Dalal Street experienced a significant rush of initial public offerings (IPOs) this week, with investors able to apply for as many as ten mainboard issues collectively aiming to raise nearly Rs 6,000 crore. As of Friday, September 25, 2026, four of these issues concluded their bidding, while six others either opened today or are continuing their subscription period.
IPOs Concluding Bidding Today (September 25, 2026)
1. ArMee Infotech
ArMee Infotech, an IT solutions and infrastructure company, sought to raise Rs 300 crore with shares priced between Rs 350-375 per share (lot size: 40 shares). The issue, which opened on September 23, closed today with an overall subscription of 2.44 times. Brokerages noted positives like its project pipeline and client base but raised concerns over declining profitability and higher leverage.
2. Swastika Infra
Jaipur-based EPC firm Swastika Infra aimed for Rs 161 crore through its IPO, priced at Rs 175-185 per share (lot size: 81 shares). Opening on September 23 and closing today, the issue was subscribed 7.60 times. Analysts praised its order book and asset-light model, while highlighting dependence on DISCOMs and customer concentration as risks.
3. Elevate Campuses
Elevate Campuses launched a substantial Rs 2,100 crore IPO at Rs 343-362 per share (lot size: 41 shares). The education infrastructure company's issue, open from September 23 to September 25, saw an overall subscription of 1.79 times. Positives included high occupancy and a sizeable student accommodation portfolio, though elevated debt and valuation were cited as key risks.
4. Adroit Industries
Auto-component maker Adroit Industries sought to raise Rs 151 crore, with shares priced at Rs 126-134 per share (lot size: 111 shares). The IPO, which opened on September 23 and closed today, received an overwhelming response, subscribing 176.85 times. This strong demand was largely driven by non-institutional investors (NIIs) and qualified institutional buyers (QIBs), supported by the company's operational efficiency and improving returns.
IPOs Still Open for Subscription
1. Moneyview
The Bengaluru-based digital lending platform, Moneyview, is raising Rs 1,092 crore at Rs 32-34 per share (lot size: 441 shares). The issue, which opened on September 24, will close on Monday, September 28. On its second day, the IPO was subscribed 6.01 times, with brokerages positive on its asset-light model and AI-led underwriting, but mindful of rising Stage 3 loans and regulatory risks.
2. A-One Steels
A-One Steels, a New Delhi-based steel maker, is raising Rs 405 crore, with shares priced at Rs 385-405 per share (lot size: 37 shares). The IPO, open from September 24 to September 28, was subscribed 1.35 times on its second day. Brokerages are generally positive, citing backward integration and planned capacity expansion, while acknowledging the steel industry's cyclical nature.
3. Runwal Enterprises
Mumbai-focused developer Runwal Enterprises opened its Rs 500 crore IPO today, September 25, with shares priced at Rs 290-305 per share (lot size: 49 shares). The issue will close on Tuesday, September 29. It received a muted response on Day 1, with an overall subscription of 42 per cent. Analysts have a mixed view, balancing an established franchise against negative cash flows and geographical concentration.
4. Orient Cables
Orient Cables is seeking to raise Rs 552 crore through its IPO, priced at Rs 258-272 per share (lot size: 55 shares). The issue opened today, September 25, and will close on September 29. On Day 1, it was subscribed 1.96 times. The company offers exposure to growing sectors like data centers and 5G, but demanding valuations and lower margins are concerns.
5. AceVector (Snapdeal Parent)
AceVector, the parent company of Snapdeal, launched a Rs 420 crore IPO today, September 25, at Rs 30-32 per share (lot size: 468 shares), closing on September 29. Day 1 saw a relatively muted response, with the IPO subscribed 23 per cent. Brokerages remain cautious due to persistent losses, intense competition, and high marketing costs.
6. German Green Steel & Power
German Green Steel & Power is raising Rs 304 crore through its IPO, priced at Rs 132-139 per share (lot size: 107 shares). The issue opened today, September 25, and will close on September 29. It received a strong response on Day 1, subscribing 1.73 times. Vertically integrated operations and improving earnings support the outlook, though steel-price volatility and customer concentration are risks.