The Indian IPO market is experiencing unprecedented momentum as it heads into September 2025, with a strong pipeline of initial public offerings set to debut on both the BSE and NSE. The festive season traditionally marks a significant uptick in equity market activity, and this year promises to be no different, with several high-profile companies preparing to tap into the robust investor sentiment demand that has characterized India’s capital markets throughout 2025.
Major IPO Listings Scheduled for September 2025
Vikran Engineering Limited IPO
Vikran Engineering Limited stands as the largest offering among the September 2025 IPO listings, with a total issue size of ₹772 crore. The subscription period runs from August 26-29, 2025, with the listing date scheduled for September 3, 2025 on both BSE and NSE. The price band has been fixed at ₹92-₹97 per share with a lot size of 148 shares, requiring a minimum investment of ₹14,356 for retail investors.
This EPC company specializes in turnkey infrastructure projects across power transmission up to 765 kV, substations, water supply, and railway electrification sectors. With operations spanning over 17 Indian states and a client base including prominent government and public sector entities like NTPC Limited and various state power distribution corporations, Vikran Engineering has established itself as a significant player in India’s infrastructure sector.
The company’s financial performance demonstrates strong growth trajectory, with revenue of ₹243.2 crore and net profit of ₹27.89 crore in FY2024, reflecting a 19% CAGR in sales and over 80% CAGR in net profit over the past five years. Pantomath Capital Advisors Private Limited serves as the book-running lead manager, while Bigshare Services Private Limited acts as the registrar.
Current Infraprojects Limited IPO
Current Infraprojects Limited represents another significant mainboard IPO scheduled for September listing. The subscription window opens from August 26-29, 2025, with allotment finalization on September 1 and listing date set for September 3, 2025 on the NSE SME platform.
The company plans to raise ₹41.80 crore through a fresh issue of 52.26 lakh shares. The price band is fixed at ₹76-₹80 per share with a lot size of 1,600 shares, making the minimum investment ₹1,28,000 for retail investors. This EPC contractor specializes in Engineering, Procurement, and Construction services, offering turnkey solutions across civil, mechanical, electrical, and solar energy projects.
Current Infraprojects has demonstrated impressive financial growth, with revenue increasing from ₹77.73 crore in 2024 to ₹91.33 crore in 2025, while profit surged from ₹5.09 crore to ₹9.45 crore over the same period. The company’s return on equity stands at an impressive 49.75%, with ROCE at 26.49%.
Sattva Engineering Construction Limited IPO
Sattva Engineering Construction is preparing for its SME IPO debut with a subscription period from August 26-29, 2025, and listing scheduled for September 3, 2025. The Chennai-based company plans to raise ₹35.38 crore through a fresh issue with a price band of ₹70-₹75 per share.
The lot size is set at 1,600 shares, requiring a minimum investment of ₹1,20,000 for retail investors. This EPC contractor specializes in water resource management projects including water supply schemes, sewerage networks, treatment plants, and overhead tanks. The company primarily operates in Tamil Nadu and southern states and holds ISO certifications for quality management.
Vivro Financial Services Private Limited serves as the merchant banker, while MUFG Intime India Private Limited acts as the registrar for this offering.
Market Sentiment and Investor Appetite
Strong Domestic Institutional Flows
The Indian IPO market in 2025 has been characterized by exceptionally strong domestic institutional participation. According to market data, three-quarters of the capital funding the 2024 IPOs was domestic, compared to just a quarter three years earlier. This shift towards domestic investor base has provided crucial stability to the market, insulating it from global volatility.
Mutual funds have emerged as major participants in IPOs, with equity mutual fund assets rising 22% in the year ending June 30, 2025, growing from ₹26.82 lakh crore to ₹32.69 lakh crore. This growth has been driven by systematic investment plans and increased retail participation through mutual fund routes.
Retail Investor Enthusiasm
Retail investor participation in IPOs has reached unprecedented levels in 2025. According to NSE data, over 12 million retail applications were received for mainboard IPOs in H1 2025 alone. The median IPO application size has grown, reflecting more informed investment decisions by retail participants.
The enthusiasm is particularly evident in the subscription patterns of recent offerings. For instance, among the IPOs closing on August 21, 2025, Patel Retail IPO was subscribed 95.7 times overall, with retail participation at 42.49 times. Similarly, Gem Aromatics IPO saw subscription levels of 30.27 times with retail investors subscribing 10.31 times.
Grey Market Premium Trends
Grey market premium (GMP) data suggests continued investor optimism for September listings. Vikran Engineering commands a GMP of ₹110, implying an expected listing gain of 13.40%. Current Infraprojects shows a GMP of ₹15, suggesting potential gains of 18.75%, while Sattva Engineering Construction currently trades at par in the grey market.
Performance of 2025 IPO Market
Strong Listing Performance
The 2025 IPO market has delivered exceptional returns for investors, significantly outperforming broader market indices. While the Nifty and Sensex have delivered modest returns of 6.2% and 5.3% respectively in 2025, fresh IPO listings have generated an average return of 25%, nearly four times the Nifty’s gain.
Out of 30 mainboard IPOs that have listed in 2025, 27 are trading above their issue price. Notable performers include Quality Power Electrical Equipment with gains exceeding 104.7%, Prostarm Info Systems with over 112% returns, and Sambhv Steel Tubes delivering 70.4% gains.
