New Delhi (Economy India): India’s primary market is set for another busy week, with six mainboard companies preparing to launch initial public offerings (IPOs) worth a combined ₹3,825 crore as fundraising activity continues at a strong pace in 2026.
The upcoming issues include Elevate Campuses, Varmora Granito, A-One Steels India, ArMee Infotech, Swastika Infra and Adroit Industries (India). The IPOs are scheduled to open between September 22 and September 24, with the respective bidding windows extending through September 25 or September 28.
The latest IPO pipeline adds to an already active year for India’s primary markets, with companies raising substantial amounts to fund expansion, acquisitions, capital expenditure, debt repayment and working-capital requirements.
Six IPOs to Hit the Market
The six upcoming public issues are:
| Company | Issue Size | IPO Dates | Price Band |
|---|---|---|---|
| Varmora Granito | ₹708 crore | Sep 22–24 | ₹140–148 |
| Elevate Campuses | ₹2,100 crore | Sep 23–25 | ₹343–362 |
| ArMee Infotech | ₹300 crore | Sep 23–25 | ₹350–375 |
| Swastika Infra | ₹161 crore | Sep 23–25 | ₹175–185 |
| Adroit Industries (India) | ₹151 crore | Sep 23–25 | ₹126–134 |
| A-One Steels India | ₹405 crore | Sep 24–28 | ₹385–405 |
The issue sizes and opening dates are also reflected in the Association of Investment Bankers of India’s current IPO listing.
Elevate Campuses Leads the Week
Hillhouse Investment-backed Elevate Campuses will account for the largest issue of the week, with a ₹2,100-crore IPO.
The issue will open on September 23 and close on September 25. The company has fixed the price band at ₹343–₹362 per share and the offering consists entirely of a fresh issue, with no offer-for-sale component.
The company plans to use the proceeds primarily for acquisitions and debt repayment, according to market reports.
Varmora Granito IPO Opens September 22
Varmora Granito, a tiles and bathware manufacturer, will be the first of the six companies to open its public issue.
Its ₹708-crore IPO will remain open from September 22 to September 24, with a price band of ₹140–₹148 per share.
The issue consists of a fresh issue of up to ₹320 crore and an offer for sale of 2.62 crore shares valued at up to ₹388 crore by investor Katsura Investments.
A-One Steels to Raise ₹405 Crore
A-One Steels India, an integrated steel manufacturer, will launch its IPO from September 24 to September 28.
The company is targeting ₹405 crore, with the price band fixed at ₹385–₹405 per share.
The offering comprises a fresh issue of ₹355 crore and an offer for sale of shares worth up to ₹50 crore by promoters.
ArMee Infotech, Swastika Infra and Adroit Industries
ArMee Infotech will launch its ₹300-crore IPO between September 23 and September 25. The price band has been fixed at ₹350–₹375 per share, with the issue comprising entirely fresh equity.
Swastika Infra, an EPC solutions provider focused on power distribution and infrastructure projects, will also open its ₹161-crore issue from September 23 to September 25. Its price band is ₹175–₹185 per share.
Meanwhile, Adroit Industries (India) will raise ₹151 crore through its IPO, which will remain open from September 23 to September 25. The company has fixed the price band at ₹126–₹134 per share.
Primary Market Momentum Remains Strong
The six IPOs come amid sustained activity in India’s primary market.
According to market data cited in current reports, 17 IPOs had already been completed in September, while the latest additions are expected to take the number of companies launching IPOs in 2026 to 87, including 23 issues that came to market in August.
Companies are increasingly using the IPO route to finance expansion, strengthen balance sheets, fund acquisitions and support long-term growth plans.
Market participants have also highlighted the depth of the IPO pipeline. As of the latest data, 167 companies had received SEBI approval, representing an estimated potential issue size of ₹3.06 lakh crore, while another 71 companies with an estimated issue size of ₹1.60 lakh crore were awaiting regulatory approval.
A Busy Week for India’s Primary Market
The upcoming ₹3,825-crore fundraising programme underscores the continued importance of India’s equity markets as a source of corporate capital.
With companies from sectors including education infrastructure, building materials, steel, technology, power infrastructure and manufacturing entering the market, the next week will provide another broad cross-section of India’s ongoing IPO activity.
For investors, the six issues will bring different business models, issue structures and fundraising objectives to the market, making company-specific disclosures and offer documents important considerations before making investment decisions.
(Economy India)
