India’s initial public offering, or IPO, market has entered September with strong activity. Several companies are ready to raise money from investors, while many others are close to their public issue plans. As per market estimates, Indian companies may raise around ₹20,000–25,000 crore through IPOs in September 2026. This could make the month one of the busiest periods for India’s primary market this year.
The main reason behind this rush is the expiry of regulatory approvals. Companies that received approval from the Securities and Exchange Board of India, or Sebi, have a limited time to launch their public issues. Sebi had given a one-time extension to companies whose approvals were due to expire between April 1 and September 30, 2026. The extended deadline ends on September 30.
Data from Prime Database shows that 35 companies out of 161 firms with valid IPO approvals could see their approvals expire on September 30. If these companies do not complete their IPOs before the deadline, they may need fresh regulatory clearance. This has added pressure on companies to move ahead with their plans.
Investor Interest Has Grown
The IPO market has also received support from strong investor demand. Foreign portfolio investors, or FPIs, have shown particular interest in IPOs this year. During the first eight months of 2026, FPIs invested about $4.9 billion, or ₹45,848 crore, in Indian IPOs. This was higher than the $4.7 billion, or ₹40,309 crore, invested during the same period in 2025.
This trend is important because FPIs have faced pressure in the wider stock market. Their continued interest in new share sales shows that they still see value in selected Indian companies. It also gives confidence to companies that plan to enter the market this month.
The recent rise in IPO activity also comes after a more cautious first half of 2026. Better market conditions, strong recent listings and the expiry of Sebi approvals have pushed more companies toward the public market. Investment bankers expect close to 25 companies to be in the IPO pipeline for September.
Deepa Jewellers Opens Its IPO
One of the main IPOs to open on September 1 is Deepa Jewellers. The company has fixed a price band of ₹168 to ₹177 per share. Its public issue is worth ₹459.72 crore and will remain open until September 3. The shares are planned for listing on both the BSE and NSE.
The issue has a fresh share sale of ₹250 crore and an offer for sale of ₹209.72 crore. The grey market premium, or GMP, was around 31% on the opening day. GMP is an unofficial market signal and does not guarantee the actual listing price.
Investors will watch the response to the issue over the next two days. Demand from retail investors, institutions and other buyers will give a clearer view of market interest before the issue closes.
Rays of Belief Also Enters the Market
Rays of Belief has also opened its IPO on September 1. The company, which operates under the Mom’s Belief brand, has set its price band at ₹227–239 per share. The IPO will close on September 3. The company plans to raise ₹125 crore through a fresh issue. Its shares are proposed to list on both BSE and NSE.
The grey market premium for Rays of Belief was reported at about 20% on September 1. Such a premium can show positive market sentiment before a listing, but investors should not treat it as a fixed return. Actual share prices can change due to market conditions, demand and company performance.
The issue gives investors another mainboard IPO to consider during a busy week. With several public issues close to each other, investors may compare price, business performance and valuation before they make a decision.
ESDS and Priority Jewels See Strong Demand
Two other IPOs have also attracted strong demand and entered their final day on September 1. ESDS Software Solution has an issue size of ₹720 crore, with a price band of ₹408–429 per share. According to the latest available subscription data, the issue had received very strong demand before its close. The IPO opened on August 28 and closes on September 1.
Priority Jewels has also seen a strong response. Its IPO is worth ₹91.5 crore and has a price band of ₹190–200 per share. The issue opened on August 28 and closes on September 1. Its reported grey market premium was around 23%, while subscription had crossed 21 times in earlier updates.
The response to these issues shows that investors are ready to put money into new share sales when they see attractive opportunities. However, high subscription numbers alone do not mean that a stock will perform well after listing.
Lumino Industries Awaits Allotment
Lumino Industries is another major name in the current IPO cycle. Its ₹700-crore IPO opened on August 27 and closed on August 31. The company fixed the issue price at ₹82 per share. The issue included ₹500 crore of fresh shares and an offer for sale worth ₹200 crore.
