The Indian primary market is gearing up for an unprecedented milestone, with IPOs next week setting a new record for 2025. Between 22 and 26 September, the markets will witness the highest number of IPOs opening in a single week this year—an impressive 28 public offerings across mainboard and SME platforms. Together, these issues aim to raise approximately INR 6,372.5 crore, reflecting the strong investor appetite and robust corporate confidence in India’s capital markets.
This extraordinary lineup spans diverse sectors—from FMCG and renewables to education, steel distribution, and pharmaceuticals—underscoring the depth of India’s growth story across both consumption and manufacturing. The highlight of the week will be Jain Resource Recycling’s INR 1,250 crore IPO, while Aptus Pharma will mark the other end of the spectrum with a smaller issue of INR 13.02 crore. With such breadth and scale, the upcoming week stands as a landmark moment, offering investors a wide spectrum of opportunities.
Mainboard IPOs Next Week
Ganesh Consumer Products – Among the First IPOs Next Week
Business Overview: Ganesh Consumer Products, headquartered in Kolkata, is a leading FMCG company specializing in wheat-based products such as atta, maida, sooji, and dalia. With a 43.4% market share in packaged sattu and a strong presence in East India, the company enjoys significant brand equity and wide distribution.
Fund Utilization: Proceeds will repay INR 60 crore debt, set up a flour unit in Darjeeling, and support corporate needs. Demand for packaged staples remains strong, giving it a stable growth base.
IPO Dates & Size: Open from 22 – 24 September 2025, the IPO includes a fresh issue of INR 130 crore and OFS worth INR 265–279 crore, aggregating to INR 395–409 crore.
Price Band & GMP: The price band is INR 306 – 322 per share (Employee discount – INR 30 per share) with a lot size of 46 shares. GMP trends are awaited but retail allocation is healthy at 35%.
Atlanta Electricals
Business Overview: Incorporated in 1996, Atlanta Electricals is a transformer manufacturer serving power, renewable, and industrial clients. With marquee customers like Adani Green Energy and TATA Power, it boasts an order book of INR 1,642.96 crore and significant government PSU exposure.
Fund Utilization: Funds will repay INR 79.12 crore borrowings and meet INR 210 crore working capital needs. The growing renewable sector supports its expansion.
IPO Dates & Size: The IPO will be open 22 – 24 September 2025, raising INR 674–687 crore through a fresh issue of INR 400 crore and OFS of INR 274–287 crore.
Price Band & GMP: The price band is INR 718 – 754 per share (Employee discount – INR 70 per share) with a minimum lot size of 19 shares. GMP at INR 146 with strong subscription buzz.
Seshaasai Technologies – Second Biggest Among IPOs next Week
Business Overview: Seshaasai Technologies provides payment and communication solutions, mainly to the BFSI sector. Its diversified portfolio includes card manufacturing, RFID tags, and IoT solutions, supported by 24 production units across India.
Fund Utilization: Proceeds will fund capacity expansion (INR 197.91 crore) and debt repayment (INR 230 crore). With rising digital payments and IoT adoption, it stands at a sectoral inflection point.
IPO Dates & Size: The IPO will run from 23 – 25 September 2025, comprising a fresh issue of INR 480 crore and OFS worth INR 316–333 crore, totaling INR 797–813 crore.
Price Band & GMP: The price band is INR 402 – 423 per share (Employee discount – INR 40 per share), lot size 35 shares. The GMP as of 20 September is INR 107, suggesting healthy interest in the counter.
Anand Rathi Share and Stock Brokers
Business Overview: Anand Rathi Share and Stock Brokers, a full-service brokerage firm with 30+ years of experience, offers equity, derivatives, commodities, and financial product distribution. With 2.21 lakh active clients and strong ARPC, it has cemented itself as a trusted wealth advisor.
Fund Utilization: Funds will bolster working capital (INR 550 crore). With equity markets seeing rising participation, its timing is strategic.
IPO Dates & Size: The issue opens 23 – 25 September 2025, with a fresh issue of INR 745 crore and no OFS component, indicating promoter confidence.
