Festive cheer ahead: Strong retail flows, policy support drive IPO wave; over a dozen firms eye Rs 10,000 crore fundraise by September-end

India’s primary market is set for a busy fortnight, with more than a dozen companies preparing to float their initial public offerings (IPOs) in the second half of September, collectively aiming to raise nearly Rs 10,000 crore.

The surge comes on the back of policy support, including GST 2.0 reforms and the Reserve Bank of India’s rate cuts.According to merchant bankers cited by news agency PTI, among the companies expected to hit the market are iValue Infosolutions, Saatvik Green Energy, JinKushal Industries, Atlanta Electricals, Park Medi World, SolarWorld Energy Solutions, Jain Resource Recycling, CIEL HR Services, GK Energy, Ganesh Consumer Products, Anand Rathi Share and Stock Brokers, and Seshaasai Technologies. Price bands for these issues are likely to be announced from September 15, with launches scheduled before the end of the month.A second wave of IPOs is lined up for late September and early October, featuring Anantam Highway InvIT (Alpha Alternatives), Epack Prefab Technologies, Pranav Construction, and TruAlt Bioenergy. Together, these companies are eyeing fund mobilisation of around ₹10,000 crore. All offerings have already received clearance from the Securities and Exchange Board of India (Sebi).

The capital raised will be directed towards expansion, capital expenditure, debt repayment, and general corporate purposes. According to PTI, the rush adds to an already strong year for the IPO market, with 55 companies having raised close to Rs 75,000 crore so far. Two more issues, Euro Pratik Sales and VMS TMT, are due to open next week.The trend follows a robust 2024, when 91 listings fetched Rs 1.6 lakh crore, supported by strong retail interest, private capex, and a buoyant economy.

Analysts say the momentum this year is being fuelled by tax reliefs, GST 2.0 reforms, and liquidity support from the RBI.Many companies are also rushing to the market on the back of favourable liquidity and strong backing from domestic institutional investors (DIIs), despite persistent selling by foreign portfolio investors (FPIs). With steady domestic flows and private equity/venture capital funds seeking exit opportunities, there is renewed optimism in the IPO market.“IPOs are coming in sectors backed by strong tailwinds. These sectors include financial services, retail, renewables, manufacturing, and healthcare,” said Vaqarjaved Khan, senior fundamental analyst at Angel One, as quoted by PTI. He noted that companies are also tapping investor enthusiasm linked to the festive Diwali rally, when secondary markets typically witness higher retail flows.Shobhit Mathur, Co-founder of Ionic Wealth, pointed out, “There is increased activity and buzz in the IPO markets after a hiatus.

Markets are looking beyond the fears of US tariffs and a global slowdown, driven by key policy measures, such as income tax relief, GST 2.0 reforms, and the RBI's monetary support via rate cuts.”Market observers also highlighted that, unlike the earlier cycle, the current wave of IPOs reflects a sharper emphasis on profitability and long-term value creation.Major issues in the pipeline include Jain Resource Recycling, which is targeting Rs 2,000 crore; Park Medi World with a Rs 1,260 crore IPO; Saatvik Green Energy aiming for Rs 1,150 crore; TruAlt Bioenergy planning to raise Rs 1,000 crore and Anand Rathi Share and Stock Brokers with a Rs 750 crore issue.