Upcoming IPO: 6 Mainboard Issues To Open On September 9, Target ₹4,386 Crore; First Time In 30 Years

India’s primary market is heading for one of its busiest days in nearly three decades, with six mainboard IPOs set to open for subscription on September 9. Rentomojo, Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects and Karamtara Engineering will all hit the market on the same day, together aiming to raise ₹4,386 crore.

According to Prime Database, the last time six mainboard IPOs opened on the same day was October 14, 1996. Two weeks later, on October 28, seven issues opened together. During 1995 and 1996, days when 10 or more public offerings hit Dalal Street simultaneously were not uncommon.

What sets the current IPO rush apart is the scale of fundraising. The six issues opening on September 9 are targeting ₹4,386 crore, compared with around ₹22 crore raised by six IPOs on a comparable day three decades ago.

The September 9 cluster is part of a wider surge in primary market activity. As many as 12 mainboard IPOs are lined up between September 7 and September 11, collectively targeting around ₹7,180 crore.

Why are companies rushing to launch IPOs?

Pranav Haldea, Managing Director of Prime Database, attributed the strong IPO pipeline to sustained investor demand, Business Standard reported.

Companies typically gauge investor interest through roadshows before launching an issue. If demand is weak or valuations are considered high, they can defer the issue or reconsider pricing, Haldea said.

He also pointed to steady inflows into mutual funds as a key driver of the IPO market. Mutual funds continue to receive substantial capital each month, but there is a limit to how much of that money can be deployed in the secondary market. This creates a need for fresh equity offerings, Haldea said.

The primary market could remain active through September, with the NSE IPO also expected later this month.

With several issues competing for investor capital, the crowded IPO calendar could make issue selection increasingly important. Valuations, business prospects and sector fundamentals are likely to remain key factors as investors assess the new offerings.

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