The basis of allotment was expected to be finalised on September 1. Investors who applied for the issue can check their allotment through the registrar and the stock exchange websites. The company is scheduled to list on September 3. Its grey market premium was reported at around 59%, which suggested strong expectations before listing.
The actual listing price, however, can differ from the grey market estimate. Investors usually look at the final allotment and market conditions before the shares make their debut.
Skyways Air Services Gives a Surprise
Skyways Air Services gave investors an important signal on September 1. The company had received a huge response during its IPO, with the issue subscribed 71.25 times. The QIB portion was subscribed 139.69 times, the NII portion 87.24 times and the retail portion 25.40 times.
Despite this strong demand, the shares did not deliver a premium at the start of trading. Skyways Air Services opened at ₹124.50 on BSE and ₹124 on NSE, against its IPO price of ₹138. This meant a discount of about 10% at the start of its market debut.
The company had raised ₹582.8 crore through its IPO. This included a fresh issue worth ₹398.8 crore and an offer for sale worth ₹184 crore. Its strong IPO subscription and weaker debut show why investors should not depend only on subscription figures or grey market expectations.
SME IPO Market Also Sees Action
The small and medium enterprise, or SME, IPO segment is also active. On September 1, Fly-Hi Maritime and Farm Peace opened their IPOs on the BSE SME platform. Both issues will remain open until September 3. Farm Peace has a fresh issue worth ₹32 crore. Market sentiment in the grey market was mixed for these issues.
At the same time, ABH Healthcare and Madhur Knit are set to make their debut on the NSE SME platform. Grey market signals suggest that both could have a muted start. This shows that the SME segment can have a very different market response from larger mainboard IPOs.
Sebi is also considering changes to the SME IPO framework. The regulator may review areas such as liquidity, market making, underwriting costs and the process for migration to the main board. The aim is to make the segment safer and more useful for investors while still giving smaller companies access to capital.
Jio Platforms Could Change the Market
The biggest possible IPO story ahead is Jio Platforms. Sebi has approved the proposed $3.8 billion IPO of Jio Platforms, a Reliance Industries unit. If the issue takes place at this size, it could become India’s largest IPO.
Jio Platforms has more than 533 million subscribers and has expanded beyond telecom into areas such as artificial intelligence, cloud services and enterprise networks. The proposed IPO includes 270 million shares. A major part of the money is expected to help repay debt at Reliance Jio Infocomm.
A Jio Platforms IPO could have a major effect on the September market. Reports suggest that India could see as much as ₹70,000 crore in IPO fundraising during the month if Jio Platforms or the National Stock Exchange launches its issue. This is a much higher figure than the base estimate of ₹20,000–25,000 crore and would depend on the timing and size of any mega issue.
What September Means for Investors
September 2026 has started with clear signs of a busy IPO market. Deepa Jewellers and Rays of Belief have opened for bids, while ESDS Software Solution and Priority Jewels have reached their final day. Lumino Industries is close to its stock market debut, and several other companies are set to list during the week.
The larger story is the return of confidence in India’s primary market. Companies want to use their Sebi approvals before the September 30 deadline, while investors continue to show interest in selected new issues.
Still, a strong IPO market does not mean every new stock will rise after listing. Skyways Air Services is a clear example. Its IPO received 71.25 times subscription, yet its shares opened about 10% below the issue price.
For investors, September may offer many choices, but each IPO needs a separate review. Business strength, profit, debt, valuation, use of IPO funds and future growth matter more than short-term market excitement.
With about ₹20,000–25,000 crore of IPOs expected in September, strong FPI interest and the possibility of a very large Jio Platforms issue, the month could become a key period for India’s stock market. The final numbers will depend on how many companies launch their issues and how investors respond. For now, September has already shown that India’s IPO market has entered a much more active phase.
Also Read – Startup Ideas for Solopreneurs: 30 Businesses You Can Run Alone