Record 10 IPOs Open on Dalal Street as September IPO Rush Builds; See How Issues Are Performing So Far

Mumbai | September 23

India’s primary markets witnessed a historic moment today as ten IPOs launched simultaneously across the mainboard and SME platforms, making September 23 the busiest IPO day of 2025. With fundraising targets of nearly ₹3,100 crore, companies are racing to raise capital ahead of the festive season, banking on buoyant liquidity and retail appetite.

So far in September, IPO activity has been strong but selective, with investors showing appetite for sectors ranging from manufacturing to technology. The flood of issues today takes the month into uncharted territory, both in terms of scale and variety.

The 10 IPOs Launched on September 23

The IPOs that opened on Tuesday include Solarworld Energy Solutions, Jaro Institute of Technology Management & Research, Seshaasai Technologies, Anand Rathi Share & Stock Brokers, BharatRohan Airborne Innovations, Aptus Pharma, NSB BPO, True Colors, Matrix Geo Solutions and Ecoline Exim. Collectively, they represent India’s diverse growth stories — from fintech and renewables to consumer paints, pharma, agri-tech and brokerage services.

Seshaasai Technologies IPO

At ₹813.07 crore, Seshaasai Technologies’ IPO is the largest issue of the day. The offering includes a fresh issue of ₹480 crore and an OFS of ₹333 crore, with a price band of ₹402–₹423 per share. Subscription stood at 0.40x as of 12:33 pm, with retail at 0.52x and NIIs at 0.63x. The company commands a 31.9% market share in India’s payment card industry, serving 700+ clients including SBI, HDFC Bank, ICICI Bank and PhonePe. Strong financials, growing PAT (₹222 crore in FY25), and a robust GMP of ₹88 (≈20% premium) position the IPO as one of the most closely watched.

Apply to Seshaasai Technologies IPO today

Anand Rathi Share & Stock Brokers IPO

The Anand Rathi Share & Stock Brokers IPO aims to raise ₹745 crore via a complete fresh issue of 1.80 crore shares. The issue is priced at ₹393–₹414 per share and was subscribed 0.17x as of 12:25 pm. The brokerage giant, with 90 branches in 54 cities and 1,125 authorised agents, plans to use ₹550 crore for long-term working capital. A grey market premium of ₹31 signals a potential 7% listing gain.

Apply to Anand Rathi Share & Stock Brokers IPO here

Solarworld Energy Solutions IPO

Solarworld Energy Solutions is seeking ₹490 crore through its IPO, which includes ₹440 crore fresh issue and ₹50 crore OFS. Priced at ₹333–₹351, the issue was 0.42x subscribed by midday. Proceeds will fund a 1.2 GW Solar PV TopCon plant in Madhya Pradesh, as well as debt repayment and corporate purposes.

Apply to the Solarworls Energy Solutions IPO here

Jaro Education IPO

Jaro Education, officially Jaro Institute of Technology Management & Research, opened its ₹450 crore IPO today at a price band of ₹846–₹890 per share. The issue was subscribed 0.39x by midday. Established in 2009, the edtech firm partners with global institutions to deliver management and technology programmes.

Apply to the Jaro Education Solutions IPO here

SME IPOs in Focus

Six SME IPOs also opened today, collectively raising nearly ₹380 crore. Subscription data as of 12:25 pm is as follows:

September IPO Performance So Far

September has already been a busy month for IPOs, with multiple issues drawing selective but steady demand. Today’s record line-up pushes the tally higher, testing whether investor appetite can keep pace. Grey market activity has been robust, with Seshaasai Technologies leading premiums at around 20%. Mainboard IPOs have seen cautious day-one subscriptions, while SME issues are attracting sharper retail bids.

Read our detailed coverage of all September 23 IPOs here

Bottom Line

Ten IPOs opening on a single day is rare in Indian markets and highlights the rush of issuers tapping festive-season optimism. From Anand Rathi’s brokerage scale-up to Solarworld’s renewable ambitions and Seshaasai’s fintech leadership, the September 23 IPO wave reflects India’s sectoral diversity. For investors, this is not just about choice — it’s a litmus test of conviction. How these issues perform through the week will set the tone for both September’s close and the festive season ahead.

Disclaimer: The Grey Market Premium (GMP) indicates investors’ willingness to pay above the IPO issue price in the unofficial market. GMP data is unofficial, subject to change, and should not be the sole basis for investment decisions. Investors are advised to evaluate fundamentals and associated risks before investing.