India's IPO market is currently experiencing a boom, with a record six initial public offerings scheduled for a single day next week. This rush is attributed to companies aiming to raise capital following a slower start to 2026, partly due to the U.S.-Iran war. Several companies, including furniture rental platform Rentomojo, Asset Reconstruction Company (India), and Manipal Payment & Identity Solutions, are among those launching their IPOs on September 9.
Investment bankers anticipate IPOs worth nearly $4 billion in September alone. Prominent offerings expected this month include automotive technology company Hero Motors and the National Stock Exchange (NSE). The positive momentum is projected to continue throughout the year, with potentially India's largest IPOs on the horizon, including the NSE offering and a later issue from Jio Platforms, which could aim for around $37 billion.
The National Stock Exchange of India (NSE) is preparing for its highly anticipated IPO, expected to launch on September 18 and list on September 25. This IPO could raise approximately $30 billion, potentially making it the largest IPO in India's history, surpassing Hyundai Motor India's $27.87 billion issue from October 2024. The offering will be entirely an offer for sale (OFS), meaning existing shareholders will sell up to 148.9 million equity shares, representing nearly 6% of NSE's paid-up equity capital. The exchange itself will not receive any proceeds from the sale.
The expected price band for the NSE IPO is between 1,700 rupees and 1,785 rupees per share, which is lower than an earlier marketed range of 2,000 rupees to 2,100 rupees. This adjustment comes as some shareholders have reportedly backed out of selling at the lower price, leading to a potential reduction in the offered stake from 6% to about 5.5%. Despite the price adjustment, the NSE remains a dominant force in India's securities markets, holding significant market shares across cash equity (92.99%), equity futures (99.79%), and equity options (74.71%). Its valuation at the lower end of the previous unofficial trading range of 1,950-2,050 rupees would be around $51 billion. The Securities and Exchange Board of India (SEBI) recently cleared the way for the IPO by settling long-standing regulatory issues, including the co-location and dark-fibre cases, for a total payment of 1,491 crore rupees (approximately $160 million).
