Markets may appear dull in the secondary segment, but the IPO space is buzzing with activity. The beginning of October is packed with multiple IPOs open for subscription, along with several fresh listings lined up. September was already an exciting month for IPOs, with many well-known names hitting the market and getting listed. The big question now is whether October will continue the same momentum.
In this article, we will take a quick look at September’s IPO performance and highlight the upcoming IPOs for October, along with key details investors should know.
September IPO Performance
During September, 17 mainboard IPOs debuted on the bourses compared to 16 in August. Of these, only one IPO debuted with negative returns on the listing day, while eleven opened with gains, and the remaining five had a flat listing.
Among them, Urban Company listed with the highest gain of 57.5%, while Ivalue Infosolution was the only IPO to list with negative returns of 4.7%. Interestingly, shares of Anlon Healthcare, which listed with a modest 1.1% gain, have now rallied strongly and are up 46.2%.
Primary Market Breaching Records
India’s primary market is on track for a record year, with mainboard IPOs already crossing Rs 1 lakh crore in 2025, and three months still to go. As of September, 74 IPOs have raised around Rs 85,000 crore. This milestone has been achieved only twice before, in 2024 and 2021.
2025 is set to be a record-breaking year, having already crossed Rs 1 lakh crore in IPO fundraising with three months remaining in the calendar year.
The SME segment is also breaking records. In September alone, 53 SME IPOs raised Rs 2,309 crore, the highest ever in a single month, both by number and value. So far in 2025, 207 SME listings have mobilised Rs 9,129 crore, surpassing all previous annual records within just nine months. With more IPOs lined up, the numbers are expected to climb further.
Upcoming IPOs in October 2025
Now that October has begun, investors are closely watching the upcoming IPOs.
Here is the confirmed list of offerings for this month:
Rubicon Research Ltd
Rubicon Research Ltd is a pharmaceutical company specialising in the development, manufacturing, and commercialisation of differentiated formulations. It operates three manufacturing facilities in India and maintains two US FDA-inspected R&D centers, located in India and Canada.
- Opening & Closing Date: October 9 to October 13, 2025
- Price Band: Rs 461 – Rs 485 per share
- Issue Size: Rs 1,377.50 crore (including both fresh issue and offer for sale)
- Lot Size: 30 shares
- Listing: Expected on 16 October 2025 on both BSE and NSE
- IPO Objective: Rubicon Research IPO aims to use the proceeds to repay outstanding borrowings and for strategic growth and general corporate purposes.
Canara Robeco Asset Management Company Ltd
Canara Robeco Asset Management Company Ltd (CRAMC) is an Indian asset management firm and the investment manager for Canara Robeco Mutual Fund. It provides a wide variety of investment solutions, including equity, debt, and hybrid schemes.
- Opening & Closing Date: October 9 to October 13, 2025
- Price Band: Rs 253 – Rs 266 per share
- Issue Size: Rs 1,326.13 crore (Offer for Sale)
- Lot Size: 56 shares
- Listing: Expected on 16 October 2025 on both NSE and BSE
- IPO Objective: The Company will not receive any funds from the offer, and all proceeds will go to the existing investors.
Canara HSBC Life Insurance Company Ltd
Canara HSBC Life Insurance Company Ltd is a private life insurer in India, jointly promoted by Canara Bank and HSBC Insurance (Asia-Pacific). It offers individual and group life insurance, retirement and pension products, government schemes like PMJJBY, and digital insurance distribution through embedded partnerships.
- Opening & Closing Date: October 10 to October 14, 2025
- Price Band: Rs 100 – Rs 106 per share
- Issue Size: Rs 2,517.50 crore (Offer for Sale)
- Lot Size: 140 shares
- Listing: Expected on 17 October 2025 on both NSE and BSE
- IPO Objective: The Company will not receive any funds from the offer, and all proceeds will go to the existing investors.
