The first half of 2025 ended strongly, but H2 has opened with signs of caution amid global uncertainties, including Trump’s tariff stance and broader geopolitical risks. Yet, India’s primary market remains resilient—raising INR 18,247.79 crore in August, with September expected to touch nearly INR 20,000 crore. A diverse pipeline of upcoming IPOs in September 2025 across financial services, consumer durables, metals & mining, and entertainment is set to sustain investor interest, balancing global caution with strong domestic momentum.
IPO Activity in August
In the month of August, IPOs received approval. Below is the list of SEBI IPO approvals in August:
| Issuer Company | Issue Type | Prospectus Filing Date | SEBI Approval Date |
| Epack Prefab | Fresh+OFS | 1/21/2025 | 08/01/2025 |
| SSF Plastics India | Fresh+OFS | 3/20/2025 | 08/01/2025 |
| Gujarat Kidney And Super Speciality | Fresh | 3/28/2025 | 08/01/2025 |
| Anand Rathi Share and Stock Brokers | Fresh | 3/31/2025 | 08/01/2025 |
| Prestige Hospitality Ventures | Fresh+OFS | 4/24/2025 | 08/01/2025 |
| Swastika Infra | Fresh+OFS | 3/30/2025 | 08/08/2025 |
| Jinkushal Industries | Fresh+OFS | 4/30/2025 | 8/14/2025 |
| Innovatiview India | OFS | 2/13/2025 | 8/14/2025 |
| Runwal Enterprises | Fresh+OFS | 3/31/2025 | 8/14/2025 |
| Advance Agrolife | Fresh | 3/31/2025 | 8/14/2025 |
| Park Medi World (Park Hospital) | Fresh+OFS | 3/28/2025 | 8/14/2025 |
| Ardee Engineering | Fresh+OFS | 3/27/2025 | 8/22/2025 |
Amid market uncertainty fueled by Trump’s tariff policies, several financial institutions are deferring IPO plans, preferring caution over weak debuts. Belstar Microfinance’s approval lapses on 30 August 2025, while SK Finance has shelved its INR 1,600 crore issue despite valuation cuts.
Avanse Financial Services faces expiry on 23 October 2025 as stricter U.S. visa norms dent education loan demand, and Veritas Finance has pushed back its INR 2,800 crore IPO amid tariff pressures on MSMEs. Hero Fincorp has also delayed its offering, while Shivalik Engineering’s approval will lapse on 13 September. Collectively, these moves underscore a “better late than flop” strategy as companies navigate volatile markets.
The largest IPO so far in 2025 was of HDB Financial Services, which raised INR 12,500 crore. The smallest IPO was of Globe Civil Projects, which mobilized INR 119 crore from the market. With this background, the September 2025 IPO calendar is expected to continue the momentum. Here are the upcoming IPOs in September 2025 which are most awaited in recent times.
Mainboard Upcoming IPOs in September 2025
Tata Capital – One of the Biggest IPO in September 2025
The upcoming Tata Capital IPO is one of the biggest scheduled for September 2025, with an estimated issue size of up to INR 17,400 crore, making it India’s fourth-largest IPO after LIC, Paytm, and Hyundai Motor India. The IPO is likely to launch before the RBI-mandated deadline of 30 September 2025. Tata Capital has undergone significant corporate developments, including mergers to meet RBI listing compliance and the integration of Tata Motors Finance, which has expanded its loan portfolio and branch network.
The company has showcased strong loan book growth with a CAGR of 37.3% from FY23 to FY25 and leadership in digital onboarding and AI-driven underwriting. The IPO pricing band is expected to be finalized by late August or early September, with investor roadshows already underway. This IPO is anticipated to be a major event in India’s financial sector, driven by Tata Capital’s scale, digital capabilities, and brand strength, aligning with regulatory and market expectations. It will be open to both retail and institutional investors.
LG India IPO – A Key Upcoming IPOs in September 2025
In September 2025, LG India is set to launch its highly anticipated IPO after receiving the Securities and Exchange Board of India (SEBI) approval. The IPO will be an Offer for Sale (OFS) by LG Electronics Inc., the promoter company, divesting over 10 crore equity shares with a face value of INR 10 each. LG India is a market leader in home appliances and consumer electronics (excluding mobile phones), with significant presence in categories such as washing machines, refrigerators, panel TVs, and inverter ACs.
The company boasts two manufacturing units in Noida and Pune with plans for expansion in Andhra Pradesh. Its extensive distribution network includes over 36,000 B2C touchpoints and nearly 1,000 service centers across India. Financial performance is strong, with an EBITDA margin of 10.42% and a net profit margin of 7.01% as of fiscal 2024. The IPO is expected to attract significant investor interest due to LG India’s market leadership, strong financials, and robust parentage.
Jain Resource Recycling IPO
The upcoming IPO in September 2025 is Jain Resource Recycling, a leading Indian manufacturer specializing in non-ferrous metal products made from recycled metal scrap. The company’s portfolio includes lead, copper, aluminium alloys, and gold products. With three recycling plants in Chennai and gold refining capacity in Sharjah, it serves 251 global customers across sectors like automotive and electronics. The IPO size is INR 2,000 crore, comprising a fresh issue of INR 500 crore and an offer for sale of INR 1,500 crore.
