India's primary capital market is set for intense action this week as six mainboard companies prepare to raise an aggregate of Rs 3,825 crore through initial public offerings. The subscription window across these offerings will run between September 22 and September 28, with the bulk of the issues opening their bidding on September 23. Alongside frontrunners Elevate Campuses and Vermora Granito, the line-up includes A-One Steels India, Armi Infotech, Swastika Infra, and Adroit Industries (India).
Elevate Campuses Leads with Rs 2,100 Crore Offering
Backed by Hillhouse Investment, Elevate Campuses represents the largest issue of the batch, bringing a Rs 2,100 crore public issue on September 23. The company has designated a price band of Rs 343 to Rs 362 per equity share. The offering is scheduled to conclude on September 25, followed by the listing of shares on September 30. Notably, the capital raise comprises entirely of fresh equity issuance, without any offer-for-sale component from existing stakeholders.
Vermora Granito Opens Rs 708 Crore Issue
Ceramics player Vermora Granito will open its doors to investors first, running its Rs 708 crore public issue from September 22 through September 24. The firm has fixed a price corridor of Rs 140 to Rs 148 per share. Under this structure, fresh equity accounts for up to Rs 320 crore, while institutional backer Katsura Investments will divest 2.62 crore shares worth approximately Rs 388 crore through the secondary offer-for-sale mechanism.
Offerings from A-One Steels India and Armi Infotech
Integrated steel manufacturer A-One Steels India is scheduled to enter the market from September 24 to September 28 with a target of raising Rs 405 crore. Its shares are priced in the Rs 385 to Rs 405 bracket, combining a fresh issue of Rs 355 crore and an offer for sale valued up to Rs 50 crore. Meanwhile, Armi Infotech will accept bids from September 23 to September 25 for its Rs 300 crore issue. The company set a price band of Rs 350 to Rs 375 per share, also consisting purely of fresh shares with zero secondary share sales.
Swastika Infra and Adroit Industries Prepare Debut
Both Swastika Infra and Adroit Industries (India) are scheduling their subscription timelines identically from September 23 to September 25. Swastika Infra seeks to raise Rs 161 crore with a price range pegged at Rs 175 to Rs 185 per share. Adroit Industries (India) has lined up a Rs 151 crore capital raise within an established price band of Rs 126 to Rs 134 per share. With 17 public issues already introduced during September, the entry of these six firms is set to push the total count of companies launching initial offerings in 2026 to 87.
