The Indian primary market was buzzing with activity on Wednesday, September 10, 2025, as five initial public offerings (IPOs) opened for subscription, highlighting the sustained and robust appetite for new listings. Investors poured nearly ₹2,700 crore into these issues within just a few hours of the market opening, underscoring the strong liquidity wave and bullish sentiment that has already seen companies raise over ₹60,000 crore this year.
The day was dominated by three mainboard IPOs and two SME issues, all of which received significant interest from retail and institutional investors alike, with some getting fully subscribed within hours.
A Look at the Mainboard IPOs
The three mainboard public issues saw overwhelming demand, setting a positive tone for the week's offerings.
Urban Company IPO
The ₹1,900 crore IPO from the leading home services marketplace, Urban Company, was met with strong investor demand, reflecting confidence in its tech-enabled business model.
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Business Overview: Urban Company is a prominent online platform that offers a wide range of home and beauty services, including cleaning, repairs, and on-demand home assistance.
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Issue Details: The IPO consists of a fresh issue of shares worth ₹472 crore and an offer for sale (OFS) of ₹1,428 crore. The price band is set at ₹98 to ₹103 per share.
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Day 1 Subscription: The issue was subscribed more than 3 times by the end of the day. The retail individual investors' (RIIs) portion was particularly popular, getting oversubscribed by 3.24 times.
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Grey Market Premium (GMP): Ahead of the listing, shares were commanding a GMP of ₹36.5, suggesting a potential listing day gain of over 35%.
Dev Accelerator IPO
The flex workspace provider, Dev Accelerator, witnessed the most enthusiastic response, with its IPO being heavily oversubscribed within hours.
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Business Overview: The company provides flexible office and workspace solutions, a sector seeing high demand in the post-pandemic commercial real estate market.
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Issue Details: The company aims to raise ₹143 crore through a fresh issue of shares, with a price band of ₹56 to ₹61 per share.
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Day 1 Subscription: The issue was heavily sought after, with bids reaching 3.5 times the offer size. Retail investors led the charge, bidding for 6.64 times their allotted quota.
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Grey Market Premium (GMP): The GMP stood at ₹9, indicating a potential listing gain of around 15%.
Shringar House of Mangalsutra IPO
The IPO from the specialised jewellery manufacturer also had a strong debut, achieving full subscription on its first day.
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Business Overview: Shringar House of Mangalsutra is a niche player in the jewellery manufacturing industry.
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Issue Details: The public offering aims to raise ₹401 crore, with shares priced in a band of ₹155 to ₹165.
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Day 1 Subscription: The issue was fully subscribed, receiving bids for 2.03 crore shares against the 1.70 crore shares on offer.
What Else is Open in the IPO Market?
Besides the new offerings, several other IPOs, primarily in the SME segment, remain open for subscription, keeping the primary market exceptionally busy.
| Company |
IPO Details |
| Jay Ambe Supermarkets |
Open: 10 Sep, Close: 12 Sep, Price Band: ₹74–78 |
| Galaxy Medicare |
Open: 10 Sep, Close: 12 Sep, Price Band: ₹51–54 |
| Karbonsteel Engineering |
Open: 9 Sep, Close: 11 Sep, Price Band: ₹151–159 |
| Taurian MPS |
Open: 9 Sep, Close: 11 Sep, Price Band: ₹162–171 |
| Nilachal Car |
Open: 8 Sep, Close: 11 Sep, Price Band: ₹85 |
| Krupalu Metals |
Open: 8 Sep, Close: 11 Sep, Price Band: ₹72 |
| Vashishtha Luxury Fashion |
Open: 5 Sep, Close: 10 Sep, Price Band: ₹109–111 |
The Road Ahead: A Packed IPO Pipeline
The IPO frenzy shows no signs of slowing down, with a robust pipeline of issues scheduled for the coming days and months.
Upcoming IPOs This Week
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Airfloa Rail Technology: This IPO, aiming to raise ₹91.10 crore, is set to open on September 11 and close on September 15.
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LT Elevator: This ₹39.37 crore issue will open on September 12 and close on September 16.
Anticipated Mega IPOs
The market is also eagerly awaiting several high-profile, large-scale IPOs from some of India's biggest unicorns and conglomerates, though their final dates are yet to be announced.
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Tata Capital: Expected to launch its IPO, potentially the largest of 2025, before the end of September.
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PhonePe: The fintech giant is reportedly preparing for a $1.5 billion IPO.
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Groww: The stockbroking platform has received SEBI's approval for its IPO, which could raise up to $1 billion and is expected to launch in late 2025.
With issues worth approximately ₹2.8 lakh crore lined up, India's primary market is poised to remain exceptionally active for the rest of the financial year.