India’s IPO market is set for a busy week, with 20 public issues scheduled to open and 14 companies, including the National Stock Exchange, lined up for listing. India’s primary market is gearing up for another busy week, with 20 initial public offerings (IPOs) scheduled to open for subscription from September 21, 2026. At the same time, 14 companies are expected to make their stock market debut, including the National Stock Exchange of India (NSE). The fundraising from 19 of the companies is expected to exceed Rs 4,200 crore, including Rs 3,825 crore from the mainboard segment. Moneyview has been excluded from this tally as its price band is due to be announced separately. Its IPO is scheduled to open on September 24.

Mainboard IPOs to Watch

Varmora Granito will be the first mainboard company to open its IPO next week. The Gujarat-based ceramic and vitrified tiles manufacturer plans to raise Rs 708 crore through an issue comprising a fresh issue worth Rs 320 crore and an offer for sale (OFS) of shares worth around Rs 388 crore. The price band is set at Rs 140–148 per share, and the issue opens on September 22.

Four more mainboard IPOs—Elevate Campuses, ArMee Infotech, Swastika Infra and Adroit Industries India—are scheduled to open on September 23.

Singapore-based student accommodation operator Elevate Campuses is planning to raise up to Rs 2,100 crore, making it the largest issue among the upcoming offerings. Its price band is Rs 343–362 per share, and the issue consists entirely of a fresh share issuance.

ArMee Infotech, a Gujarat-based IT infrastructure and services provider, plans to raise up to Rs 300 crore through a fresh issue, with a price band of Rs 350–375 per share.

Swastika Infra, an engineering, procurement and construction company focused on power transmission and distribution infrastructure, plans to raise Rs 161.37 crore. The issue includes a fresh issuance of Rs 129 crore and an OFS worth Rs 32.37 crore at the upper end of the price band.

Adroit Industries India, an auto components manufacturer headquartered in Madhya Pradesh, intends to raise Rs 150.7 crore. Its IPO comprises a fresh issue of 98.97 lakh shares and an OFS of 13.5 lakh shares. The price band is Rs 126–134 per share.

Bengaluru-based steel producer A-One Steels India will open its Rs 405-crore IPO on September 24. The issue includes a fresh issue of Rs 355 crore and an OFS of Rs 50 crore, with a price band of Rs 385–405 per share.

SME Segment Sees 13 IPOs

The SME segment is also expected to remain active, with 13 companies scheduled to open their IPOs next week. Their combined fundraising is expected to exceed Rs 400 crore.

FX Multitech, Vivekanand Cotspin and Robokidz Eduventures are scheduled to open their issues on September 21, seeking to raise more than Rs 45 crore, Rs 31 crore and Rs 22 crore, respectively.

Himalaya Nutravedics India and Anand Seamless are expected to open their IPOs on September 22, with planned fundraising of Rs 26.5 crore and Rs 25.5 crore.

Six SME IPOs are lined up for September 23: Pooja Logistics, Liqvd Digital India, Unitec Fibres, SK Offset, Coreintegra Consulting Services and Sai Urja Indo Ventures. Their proposed fundraising amounts are Rs 44 crore, Rs 39 crore, Rs 34.5 crore, Rs 29 crore, Rs 22 crore and Rs 25 crore, respectively.

Peshwa Wheat and Bench Mark Infotech Services are scheduled to open on September 24 and 25, respectively. Together, they are expected to raise around Rs 100 crore.

IPOs Closing Soon

The NSE and textile company Sonaselection India are scheduled to close their maiden public issues on September 21. At the time of the report, the NSE IPO had been subscribed 1.16 times, while Sonaselection India had received subscriptions equivalent to 90% of the shares on offer.

In the SME segment, SpectraA Technology Solutions and Kheria Autocomp are also due to close their IPOs on September 21. They had attracted subscriptions of 18.43 times and 45%, respectively. Axiom Gas Engineering’s issue is scheduled to close on September 22 and had been subscribed 58% at the time of reporting.

14 Companies Set to List

A total of 14 companies are expected to begin trading next week, six of them on the mainboard.

Manika Plastech is scheduled to list on September 21. Hero Motors, SS Retail and Jindal Supreme (India) are expected to debut on September 23, followed by Sonaselection India and NSE on September 24.

Eight SME companies are also lined up for listing. Century Business Media and Injecto Polymers are scheduled to debut on the BSE SME platform on September 21, followed by Vama Wovenfab and Quanto Agroworld on September 22.