Jain Resource Recycling plans to use the proceeds partly to repay outstanding borrowings. The company shows strong financials with growing revenue and profit margins and operates with a high return on net worth (RONW). The IPO will have 10% retail allocation and is set for listing on BSE and NSE. Investors can apply through ASBA, stockbrokers, or offline forms once the IPO dates are announced. The company is positioned as a key player with significant market potential in metal recycling and refining.
Sunshine Pictures IPO
Among the forthcoming IPO in September 2025, Sunshine Pictures, a prominent Indian production house established in 2007. They specialize in producing and distributing films, TV serials, and web series, with notable hits like Force, Commando, and The Kerala Story. The IPO size is 83.75 lakh shares, consisting of a fresh issue of 50 lakh shares and an offer for sale of 33.75 lakh shares. The issue is set to be listed on NSE and BSE, with a retail allocation of 35%. Financially, Sunshine Pictures showed robust growth with FY 2024 revenue of INR 133.80 crore and net income of INR 52.45 crore, highlighting a strong profit margin of 39.20%.
The company aims to use the proceeds for working capital needs (INR 94 crore) and general corporate purposes. Promoters include Vipul Amrutlal Shah and family. The firm maintains a hybrid production model and is expanding its pipeline with several films and web series. Details like IPO price and dates are yet to be announced. Investors can apply via ASBA or brokers online.
Rubicon Research IPO – Forthcoming IPO in September 2025
Rubicon Research is gearing up for an IPO expected by the end of 2025, aiming to raise INR 500 crore through a fresh share issue apart from an Offer For Sale (OFS) of INR 585 crore by existing investor General Atlantic. Recently, Amansa Investments acquired 5,160,278 shares from General Atlantic in a secondary transaction worth INR 250 crore, validating Rubicon’s growth story ahead of the IPO. The pharmaceutical company has shown impressive financial performance with its revenue growing at a 62.5% CAGR from FY22 to FY24. It is distinguished by a strong USFDA-approved product portfolio, heavy investment in R&D (13% of revenue), and a unique focus on regulated markets, especially the US.
The company also expanded manufacturing capacity by acquiring Alkem Laboratories’ facility. The presence of marquee investors like Amansa is expected to boost confidence for long-term investors, making Rubicon Research’s IPO one of the notable upcoming listings in the pharma sector for September 2025. This deal acts as a “dress rehearsal” for the public listing.
SME Upcoming IPOs in September 2025
Rachit Prints IPO
Opening from September 1 to 3, 2025, Rachit Prints specializes in manufacturing specialty fabrics for mattresses. The IPO size is about INR 19.49 crore, with an issue price band of INR 140-149 per share. The company operates offline and sells fabrics across multiple states in India. The IPO offers 13.08 lakh fresh shares with a lot size of 1,000 shares. Listing will be on BSE SME, with retail investors allocated 35%. Promoters include Anupam Kansal and family.
Optivalue Tek IPO
Scheduled from September 2 to 4, 2025, Optivalue Tek is an IT solutions provider focusing on Telecom OSS/BSS and enterprise applications. It aims to raise INR 51.82 crore at a price band of INR 80-84 per share with a lot size of 1,600 shares. The IPO is a fresh issue with listing planned on NSE EMERGE. The company has strong financial metrics with a focus on digital and cloud solutions. Promoters include Ashish Kumar and Ragini Jha.
Goel Construction IPO
Open from September 2 to 4, 2025, Goel Construction IPO targets INR 99.77 crore, with a price band of INR 250-262 per share and a lot size of 800 shares. The issue includes an offer for sale and fresh issue shares. The company focuses on the construction sector. Listing is on the BSE SME with 35% retail quota. Allotment and listing dates are set for September 8 and 10, respectively.
Austere Systems IPO
Opening September 3 to 8, 2025, Austere Systems is an IT solutions provider aiming to raise approximately INR 15.57 crore with a price range of INR 52-55 per share. It offers 28.3 lakh fresh shares with a minimum lot size of 4,000 shares. The listing is planned on the BSE SME by September 11. The company caters to the IT sector with competition from peers like ASM Technologies.
Sharvaya Metals IPO
Scheduled from September 4 to 9, 2025, Sharvaya Metals will raise INR 58.8 crore with a price band of INR 192-196 per share and a lot size of 1,200 shares. The company manufactures aluminium alloy products for the automotive and engineering sectors, including EV-battery enclosures. Listed on BSE SME, the IPO has 35% retail allocation, with listing expected by September 12.
Vigor Plast IPO
Opening September 4 to 9, 2025, Vigor Plast focuses on PVC pipes and fittings manufacturing and trading, to raise approximately INR 25.1 crore with a price range of INR 77-81 per share. It offers 30.99 lakh total shares with a minimum lot size of 1,6000 shares. Listing is planned on NSE EMERGE by September 12. They have five warehouses in Gujarat and distribute products across 25 states. Promoters include Jayesh Premjibhai Kathiriya and family, with a book-built issue and lot size undisclosed.
Conclusion
Despite global uncertainties, India’s IPO market stays strong with a diverse pipeline of upcoming IPOs in September 2025. Big issues like Tata Capital and LG India, along with SME listings, are set to sustain investor interest, balancing global caution with strong domestic momentum.
As always, investors should review DRHPs, track SEBI approvals, and monitor grey market trends before committing capital. For live updates, GMP, and subscription data on every IPO in September 2025, keep an eye on IPO Central and similar sources.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.