India's primary market is heading for a pre-Diwali fundraising surge, with nearly a dozen issues expected to raise around Rs 50,000 crore ahead of the festival, according to a Business Today report. The rush follows a record September quarter, in which 70 mainboard IPOs raised nearly Rs 90,500 crore from investors.
Jio leads the charge
Reliance Jio Platforms is expected to raise Rs 31,000-32,000 crore in what would be India's largest-ever IPO. The issue is reportedly scheduled to launch on Wednesday, October 21, with a price band of Rs 1,065-1,119 per share and a target valuation of about Rs 10.3 lakh crore, Reuters reported on Friday citing bankers on the deal. Avaada Electro is likely to raise Rs 7,600 crore through its IPO in the second half of the month, while Carlsberg India may launch its Rs 6,500 crore IPO this month after receiving SEBI approval on October 1.
The pipeline of smaller issues
Several mid-sized issues are also lined up. HD Fire Systems and Fusion Systems, with a combined raise of Rs 1,414 crore, open on October 13 and October 14 respectively. Sahajanand Medical Technologies and Zetwerk Manufacturing Business are expected to announce price bands next week for a cumulative raise of nearly Rs 5,500 crore. Bonfiglioli Transmissions (nearly Rs 2,500 crore), Paras Healthcare (Rs 1,800 crore), Gujarat Victory Forgings (Rs 250 crore) and NDR InvIT Trust (Rs 750 crore) may also launch before Diwali. The list includes Tonbo Imaging, whose IPO is an offer for sale of up to 1.81 crore equity shares, alongside Torrent Gas (Rs 4,000 crore) and Bombay Coated and Special Steels (Rs 191 crore).
The bullish corner of a weak market
Zerodha founder and CEO Nithin Kamath has described IPOs as the only bullish corner of the market right now. "IPOs are a full-on party. Most recent listings have done well, and you can see it in the rush of activity," he said in a post on X. India's IPO market is bucking the broader equity downturn: 67.2 per cent of mainboard listings over the past year were trading above their issue prices as of October 6.
The caveat from market sources: given the prevailing geopolitical situation and market volatility, some issues may still be deferred. September alone set a record, with 34 IPOs raising Rs 39,380 crore, and 78 companies raised more than Rs 94,200 crore in the first half of FY27 — the majority of them midcap and smallcap names.
Sources:
Business Today: IPO rush — Rs 50,000 crore worth IPOs to hit Street by Diwali
Reuters: India's Jio Platforms targets nearly $106 billion valuation in IPO
Jio leads the charge
Reliance Jio Platforms is expected to raise Rs 31,000-32,000 crore in what would be India's largest-ever IPO. The issue is reportedly scheduled to launch on Wednesday, October 21, with a price band of Rs 1,065-1,119 per share and a target valuation of about Rs 10.3 lakh crore, Reuters reported on Friday citing bankers on the deal. Avaada Electro is likely to raise Rs 7,600 crore through its IPO in the second half of the month, while Carlsberg India may launch its Rs 6,500 crore IPO this month after receiving SEBI approval on October 1.
The pipeline of smaller issues
Several mid-sized issues are also lined up. HD Fire Systems and Fusion Systems, with a combined raise of Rs 1,414 crore, open on October 13 and October 14 respectively. Sahajanand Medical Technologies and Zetwerk Manufacturing Business are expected to announce price bands next week for a cumulative raise of nearly Rs 5,500 crore. Bonfiglioli Transmissions (nearly Rs 2,500 crore), Paras Healthcare (Rs 1,800 crore), Gujarat Victory Forgings (Rs 250 crore) and NDR InvIT Trust (Rs 750 crore) may also launch before Diwali. The list includes Tonbo Imaging, whose IPO is an offer for sale of up to 1.81 crore equity shares, alongside Torrent Gas (Rs 4,000 crore) and Bombay Coated and Special Steels (Rs 191 crore).
The bullish corner of a weak market
Zerodha founder and CEO Nithin Kamath has described IPOs as the only bullish corner of the market right now. "IPOs are a full-on party. Most recent listings have done well, and you can see it in the rush of activity," he said in a post on X. India's IPO market is bucking the broader equity downturn: 67.2 per cent of mainboard listings over the past year were trading above their issue prices as of October 6.
The caveat from market sources: given the prevailing geopolitical situation and market volatility, some issues may still be deferred. September alone set a record, with 34 IPOs raising Rs 39,380 crore, and 78 companies raised more than Rs 94,200 crore in the first half of FY27 — the majority of them midcap and smallcap names.
Sources:
Business Today: IPO rush — Rs 50,000 crore worth IPOs to hit Street by Diwali
Reuters: India's Jio Platforms targets nearly $106 billion valuation in IPO
