Current IPO Market in India: Latest IPOs, Subscription Trends and What Investors Should Watch

Introduction

India’s primary market is witnessing a strong burst of activity in September 2026, with multiple Mainboard and SME IPOs opening for subscription simultaneously. The current IPO cycle comes at an interesting time: while the broader equity market remains under pressure from geopolitical tensions and elevated crude oil prices, investor interest in select new-age and growth-oriented companies remains strong.

As of September 10, 2026, several Mainboard IPOs are open, while the much-awaited NSE IPO is also moving closer to the market after recent developments around its issue size and pricing.

Latest IPO News in India

The primary market has seen an unusually busy week, with six Mainboard IPOs opening together on September 9:

Rentomojo
Karamtara Engineering
LCC Projects
Steamhouse India
Manipal Payment & Identity Solutions
Asset Reconstruction Company (India)

Several IPOs that opened earlier, including Kanohar Electricals, Prasol Chemicals and Glass Wall Systems, are also closing on September 10.

This concentration of IPOs gives investors multiple choices but also makes valuation, financial performance and subscription quality more important than simply chasing listing gains.

Rentomojo IPO: Strong Investor Interest

One of the biggest IPOs currently attracting attention is Rentomojo.

The company launched its Rs1,256 crore IPO with a price band of Rs384–Rs404 per share. The issue was fully subscribed on its first day, receiving bids for more than 22 million shares against around 21.77 million shares on offer.

The IPO comprises:

Fresh issue: Rs150 crore
Offer for Sale: around Rs1,105.6 crore
IPO closing: September 11, 2026
Expected listing: September 17, 2026

Rentomojo reported revenue of Rs387 crore for FY26, up 45.5% year-on-year, while profit increased 142% to Rs104 crore.

The IPO is particularly notable because Rentomojo could become India’s first listed furniture-rental company.

NSE IPO: The Biggest Upcoming IPO to Watch

The biggest IPO story in the Indian market right now is arguably the upcoming NSE IPO.

The National Stock Exchange has filed an updated DRHP with SEBI, bringing its long-awaited listing closer to reality. The proposed issue is expected to be primarily an Offer for Sale (OFS) by existing shareholders.

Recent reports indicate that the proposed offer could represent around 5.5% of NSE’s equity, lower than the earlier 6% plan. The IPO could potentially raise around Rs24,000–25,000 crore, although the final size and pricing remain subject to official confirmation.

If launched at the reported size, the NSE IPO would rank among the largest IPOs in India, making it an important event for the country's capital markets.

IPOs Currently Open

According to current IPO data, some of the major Mainboard IPOs open for subscription include:

IPO	Price Band	Issue Size
Rentomojo	Rs384–Rs404	~Rs1,256 Cr
Karamtara Engineering	Rs241–Rs254	~Rs875 Cr
LCC Projects	Rs139–Rs146	~Rs427 Cr
Steamhouse India	Rs77–Rs81	~Rs414 Cr
Asset Reconstruction	Rs132–Rs139	~Rs733 Cr
Manipal Payment & Identity Solutions	Rs322–Rs339	—

The subscription numbers are changing throughout the bidding period, so investors should check the latest exchange/IPO data before making an application.

Sector-Wise Impact

Consumer & Rental Economy

Rentomojo provides exposure to India's growing rental and subscription economy. Its performance could provide an important benchmark for the listed furniture and appliance rental segment.

Engineering & Renewable Infrastructure

Karamtara Engineering operates in areas linked to power transmission and renewable-energy infrastructure. Its IPO comes amid continued investment in India's energy and transmission ecosystem.

Infrastructure & Construction

LCC Projects represents the construction/infrastructure segment, making the IPO relevant to investors tracking India's infrastructure spending cycle.

Digital Payments

Manipal Payment & Identity Solutions provides exposure to the digital payments and identity ecosystem, a segment supported by India's continued digitalisation.

Financial Services

Asset Reconstruction Company's IPO provides exposure to the asset-reconstruction and stressed-asset resolution segment of India's financial system.

What Investors Should Watch Before Applying

A strong GMP or high subscription number can create excitement, but neither guarantees long-term returns.

Investors should evaluate:

Valuation: Compare the IPO valuation with listed peers.
Revenue and profit growth: Look beyond headline growth numbers.
Debt levels: High leverage can increase financial risk.
Fresh issue vs OFS: Fresh capital goes to the company, while OFS proceeds generally go to existing shareholders.
Use of IPO proceeds: Understand exactly where the money will be deployed.
Cash flows: Profit growth without strong operating cash flow requires closer scrutiny.
Promoter/shareholder selling: A large OFS deserves additional attention.

Market & IPO Outlook

The current IPO activity is particularly interesting because the secondary market is facing volatility. On September 10, Nifty 50 was around 23,429, while geopolitical tensions and crude oil prices above $100 were weighing on investor sentiment.

This creates a mixed environment for IPO investors.

On one hand, strong IPO subscription indicates that investors continue to have appetite for new listings. On the other, elevated market volatility means listing gains should not be the only investment objective.

The IPO market therefore appears to be moving towards a more selective environment, where business quality, earnings visibility and reasonable valuations could matter more than simply chasing momentum.

Conclusion

India's IPO market is currently witnessing significant activity, with multiple Mainboard and SME issues competing for investor attention. Rentomojo's strong opening, the six simultaneous Mainboard IPOs and the upcoming NSE IPO highlight the continued strength of India's primary market.

However, investors should remember that high subscription and GMP do not guarantee listing gains or long-term performance. With the broader market facing geopolitical and crude-oil-related uncertainty, careful analysis of valuations, financials and business fundamentals remains essential.

Disclaimer

This article is for educational and informational purposes only and should not be considered investment advice or a recommendation to buy or subscribe to any IPO. Investors should conduct their own research and consult a SEBI-registered financial advisor before making investment decisions.