Busy Thursday for IPO Investors: 6 Listings and NSE Mega IPO Take Centre Stage

September 17, 2026, is shaping up as one of the busiest days of the year for India's IPO market, with six mainboard companies scheduled to make their stock-market debut while the much-awaited National Stock Exchange (NSE) IPO opens for public subscription.

The six listings are Rentomojo, Karamtara Engineering, LCC Projects, Steamhouse India, Manipal Payment & Identity Solutions, and Asset Reconstruction Company (India). At the same time, NSE is launching its massive ₹22,561.57 crore IPO, making Thursday unusually important for both primary-market investors and traders watching new listings.

The day also comes with several other IPOs competing for investor attention. SS Retail, Jindal Supreme and Hero Motors are in their second day of bidding, while Vama Wovenfab, Shakti Polytarp and Quanto Agroworld are on their final subscription day.

Six IPOs Set for Listing on September 17

The six mainboard IPOs completed their subscription process the previous week and are scheduled to begin trading on the NSE and BSE on Thursday.

The subscription figures show a wide difference in investor demand. Rentomojo attracted the strongest subscription at nearly 73 times, followed by Karamtara Engineering and LCC Projects. At the other end, Manipal Payment & Identity Solutions received relatively modest demand at 1.42 times.

Importantly, subscription levels do not determine the actual listing price. Grey-market sentiment, market conditions and the broader risk appetite on listing day can all affect price discovery.

Rentomojo and Karamtara Enter the Market With Strong GMP Signals

Rentomojo is one of the most closely watched listings.

The rental-platform company's IPO was subscribed 72.88 times, while its ₹384–₹404 price band was accompanied by a grey-market premium of around ₹104 as of September 16. That indicated a possible listing price near ₹508, although GMP is unofficial and can change quickly.

Karamtara Engineering also entered listing day with strong demand. Its ₹875 crore IPO was subscribed 62.63 times, and the reported GMP of ₹40 against the ₹254 upper price band indicated an estimated listing price around ₹294.

The company manufactures products used in renewable-energy and power-transmission applications, including solar mounting structures, tracker components, transmission towers and related hardware.

For both companies, the gap between the issue price and the unofficial grey-market indication has made listing performance a major focus.

LCC Projects and Steamhouse Also Attracted Heavy Demand

LCC Projects raised ₹427.14 crore through its IPO, with the issue priced at ₹139–₹146 per share. The IPO was subscribed 48.51 times, including more than 78 times in the QIB category.

LCC Projects operates as an EPC company with exposure to infrastructure projects, including irrigation and water-supply work. The IPO included a ₹258 crore fresh issue and an OFS component of about ₹169.14 crore.

Steamhouse India, meanwhile, raised ₹414 crore at a price band of ₹77–₹81. Its issue consisted of a ₹353 crore fresh issue and a ₹61 crore offer for sale. The IPO received 30.49 times subscription.

The company operates in industrial gas and centralised steam and nitrogen generation and distribution systems, giving the IPO a different business profile from the consumer-focused Rentomojo and infrastructure-oriented LCC Projects.

ARCIL and Manipal Payment Offer a Different Listing Story

Asset Reconstruction Company (India), commonly known as ARCIL, had a ₹132–₹139 price band and raised about ₹732.97 crore. Its IPO was subscribed 20.10 times, with particularly strong institutional demand.

The issue was entirely an offer for sale, meaning the proceeds went to selling shareholders rather than providing fresh capital to the company.

Manipal Payment & Identity Solutions was the outlier among the six in terms of subscription demand. Its ₹805 crore IPO, priced at ₹322–₹339, received only 1.42 times subscription. The issue comprised a ₹320 crore fresh issue and a ₹485 crore OFS.

This creates an interesting test for the market: a heavily subscribed IPO can still deliver a weaker listing, while a less aggressively subscribed issue can sometimes perform differently depending on valuation and the business outlook.

NSE Mega IPO Opens: ₹22,561.57 Crore on Offer

While the six listings provide the day's supply of new stocks, the NSE IPO is the headline event on the primary-market side.

The National Stock Exchange has fixed a price band of ₹1,700–₹1,785 per share. The IPO will remain open from September 17 to September 21 and consists entirely of an offer for sale of 12.64 crore shares by existing shareholders.

Because it is a pure OFS, NSE itself will not receive the IPO proceeds. The money, after issue expenses, will go to the shareholders selling their shares.

At the upper price band, the issue is valued at more than ₹22,500 crore, placing it among India's largest IPOs.

The exchange has also already generated substantial institutional interest. Its anchor book raised ₹6,746.2 crore from domestic and global investors before the public issue opened.

Reuters reported that the IPO opened on Thursday and had received early bids shortly after opening, highlighting the attention surrounding the long-awaited listing.

Why the NSE IPO Matters Beyond One Stock

NSE's public listing is significant because it provides investors with direct access to one of India's most important market-infrastructure businesses.

The exchange benefits from India's expanding investor base and trading ecosystem, but its earnings are also closely linked to market activity, particularly derivatives.

Its FY26 performance was affected by regulatory changes and moderation in trading activity. That makes the IPO more complicated than a simple growth story: investors must consider the relationship between trading volumes, transaction charges, regulation and valuation.

The IPO also gives public-market investors an opportunity to assess the value of India's largest stock exchange through an independently determined market price.

What Investors Should Watch on Thursday

The first thing to watch will be actual listing prices versus GMP expectations.

GMP is useful as a sentiment indicator, but it is not an official exchange price and does not guarantee listing gains. The difference between expectations and actual opening prices can be substantial.

The second factor is market liquidity. Six mainboard listings on the same day mean investor attention and capital will be spread across multiple new stocks.

The third is NSE IPO demand. Its size is large enough to become a major event for India's primary market, while the anchor allocation provides an early indication of institutional participation.

Finally, investors should look beyond the first-day percentage gain. Revenue growth, profitability, cash flows, debt, valuation and execution will ultimately matter more for the companies after the initial listing excitement disappears.

A Busy Day for India's Primary Market

Thursday's combination of six mainboard listings and the NSE's ₹22,561.57 crore IPO highlights the depth of India's current primary-market pipeline.

For IPO investors, the day offers two very different events: price discovery for six newly listed companies and fresh subscription demand for one of India's most anticipated market-infrastructure businesses.

The key takeaway is that IPO activity cannot be judged by subscription multiples or GMP alone. Actual listing prices, valuations and subsequent financial performance will provide a more meaningful test of investor expectations.

Follow the blog for more IPO listing updates, GMP trends, subscription data and Indian stock-market news.

This article is for informational and educational purposes only and should not be considered investment advice.