September 2025 is shaping up to be a blockbuster month for India’s primary markets, with 15 companies preparing to launch their and multiple listings scheduled across mainboard and SME segments. The month’s IPO pipeline is valued at over ₹15,000 crore, signalling robust investor appetite and market confidence.
Urban Company leads the charge
The marquee offering comes from Urban Company, which is set to launch its ₹1,900 crore IPO from September 10-12. The Gurugram-based home services platform has fixed its price band at ₹98-103 per share, with a minimum application lot of 145 shares. The issue comprises a fresh equity sale of ₹472 crore and an offer for sale component of ₹1,428 crore, with early investors like Accel India, Elevation Capital, and Bessemer India partially exiting their positions.
Triple launch on September 10
Joining Urban Company on September 10 are two other mainboard offerings. Shringar House of Mangalsutra, a Mumbai-based jewellery manufacturer, will launch its ₹400.95 crore IPO with shares priced between ₹155-165. The company, established in 2009, specialises in crafting mangalsutras with American diamonds, pearls, and semi-precious gems.
Dev Accelerator, operating under the DevX brand, will simultaneously open its ₹143.35 crore IPO with a price band of ₹56-61 per share. All three mainboard IPOs will close on September 12, with tentative listing dates set for September 17.
SME Segment Shows Strong Activity
The SME segment is equally active, with six companies planning public issues throughout September. Karbonsteel Engineering (₹59.30 crore), Krupalu Metals (₹13.48 crore), and Nilachal Carbo Metalicks (₹56.10 crore) opened their subscription windows on September 8.
The week will see Jay Ambe Supermarkets (₹18.45 crore) and Taurian MPS (₹42.53 crore) launching on September 9, followed by Airfloa Rail Technology’s ₹91.10 crore offering on September 11 — marking one of the largest SME IPOs of the week.
Listing calendar packed
On the listing front, Amanta Healthcare is scheduled to debut on September 9, while six SME companies will make their market debut across BSE and NSE SME platforms throughout the week. These include Rachit Prints, Goel Construction, Optivalue Tek Consulting, Austere Systems, Vigor Plast India, and Sharvaya Metals.
boAt’s Second Attempt at Public Markets
Adding to the IPO momentum, lifestyle electronics brand boAt’s parent company, Imagine Marketing, has secured SEBI approval for its long-awaited public offering. This marks the company’s second attempt at going public after withdrawing a ₹2,000 crore IPO in 2022 due to volatile market conditions. The upcoming offering is expected to target a valuation of around ₹13,000 crore, comprising a fresh issue of ₹900 crore and an offer for sale of up to ₹1,100 crore.
Founded in 2013 by Aman Gupta and Sameer Mehta, boAt chose SEBI’s confidential pre-filing route, allowing the company up to 18 months from approval to launch the IPO. The proceeds will be used for debt repayment, business expansion, and research and development investments.
The September rush comes amid a broader IPO boom, with 50 companies already listing this year and over a dozen debuts in August alone, reflecting sustained investor confidence in India’s primary markets.