Fundraising Activity
Despite strong performance, total fundraising activity in 2025 has been more selective compared to 2024. Companies have raised ₹45,375 crore via IPOs so far in 2025, substantially lower than the ₹1.60 lakh crore raised in Calendar Year 2024. However, this decline reflects growing caution among issuers and tighter investor scrutiny rather than lack of demand.
The largest offering of 2025 has been HDB Financial Services with a ₹12,500 crore IPO that listed with a 14% premium and has since delivered 17% gains from its issue price.
SME IPO Market Dynamics
Market Normalization
The SME IPO segment has undergone significant normalization in 2025 after the euphoric gains of 2024. According to industry analysis, the SME IPO market is experiencing a 28% year-over-year decline in listings, with around 177 SME IPOs expected in 2025 compared to 245 in 2024.
However, this normalization has led to more sustainable valuations and improved quality of offerings. The listing day performance has moderated significantly, with a 95% reduction in day-one gains compared to 2024 levels. This shift from exuberance to caution indicates a maturing market that prioritizes fundamentals over speculation.
Regulatory Tightening
Recent SEBI regulations have contributed to the quality improvement in SME IPO offerings. New requirements including positive Free Cash Flow to Equity, Operating Profit requirements, Monitoring Agency appointments, and increased minimum lot sizes are filtering out weaker issuers.
These changes are expected to result in higher-quality SME IPOs characterized by stronger corporate governance practices and more sustainable business models.
Sectoral Trends and Future Pipeline
Diversified Sector Participation
The September 2025 IPO calendar represents a diverse mix of sectors, with strong representation from infrastructure and engineering services. The EPC sector is particularly well-represented with multiple companies from this space preparing for public debut.
Looking ahead, the IPO pipeline for 2025 includes companies from various sectors including financial services, manufacturing and infrastructure, renewable energy, SaaS and digital platforms, and consumer brands. Major upcoming IPOs include Tata Capital with an estimated ₹17,200-crore offer and LG Electronics at ₹15,000 crore.
Technology and New-Age Companies
The pipeline also includes several fintech and new-age businesses such as Meesho, PhonePe, Lenskart, Boat, WeWork India, Physics Wallah, and Shadowfax. These companies are likely to float issues ranging from ₹1,500 crore to ₹9,000 crore.
Economic Backdrop Supporting IPO Activity
Robust GDP Growth
India’s economic fundamentals continue to support strong capital market activity. The economy grew 7.4% year-over-year in the final quarter of fiscal year 2024-25, with 6.5% growth for the whole year. The National Statistics Office estimates 6.4% GDP growth in financial year 2025, with expectations of 6.7% growth in the second half.
Favorable Monetary Environment
Inflation has dropped to 2.8% as of June 2025, marking a 6-year low. The Reserve Bank of India has implemented a 100-basis-point rate cut over three consecutive policy meetings, aiming to drive credit growth and boost both investment and consumer spending.
Capital Market Resilience
India’s capital markets have demonstrated remarkable resilience despite global uncertainties. Foreign portfolio investment flows turned positive in May and June 2025, particularly into sectors like financial services, telecommunications, and services. When indexed to 2019, India’s equity market returns have grown twice in value, significantly outperforming emerging market peers.
Regulatory Framework and Market Infrastructure
SEBI’s Supportive Policies
SEBI has proposed several measures to enhance IPO market efficiency. Recent consultation papers suggest changes to allocation structures for large IPOs, with proposals to increase QIB allocation to 60% from 50% for IPOs above ₹5,000 crore.
The regulator has also proposed expanding the anchor investor framework, allowing more foreign portfolio investors to participate and including insurance companies and pension funds in the reserved category.
Digital Infrastructure Enhancement
India’s capital market infrastructure continues to evolve with the introduction of T+0 settlement times and exploration of responsible AI adoption. These technological advances are streamlining IPO processing and improving market efficiency.
Investment Considerations and Risk Factors
Valuation Discipline
While investor sentiment remains positive, market participants are displaying increased valuation discipline. The normalization of listing premiums and more selective institutional participation suggests that only companies with strong fundamentals and reasonable valuations are likely to succeed.
Global Uncertainties
Despite strong domestic fundamentals, global factors including trade tensions, geopolitical conflicts, and monetary policy changes in major economies continue to pose risks to emerging market flows. However, India’s relatively inward-focused economy is better positioned compared to more trade-dependent nations.
Conclusion and Outlook
The September 2025 IPO calendar reflects the continued strength and maturation of India’s capital markets. With a robust pipeline of offerings across diverse sectors, strong domestic institutional support, and enthusiastic retail participation, the market is well-positioned for sustained growth.
The three major September listings – Vikran Engineering, Current Infraprojects, and Sattva Engineering Construction – represent quality companies with strong fundamentals and growth prospects. Their performance will likely set the tone for the broader IPO market as it heads into the traditionally active festive season.
For investors, the current environment presents opportunities for selective participation in quality offerings, while the normalization of valuations suggests a more sustainable growth trajectory for India’s primary market. The continued focus on corporate governance, financial transparency, and regulatory compliance is creating a stronger foundation for long-term capital market development.
As India’s economy continues its growth trajectory supported by favorable demographics, digital transformation, and policy stability, the IPO market is likely to remain an attractive avenue for both companies seeking capital and investors looking for growth opportunities in one of the world’s fastest-growing major economies.