SpectraA Technology Solutions and Kheria Autocomp are expected to begin trading on the NSE Emerge platform on September 24, while Axiom Gas Engineering is scheduled to list on September 25.

According to market observers cited in the report, SS Retail, SpectraA Technology Solutions and Jindal Supreme shares were trading at a premium of more than 30% in the grey market. Other companies, including NSE, had seen a more subdued grey-market response.

What Investors Should Keep in Mind

The crowded IPO calendar offers investors several issues to examine, but the number of offerings or the grey-market premium alone does not establish whether an IPO is suitable for an individual investor.

Investors should review the company’s business, financial performance, use of proceeds, valuation and risk disclosures before making a decision. Subscription figures and listing schedules may also change, so investors should check the latest information from the exchanges and official offer documents.

Disclaimer: The Simple Hai! does not hold any responsibility for investment decisions made based on the information presented in this content. This content is for informational and educational purposes only and should not be considered investment advice. Viewers are advised to conduct their own research and consult a SEBI-registered investment adviser before making any investment decisions.

For years, the National Stock Exchange has been the place where Indians buy and sell stocks.

Now, the exchange itself is coming to the stock market.

The much-awaited NSE IPO will open for subscription on September 17, 2026 and close on September 21. The price band has been fixed at ₹1,700 to ₹1,785 per share. At the upper end of the price band, the issue is expected to be worth around ₹22,569 crore, making it one of India’s biggest IPOs. The shares are expected to list around September 24.

But before you rush to apply, there is one important thing to understand.

This isn’t NSE raising money to build a new business.

Here’s why.

First things first: What exactly is the NSE IPO?

The NSE IPO is an Offer for Sale (OFS).

In simple words, NSE is not issuing new shares to raise fresh money. Instead, some of its existing shareholders are selling a part of their holdings to the public.

That means NSE itself will not receive the money raised through the IPO. The proceeds will go to the shareholders selling their shares.

The final offer consists of up to 126.44 million shares, significantly lower than the nearly 149 million shares proposed earlier in the draft prospectus.

Several existing shareholders, including SBI, Bank of Baroda and others, have reduced the number of shares they plan to sell. SBI, for instance, has cut its proposed sale from 24.75 million shares to around 15.97 million shares.

So, the IPO has become smaller before it even opens.

How much money do you need?

The IPO’s price band is ₹1,700 to ₹1,785 per share.

The lot size is 8 shares.

At the upper end of the price band, one lot would therefore cost:

8 × ₹1,785 = ₹14,280

So, a retail investor would need roughly ₹14,280 to apply for one lot at the upper price band.

Of course, applying does not guarantee allotment.

Why is everyone talking about this IPO?

Because NSE isn’t just another company going public.

It is the exchange where millions of Indians trade.

As of March 2026, NSE had 129.09 million unique investors and 253.66 million investor accounts. It had 1,325 trading members and 2,978 listed companies on its platform.

NSE also held a dominant position in India’s equity derivatives market and accounted for more than half of global equity derivatives trading by contracts in FY2026, according to the company’s disclosures cited by Groww.

In other words, when you buy or sell shares on NSE, you’re using the infrastructure of the very business you can now potentially invest in.

But here’s the catch

NSE’s dominance does not automatically mean its IPO is a guaranteed winner.

The biggest question for investors is how NSE makes money and how sustainable that business is.

A large part of NSE’s revenue is linked to trading activity, particularly derivatives.

And that business is facing regulatory changes.

Stricter rules around options trading, changes to funding norms and higher taxes on derivatives trading have affected trading activity. Reuters reported that NSE derives more than 60% of its revenue from options transactions and that options volumes had declined year-on-year in August.

So while NSE is a market leader, investors also need to ask:

Can its current level of profitability continue?

The numbers look strong, but not perfect

In FY2026, NSE reported:

• Revenue from operations: ₹16,601 crore
• EBITDA: ₹11,098 crore
• Profit after tax: ₹10,302 crore

However, profit was lower than the ₹12,188 crore reported in FY2025.

At the same time, the latest quarter showed some improvement.

For the quarter ended June 30, 2026, NSE’s net profit increased 6.7% to ₹3,120 crore, while revenue from operations rose 13% to ₹4,560 crore.

So the picture isn’t simply “NSE is growing” or “NSE is slowing.”

