India’s primary market is set for a historic moment on Wednesday, September 9, 2026, with exactly six mainboard IPOs open for subscription on the same day. It will be the first time in nearly 30 years that six mainboard IPOs have opened together on a single day.
The last time exactly six IPOs opened on the same day was October 14, 1996, according to Prime Database. This IPO rush is the rarest for India’s primary market and highlights the ever-growing pipeline of companies looking to raise capital from investors.
The six mainboard IPOs which will open on September 9 are Rentomojo, Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects and Karamtara Engineering. The six IPOs are expected to raise several thousand crore rupees from investors.
The total fundraising target is about ₹4,386 crore, according to Prime Database data cited by Business Standard. That is in comparison to the six IPOs that went in on the same high-activity day in October 1996 (in which the funding was around ₹22 crore), indicating how much Indian capital markets have expanded over the last three decades.
Six IPOs, One Day
The September 9 IPO line-up brings companies from all parts of the industry to the primary market.
Rentomojo is looking to raise ₹1,255.57 crore and Asset Reconstruction Company (India) is targeting ₹733 crore. Manipal Payment & Identity Solutions has set its issue size at ₹805 crore.
In comparison, Steamhouse India is targeting around ₹414 crore, LCC Projects around ₹427 crore and Karamtara Engineering around ₹875 crore.
The unusually busy schedule comes during an already busy week in India's primary market. Most of the mainboard companies will launch IPOs between September 7 and September 11, with the week's offerings collectively targeting several thousand crore rupees.
A repeat of the 1990s IPO boom?
The comparison with 1996 is especially interesting. The mid-1990s were a very active period for India's IPO market and several companies were so successful in the IPO market in India, there were a number of times when a large number of companies came into the public market in the mid-1990s.
The historical data show that seven IPOs first launched on October 28, 1996, just two weeks after the six IPO day on October 14. And in 1995 and 1996, there were in fact more than 10 public offerings in the market on one day.
Today's market is very different from that in terms of scale, regulation, investor participation and company valuation. The ₹4,386 crore targeted by the six September 2026 IPOs is just one of the huge growths in the size of India's capital market compared to the 1990s.
What is the driving force of the IPO rush?
Market experts have pointed to strong investor demand as one of the reasons for the current IPO pipeline. Companies generally have a chance to gauge market appetite with roadshows before going public. Companies that have strong demand can go through the pipeline and if there is weak demand or market uncertainty about valuation they are likely to go through with the plan, or postpone or change their strategy.
The larger growth of India’s equity-investment ecosystem has also created a much larger pool of potential investors compared with three decades ago. Mutual funds and other institutional investors have become major participants in the capital markets, while retail participation has expanded significantly.
The September 9 event therefore marks more than six companies launching IPOs simultaneously. It is a demonstration of the size and maturity of India’s current primary market.
But for investors, a crowded IPO calendar also means more competition for capital. In an IPO, when multiple companies open on the same day, investors may have to evaluate each issue separately, based on valuation, business prospects, financial performance, growth opportunities and the intended use of IPO proceeds.
The six-IPO opening on September 9 is also a remarkable milestone: it is the first day since October 14, 1996, when exactly six mainboard IPOs are scheduled to open together. With the IPO market in India surging once more in 2026, a historic day of launching IPOs could become one of the most watched days on the primary-market calendar.
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