September 2026 IPO Rush: NSE IPO, New Issues & What Investors Should Watch
The Indian IPO market is showing no signs of slowing down.
After a busy July and August, investors are now looking toward September, which could become one of the most active months of 2026 for the primary market. Several companies are preparing to launch their IPOs, while the much-awaited National Stock Exchange (NSE) IPO could become the biggest event of the month.
According to recent market reports, nearly 20 IPOs could potentially hit the Indian stock market in September, with companies collectively looking to raise up to ₹45,000 crore.
For IPO investors, that means plenty of opportunities — but also a need to be more selective.
August IPO Activity Sets the Stage
The IPO market has already picked up considerable momentum in recent months.
Data reported by Business Standard shows that January to August 2026 saw around 60 IPOs raise approximately ₹72,165 crore. July and August alone accounted for 33 issues and nearly ₹49,592 crore, or around 69% of the total amount raised during the first eight months of the year.
That momentum has also been visible in recent listings.
One of the biggest highlights came on August 28, when Tempsens Instruments more than doubled during its debut trading session. Reuters reported that it became the strongest IPO listing gain in India so far in 2026.
Strong listing performances like this can naturally increase investor interest in upcoming IPOs, although they should not be treated as a guarantee that every new issue will deliver similar returns.
NSE IPO Could Be the Biggest Attraction
The biggest name investors are watching for September is the National Stock Exchange of India.
The NSE IPO has been in preparation for a long time, and recent reports indicate that SEBI is nearing approval for the issue. If it goes ahead as currently expected, it could become India's largest IPO.
Market reports suggest that the NSE IPO could potentially raise around ₹30,000 crore, although the final issue structure, price and dates will depend on regulatory approvals and official announcements.
For investors, the NSE listing would be particularly significant because it would bring one of India's most important financial-market institutions into the listed space.
However, excitement around the IPO should not replace valuation analysis. A large and well-known company can still be an expensive investment if the issue is priced aggressively.
New IPOs Already Scheduled for September
Investors don't have to wait for the NSE IPO to get September IPO exposure.
Several issues already have announced dates.
Deepa Jewellers IPO
Deepa Jewellers has announced a price band of ₹168–₹177 per share for its IPO.
The issue is scheduled to open on September 1, 2026, and close on September 3. The company is looking to raise approximately ₹459.72 crore through a combination of fresh shares and an Offer for Sale.
The jewellery sector continues to attract IPO activity, making Deepa Jewellers one of the issues investors may want to keep on their September watchlist.
Rays of Belief IPO
Another Mainboard IPO scheduled for September is Rays of Belief, the company behind the Mom's Belief brand.
The IPO is scheduled to open on September 1 and close on September 3, with a price band of ₹227–₹239 per share. The shares are planned to list on both BSE and NSE.
Purple Style Labs IPO
Purple Style Labs, the parent company of Pernia's Pop-Up Studio, is also entering the primary market.
The company has fixed a price band of ₹546–₹575 per share for its ₹680 crore IPO. Subscription is scheduled from August 31 to September 2, 2026.
The company operates in the luxury fashion space and has attracted attention because of its brand presence and growth profile.
SME IPOs Are Also Keeping Investors Busy
The IPO activity is not limited to Mainboard issues.
Several SME IPOs are opening around the end of August and beginning of September, giving investors a broader set of issues to track.
For example, Paluck Technologies is opening its BSE SME IPO from August 28 to September 1. The company has fixed a price band of ₹46–₹48 and is looking to raise approximately ₹33 crore.
Complete Sports & Management India is also opening on August 28, with a price band of ₹128–₹135 and an issue size of approximately ₹74.93 crore.
The SME segment can offer interesting opportunities, but investors should also pay close attention to liquidity, lot size, financials and post-listing volatility.
What About IPO GMP?
Grey Market Premium will likely remain one of the most searched IPO indicators during September.
GMP can provide a snapshot of unofficial market sentiment before listing. However, it is important to remember that GMP is not an official exchange price and can change rapidly.
For example, the current GMP data on GMP IPO Watch shows significant differences between upcoming issues. ESDS Software Solution, Paluck Technologies and Priority Jewels are showing different grey-market indications, highlighting how investor sentiment can vary from one IPO to another.
Investors should therefore avoid making an IPO decision based solely on GMP.
Five Things to Check Before Applying
With so many IPOs potentially coming to the market, investors may find it difficult to decide which issues deserve attention.
Here are five things worth checking:
1. Valuation
Compare the IPO valuation with listed companies operating in the same industry.
2. Financial Growth
Look at revenue, EBITDA, profit growth and cash flows instead of focusing only on the IPO premium.
3. IPO Objective
Understand whether the money is being raised for expansion, debt repayment, working capital or whether existing shareholders are selling their holdings.
4. Subscription Demand
QIB, NII and retail subscription data can provide useful information about investor interest as bidding progresses.
5. GMP Trend
Use GMP as an additional sentiment indicator rather than treating it as a guaranteed listing-price forecast.
September Could Be a Defining Month for IPO Investors
The Indian primary market has clearly regained momentum.
August has already delivered a strong mix of Mainboard and SME issues, while September could bring even more activity. The potential NSE IPO alone could dominate investor attention, while companies such as Deepa Jewellers, Rays of Belief and Purple Style Labs are preparing to enter the market.
At the same time, the strong debut of Tempsens Instruments shows why IPO investors are closely watching listing performance and GMP trends.
But a busy IPO calendar does not mean investors need to apply for every issue.
The best approach is to compare valuation, financial performance, business quality, IPO objectives, subscription trends and GMP before making a decision.
For the latest IPO GMP, subscription status, allotment updates, listing dates and upcoming IPOs, keep checking GMP IPO Watch as the September IPO calendar develops.
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