Price Band & GMP: The band is set at INR 339 – 414 per share with a lot size of 36 shares. The GMP is hovering around INR 72–75, showing moderate but stable demand.
Jaro Education
Business Overview: Jaro is a leading online higher education player partnering with 36 institutions including IIMs and IITs. It offers MBA, MCA, and certification programs, with enrollment CAGR of 58.36% in FY22–FY24 for certifications.
Fund Utilization: Funds to be used for branding (INR 81 crore) and partial debt repayment (INR 45 crore). Edtech consolidation makes this issue notable.
IPO Dates & Size: Open from 23 – 25 September 2025, comprising a fresh issue of INR 170 crore and OFS worth INR 280 crore, totaling INR 450 crore.
Price Band & GMP: The price band is expected at INR 846 – 890 per share, lot size 16 shares. GMP is hovering around INR 104, suggesting healthy interest in the counter.
Solarworld Energy
Business Overview: Solarworld Energy is engaged in renewable energy solutions, including solar EPC, rooftop installations, and green power consultancy, with 253.67 MW projects completed and 420 MW ongoing. It plans to scale to 5 GW capacity by 2028.
Fund Utilization: Funds will support a INR 420 crore investment in a 1.2 GW solar cell plant in Madhya Pradesh. Given India’s green energy push, Solarworld is well-timed.
IPO Dates & Size: 23–25 Sept, fresh issue up to INR 440 crore + OFS up to INR 50 crore; total size up to INR 490 crore.
Price Band: The price band is INR 333 – 351 per share with a lot size of 42 shares.
EPACK Prefab
Business Overview: EPACK Prefab is a leading player in prefabricated structures, modular construction, and cold storage solutions. With growing demand in logistics, warehousing, and data centers, the company has carved a niche in industrial infrastructure. EPACK is a fast-growing player with 41.79% CAGR in revenue and 8% market share in EPS. Its prefab segment has outpaced industry growth.
Fund Utilization: Proceeds will fund new facilities in Rajasthan and Andhra Pradesh, plus debt reduction. Strong demand in infra and housing supports its case.
IPO Dates & Size: 24–26 Sept, fresh issue INR 300 crore + OFS up to INR 204 crore; total up to INR 504 crore.
Price Band & GMP: The band is INR 194 – 204 per share, lot size 73 shares. GMP is trending at INR 20.
Jain Resource Recycling – Biggest Among IPOs Next Week
Business Overview: Jain Resource Recycling operates in the recycling of ferrous and non-ferrous metals, focusing on sustainable raw material supply for steel and manufacturing industries. It serves 371 customers globally with LME registration for lead ingots, giving it pricing power.
Fund Utilization: Fresh issue (INR 500 crore) to repay INR 375 crore borrowings. Recycling demand, especially for EV batteries, places it in a future-facing sector.
IPO Dates & Size: 24–26 Sept, total issue size INR 1,250 crore (fresh + OFS).
Price Band & GMP: The band is INR 220 – 232 per share, lot size 64 shares. GMP is stable at around INR 22, reflecting fair listing expectations.
BMW Ventures
Business Overview: A Bihar-based steel distributor with presence in 29 districts, BMW Ventures also manufactures PVC pipes, GP sheets, and PEBs. Steel distribution forms 98% of its revenue (~INR 2,030 crore in FY25).
Fund Utilization: Proceeds (INR 173.75 crore) to repay debt and fund corporate needs. Exposure to regional steel markets is its niche strength.
IPO Dates & Size: 24–26 Sept, fresh issue of 2.34 crore shares; price band yet to be announced.
Price Band & GMP: To be disclosed; GMP trends awaited.
Jinkushal Industries – Smallest Among IPOs Next Week
Business Overview: Jinkushal Industries is engaged in steel products manufacturing, catering to construction, infrastructure, and automotive sectors, operating across 30+ countries. It exports new, refurbished, and branded “HexL” machines, including backhoe loaders.
Fund Utilization: Funds (INR 72.68 crore) will meet working capital needs. With infrastructure growth in India and global demand, its positioning is strong.
