While geopolitical tensions, elevated crude oil prices, and persistent foreign investor selling kept the Indian stock market under pressure, the weakness in the secondary market did little to dent activity in the primary market.
As many as 19 companies across the mainboard and SME segments made their stock-market debut during the week, according to Trendlyne. The listings included 11 mainboard companies and eight SME firms, with the issues collectively raising around ₹7,550 crore.
The mainboard segment accounted for the bulk of the fundraising, with 11 companies raising around ₹7,053 crore. was the largest issue among the week’s mainboard listings, raising ₹1,255.57 crore, followed by at ₹1,055.74 crore and Manipal Payment & Identity Solutions at ₹805 crore.
Other mainboard companies that were listed during the week included Asset Reconstruction Company (India), Karamtara Engineering, LCC Projects, Steamhouse India, Glass Wall Systems (India), Prasol Chemicals, and Veegaland Developers.
Veegaland Developers, which raised ₹210 crore, made its debut on Friday, September 18, at a 10% premium to its IPO price on the NSE.
Strong subscription, mixed listing performance
The mainboard listings came amid strong demand for several of the issues. Rentomojo, for instance, was subscribed 72.9 times, while Kanohar Electricals received 90.6 subscriptions. Glass Wall Systems was subscribed 81.7 times.
However, strong subscription numbers did not uniformly translate into premium listings. Prasol Chemicals, which raised ₹500 crore, debuted at around a 10% discount to its IPO price, listing at ₹610 apiece.
On the upside, LCC Projects made a strong entry with a 29.4% premium at ₹189 apiece, while Karamtara Engineering also debuted at a 26% premium. Rentomojo was listed at ₹482.40, 19.4% higher than its issue price of ₹404 apiece and is currently up around 27% from its issue price.
SME IPOs add to primary market activity
The SME segment also remained active, with eight companies—Panchatyat Bharat, Raksan Transformers, Om Galaxy, Maharaja & Speedex India, Amtech Esters, Vinod Texworld, Infrax Renewable, and Apana Logistics—raising a combined ₹496 crore.
Among these, Raksan Transformers raised ₹150.50 crore, while Om Galaxy raised ₹105 crore and Maharaja & Speedex India raised ₹80.13 crore. The remaining five issues were comparatively smaller, with issue sizes ranging from about ₹17.9 crore to ₹42.8 crore.
Only Maharaja & Speedex India and Amtech Esters managed to secure double-digit listing premiums, at 34.4% and 33.3%, respectively.
The continued flow of IPO listings stands in contrast to the weakness in the secondary market. The Nifty 50 ended the week down 0.22%, marking its sixth consecutive weekly decline.
IPO listings stay strong in 2026
So far in 2026, 220 companies across the mainboard and SME segments have successfully listed their shares on stock exchanges, adding to the size of the Indian stock market. This follows a record 376 listings in 2025.
Of all the IPOs that have listed in 2026, 136 stocks are trading in profit, while 84 are in the red so far, reflecting an overall average gain of 27.71%, Trendlyne data showed.
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