,092 crore fintech lender (HDFC Sky, 2026).

Varmora Granito leads off on September 22, with a ₹140-148 price band aiming to raise about ₹708 crore, split between a ₹320 crore fresh issue and a ₹388 crore offer for sale (Kotak Neo, 2026). Elevate Campuses follows on September 23 as the largest issue of the batch, an entirely fresh ₹2,100 crore raise priced at ₹343-362 per share. ArMee Infotech (₹300 crore), Swastika Infra (₹161 crore) and Adroit Industries India (₹151 crore) all open the same day. A-One Steels India (₹405 crore) and digital lender Moneyview (₹1,092 crore, priced at just ₹32-34 per share) round out the mainboard lineup, both opening September 24 and running through September 28 (HDFC Sky, 2026).

What about the SME side?

Thirteen SME issues are opening across the same week, spread across BSE SME and NSE Emerge: Anand Seamless and Himalaya Nutradvices India on September 22; Unitech Fibres, S.K. Offset, Livqid Digital India, Pooja Logistics, Sai Urja Indo Ventures and Coreintegra Consulting Services on September 23; Green Asia Impex, Peshwa Wheat and Roopa Screen on September 24; and Bench Mark Infotech Services and Himalayan Solar closing out the week on September 25 (HDFC Sky, 2026).

SME issues are typically far smaller than mainboard ones, often raising anywhere from a few crore to a few hundred crore, and they list on dedicated SME platforms rather than the main exchange boards. That's also why a week can show "20 new IPOs" as a headline number while the combined fundraising still looks modest next to a single large mainboard issue.

Why are so many IPOs bunching up in the same week?

Part of it is simple calendar mechanics. Companies and their bankers tend to avoid opening subscription windows during periods of heavy market volatility or when a mega-issue is absorbing investor attention, and late September has offered a relatively clear runway after the ₹22,569 crore NSE IPO closed its own bidding window on September 21 (Kotak Neo, 2026).

There's also a broader pipeline effect. Prime Database data from September 2026 shows 238 companies currently sitting in India's IPO pipeline, representing potential fundraising of around ₹4.66 lakh crore, with Jio Platforms and NSE among the largest proposed issues (HDFC Sky, 2026). A queue that size means busy weeks like this one are likely to keep recurring rather than being a one-off spike.

Is this a good week to be investing in IPOs?

That depends entirely on which issue, and it's worth being skeptical of treating "20 new IPOs" as a signal in itself. A crowded calendar means more choice, not necessarily more quality, and it also means investor attention and subscription money get split across more issues at once, which can affect how strongly any single one gets bid up.

The SME segment in particular carries different risk characteristics than the mainboard. These are smaller, often less-established companies with thinner trading liquidity once listed, and pricing here has historically been more prone to speculative swings than in mainboard issues, which face heavier disclosure and scrutiny requirements. None of that means SME IPOs are automatically bad bets, but it does mean the fundamentals of each individual company matter more than the fact that it happens to be launching in a busy week.

What larger IPOs are still to come?

This week's batch is dwarfed by what's still in the pipeline. Jio Platforms has already filed its draft papers for up to 27 crore fresh equity shares and received SEBI's observations, with market reports pointing to a possible launch around late October or early November, though no official date has been set (HDFC Sky, 2026).

Zepto filed updated papers in June 2026 for a fresh issue of up to ₹8,010 crore plus an offer for sale, but has since pushed back its timeline while raising additional pre-IPO funding, with its CEO pointing to a listing within the next two to three quarters. OYO's parent company, Prism, filed updated papers the same month for a ₹6,650 crore fresh issue with no offer-for-sale component, and founder Ritesh Agarwal said in September that the company still aims to launch within the current financial year (HDFC Sky, 2026).

Frequently asked questions

Is 20 IPOs in one week unusually high?It's on the busier end, but not unprecedented for India's primary market, which has periodically seen similarly packed weeks when a large issue clears the calendar and multiple smaller companies move in behind it (HDFC Sky, 2026).

How much money is this week's batch trying to raise in total?The seven mainboard issues alone are targeting roughly ₹4,917 crore combined. Exact fundraising totals for the 13 SME issues weren't disclosed in the schedule, but SME raises are typically far smaller individually than mainboard ones (HDFC Sky, 2026).

What's the difference between a mainboard IPO and an SME IPO?Mainboard IPOs list directly on the NSE or BSE main boards and face more extensive disclosure and eligibility requirements. SME IPOs list on dedicated SME platforms, BSE SME or NSE Emerge, aimed at smaller companies, and tend to carry thinner post-listing liquidity.

Does a busy IPO week affect how existing stocks trade?It can, since heavy primary-market activity, particularly big issues, can pull money out of the secondary market temporarily as investors' funds get locked up for subscription. Analysts have pointed to exactly this dynamic during the NSE IPO's own subscription window (Business Recorder, 2026).

Vijay InvestEdge Pvt. Ltd. is an AMFI-registered Mutual Fund Distributor (ARN-1777). Mutual fund investments are subject to market risks; please read all scheme-related documents carefully before investing. This content is for general informational purposes only and does not constitute investment advice.