Dalal Street is witnessing a significant rush of Initial Public Offerings (IPOs) today, September 25, 2026, with investors presented with the option to subscribe to as many as 10 issues. These offerings are set to cumulatively raise close to Rs 6,000 crore from primary market investors. The activity includes four IPOs closing for bidding today, four new issues opening, and two issues continuing into their second day of subscription.
IPOs Closing Today (September 25, 2026)
ArMee Infotech
ArMee Infotech aims to raise Rs 300 crore with shares priced between Rs 350-375 per share, in a lot size of 40 shares. The IT solutions and infrastructure provider's IPO, which opened on September 23, saw an overall subscription of 1.66 times by 1 PM on its third day.
- Positives: Brokerages highlight its robust project pipeline, diverse client base, and strategic diversification.
- Risks: Concerns include declining profitability, higher leverage, and potential execution risks.
Swastika Infra
Jaipur-based EPC company Swastika Infra is targeting Rs 161 crore through its IPO, with a price band of Rs 175-185 per share and a lot size of 81 shares. Focusing on power transmission and distribution, the issue, which opened on September 23, was subscribed 3.07 times on its final day.
- Positives: Its strong order book, reliable utility clients, and asset-light business model are seen as favorable.
- Risks: Dependence on DISCOMs, significant working-capital needs, execution timeline challenges, and customer concentration remain concerns.
Elevate Campuses
Elevate Campuses launched a substantial Rs 2,100 crore IPO at a price band of Rs 343-362 per share, with a lot size of 41 shares. The issue, open from September 23, received a muted response, with only 34 percent subscription by the last day.
- Positives: The education infrastructure player benefits from high occupancy rates, a sizeable student accommodation portfolio, and institutional contracts.
- Risks: Key risks include elevated debt levels, valuation concerns, and execution challenges.
Adroit Industries
Adroit Industries seeks to raise Rs 151 crore through its IPO, priced at Rs 126-134 per share with a lot size of 111 shares. The issue, which opened on September 23, garnered an impressive subscription of over 63 times, largely driven by HNI and retail investors.
- Positives: The auto-component manufacturer is supported by operational efficiency, improving returns, capacity expansion initiatives, and low leverage.
- Risks: Brokerages note rich valuations, slower revenue growth, and exposure to export markets as potential drawbacks.
Ongoing IPOs (Day 2 of Subscription)
Moneyview
Digital lending and financial services platform Moneyview is launching a Rs 1,092 crore IPO at Rs 32-34 per share, with a lot size of 441 shares. The Bengaluru-based company's issue, which opened on September 24, was booked over 3.40 times by 1 PM on its second day.
- Positives: Positive commentary highlights its asset-light model, expanding user base, AI-led underwriting, and improving profitability.
- Risks: Concerns include rising Stage 3 loans, exposure to unsecured lending, credit costs, regulatory risks, and intense competition.
A-One Steels
A-One Steels has set a price band of Rs 385-405 per share for its Rs 405 crore IPO, with a lot size of 37 shares. The New Delhi-based steel maker's issue, which opened on September 24, managed to achieve 93 percent subscription by its second day.
- Positives: The company benefits from backward integration, improving profitability, planned capacity expansion, and debt reduction.
- Risks: Risks stem from the cyclical nature of the steel industry, raw-material price swings, and the need for sustained earnings and margin growth.
New IPOs Opening Today (September 25, 2026)
Runwal Enterprises
Runwal Enterprises is raising Rs 500 crore through a fresh issue priced at Rs 290-305 per share, with a lot size of 49 shares. Its IPO, opening today and closing on September 29, saw a muted start with only 20 percent subscription in the initial three hours.
- Positives: The Mumbai-focused developer boasts an established franchise, a robust project pipeline, and opportunities in premiumisation and redevelopment.
- Risks: Mixed brokerage views cite negative cash flows, leverage, geographical concentration, intense competition, and execution risks.
Orient Cables
Orient Cables is seeking Rs 552 crore through its IPO, with shares priced at Rs 258-272 and a lot size of 55 shares. The issue, opening today and closing on September 29, achieved 91 percent subscription by 1 PM on its first day.
- Positives: The networking cable maker offers exposure to growth sectors like data centers, 5G, renewables, and EVs, supported by diversification and market-share gains.
- Risks: Concerns include demanding valuations, lower margins, customer concentration, raw-material volatility, working capital requirements, and execution challenges.
AceVector (Snapdeal Parent)
AceVector, the parent company of Snapdeal, is raising Rs 420 crore through its IPO at Rs 30-32 per share, with a lot size of 468 shares. The e-commerce player's issue, opening today and closing on September 29, saw the weakest performance, with only six percent subscription in the first three hours.
- Positives: Its diversified digital-commerce ecosystem and the Unicommerce SaaS business are noted as key strengths.
- Risks: Brokerages remain cautious due to persistent losses, significant cash burn, intense competition, low market share, and high marketing and fulfillment costs, with profitability being a major concern.
German Green Steel & Power
German Green Steel & Power is raising Rs 304 crore through its IPO at Rs 132-139 per share, with a lot size of 107 shares. The issue, opening today and closing on September 29, saw a decent response with 66 percent subscription on its first day.
- Positives: Vertically integrated operations, captive power, improving earnings, capacity expansion, and a strong Gujarat distribution network support the outlook.
- Risks: Key concerns include steel-price volatility, sector cyclicality, customer concentration, dealer dependence, and declining return on net worth.