IPO News: FPIs Invest ₹45,848 Crore in Indian IPOs as September IPO Rush Begins
India's IPO market is entering September with strong momentum, and one trend is particularly interesting: foreign portfolio investors (FPIs) continue to show strong appetite for Indian IPOs even while remaining cautious about the broader secondary equity market.
According to the latest data, FPIs invested approximately $4.9 billion (₹45,848 crore) in Indian IPOs during the first eight months of 2026. This is already higher than the $4.7 billion (₹40,309 crore) invested during the same period in 2025.
The development comes at an important time for IPO investors, with September expected to bring another wave of new public issues.
Foreign Investors Continue to Bet on IPOs
The latest FPI data highlights an interesting difference between India's primary and secondary markets.
While foreign investors have faced concerns around global geopolitical uncertainty and have been more cautious about broader equity-market exposure, their participation in IPOs has remained strong.
In the first eight months of 2026, FPIs have invested ₹45,848 crore in IPOs, compared with ₹40,309 crore during the corresponding period last year.
This suggests that institutional investors continue to see opportunities in carefully selected new listings even when overall market conditions remain uncertain.
For retail IPO investors, strong institutional participation can be an important factor to monitor, although it should not be considered a guarantee of listing gains or long-term performance.
September Could Bring ₹20,000–25,000 Crore of New IPOs
The primary market is showing no signs of slowing down.
According to a latest report, Indian companies could raise around ₹20,000–25,000 crore through IPOs during September 2026 as companies look to take advantage of the current market environment and regulatory approval timelines.
This could make September one of the busiest IPO months of the year.
The market is already seeing several Mainboard and SME issues open for subscription, while more companies are expected to announce their IPO plans as the month progresses.
Deepa Jewellers and Rays of Belief Open Today
September has started with multiple IPO opportunities for investors.
Deepa Jewellers IPO
The Deepa Jewellers IPO opened for subscription today, September 1, and will remain open until September 3.
The company has fixed its price band at ₹168–₹177 per share and is looking to raise approximately ₹459.72 crore.
The latest grey-market indications are also positive, with market trackers reporting a GMP of around ₹55 at the upper end, although GMP figures can vary between sources and change during the day.
Rays of Belief IPO
The Rays of Belief IPO also opened today.
The company has fixed a price band of ₹227–₹239 per share and is offering investors an opportunity to participate in its Mainboard issue. The latest market coverage indicates positive grey-market sentiment around the IPO.
With two Mainboard IPOs opening together, investors will be closely watching subscription numbers and GMP movement during the next three days.
ESDS Software IPO Enters Final Day
Another major IPO story today is ESDS Software Solution.
The IPO entered its final subscription day on September 1 after receiving strong demand. The issue had been subscribed approximately 18.34 times by the end of Day 2, while grey-market indications were pointing toward a substantial premium.
The company had earlier raised ₹216 crore from anchor investors ahead of the IPO.
The ESDS IPO has a price band of ₹408–₹429 per share and is entirely a fresh issue, with no Offer for Sale component.
Investors will now be watching the final subscription figures and the company's GMP before the issue moves toward allotment and listing.
Symbiotec Pharmalab Listing Today
September 1 is also a busy listing day.
Symbiotec Pharmalab is scheduled to make its debut on both BSE and NSE today. Ahead of the listing, grey-market indications were pointing toward a premium of around 19% over the IPO price.
The actual listing price, however, will ultimately be determined by market demand when trading begins.
This makes today's session particularly interesting for IPO investors, as the market will get to see whether grey-market expectations translate into actual listing performance.
What Is Driving IPO Activity?
Several factors are supporting the current IPO pipeline.
Companies are looking to raise capital while market conditions remain supportive, and investors continue to show interest in businesses coming to the public market.
The strong participation from FPIs is another important factor.
At the same time, the potential arrival of very large IPOs such as Jio Platforms and NSE could significantly increase total fundraising during the month.
Market estimates have suggested that September could potentially see IPO fundraising reach as much as ₹70,000 crore if one or both mega IPOs enter the market.
GMP Remains One of the Most Watched Indicators
With so many IPOs active at the same time, investors are closely following Grey Market Premium (GMP).
GMP can provide a snapshot of unofficial market sentiment before listing. However, it is important to understand that grey-market trading takes place outside the official stock exchanges.
A high GMP does not guarantee a strong listing, and GMP can change rapidly based on market conditions, subscription demand and investor sentiment.
For this reason, investors should use GMP alongside other factors such as:
- IPO valuation
- Revenue and profit growth
- Debt levels
- QIB subscription
- NII subscription
- Retail subscription
- Promoter holding
- Use of IPO proceeds
- Industry outlook
- Overall market conditions
IPO Investors Have a Busy September Ahead
The first day of September has already demonstrated how active the Indian IPO market has become.
With Deepa Jewellers and Rays of Belief opening today, ESDS Software entering its final subscription day and Symbiotec Pharmalab listing, investors have several important IPO events to track at the same time.
Meanwhile, FPIs have already invested ₹45,848 crore in Indian IPOs during the first eight months of 2026, highlighting the continued institutional interest in India's primary market.
If the expected September IPO pipeline materialises, the coming weeks could bring even more opportunities — and more competition for investors' capital.
Final Takeaway
The Indian IPO market is entering September on a strong note.
Foreign investors continue to participate actively in IPOs despite broader caution in the secondary market, while Indian companies are preparing to raise another ₹20,000–25,000 crore through new issues during the month.
For retail investors, the key will be selectivity rather than simply chasing GMP.
Track the latest GMP, subscription figures, company fundamentals and valuations before making any investment decision.
For the latest IPO GMP, IPO subscription status, allotment updates, listing dates and IPO news, keep following GMP IPO Watch.
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