More than 25 initial public offerings (IPOs) are anticipated to launch in September, potentially raising a record Rs 70,000 crore. This surge is driven by major players like Jio Platforms and the National Stock Exchange (NSE), both of which are expected to secure approvals from the Securities and Exchange Board of India (Sebi) soon.
Jio Platforms has already received Sebi approval for its proposed IPO, which aims to raise around Rs 37,700 crore, potentially marking India's largest-ever public issue. The NSE is also likely to receive Sebi approval shortly, with its IPO expected to be around Rs 30,000 crore. These two major offerings could significantly impact the overall fundraising in September.
The anticipated surge in September follows a notable revival in the primary market during July and August. Companies raised over Rs 28,000 crore through IPOs in July, marking the strongest month of 2026 so far. August also saw robust activity, with more than Rs 23,000 crore raised. This resurgence comes despite a range-bound secondary market, supported by better listing performances, steady domestic liquidity, and a backlog of companies waiting to list.
“The rush of IPOs in July and August was a reflection of pent-up supply that have been put on hold due to volatile secondary market conditions in the first half of the year. The pipeline looks strong for the rest of the year and the demand from investors seems to be decent going by what we saw in the last two months. However, it is not an easy market where companies can get the valuations that they had once hoped for.”
Pranav Haldea, MD of Primedatabase.com
Pranav Haldea, Managing Director of Primedatabase.com, noted that the rush of IPOs in July and August was a reflection of pent-up supply that had been on hold due to volatile market conditions earlier in the year. He added that while demand from investors seems decent, companies may still face challenges in achieving desired valuations.
The success of the September IPO pipeline heavily depends on the timing of Jio and NSE's launches. Jio Platforms' IPO, expected to be a fresh issue of up to 27 crore equity shares, aims to repay part of the borrowings of its telecom subsidiary Reliance Jio Infocomm and fund general corporate purposes. Meanwhile, NSE's IPO will be an offer for sale by existing shareholders.
Background
The Indian IPO market has experienced a resurgence in activity following a subdued first half of 2026 due to volatile market conditions. This revival is crucial for companies looking to capitalize on investor interest and raise capital for expansion and debt reduction.
As the market gears up for a potentially record-breaking month, investors and analysts will be closely watching the timing and reception of these major IPOs. The success of Jio and NSE's offerings could set the tone for the remainder of the year, influencing market sentiment and future fundraising activities.
