India’s primary market is set for a very busy week from September 28. As many as 20 IPOs are set to open between September 28 and October 5. Together, these issues aim to raise about ₹1,292 crore.
The week has four mainboard IPOs and 16 SME IPOs. At the same time, 20 companies are set to make their market debut between September 28 and October 1.
The mix gives investors many choices, but each IPO has a different business model, valuation and risk level. Mainboard and SME issues also have major differences in size, liquidity and minimum application value.
Among the mainboard names, SRIT India and Shah Investors’ Home open on September 28. Vishal Nirmiti and Nityas Gems & Jewellery open on September 30.
SRIT India IPO
SRIT India is one of the main names to watch this week. Its IPO has a size of ₹218.4 crore, with a price band of ₹123 to ₹130 per share.
The lot size is 115 shares, which means a retail investor needs ₹14,950 at the upper price of the band for one lot.
The company operates in IT and IT-enabled services, with a focus on digital solutions and system integration.
The latest grey market premium, or GMP, stands at about ₹33. If that unofficial premium stays near the same level, it points to a price about 25% above the upper price band.
However, GMP does not come from the stock exchange. It can change before the IPO debut and does not guarantee a gain after the stock enters the market.
Investors should also check the company’s valuation, its enterprise contracts and its working capital needs before they make a decision.
Shah Investors’ Home IPO
Shah Investors’ Home has an issue size of ₹90.17 crore. Its price band stands at ₹159 to ₹167 per share.
The lot size is 85 shares. At the upper end, one lot costs ₹14,195.
The company operates in the stock broking and financial services space. Its IPO is a fresh issue, so the company will receive the funds from the issue.
The latest GMP is around ₹9 to ₹12. This is much lower than the current GMP level for SRIT India.
The company’s financial record also needs close attention. FY26 revenue stood at about ₹71.5 crore, while profit after tax stood at ₹13.2 crore. In FY25, revenue was about ₹94.3 crore and profit after tax was ₹23.4 crore.
This shows a fall in both revenue and profit. Investors may therefore want to look at the reason behind this decline before they assess the issue.
Vishal Nirmiti IPO
Vishal Nirmiti has an IPO size of ₹178 crore. Its price band is ₹208 to ₹220 per share.
The issue has a fresh issue worth ₹145 crore and an offer for sale, or OFS, worth ₹33 crore.
Its current GMP stands at ₹0.
The company works in engineering, manufacturing and construction-related areas. Since part of the issue comes through an OFS, investors should understand how much money will enter the company and how much will go to existing shareholders.
Order quality, project execution and working capital can also play an important role in the company’s future performance.
Nityas Gems & Jewellery IPO
Nityas Gems & Jewellery has an issue size of ₹108.42 crore. Its price band is ₹70 to ₹75 per share.
The lot size is 200 shares. At ₹75, one lot costs ₹15,000.
The company focuses on lab-grown-diamond-studded gold jewellery. Its IPO is a fresh issue.
The current GMP is ₹0.
Investors may need to watch jewellery margins, inventory needs and competition in the market. Gold prices and demand for lab-grown diamonds can also affect the business.
Sixteen SME IPOs add more activity
The SME segment has 16 IPOs this week. These issues are much smaller than the four mainboard offers and can have different rules and risks for investors.
Four SME IPOs open on September 28. Acme Universal Safezone 9 has an issue size of ₹35.93 crore, with a price band of ₹65 to ₹71. Shree TNB Polymers has an issue size of ₹31.80 crore and a band of ₹47 to ₹52.
Pind Hospitality has an issue size of ₹17.82 crore, with a price band of ₹93 to ₹99. Shivchem Agro has an issue size of ₹14.01 crore, with a band of ₹59 to ₹62.
Four more SME IPOs open on September 29. Black Opal Consultants has an issue size of ₹55.08 crore and a price band of ₹185 to ₹197. EverestIMS Technologies has an issue size of ₹48.46 crore, with a band of ₹80 to ₹85.
VANS Electroengineerings has an issue size of ₹33.98 crore and a price band of ₹112 to ₹118. Papadmalji Agro Foods has an issue size of ₹20.18 crore and a band of ₹69 to ₹72.
September 30 is the busiest day for the SME segment, with eight issues. Acme India Industries has an issue size of ₹121.69 crore. Paramount Syntex has an issue size of ₹81.78 crore and a price band of ₹119 to ₹127.
Dove Soft has an issue size of ₹73.26 crore and a price band of ₹104 to ₹111. Omara Ventures India has an issue size of ₹41.98 crore and a band of ₹296 to ₹311.
Eventions has an issue size of ₹38.11 crore. TNA Solutions has an issue size of ₹37.85 crore. SJP Ultrasonics has an issue size of ₹23.45 crore. Sollfege Smart Electronics has an issue size of ₹21.78 crore.
Existing IPOs also need attention
Several IPOs are already open and will close this week. Moneyview had a reported subscription of 6.01 times. A-One Steels India stood at 1.35 times, while Orient Cables reached 1.96 times.
German Green Steel & Power had a subscription of 1.73 times. Runwal Enterprises stood at 0.42 times, while AceVector had a subscription of 0.23 times.
These figures can change during the day. They also show that investor demand is not equal across all issues.
Twenty companies set for market debut
The week also has 20 companies set for a market debut.
On September 28, Robokidz Eduventures, FX Multitech and Vivekanand Cotspin are due to debut in the SME segment.
On September 29, Varmora Granito is set for a mainboard debut. Anand Seamless and Himalaya Nutravedics India are due to debut in the SME segment.
September 30 has the largest group of debuts. Elevate Campuses, Adroit Industries (India), ArMee Infotech and Swastika Infra are due to make their mainboard debut. Liqvd Digital India, Unitec Fibres, SK Offset, Pooja Logistics and Coreintegra Consulting Services are due to debut in the SME segment.
On October 1, Moneyview and A-One Steels India are due to make their mainboard debut. Green Asia Impex, Peshwa Wheat and Roopa Screen are due to debut in the SME segment.
That gives seven mainboard debuts and 13 SME debuts, for a total of 20 companies.
What investors should watch
GMP has become a popular measure for IPO demand, but it should not be the only factor. GMP is an unofficial market signal and can change quickly.
Financial results, valuation, debt, return on equity, return on capital, promoter holding and the use of IPO funds can offer a clearer picture of a company.
The difference between a fresh issue and an OFS also matters. A fresh issue gives new capital to the company, while an OFS allows existing shareholders to sell their shares.
SME IPOs need extra care. Their minimum application value can often reach ₹2 lakh to ₹3 lakh. Their shares can also have lower liquidity after the debut. A strong demand figure before the debut does not remove these risks.
A major week for India’s IPO market
September has already been a strong month for India’s primary market. Mainboard IPOs had raised about ₹38,785 crore by September 23, according to reported market data. This was the highest monthly amount since October 2025. The SME segment also had strong activity.
The current week adds another large set of offers and market debuts.
For investors, the key task is to look beyond short-term IPO excitement. SRIT India has a much higher reported GMP than several other mainboard issues, while Shah Investors’ Home has a smaller premium. Vishal Nirmiti and Nityas Gems & Jewellery currently have a GMP of ₹0.
These figures can change before the debut. The final decision should also take account of the company’s financial record, valuation, business model and risk level.
With 20 IPOs and 20 debuts across a few days, the week is set to be one of the busiest periods for India’s primary market in recent months.
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