As many as 25 IPOs will have hit the market by September 30. Nine have already opened, another nine are lined up for next week, and at least five to seven more are expected before month-end-making September a record-breaking month for IPO activity.
Among the companies that have hit the market so far are Urban Company, Amanta Healthcare, Dev Accelerator, Shringar House Of Mangalsutra, Euro Pratik Sales and VMS TMT. Except for Euro Pratik Sales, all others saw robust subscriptions ranging from 60 to 104 times, raising between ₹126 crore and ₹1,900 crore. Currently, iValue Infosolutions, GK Energy and Saatvik Green Energy are open for subscription.
Pratik Loonker, Managing Director and Head of Equity Capital Markets at Axis Capital, said the surge in IPOs this month is being driven by two factors.
“First, several companies had filed their offer documents with March 2025 financials which will become stale beyond September 30 if listings are not completed, creating a natural deadline,” he said. “Second, the upcoming quarter is expected to see very large issuances from marquee companies, and to avoid competing with them for both investor mindshare and wallet share, many mid-sized and smaller companies have accelerated their timelines into September.”
Loonker said issue sizes this month are relatively smaller because these companies had filed their DRHPs earlier than the large offerings scheduled next quarter. As a result, these offerings got quicker Sebi approvals and completed the regulatory and marketing process.Large players such as LG India, Pine Labs, Groww, Tata Capital and Physics Wallah are expected to debut in the coming weeks.According to Prime Database, this month’s tally of more than 20 IPOs will surpass the September counts of the past five years – 14 issues in 2023 and 12 in 2024. So far in 2025, 49 companies had launched their IPOs before September, with 24 debuting in the first half of the year.
“The IPO momentum reflects improved market conditions,” said Pranav Haldea, Managing Director, Prime Database Group. “We saw a steady flow of filing of draft documents despite a correction and volatility since last year as companies wanted to be in a position to launch whenever market conditions improved.”
Nine more issues worth a combined ₹5,400 crore – from Atlanta Electricals, Ganesh Consumer Products, Anand Rathi Share & Stock Brokers, Jaro Institute Of Technology Management & Research, Seshaasai Technologies, Solarworld Energy Solutions, Epack Prefab Technologies, Jain Resource Recycling and Jinkushal Industries – are set to open next week.
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