India's primary market is about to enter one of its busiest phases of 2026.
As many as six mainboard IPOs are scheduled to open for subscription on September 9, 2026, creating an unusually crowded day for India's IPO market. Together, these six offerings could raise up to approximately ₹4,511 crore.
The rush doesn't stop there. At least five additional IPOs are scheduled around the same week, making September one of the most active periods for India's primary market this year. Reuters reports that nearly $4 billion worth of IPOs could come to the Indian market during September, with potential large offerings from companies including Hero Motors and the National Stock Exchange also on the horizon.
For investors, however, a busy IPO calendar doesn't mean every IPO is automatically a good investment.
Here's a complete look at the September 9 IPO rush, the companies involved, important dates and what investors should check before applying.
Why Are So Many IPOs Opening at Once?
The Indian IPO market had a relatively slower beginning to 2026, but activity has picked up considerably.
According to Reuters, India had 165 IPOs raising $8.61 billion through August 26, 2026, making India the world's busiest IPO market by number of issues during that period.
The recent increase in activity is being driven by several factors.
Companies that had received regulatory approval for IPOs are moving forward with their fundraising plans, while improved investor sentiment has also helped revive the primary market.
Reuters reports that average IPO subscriptions more than doubled to 59.1 times during July and August, compared with 24.5 times during April–June. Average listing gains also increased from 5.7% to 19.5% over the same comparison.
But these figures shouldn't be interpreted as a guarantee of future returns.
IPO performance can vary significantly from one company to another.
The Big Date: September 9, 2026
The most interesting date for IPO investors is:
September 9, 2026
Six mainboard IPOs are scheduled to open on this day.
The companies include:
Rentomojo
Manipal Payment & Identity Solutions
Asset Reconstruction Company (India)
LCC Projects
Karamtara Engineering
Steamhouse India
Several of these IPOs are scheduled to remain open until September 11, while other IPOs are also entering the market during the same week.
This makes September 9 particularly important for investors following India's IPO market.
September 2026 IPO Calendar
Here is a simplified view of the upcoming mainboard IPO activity reported for the week:
| Company | IPO Dates | Approx. Issue Size |
|---|---|---|
| Pranav Constructions | Sept. 7–9 | ₹351 crore |
| Glass Wall Systems (India) | Sept. 8–10 | ₹428 crore |
| Prasol Chemicals | Sept. 8–10 | ₹500 crore |
| Kanohar Electricals | Sept. 8–10 | ₹1,056 crore |
| Manipal Payment & Identity Solutions | Sept. 9–11 | ₹805 crore |
| Asset Reconstruction Company (India) | Sept. 9–11 | ₹733 crore |
| Rentomojo | Sept. 9–11 | ₹1,256 crore |
| LCC Projects | Sept. 9–11 | ₹427.1 crore |
| Karamtara Engineering | Sept. 9–11 | ₹875 crore |
| Steamhouse India | Sept. 9–11 | ₹414 crore |
| Veegaland Developers | Sept. 10–15 | ₹210 crore |
The above calendar is based on currently reported IPO schedules and issue sizes; dates, price bands and other terms can change before an issue opens.
1. Rentomojo IPO
One of the most closely watched IPOs in this group is Rentomojo.
Rentomojo operates an online rental platform through which customers can rent products including furniture, appliances and other household items.
The company is planning an IPO of approximately:
₹1,256 crore
Its IPO is scheduled to open on:
September 9, 2026
and close on:
September 11, 2026.
The reported price band is ₹384–₹404 per share.
Rentomojo's IPO is particularly interesting because it represents a relatively new type of consumer business entering India's public markets.
Instead of purchasing furniture or appliances outright, customers can access products through rental or subscription-based models.
This makes the company an interesting example of how India's changing consumption patterns are creating new business models.
2. Manipal Payment & Identity Solutions IPO
Another major issue opening on September 9 is:
Manipal Payment & Identity Solutions
The company is planning an IPO of approximately:
₹805 crore
with the subscription period scheduled for:
September 9–11, 2026.
The reported price band is:
₹322–₹339 per share.
The company operates in areas including:
Payment cards
Identification products
IoT solutions
Payment-related infrastructure
Its customers include banks, fintech companies, NBFCs and government entities.
According to a report by Financial Express, the company has an estimated 36.4% share of India's credit-card market and 30.9% of the debit-card market as of FY26.
The IPO therefore gives investors an opportunity to examine a business operating behind India's growing digital-payment and identity infrastructure.
3. Asset Reconstruction Company (India) IPO
Another company scheduled to open its IPO on September 9 is:
Asset Reconstruction Company (India)
The reported issue size is approximately:
₹733 crore
with the IPO scheduled for:
September 9–11, 2026.
