IPO rush: Rs 50,000 crore worth IPOs to hit Street by Diwali; Jio, Avada to lead fundraise

The action in the primary market is likely to continue in October 2026 following strong fundraising in the September quarter. According to the data, 70 mainboard IPOs raised nearly Rs 90,500 crore from investors during the July-September period. Interestingly, nearly a dozen issues could raise around Rs 50,000 crore ahead of Diwali.

This time, IPO fundraising is likely to be led by issues such as Reliance Jio, Avaada Electro and Carlsberg India. However, given the prevailing geopolitical situation and market volatility, some issues may be deferred. Market sources suggest that primary market investors will remain busy until Diwali, as IPOs have delivered positive returns in recent weeks.

Leading the fundraising drive, Jio Platforms may raise Rs 31,000-32,000 crore from investors. The issue is reportedly scheduled to launch on Wednesday, October 21, while Avaada Electro is likely to raise Rs 7,600 crore through its IPO in the second half of the month. Carlsberg India may also launch its Rs 6,500 crore IPO this month after receiving approval from capital markets regulator SEBI on October 1.

Issues such as HD Fire Systems and Fusion Systems have already been announced, with the companies set to raise a combined Rs 1,414 crore through IPOs opening on October 13 and October 14, respectively. Sahajanand Medical Technologies and Zetwerk Manufacturing Business are also expected to announce their price bands next week. The two issues are expected to cumulatively raise nearly Rs 5,500 crore from investors.

Issues such as Bonfiglioli Transmissions (nearly Rs 2,500 crore), Paras Healthcare (Rs 1,800 crore), Gujarat Victory Forgings (Rs 250 crore) and NDR InvIT Trust (Rs 750 crore) may also launch ahead of Diwali. The list also includes Tonbo Imaging, whose IPO comprises an offer for sale (OFS) of up to 1.81 crore equity shares.

Other IPOs, including Torrent Gas (Rs 4,000 crore) and Bombay Coated and Special Steels (Rs 191 crore), may also open for subscription before Diwali. SFC Environmental Technologies, whose proposed IPO comprises a fresh issue of Rs 150 crore and an OFS of up to 1.23 crore shares, may also launch during this period.

Zerodha founder and CEO Nithin Kamath has described IPOs as the only bullish corner of the market right now. "IPOs are a full-on party. Most recent listings have done well, and you can see it in the rush of activity," he said in a post on X. India's IPO market is bucking the broader equity market downturn, with 67.2% of mainboard listings over the past year trading above their issue prices as of October 6.

To recall, 13 IPOs raised nearly Rs 28,650 crore in July, while 23 IPOs raised around Rs 22,450 crore through the primary market in August. September set a record, with 34 IPOs raising Rs 39,380 crore from investors. A total of 78 companies raised more than Rs 94,200 crore in the first half of FY27. The majority of these issues, barring a few, belonged to the midcap and smallcap segments.

"Bottom-up investment opportunities remain attractive in quality smallcap companies over the next 12-24 months, supported by resilient corporate balance sheets, healthy domestic demand, improving cash flows and sustained capital expenditure intentions," said Monarch AIF. It added that attractive value was emerging in BFSI, insurance, telecom and parts of the IT sector.