Six mainboard companies open initial public offerings between September 22 and September 28 to raise a combined ₹3,825 crore, led by Hillhouse-backed Elevate Campuses, as India's primary market keeps its 2026 pace.
Elevate Campuses Carries Most of the Week's Value
Elevate Campuses is the largest of the six issues at ₹2,100 crore, or roughly 55 per cent of the week's total fundraise. The Hillhouse Investment-backed company opens on September 23 with a price band of ₹343 to ₹362 a share, closes on September 25, and expects to list on September 30. The offer is entirely a fresh issue of equity, with no offer for sale component, so the money raised goes to the company rather than to exiting shareholders.
Varmora Granito, a tiles and bathware maker, opens first. Its ₹708 crore issue runs from September 22 to September 24 at a band of ₹140 to ₹148 a share, and is split between a fresh issue of up to ₹320 crore and an offer for sale of 2.62 crore shares worth up to ₹388 crore by investor Katsura Investments.
The Week's Full Calendar
| Company | Issue dates | Size | Price band |
| Varmora Granito | Sep 22 to Sep 24 | ₹708 crore | ₹140 to ₹148 |
| Elevate Campuses | Sep 23 to Sep 25 | ₹2,100 crore | ₹343 to ₹362 |
| ArMee Infotech | Sep 23 to Sep 25 | ₹300 crore | ₹350 to ₹375 |
| Swastika Infra | Sep 23 to Sep 25 | ₹161 crore | ₹175 to ₹185 |
| Adroit Industries (India) | Sep 23 to Sep 25 | ₹151 crore | ₹126 to ₹134 |
| A-One Steels India | Sep 24 to Sep 28 | ₹405 crore | ₹385 to ₹405 |
ArMee Infotech, which works in integrated technology infrastructure and renewable energy, is raising its full ₹300 crore through a fresh issue of equity. Swastika Infra provides engineering, procurement and construction services in power distribution and infrastructure projects. A-One Steels India, an integrated steel manufacturer based in Bengaluru, has split its ₹405 crore offer into a ₹355 crore fresh issue and an offer for sale of up to ₹50 crore by promoters.
Across the six companies, proceeds from the fresh issues are earmarked largely for business expansion, capital expenditure, debt repayment, working capital and general corporate purposes.
September Was Already Busy Before This Week
The new calendar follows 17 initial public offerings that have already concluded this month. The National Stock Exchange issue and textile maker Sonaselection India were open for subscription during the week just ended.
With this week's six offers, the number of companies launching IPOs in 2026 is expected to reach 87, which includes 23 issues in August alone. Kamraj Singh Negi, managing director and chief executive of Pantomath Capital, said the primary market has clearly regained momentum, with July and August together accounting for nearly 60 per cent of the ₹83,062 crore raised through IPOs so far in 2026.
The Pipeline Behind the Pace
The queue behind these six issues is large. As many as 167 companies already hold approval from the Securities and Exchange Board of India, representing an estimated ₹3.06 lakh crore of potential issue size. Another 71 companies with an estimated ₹1.60 lakh crore are awaiting approval.
Negi said the depth of that pipeline gives issuers considerable optionality to tap the market while conditions remain supportive, and that the market has the potential to surpass last year's fundraising levels, though the outcome will depend on market conditions and the timing of issuances.
Taken together, the approved and pending pipeline is worth more than ₹4.6 lakh crore of potential issuance, which is several times what has actually been raised in 2026 so far. That gap is the reason a busy week is not by itself evidence of a peak.
Also Read: FPIs Pull ₹20,974 Crore From Indian Equities in September
What the Offer Structure Tells a Reader
The split between a fresh issue and an offer for sale is one of the more useful details in this week's line-up. In a fresh issue the company receives the proceeds and its share count rises. In an offer for sale, existing shareholders sell down and the company receives nothing.
On that measure, this week's issues differ sharply. Elevate Campuses and ArMee Infotech are entirely fresh issues. Varmora Granito's offer is majority offer for sale by value, with ₹388 crore of the ₹708 crore coming from an investor selling down. A-One Steels sits in between, with ₹355 crore of its ₹405 crore raise going to the company.
Subscription levels through the week will also be visible on the NSE and BSE websites for each issue, category by category, which is where the retail, non-institutional and institutional appetite for each of these six names will show up first.