Asset reconstruction companies operate in an important part of India's financial system.
They typically deal with stressed or distressed financial assets, including non-performing assets acquired from financial institutions.
This means the company's business model is quite different from consumer-facing IPOs such as Rentomojo.
For investors, understanding the underlying business model is therefore particularly important before making an investment decision.
4. LCC Projects IPO
LCC Projects is another IPO expected to open on September 9.
The reported issue size is approximately:
₹427.1 crore
The subscription period is scheduled for:
September 9–11, 2026.
The company is part of the infrastructure/construction-related IPO pipeline entering the market during September.
Investors looking at this issue should pay particular attention to:
Order book
Revenue growth
Profit margins
Debt
Working capital
Client concentration
Execution capability
These factors can be particularly important for companies operating in project-based businesses.
5. Karamtara Engineering IPO
Another significant September IPO is:
Karamtara Engineering
The reported issue size is around:
₹875 crore
and its subscription period is scheduled for:
September 9–11, 2026.
Karamtara is part of the engineering/manufacturing segment of the IPO pipeline.
Manufacturing and industrial companies are playing a significant role in India's current IPO calendar.
According to Upstox's September IPO overview, companies from electrical equipment, chemicals, engineering, infrastructure and related industrial sectors make up a large portion of the upcoming issues.
6. Steamhouse India IPO
The sixth mainboard IPO scheduled to open on September 9 is:
Steamhouse India
The reported issue size is approximately:
₹414 crore
and the subscription window is scheduled for:
September 9–11, 2026.
The company adds another industrial/business-to-business offering to an IPO calendar that is already heavily tilted toward manufacturing and infrastructure-related businesses.
Why Is the September IPO Calendar Important?
At first glance, six IPOs opening on one day may simply look like a busy week.
But there is a bigger story.
India's primary market is attracting companies from a much wider range of industries.
The upcoming IPO pipeline includes businesses connected with:
Fintech
Payment infrastructure
Engineering
Chemicals
Construction
Industrial products
Online rentals
Financial services
Real estate
Infrastructure
This diversification shows that India's public-market ecosystem is expanding beyond traditional sectors.
NSE IPO Could Be Another Major Event
The September IPO story becomes even more interesting when the potential NSE IPO is considered.
The National Stock Exchange has been preparing for a long-awaited public listing.
A recent Supreme Court development removed a significant legal obstacle related to old regulatory matters involving NSE. Reuters reported that the development could clear the way for NSE's delayed IPO.
The NSE IPO could become one of India's most significant listings if it proceeds.
However, investors should distinguish between:
"expected IPO"
and
"IPO officially open for subscription."
Until an official issue schedule is announced, investors should not treat media expectations as confirmed subscription dates.
Could September Become India's Biggest IPO Month?
That is one of the biggest questions investors are asking.
Reuters reports that IPOs worth nearly $4 billion could come to the Indian market during September, with Hero Motors and NSE among the potential major offerings.
At the same time, India's IPO activity has already been unusually strong by global standards.
Through August 26, India had recorded:
165 IPOs
raising:
$8.61 billion
according to LSEG data cited by Reuters.
That makes India one of the world's most active IPO markets by the number of new listings.
But Should You Apply for Every IPO?
Absolutely not.
This is perhaps the most important point for new investors.
A large IPO pipeline does not mean every issue deserves an application.
An IPO can be heavily subscribed and still disappoint investors after listing.
Similarly, an IPO that receives relatively modest subscription can sometimes perform well over the long term.
Before applying, investors should examine:
1. Revenue growth
Is the company's revenue consistently increasing?
2. Profitability
Is the company actually making money?
3. Debt
How much debt does the company carry?
4. Cash flow
Are profits translating into actual cash?
5. Valuation
Is the IPO expensive compared with listed competitors?
6. Promoter background
Who controls the company?
7. Use of IPO proceeds
Why is the company raising money?
8. Fresh issue vs OFS
Is the money going into the company, or are existing shareholders selling their shares?
9. Industry outlook
Does the business operate in a growing or declining market?
10. Risks
What are the company's biggest business and financial risks?
What Is the Difference Between Fresh Issue and OFS?
If you're new to IPO investing, this is an important concept.
Fresh Issue
When a company issues new shares, the money raised generally goes to the company.
It can be used for purposes such as:
Expansion
New factories
Debt repayment
Working capital
Acquisitions
General corporate purposes
Offer for Sale (OFS)
In an OFS, existing shareholders sell some of their shares.
