Six mainboard companies, including Elevate Campuses and Varmora Granito, are set to tap the primary market next week, seeking to raise a combined ₹3,825 crore through initial public offerings (IPOs), as fundraising activity continues at a brisk pace in 2026.

Alongside these two issues, Bengaluru-based A-One Steels India Ltd, ArMee Infotech Ltd., Swastika Infra and Adroit Industries (India) Ltd will also launch their public offerings, taking the total number of IPOs scheduled for the week to six.

The IPOs will be available for public subscription between September 22 and September 28, with most of the issues opening on September 23.

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 activity follows a busy start to September, with 17 IPOs already concluded. The mega issue of the National Stock Exchange (NSE) and textile maker Sonaselection India Ltd are currently underway.

With these offerings, the number of companies launching IPOs in 2026 is expected to rise to 87, including 23 issues in August.

“The primary market has clearly regained momentum, with July and August accounting for nearly 60% of the ₹83,062 crore raised through IPOs so far in 2026,” said Kamraj Singh Negi, managing director and CEO, Pantomath Capital.

“With the current pace of issuance and the depth of the pipeline, the market has the potential to surpass last year’s fundraising levels, although the eventual outcome will depend on market conditions and the timing of issuances, he added.

He further said that the outlook for the remainder of the year is particularly constructive, given the depth of the pipeline. As many as 167 companies already have SEBI approval, representing an estimated ₹3.06 lakh crore of potential issue size, while another 71 companies, with an estimated ₹1.60 lakh crore, are awaiting approval.

“This gives issuers considerable optionality to tap the market as conditions remain supportive,” he added.

Hillhouse Investment-backed Elevate Campuses is set to hit the primary market with its ₹2,100-crore IPO on September 23, with shares priced in the ₹343-362 range.

The three-day public issue will close on September 25, with the listing expected on September 30.

The IPO comprises entirely a fresh issue of equity shares, with no Offer for Sale (OFS) component.

Varmora Granito’s ₹708-crore IPO will be available for public subscription during September 22-24. The price band for the public issue was fixed at ₹140-148 per equity share.

The tiles & bathware maker’s IPO comprises a fresh issue of equity shares aggregating up to ₹320 crore and an offer for sale (OFS) of 2.62 crore shares worth up to ₹388 crore by investor Katsura Investments.

Integrated steel manufacturer A-One Steels India is aiming to raise ₹405 crore through its maiden public offering, which will open on September 24 and close on September 28. The price band was fixed at ₹385-405 per share.

The IPO comprises a fresh issue of equity shares worth ₹355 crore and an offer for sale (OFS) of shares aggregating up to ₹50 crore by promoters.

Integrated technology infrastructure and renewable energy company ArMee Infotech will launch its ₹300-crore IPO from September 23-25. The price band has been fixed at ₹350-375 per share for the offering, which is entirely a fresh issue of equity shares.

Swastika Infra, an EPC solutions provider in power distribution and infrastructure projects, will float its ₹161-crore IPO from September 23-25, with a price band of ₹175-185 per share.

Adroit Industries (India) Ltd’s ₹151-crore issue will open from September 23-25 with a price band of ₹126-134 per share.

Published – September 20, 2026 12:34 pm IST

The NSE on Wednesday (September 16, 2026) raised ₹6,746 crore from anchor investors, including state-owned Life Insurance Corporation of India (LIC), Goldman Sachs and Fidelity. File.
| Photo Credit: Reuters

New Delhi:

The Initial Public Offering (IPO) of NTPC Green Energy Ltd (NGEL), a subsidiary of the Maharatna public sector enterprise NTPC Ltd, opened for subscription from today, Tuesday.

The IPO is offered, at a price band of Rs 102-108 per share, and subscription is open until Friday. The company plans to raise a total of Rs 10,000 crore and is scheduled to list on the stock exchanges on November 27.

Shareholders of NTPC can apply for the IPO under a special shareholder quota. Additionally, NTPC employees have a separate quota for applying.

The lot size for the IPO is 138 shares. The shares will be transferred to demat accounts on November 26.

NGEL aims to scale its operational renewable capacity to 19 GW by FY27, reflecting its commitment to India’s clean energy transition.

