Published: [October 05, 2026]
StartupFeed Quick Take
- The September IPO rush drew 34 mainboard issues raising Rs 39,380 Cr, the highest in any month this year.
- The offer for sale route was nearly three-fourths of that. Fresh capital fell to Rs 10,398 Cr, down from Rs 13,196 Cr in August.
- Jio Platforms, around $3.8 Bn, is reported to open on October 21, which would be India’s largest IPO.
The September IPO rush put 34 mainboard companies on the market in one month, raising Rs 39,380 Cr. That is the highest monthly total this year and, by count, the biggest rush in the 30-year history of India’s primary market.
Business Standard’s IPO wrap for the month shows the money came in even as the Nifty 50 fell. The index is down 14.25% so far this year. So the primary market ran hot while the secondary market sold off.
Foreign investors told the same split story. NSDL data shows foreign portfolio investors pulled a net Rs 35,861 Cr out of Indian equities in September. Yet they put Rs 9,676 Cr into new share sales in the same month. They sold the market and bought the new listings.
Domestic money filled the gap. Mutual funds and other local institutions bought Rs 76,030 Cr of shares in September, far more than the foreign outflow.
Why 34 IPOs came in one month
A deadline did most of the work. Fourteen issues worth Rs 6,507 Cr opened in the last week of September alone. They were racing the September 30 expiry of a one-time extension the Securities and Exchange Board of India had given on IPO approvals.
That extension let companies use older audited accounts for a few extra weeks. Once it ended, any firm that missed the window would have to refile with June-quarter numbers. So merchant bankers crammed a quarter of launches into one month.
Geetanjali Kedia, chief analyst at SP Tulsian Investment Advisory Services, said the bunching was not normal business.
“September witnessed a record 34 mainboard IPOs, the highest monthly rush in the 30-year history. This surge was driven by a Sebi extension for approvals.”
Geetanjali Kedia, chief analyst, SP Tulsian Investment Advisory Services. From Business Standard, October 1, 2026.
One listing skewed the whole month. The National Stock Exchange raised Rs 22,563 Cr, which was 57% of September’s total. Strip the NSE out and the other 33 issues averaged just Rs 507 Cr each. This was a month of one giant and many small names.
The rush was an exit, not a fundraise
The headline number hides what kind of money this was. The offer for sale route made up nearly three-fourths of September’s total. In an offer for sale, existing backers sell their shares. The company itself gets none of that cash.
Fresh capital, the money that actually funds a business, shrank. It fell to Rs 10,398 Cr in September from Rs 13,196 Cr in August. So the record rush was mostly early investors and promoters cashing out, not startups raising money to build.
Prices were high too. September’s issues were priced at a median of 42.5 times earnings, up from 33.7 times in August. Of 59 companies listed this year with a reported figure, 13 traded above 100 times earnings.
The easy gains are fading. September’s listings opened at an average premium of 15.1%, down from 24.4% in August. The median premium slipped to 5.9% from 21.3%. Buyers are paying more and getting a smaller pop on day one.
Jio Platforms is next, and it is huge
The pipeline behind September is deep. Prime Database data shows 130 companies hold valid SEBI approval, and more than 75 others are waiting for clearance. The rush is not over.
The biggest name is Jio Platforms. Reliance Industries filed its draft papers for the digital arm on June 19, 2026, and SEBI cleared them with an observation letter on August 28. That approval is valid for 12 months.
Media reports now point to the issue opening around October 21 and listing about a week later. At a reported size near $3.8 Bn, it would be the largest IPO India has ever seen. The dates are reported, not yet confirmed by the company.
Jio’s offer is also an offer for sale. Reliance, which owns about two-thirds of Jio Platforms, is reducing a small part of its stake rather than raising fresh money for the unit. The 2026 wave, top to bottom, is built around exits.
What this means for you: If you run a startup planning to list in the next year, the window is open but getting pricier and pickier. Watch Jio’s pricing and day-one premium before you lock your own issue date, because a weak Jio debut would cool demand for everyone behind it.
StartupFeed Insight
The count is a record, but the mix is the warning. When the offer for sale route is three-fourths of a month and fresh capital actually falls, a “boom” is really a queue of investors heading for the door before the window shuts. The shrinking listing premium, 5.9% median against 21.3% a month earlier, says buyers have noticed. Watch the fresh-capital share, not the headline raise. If Jio lists near $3.8 Bn in late October and the premium holds above 10%, expect the pipeline of 130 approved firms to keep moving into early 2027. If it lands flat, the small names behind it will struggle to price.
By Saraswati Chaubey, Writer
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Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
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