The money from those shares generally goes to the selling shareholders rather than the company.
Therefore, investors should always check the IPO structure.
IPO Subscription Does Not Equal Investment Quality
You may see headlines such as:
"IPO subscribed 50 times"
or:
"IPO receives massive demand."
These numbers can generate enormous excitement.
But subscription data alone doesn't tell you whether the company is fundamentally attractive.
A company can receive strong demand because of:
Market sentiment
Limited share supply
Institutional demand
Speculation
Expected listing gains
Strong brand recognition
Long-term investors should look beyond the subscription number.
What Should Beginners Do?
If you are new to IPOs, don't start by asking:
"How much listing gain can I make?"
Instead ask:
"Would I want to own this company for the next five years?"
If the answer is no, you may want to think twice before applying simply because the IPO is trending.
IPO investing should be based on the company's fundamentals, valuation and your own risk tolerance.
September 9 Could Be a Test for Investors
Six IPOs opening on the same day will create an interesting situation.
Investors will have multiple choices.
Instead of concentrating on one company, they can compare different sectors and business models.
For example:
Rentomojo → Consumer/rental platform
Manipal Payment → Payment and identity infrastructure
ARC India → Financial services
Karamtara Engineering → Engineering/manufacturing
LCC Projects → Infrastructure/project business
Steamhouse India → Industrial/B2B business
This makes September 9 more than just an IPO-heavy day.
It provides a snapshot of the types of businesses currently seeking access to India's public markets.
Upcoming IPOs in September 2026: What to Watch
Apart from the six IPOs opening on September 9, investors should keep an eye on other potential offerings.
The September pipeline includes:
Rentomojo
Manipal Payment & Identity Solutions
Asset Reconstruction Company (India)
Karamtara Engineering
LCC Projects
Steamhouse India
Kanohar Electricals
Prasol Chemicals
Glass Wall Systems
Pranav Constructions
Veegaland Developers
An expected NSE IPO and a potential Hero Motors issue could add further weight to the month.
What This Means for the Indian Stock Market
The IPO boom has two sides.
Positive side
More IPOs can mean:
More investment opportunities
More capital for Indian businesses
Greater access to public markets
Expansion of companies
Increased investor participation
Risk side
Too much enthusiasm can also lead to:
Aggressive valuations
Speculative buying
Excessive listing expectations
Short-term trading
Investors ignoring fundamentals
This is why a strong IPO market should be viewed with both optimism and caution.
Final Takeaway
September 2026 is shaping up to be one of the busiest IPO periods of the year in India.
The biggest immediate event is September 9, when six mainboard IPOs are scheduled to open on the same day.
The six are:
Rentomojo
Manipal Payment & Identity Solutions
Asset Reconstruction Company (India)
LCC Projects
Karamtara Engineering
Steamhouse India
Together, these six offerings are expected to raise up to around ₹4,511 crore.
But investors shouldn't confuse a crowded IPO calendar with guaranteed profits.
The smartest approach is simple:
Don't invest because an IPO is trending.
Don't invest because everyone is talking about it.
Don't invest simply because an IPO is oversubscribed.
Instead, study the company's business, financial statements, valuation, competitors, risks and the purpose of the IPO.
And if you're a beginner, remember one golden rule:
A good company at the wrong valuation can still be a bad investment.
The September IPO rush is worth watching—but your money deserves more research than a trending headline.
FAQs
Which IPOs are opening on September 9, 2026?
Six mainboard IPOs are scheduled to open on September 9: Rentomojo, Manipal Payment & Identity Solutions, Asset Reconstruction Company (India), LCC Projects, Karamtara Engineering and Steamhouse India.
What is the biggest IPO opening on September 9?
Among the six IPOs, Rentomojo has the largest reported issue size at approximately ₹1,256 crore.
When is the Rentomojo IPO?
Rentomojo's IPO is scheduled to open on September 9, 2026, and close on September 11, with a reported price band of ₹384–₹404 per share.
What is the Manipal Payment IPO size?
Manipal Payment & Identity Solutions is planning an IPO of approximately ₹805 crore, with a reported price band of ₹322–₹339 per share.
Is NSE IPO coming in September 2026?
The NSE IPO is expected to move closer to the market following recent regulatory and legal developments, but investors should wait for an official IPO schedule before treating a September launch as confirmed.
Is applying for an IPO guaranteed to make money?
No. IPOs can list above or below their issue price, and their long-term performance depends on business fundamentals, valuation, market conditions and execution.
Is this article financial advice?
No. This article is intended for informational and educational purposes. Investors should conduct their own research and consider their financial situation and risk tolerance before investing.