This IPO is part of NTPC Ltd’s broader strategy to achieve 60 GW of renewable energy capacity by 2032. NTPC currently contributes 24 per cent of India’s total power generation and views NGEL as a critical vehicle to drive its renewable energy ambitions.

As of September 2024, NGEL operates 3,220 MW of solar and 100 MW of wind power projects. The company has a robust pipeline with 13,576 MW of contracted and awarded projects and an additional 9,175 MW in development.

NGEL’s renewable projects span key states such as Rajasthan, Gujarat, Tamil Nadu, and Uttar Pradesh. This geographical diversification mitigates risks associated with location-specific generation variability, ensuring stable and reliable energy output.

With NTPC’s extensive experience in project development and execution, NGEL is well-positioned to deliver on its ambitious targets. The company’s ownership of 8,900 acres of freehold land and 45,700 acres of leasehold land further bolsters its foundation for future expansion.

Beyond conventional solar and wind energy, NGEL is exploring advanced solutions like green hydrogen, green chemicals, and battery energy storage systems. These initiatives align with India’s sustainability goals and position NGEL to tap into emerging opportunities in the global clean energy market.

NGEL benefits from NTPC’s strong financial backing, ensuring access to low-cost capital. This advantage is crucial for maintaining profitability in the capital-intensive renewable energy sector. The company’s operational efficiencies and strategic focus further enhance its market competitiveness.

At the upper price band of Rs 108 per share, NGEL is valued at an FY24 EV/EBITDA multiple of 53.4x. Analysts have expressed confidence in the company’s long-term growth potential and recommended for subscription for investors seeking sustainable and long term profitable opportunities.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

A logo is pictured on the facility of flat-rolled aluminium producer Novelis, part of Aditya Birla Group.
| Photo Credit: REUTERS

 Novelis Inc., a sustainable aluminium solutions provider and the world leader in aluminium rolling and recycling, has announced that it has filed a registration statement with the Securities and Exchange Commission relating to the proposed initial public offering of its common shares.

 The common shares are expected to be offered by Novelis’ sole shareholde Hindalco Industries Lid of the Aditya Birla Group. 

Novelis will not receive any proceeds from the sale of common shares by its sole shareholder, the company said in statement. 

Novelis intends to list its common shares on the New York Stock Exchange under the ticker symbol “NVL.”

The number of shares to be offered and the price range for the proposed offering have not yet been determined. 

The company is expected to complete the public offering after the SEC completes its review process, subject to market and other conditions. 

“There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering,” it said in the statement.

FirstCry parent BrainBees filed papers with SEBI last December for an IPO that would have been one of the country’s biggest this year. 
| Photo Credit: Special Arrangement

Retailer FirstCry is set to withdraw its papers for an up to $500 million Initial Public Offering (IPO) as early as next week, after markets regulator raised questions over key metrics it disclosed to investors, said three sources with direct knowledge of the issue.

FirstCry, backed by SoftBank, TPG and India’s Mahindra and Mahindra sells baby products, including clothes, diapers and toys, seeking to tap the market for new parents in the world’s most populous country.

FirstCry parent BrainBees filed papers with Securities and Exchange Board of India (SEBI) last December for an IPO that would have been one of the country’s biggest this year. While it filed to raise about $215 million via fresh shares, it plans to raise $300 million more via sale of existing shares, the sources said.

However in recent weeks, SEBI told the company it had not complied with Indian regulations that mandate an IPO-bound company must share all key business metrics that in its papers that it has shared with prospective investors in the last three years, the three sources said.

FirstCry and SEBI did not return requests for comment.

SEBI introduced this rule in 2022, hightening scrutiny of companies looking to list, after wide-spread criticism on the seemingly lax oversight over large loss-making companies which have commanded lofty valuations.

FirstCry’s Key Performance Indicators (KPIs), include its average order value, annual transacting customers and number of orders, its papers show.

FirstCry will now withdraw its IPO papers, make changes and refile them as early as next week, two of the sources said.

For the year ended March 31, 2023, its losses jumped six times to $57.6 million, while its total income more than doubled to $684 million, its draft papers show.