IPO Dates & Size: 25–29 Sept, fresh issue of INR 99.31 – 104.49 crore + OFS up to INR 11.03 – 11.61 crore; total INR INR 110.35 – 116.11 crore.
Price Band: The band is INR 115 – 121 per share, lot size 120 shares.
SME IPOs Next Week
The upcoming IPOs next week add another dimension to the SME segment of the market. A total of 18 IPOs, ranging between INR 10–130 crore, are coming from industries such as textiles, agro-based products, consumer goods, IT, and food processing. These offerings are targeted toward retail investors who want to invest in niche but fast-growing businesses.
The growing interest in SME IPOs scheduled for next week reflects confidence in India’s entrepreneurial ecosystem and highlights opportunities beyond the mainstream. Below is the list of SME IPOs coming next week:
| Upcoming SME IPOs Next Week 2025 | IPO Dates | Price (INR) | Size (INR Cr.) |
| Game Changers Texfab | 30 Sep – 3 Oct | 100 – 110 | 59.1 |
| Munish Forge | 30 Sep – 3 Oct | – | – |
| Infinity Infoway | 30 Sep – 3 Oct | – | – |
| DSM Fresh Foods | 26 – 30 Sep | 96 – 101 | 59.7 |
| Bhavik Enterprises | 25 – 30 Sep | 140 | 77.0 |
| Chatterbox Technologies | 25 – 29 Sep | 100 – 115 | 42.9 |
| Earkart | 25 – 29 Sep | 135 | 49.3 |
| Telge Projects | 25 – 29 Sep | 95 – 105 | 27.2 |
| Gurunanak Agriculture | 24 – 26 Sep | 75 | 28.8 |
| Riddhi Display | 24 – 26 Sep | 95 – 100 | 24.7 |
| Systematic Industries | 24 – 26 Sep | 185 – 195 | 115.6 |
| Praruh Technologies | 24 – 26 Sep | 60 – 63 | 23.5 |
| Justo Realfintech | 24 – 26 Sep | 120 – 127 | 63.0 |
| Matrix Geo Solutions | 23 – 25 Sep | 98 – 104 | 40.2 |
| Ecoline Exim | 23 – 25 Sep | 134 – 141 | 76.4 |
| True Colors | 23 – 25 Sep | 181 – 191 | 128.0 |
| NSB BPO Solutions | 23 – 25 Sep | 140 – 147 | 77.9 |
| Aptus Pharma | 23 – 25 Sep | 65 – 70 | 13.0 |
| BharatRohan Airborne | 23 – 25 Sep | 80 – 85 | 45.0 |
| Prime Cable Industries | 22 – 24 Sep | 78 – 83 | 40.0 |
| Solvex Edibles | 22 – 24 Sep | 72 | 18.9 |
Conclusion
Next week’s IPO wave signals unprecedented momentum in India’s capital markets, blending large-scale mainboard issues with dynamic SME listings. From renewable energy and education to steel recycling and consumer products, the breadth of participation highlights India’s structural growth story and the confidence of promoters in tapping public markets. For investors, this lineup presents a rare mix of defensive, growth, and thematic plays, positioning the week as a landmark moment in 2025’s investment calendar.
Clearly, IPOs Next Week will not just raise capital but also symbolize India’s growth momentum across industries.
In the first eight months of 2025, the Indian IPO market has witnessed a flurry of activity with 48 public issues hitting the bourses. Of these, 13 IPOs debuted in the red, while 35 rewarded investors with positive listing gains. On average, the IPOs so far this year have delivered a listing-day return of 13.21% which is disappointing when compared with 2024’s 30.12% avg listing returns.
The standout performer has been Highway Infrastructure, which not only set a record with an astonishing subscription level of 300.61 times but also delivered the highest listing-day return of 72.50%. Following closely was Aditya Infotech, which rewarded investors with a robust 60.74% return on debut.
In terms of size, the year’s largest offering has been from HDB Financial, which raised a massive INR 12,500 crore. The second-largest issue came from Hexaware Technologies, with an IPO size of INR 8,750 crore. At the other end of the spectrum, the smallest IPO so far in 2025 has been Globe Civil Projects, with an issue size of just INR 119 crore. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.