IPO rush: Four IPOs conclude today; check subscription status, other details of issues still open
Of the 10 issues, four concluded their bidding on Friday, while four opened for subscription on the same day. The remaining two IPOs are in their second day of bidding.
- Sep 25, 2026,
- Updated Sep 25, 2026 6:04 PM IST
The IPO rush continued at Dalal Street on Friday, with investors able to apply for as many as 10 mainboard issues. Together, these IPOs are looking to raise nearly Rs 6,000 crore from primary market investors.
Of the 10 issues, four concluded their bidding on Friday, while four opened for subscription on the same day. The remaining two IPOs are in their second day of bidding.
Here is a look at the subscription status and key details of all 10 issues:
1. ArMee Infotech
ArMee Infotech is raising Rs 300 crore through its IPO at a price band of Rs 350-375 per share, with a lot size of 40 shares. The IT solutions and infrastructure company opened its issue on September 23 and closed it on September 25 (Friday).
The IPO was subscribed 2.44 times overall as of 5:54 pm on the final day of bidding.
Brokerages have highlighted the company's project pipeline, client base and diversification as positives. However, declining profitability, higher leverage and execution risks remain key concerns.
2. Swastika Infra
Swastika Infra aims to raise Rs 161 crore through its IPO at Rs 175-185 per share, with a lot size of 81 shares. The Jaipur-based EPC company, focused on power transmission and distribution, opened its issue on September 23 and concluded the bidding on September 25.
The issue was subscribed 7.60 times on the third day.
Brokerages have cited its order book, utility clients and asset-light model as positives, while dependence on DISCOMs, working-capital requirements, execution timelines and customer concentration remain concerns.
3. Elevate Campuses
Elevate Campuses has launched a Rs 2,100 crore IPO in the price band of Rs 343-362 per share, with a lot size of 41 shares. The issue opened on September 23 and closed on September 25. The company plans to use the proceeds for acquisitions, debt repayment and growth.
The IPO was subscribed 1.79 times on the final day of bidding.
The education infrastructure company's high occupancy, sizeable student accommodation portfolio and institutional contracts have drawn positive brokerage commentary. Elevated debt, valuation and execution remain key risks.
4. Adroit Industries
Adroit Industries is raising Rs 151 crore through its IPO at a price band of Rs 126-134 per share, with a lot size of 111 shares. The issue opened on September 23 and closed on September 25.
The IPO received a strong response, with overall subscription reaching 176.85 times, largely driven by non-institutional investors (NIIs) and qualified institutional buyers (QIBs).
The auto-component maker, which manufactures propeller shafts and torque-transmission products, gets support from its operational efficiency, improving returns, capacity expansion and low leverage. However, rich valuations, slower revenue growth and export exposure could weigh on the outlook.
5. Moneyview
Moneyview is tapping the IPO market with a Rs 1,092 crore issue at Rs 32-34 per share, with a lot size of 441 shares. The issue opened on September 24 and will close on September 28 (Monday).
The IPO was subscribed 6.01 times on the second day of bidding.
The Bengaluru-based digital lending and financial-services platform has attracted positive brokerage commentary for its asset-light model, expanding user base, AI-led underwriting and improving profitability. Rising Stage 3 loans, unsecured lending exposure, credit costs, regulatory risks and competition remain key concerns.
6. A-One Steels
A-One Steels has set a price band of Rs 385-405 per share for its Rs 405 crore IPO, with a lot size of 37 shares. The issue opened on September 24 and will close on September 28.
The IPO was subscribed 1.35 times on the second day, crossing the one-time subscription mark.
The New Delhi-based steel maker benefits from backward integration, improving profitability, planned capacity expansion and debt reduction. Brokerages are broadly positive, although the cyclical nature of the steel industry, raw-material price swings and the need for sustained earnings and margin growth remain risks.
7. Runwal Enterprises
Runwal Enterprises is raising Rs 500 crore through a fresh issue priced at Rs 290-305 per share, with a lot size of 49 shares. The IPO opened on September 25 and will close on September 29 (Tuesday).
The issue received a muted response on Day 1, with overall subscription at 42 per cent.
The Mumbai-focused developer's established franchise, project pipeline, premiumisation and redevelopment opportunities are key positives. Brokerages have a mixed view, with negative cash flows, leverage, geographical concentration, competition and execution risks tempering the outlook.
8. Orient Cables
Orient Cables is seeking to raise Rs 552 crore through its IPO, with shares priced at Rs 258-272 and a lot size of 55 shares. The issue opened on September 25 and will close on September 29.
The IPO was subscribed 1.96 times on Day 1, sailing through the overall subscription mark.
The networking cable maker offers exposure to data centres, 5G, renewables and EVs, with diversification and market-share gains supporting the brokerage outlook. However, demanding valuations, lower margins, customer concentration, raw-material volatility, working-capital requirements and execution remain key concerns.
9. AceVector
AceVector, the parent company of Snapdeal, is raising Rs 420 crore through its IPO at Rs 30-32 per share, with a lot size of 468 shares. The issue opened on September 25 and will close on September 29.
The e-commerce player saw a relatively muted response on Day 1, with the IPO subscribed 23 per cent.
Its diversified digital-commerce ecosystem and Unicommerce SaaS business are key positives. However, brokerages remain cautious over persistent losses, cash burn, intense competition, low market share and high marketing and fulfilment costs, with profitability remaining a major concern.
10. German Green Steel & Power
German Green Steel & Power is raising Rs 304 crore through its IPO at Rs 132-139 per share, with a lot size of 107 shares. The issue opened on September 25 and will close on September 29.
The IPO received a strong response on Day 1 and was subscribed 1.73 times.
