September 2025: A Busy Week for Indian IPOs

If you followed the market last month, you know September was packed with fresh IPOs. From September 8 to 12, nine offerings were announced and seven of them actually opened. That means investors got a chance to buy shares in brand‑new companies across both the mainboard and the SME segment.

Mainboard Highlights

The biggest names were Urban Company, Shringar House of Mangalsutra, and Dev Accelerator. All three started taking orders on September 10. Urban Company, the home‑services platform, set its price band at ₹1,200‑₹1,400 per share, aiming to raise about ₹6,500 crore. Shringar House, a traditional jewellery retailer, chose a narrower band of ₹780‑₹820, reflecting its niche market focus. Dev Accelerator, a tech‑focused venture builder, went for a higher range of ₹1,500‑₹1,700 to match its growth plans.

What’s notable is the level of institutional interest. Big funds and pension schemes piled in, pushing the books well beyond the minimum subscription level. Even though the broader market sentiment was a bit shaky, these three companies still attracted strong backing, suggesting investors trust the business models and the management teams.

SME Segment Buzz

On the SME side, four companies made their debut: Karbonsteel, Jay Ambe, Airfloa Rail, and Galaxy Medicare. Karbonsteel, a steel‑fabrication firm, offered shares at ₹140‑₹160, targeting a modest raise to fund new machinery. Jay Ambe, a small‑scale consumer goods player, set its band at ₹95‑₹105, hoping to expand distribution in regional markets.

Airfloa Rail, which builds lightweight railway components, chose a band of ₹210‑₹240, reflecting its niche tech edge. Galaxy Medicare, a healthcare services startup, went for ₹350‑₹380 to finance clinic upgrades and digital health tools. All four saw decent institutional participation, although retail demand varied more widely than on the mainboard.

Why does this matter to you? If you’re looking to add Indian equities to your portfolio, these IPOs offer a mix of growth and stability. Mainboard listings tend to have larger market caps and more analyst coverage, while SME offerings can give you exposure to niche sectors at lower price points. Checking the price band, subscription level, and the company’s use‑of‑funds plan can help you decide if the risk matches your investment goals.

One practical tip: keep an eye on the final issue price after the book‑building process closes. For Urban Company, the final price landed at the top of its band, signaling strong demand. In contrast, Shringar House settled near the lower end, hinting that investors were a bit cautious. These signals can guide your entry point if you decide to buy in the secondary market later.

Overall, September 2025 showed that even when markets wobble, new companies keep coming forward with fresh capital needs. Strong institutional backing across both mainboard and SME IPOs suggests confidence in India’s growth story. Whether you’re a seasoned investor or just starting out, reviewing the details of each offering – price band, use of proceeds, and subscription levels – gives you a clearer picture of where opportunities lie.

So, next time you hear about an upcoming IPO, take a moment to compare the price range, read the prospectus summary, and gauge the level of institutional interest. That quick check can save you time and help you make a more informed decision.