September could turn out to be one of the biggest months for India’s primary market this year. More than 25 companies are expected to approach the IPO market, while two potential mega issues could significantly change the fundraising numbers.
Jio Platforms has already received SEBI approval for its proposed IPO of around ₹37,700 crore. If launched at this size, it would become India’s largest IPO. The National Stock Exchange (NSE) is also considering a public issue of around ₹30,000 crore, although its launch timing has not been confirmed.
September IPO Calendar Starts On A Busy Note
The month has already opened with several mainboard and SME offerings. Purple Style Labs, Deepa Jewellers and Rays of Belief are among the mainboard issues around the beginning of September. Farm Peace, Phychem Technologies, Shanti Inorganics and Ashutosh Fibre are among the SME offerings.
The seven issues in the opening-week calendar are together looking to raise more than ₹1,400 crore. Beyond these companies, the broader IPO pipeline includes names such as Zepto, PhonePe and Manipal Health. However, their September launch dates have not been announced, so they should not be considered confirmed September IPOs.
Jio And NSE Could Change The Fundraising Picture
The biggest potential trigger is Jio Platforms. Its proposed ₹37,700 crore IPO has already received SEBI approval. The issue could become the largest IPO in India if launched at the proposed size. NSE could add another major issue to the calendar. The exchange is considering a ₹30,000 crore public issue, but there is no confirmed launch date yet.
If either Jio or NSE comes to the market in September, total fundraising could rise sharply. Depending on the issue launched, its final size and other offerings, monthly fundraising could approach ₹70,000 crore.
IPO Activity Rebounds After A Weak First Half
The potential September boom follows a clear recovery in IPO activity during July and August. Companies raised more than ₹28,000 crore through IPOs in July. In August, 22 companies raised over ₹23,000 crore. August also recorded the highest number of companies accessing the IPO market in a year.
The first half of CY26 was much quieter. Market volatility, concerns over valuations, foreign investor outflows and geopolitical tensions affected investor sentiment. The Nifty 50 fell around 9% during the first half of the calendar year, leading several companies to postpone their fundraising plans.
Better Listing Gains Bring Investors Back
Market conditions improved during July and August. The Nifty 50 gained around 1.8% from the end of June through the first two months of the second half of CY26. IPO listing performance also improved significantly. The average listing-day gain for 25 IPOs that debuted between July 1 and August 19 was 20.9%. This was far higher than the 1.72% average recorded during the first half of CY26.
Across 47 mainboard IPOs during the year, the average listing gain stood at 11.9%. The stronger performance has created a more favourable environment for companies that had delayed their IPO plans.
Large IPO Pipeline Could Test Investor Liquidity
The pipeline remains substantial. Since March 2025, 146 companies have received SEBI approval. Another 67 are awaiting regulatory approval, while 65 have filed DRHPs and 33 have filed confidential DRHPs. This gives the primary market a large pool of potential issuers beyond September’s confirmed calendar. But a heavy supply of new shares can also put pressure on available investor liquidity.
Large offerings from Jio Platforms and potentially NSE could compete with smaller mainboard and SME issues for institutional and retail participation. That makes the timing and size of these issues important for the broader market.
IPO Returns Still Remain Uneven
The improved IPO environment does not mean every new listing has delivered strong returns. As of July 31, the average gain from the issue price across 407 IPOs stood at 66%.
However, the numbers also show a wide gap between winners and losers. Around 17% of companies were trading 25% to 50% below their issue price. Another 9% were more than 50% below their issue price. This makes selective stock picking important even as IPO activity picks up. A strong listing or a busy primary market does not guarantee long-term performance.
Conclusion
September has the potential to become a landmark month for India’s IPO market. More than 25 companies are expected to tap the market, while Jio Platforms and potentially NSE could bring exceptionally large issues. The recent improvement in market sentiment and listing gains has created a better backdrop for new offerings. Still, investors will need to look beyond the size of an IPO and assess valuations, business fundamentals and post-listing performance before making investment decisions.
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