IPO action intensifies as 11 cos target Rs 7,055 Cr next week

The primary market is poised for another action-packed week, with 11 main-board companies, including Rentomojo, Karamtara Engineering and Kanohar Electricals, set to raise Rs 7,055 crore through initial public offerings (IPOs).

The IPOs are scheduled to hit the market between September 7 and September 15, with most of the issues opening for subscription on Tuesday and Wednesday.

"This multi-issue rush reflects an eagerness to lock in early-stage growth equity in young companies as all these companies are below $1 billion market cap at listing," Rajkumar Rathi, Chief Investment Officer at YES Securities, said.

The companies tapping the primary market include real estate developers, engineering and manufacturing firms, a payments and identity solutions provider, a specialty chemicals manufacturer and an online rental platform.

Of Rs 7,055 crore, Rs 2,722 crore (39%) is primary capital issuance, where funds go into the company, and Rs 4,333 crore (61%) is a secondary sale by existing shareholders. This mobilisation highlights strong corporate confidence and robust liquidity available within the Indian primary market, Rathi said.

The funds raised through the fresh issues will largely be utilised for business expansion, capital expenditure, debt repayment, working capital requirements and other general corporate purposes.

The upcoming IPO rush follows a busy start to September, with Rays of Belief and Deepa Jewellers already launching their IPOs on September 1. With these issues, the number of companies launching IPOs in 2026 is expected to rise to 75. This includes 23 issues launched in August.

Against this backdrop, Pranav Constructions will be the first among the 11 companies to open its IPO for public subscription on September 7. The over Rs 351-crore issue will close on September 9.

This will be followed by Kanohar Electricals, Prasol Chemicals and Glass Wall Systems (India), which will open their IPOs on September 8. Rentomojo, Manipal Payment and Identity Solutions, Arcil, LCC Projects, Karamtara Engineering and Steamhouse India will launch their issues on September 9, while Veegaland Developers will open its IPO on September 10.

Pranav Constructions has fixed a price band of Rs 118-124 per share for its IPO, comprising a fresh issue of Rs 315.6 crore and an OFS of 28.57 lakh shares worth Rs 35.43 crore.

Kanohar Electricals has fixed a price band of Rs 601-632 per share for its Rs 1,056-crore IPO.

Prasol Chemicals has fixed a price band of Rs 643-676 per share for its Rs 500-crore IPO, comprising a fresh issue of Rs 80 crore and an OFS of up to Rs 420 crore.

Glass Wall Systems (India) has fixed a price band of Rs 172-182 per share for its Rs 428-crore IPO.

Rentomojo has fixed a price band of Rs 384-404 per equity share for its Rs 1,256-crore IPO. The issue comprises a fresh issue of shares worth up to Rs 150 crore and an OFS of 2.73 crore shares valued at Rs 1,106 crore at the upper end of the price band.

Karamtara Engineering's Rs 875-crore IPO comprises a fresh issue of Rs 675 crore and an OFS of shares worth up to Rs 200 crore. The price band is Rs 241-254 per share.

Manipal Payment and Identity Solutions has fixed a price band of Rs 322-339 per share for its Rs 805-crore IPO. The issue comprises a fresh issue of Rs 320 crore and an OFS of up to 1.43 crore shares worth Rs 485 crore.

Arcil has fixed a price band of Rs 132-139 per share for its Rs 733-crore IPO, which is entirely an OFS. Since there is no fresh issue, Arcil will not receive any proceeds from the offering.

LCC Projects has fixed a price band of Rs 139-146 per share for its Rs 427-crore IPO.

Steamhouse India will raise Rs 414 crore through an IPO comprising a fresh issue of Rs 353 crore and an OFS of Rs 61 crore.

Veegaland Developers will raise Rs 210 crore through a fresh issue of shares. Its IPO will open on September 10 and close on September 15.