It’s a little of both.

And then there is the valuation question

At ₹1,785 per share, NSE could be valued at around ₹4.42 lakh crore, or approximately $46 billion.

That is a massive valuation.

And this is where investors need to separate two things:

A great company does not always mean a great investment at any price.

NSE may have a strong market position, a powerful brand and a business that benefits from India’s growing participation in financial markets.

But if investors pay too much for that growth, future returns could still disappoint.

What should an investor actually look at?

Instead of asking only, “NSE IPO listing gain kitna dega?”, ask these five questions:

1. How dependent is NSE on derivatives?

If a large chunk of revenue comes from options trading, regulatory changes can directly affect earnings.

2. Can NSE keep increasing trading volumes?

More investors and more trading activity can mean more revenue. But competition and regulations matter too.

3. Is the IPO valuation reasonable?

A strong business can still be expensive.

4. Why are existing shareholders selling?

This is an OFS, so investors should understand who is selling and why.

5. Am I investing for the business or just the listing pop?

These are two very different strategies.

If your entire thesis is “NSE will list at a premium”, you’re betting on market sentiment.

If you’re planning to hold it for years, you’re betting on NSE’s ability to remain one of the most important pieces of India’s financial infrastructure.

The Simple Hai! takeaway

The NSE IPO is historic because the institution that has powered India’s stock market for decades is finally becoming a listed company itself.

But historic does not automatically mean profitable for every investor.

The IPO opens on September 17 with a price band of ₹1,700-₹1,785. The minimum application at the upper end works out to ₹14,280 for one lot of eight shares.

The interesting question isn’t just:

“Should I apply for the NSE IPO?”

It is:

“At this valuation, am I buying the future of India’s markets or simply paying a premium for its past success?”

And that’s the question investors should answer before pressing that Apply button.

This article is for educational purposes only and should not be considered investment advice or a recommendation to subscribe to the NSE IPO.

Milky Mist Dairy Food is set to make its stock market debut on August 18, following strong demand for its initial public offering (IPO). The company’s ₹1,553 crore IPO attracted significant interest from investors during the subscription period. The IPO was priced in the range of ₹133 to ₹140 per share, with the issue closing on August 13. Retail investors could apply for a minimum of 107 shares, requiring an investment of ₹14,980 at the upper end of the price band.

Strong demand for the IPO

The IPO received a strong response from investors. By the end of the subscription period, the issue was subscribed more than 56 times.

Institutional investors showed particularly strong interest, with the portion reserved for qualified institutional buyers subscribed over 155 times. The non-institutional investor category was subscribed nearly 35 times, while the retail portion was subscribed more than eight times.

The strong subscription indicates considerable investor interest in the company’s business and its plans for future growth.

What is the company raising money for?

The IPO consists of a fresh issue of around ₹1,428 crore and an offer for sale worth approximately ₹125 crore. The fresh funds will go towards strengthening the company’s balance sheet and supporting its expansion plans.

A significant portion of the proceeds is expected to be used to repay or reduce existing borrowings. The company also plans to spend money on expanding and modernising its manufacturing facility in Perundurai, Tamil Nadu.

What does Milky Mist do?

Milky Mist Dairy Food is a dairy and food products company with a portfolio that includes paneer, cheese, butter, curd, ghee, yoghurt and ice cream.

The company has built a strong presence in the organised dairy market, particularly in South India. It has also expanded its product range and distribution network over the years.

However, a large share of its business continues to come from South India, making geographical expansion an important part of its future growth strategy.

What does the GMP indicate?

Ahead of the listing, Milky Mist shares were trading at a premium in the grey market.

The Grey Market Premium (GMP) is an unofficial indicator of how the market expects an IPO to perform when it lists. A GMP of around ₹20 over the IPO’s upper price of ₹140 suggested a potential listing price of about ₹160 per share, or roughly a 14–15% premium.

However, GMP is not an official market price and can change quickly. It should not be treated as a guarantee of listing gains.

What happens next?

With the IPO subscription completed, shares are scheduled to list on both the NSE and BSE on August 18.

While the strong subscription and grey-market premium point towards positive investor sentiment, the actual listing price will depend on market conditions and demand on the day of listing.

For investors, the bigger question is not just how the stock performs on its first day, but whether Milky Mist can continue to grow its business, expand beyond its existing markets, manage its debt and improve profitability over the long term.

Source: NDTV Profit