The company's vertically integrated operations, captive power, improving earnings, capacity expansion and strong Gujarat distribution network support the brokerage outlook. However, steel-price volatility, sector cyclicality, customer concentration, dealer dependence and declining return on net worth remain key concerns.
The IPO rush continued at Dalal Street on Friday, with investors able to apply for as many as 10 mainboard issues. Together, these IPOs are looking to raise nearly Rs 6,000 crore from primary market investors.
Of the 10 issues, four concluded their bidding on Friday, while four opened for subscription on the same day. The remaining two IPOs are in their second day of bidding.
Here is a look at the subscription status and key details of all 10 issues:
1. ArMee Infotech
ArMee Infotech is raising Rs 300 crore through its IPO at a price band of Rs 350-375 per share, with a lot size of 40 shares. The IT solutions and infrastructure company opened its issue on September 23 and closed it on September 25 (Friday).
The IPO was subscribed 2.44 times overall as of 5:54 pm on the final day of bidding.
Brokerages have highlighted the company's project pipeline, client base and diversification as positives. However, declining profitability, higher leverage and execution risks remain key concerns.
2. Swastika Infra
Swastika Infra aims to raise Rs 161 crore through its IPO at Rs 175-185 per share, with a lot size of 81 shares. The Jaipur-based EPC company, focused on power transmission and distribution, opened its issue on September 23 and concluded the bidding on September 25.
The issue was subscribed 7.60 times on the third day.
Brokerages have cited its order book, utility clients and asset-light model as positives, while dependence on DISCOMs, working-capital requirements, execution timelines and customer concentration remain concerns.
3. Elevate Campuses
Elevate Campuses has launched a Rs 2,100 crore IPO in the price band of Rs 343-362 per share, with a lot size of 41 shares. The issue opened on September 23 and closed on September 25. The company plans to use the proceeds for acquisitions, debt repayment and growth.
The IPO was subscribed 1.79 times on the final day of bidding.
The education infrastructure company's high occupancy, sizeable student accommodation portfolio and institutional contracts have drawn positive brokerage commentary. Elevated debt, valuation and execution remain key risks.
4. Adroit Industries
Adroit Industries is raising Rs 151 crore through its IPO at a price band of Rs 126-134 per share, with a lot size of 111 shares. The issue opened on September 23 and closed on September 25.
The IPO received a strong response, with overall subscription reaching 176.85 times, largely driven by non-institutional investors (NIIs) and qualified institutional buyers (QIBs).
The auto-component maker, which manufactures propeller shafts and torque-transmission products, gets support from its operational efficiency, improving returns, capacity expansion and low leverage. However, rich valuations, slower revenue growth and export exposure could weigh on the outlook.
5. Moneyview
Moneyview is tapping the IPO market with a Rs 1,092 crore issue at Rs 32-34 per share, with a lot size of 441 shares. The issue opened on September 24 and will close on September 28 (Monday).
The IPO was subscribed 6.01 times on the second day of bidding.
The Bengaluru-based digital lending and financial-services platform has attracted positive brokerage commentary for its asset-light model, expanding user base, AI-led underwriting and improving profitability. Rising Stage 3 loans, unsecured lending exposure, credit costs, regulatory risks and competition remain key concerns.
6. A-One Steels
A-One Steels has set a price band of Rs 385-405 per share for its Rs 405 crore IPO, with a lot size of 37 shares. The issue opened on September 24 and will close on September 28.
The IPO was subscribed 1.35 times on the second day, crossing the one-time subscription mark.
The New Delhi-based steel maker benefits from backward integration, improving profitability, planned capacity expansion and debt reduction. Brokerages are broadly positive, although the cyclical nature of the steel industry, raw-material price swings and the need for sustained earnings and margin growth remain risks.
7. Runwal Enterprises
Runwal Enterprises is raising Rs 500 crore through a fresh issue priced at Rs 290-305 per share, with a lot size of 49 shares. The IPO opened on September 25 and will close on September 29 (Tuesday).
The issue received a muted response on Day 1, with overall subscription at 42 per cent.
The Mumbai-focused developer's established franchise, project pipeline, premiumisation and redevelopment opportunities are key positives. Brokerages have a mixed view, with negative cash flows, leverage, geographical concentration, competition and execution risks tempering the outlook.
8. Orient Cables
Orient Cables is seeking to raise Rs 552 crore through its IPO, with shares priced at Rs 258-272 and a lot size of 55 shares. The issue opened on September 25 and will close on September 29.
The IPO was subscribed 1.96 times on Day 1, sailing through the overall subscription mark.
The networking cable maker offers exposure to data centres, 5G, renewables and EVs, with diversification and market-share gains supporting the brokerage outlook. However, demanding valuations, lower margins, customer concentration, raw-material volatility, working-capital requirements and execution remain key concerns.
9. AceVector
AceVector, the parent company of Snapdeal, is raising Rs 420 crore through its IPO at Rs 30-32 per share, with a lot size of 468 shares. The issue opened on September 25 and will close on September 29.
The e-commerce player saw a relatively muted response on Day 1, with the IPO subscribed 23 per cent.
Its diversified digital-commerce ecosystem and Unicommerce SaaS business are key positives. However, brokerages remain cautious over persistent losses, cash burn, intense competition, low market share and high marketing and fulfilment costs, with profitability remaining a major concern.
10. German Green Steel & Power
German Green Steel & Power is raising Rs 304 crore through its IPO at Rs 132-139 per share, with a lot size of 107 shares. The issue opened on September 25 and will close on September 29.
The IPO received a strong response on Day 1 and was subscribed 1.73 times.
The company's vertically integrated operations, captive power, improving earnings, capacity expansion and strong Gujarat distribution network support the brokerage outlook. However, steel-price volatility, sector cyclicality, customer concentration, dealer dependence and declining return on net worth remain key concerns.