Midwest Ltd
Midwest Ltd is involved in the exploration, mining, processing, marketing, distribution, and export of natural stones. It is a producer and exporter of Black Galaxy Granite, a distinctive variety known for its sparkling golden flakes.
- Opening & Closing Date: October 15 to October 17, 2025
- Price Band: Rs 1,014 – Rs 1,065 per share
- Issue Size: Rs 451 crore (including both fresh issue and offer for sale)
- Lot Size: 14 shares
- Listing: Expected on 24 October 2025 on both NSE and BSE
- IPO Objective: The Midwest IPO intends to use the proceeds for funding capital expenditure, purchasing electric dump trucks, integrating solar energy at certain company mines, pre-payment or repayment of certain outstanding borrowings, and general corporate purposes.
WeWork India Management Ltd
WeWork India Management is a leading flexible workspace provider in India, offering private offices, co-working spaces, enterprise suites, and hybrid solutions. Its clients include start-ups, small businesses, large enterprises, and professionals.
- Opening & Closing Date: October 3 to October 7, 2025
- Price Band: Rs 615 – Rs 648 per share
- Issue Size: Rs 3,000 crore (Offer for Sale)
- Lot Size: 23 shares
- Listing: Expected on October 10, 2025, on both BSE and NSE
- IPO Objective: Proceeds will go to selling shareholders; the company will not receive funds from the offer.
Tata Capital Ltd
Tata Capital, a subsidiary of Tata Sons, is a diversified NBFC offering financial products and services to retail, corporate, and institutional clients. This will be the biggest IPO of 2025.
- Opening & Closing Date: October 6 to October 8, 2025
- Price Band: Rs 310 – Rs 326 per share
- Issue Size: Rs 15,511.87 crore (Fresh issue + OFS)
- Lot Size: 46 shares
- Listing: Expected on October 13, 2025, on both BSE and NSE
- IPO Objective: To strengthen tier-I capital for future lending and capital requirements.
LG Electronics India Ltd
LG Electronics India manufactures and distributes home appliances and consumer electronics (excluding mobile phones). It caters to both B2C and B2B markets in India and abroad, offering products along with installation, repair, and maintenance services.
- Opening & Closing Date: October 7 to October 9, 2025
- Price Band: Rs 1,080 – Rs 1,140 per share
- Issue Size: Rs 11,607.01 crore (Offer for Sale)
- Lot Size: 13 shares
- Listing: Expected on October 14, 2025, on both BSE and NSE
- IPO Objective: All proceeds will go to exiting investors; the company will not receive any funds.
Other Upcoming IPOs
Beyond the confirmed IPOs, several more are expected in October.
ICICI Prudential AMC, India’s largest mutual fund house by AUM (backed by ICICI Bank and Prudential plc), is likely to launch its IPO this month.
Groww is preparing for one of the most anticipated IPOs of the decade, with an estimated issue size between Rs 6,000 crore and Rs 8,300 crore.
Pine Labs is expected to launch its IPO around Diwali 2025, comprising a Rs 2,600 crore fresh issue and an OFS by early investors.
Other notable names include Canara HSBC Life, Credila Financial, and PhysicsWallah, all gearing up to launch offerings, further fuelling the fundraising momentum.
What’s Next?
The secondary market is facing headwinds such as inconsistent FII flows, concerns over US tariffs, and the recent H1-B visa fee hike. With September marking the end of Q2 of the financial year, volatility is expected, and market movements will largely depend on upcoming company earnings.
Meanwhile, the primary market looks robust, with several large IPOs in the pipeline. Many will feature significant offer-for-sale components as institutional investors look to exit. The surge is being driven by foreign portfolio investors, retail investors, HNIs, and mutual funds, even as the secondary markets remain subdued.
Analysts caution that while IPO activity may remain strong in the short term, risks such as market corrections and tariff pressures could cap gains. Investors are advised to focus on company fundamentals when making investment decisions.
*The companies mentioned in the article are for information purposes only. This is not investment advice.
*Disclaimer: Teji Mandi Disclaimer
