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Top 10 Upcoming IPOs in India September 2025

Mr. HJ

Top 10 Upcoming IPOs in India September 2025 | SEBI Approved List

Introduction

The Indian stock market has always been an attractive hub for investors, and IPOs (Initial Public Offerings) continue to be the most exciting entry point for both seasoned and first-time investors. Every IPO season brings new opportunities—and risks—with companies from different industries seeking to raise capital and expand operations. For investors, IPOs are not just about buying shares; they represent a chance to become part of a company’s growth story right from the beginning.

September 2025 is turning out to be one of the most anticipated IPO seasons in recent years. Several companies from diverse sectors—including technology, healthcare, infrastructure, metals, and consumer services—are lining up to raise funds from the public. Interestingly, this comes at a time when India’s economy is showing resilience despite global uncertainties. Retail participation in IPOs has grown significantly, and SEBI’s tighter regulations now ensure more transparency than ever before.

But what really makes September 2025 special? A mix of high-profile IPOs like Urban Company, niche SMEs like TechD Cybersecurity, and strong traditional sectors like VMS TMT in steel are converging this month. This diversity makes the lineup appealing for a wide range of investors. Whether you’re a conservative investor looking for stable industries like metals, or a risk-taker eyeing high-growth tech, September offers something for everyone.

The Securities and Exchange Board of India (SEBI), the market regulator, has also introduced stricter compliance norms in recent years, which makes IPOs more reliable and trustworthy. Disclosures are clearer, investor protection has improved, and the listing process has become faster. These changes ensure that retail investors get fairer opportunities compared to earlier times when institutional players had more advantage.

In this article, we’ll take a deep dive into the Top 10 Upcoming IPOs in India in September 2025. We’ll break down what each company does, their financial potential, risks, price bands, subscription dates, and compliance with SEBI guidelines. We’ll also look at broader IPO trends and practical tips to evaluate these offerings, so you can make informed investment decisions.

Table of Contents

 Understanding IPOs in India

Before analyzing the upcoming IPOs, it’s essential to understand what an IPO is and why it matters. An Initial Public Offering (IPO) is the process by which a privately held company offers its shares to the general public for the first time. Once listed, the company’s shares can be traded on stock exchanges like the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).

So, why do companies go public? There are several reasons:

  1. Raising Capital – Funds raised can be used for expansion, new projects, research, or debt repayment.
  2. Brand Visibility – A listed company enjoys greater credibility and visibility in the market.
  3. Liquidity for Shareholders – Promoters and early investors often use IPOs as a way to partially exit and monetize their holdings.
  4. Attracting Talent – Public companies can offer stock options, attracting skilled employees.

For investors, IPOs present opportunities to invest in a company at its growth stage. However, IPOs also carry risks. Not every IPO turns out to be successful; history has shown examples where stocks listed below their issue price, disappointing retail investors.

Under SEBI regulations, IPOs must follow strict processes:

For investors, the participation process is straightforward. Retail investors can apply for IPOs via ASBA (Application Supported by Blocked Amount) using banking apps or broker platforms. The blocked funds remain in your account until allotment, ensuring smooth transactions. If shares are allotted, the money gets deducted; if not, the funds are released.

Thus, IPOs are a bridge connecting ambitious companies with investors who want to share in their growth story.

SEBI Guidelines for IPOs (2025 Update)

SEBI has made significant changes to IPO regulations over the years, particularly in the 2023–2025 period, to improve transparency and investor protection. Understanding these guidelines is crucial before investing in any IPO.

Key SEBI Norms You Should Know:

  1. Draft Red Herring Prospectus (DRHP) – Must be filed with SEBI and made public for at least 21 days for investor scrutiny.
  2. Mandatory Disclosures – Companies must clearly disclose:
    • Use of IPO proceeds (growth, expansion, debt repayment, or promoter exit).
    • Complete financial statements for the last three years.
    • Promoter and promoter group shareholding.
    • Any related party transactions.
  3. Timeline Reduction – SEBI has reduced the time between allotment and listing, allowing faster trading access for investors.
  4. Anchor Investors – Rules have been tightened around anchor investor lock-in periods to prevent quick exits.
  5. SME IPO Norms – Even smaller companies raising funds on SME platforms must follow stricter guidelines, ensuring better safety for retail investors.

Why This Matters to Investors

These guidelines mean that investors today have access to much clearer and more reliable information before subscribing to an IPO. For example, you can now easily evaluate whether a company is raising funds to genuinely expand operations or simply to allow promoters to exit. Faster listing also means investors don’t have to wait long to see their stocks trade in the open market.

In short, SEBI’s 2025 guidelines ensure that IPOs are more transparent, fair, and investor-friendly than ever before.

The IPO market in India has gone through cycles of boom and correction. Between 2023 and 2025, we saw one of the strongest IPO waves in Indian history. Several companies across fintech, consumer tech, manufacturing, and pharma went public, raising billions of rupees collectively.

Key Observations:

Why September 2025 Stands Out

This month is particularly strong because:

Thus, September 2025 is not just another IPO season—it’s a crucial period that reflects both India’s economic resilience and growing retail investor confidence.

READ MORE:

 Top 10 Upcoming IPOs in India September 2025

When shortlisting the top 10 IPOs to watch, several factors were considered: company size, sector relevance, growth potential, price band announcements, and investor buzz. Both mainboard IPOs and SME IPOs made the list, as SMEs have gained traction in recent years.

Here’s a snapshot table of the top IPOs:

Company NameSectorIPO Dates (Tentative)Price Band (₹)Issue Size (Approx.)
Urban CompanyOn-demand ServicesSep 10–12, 2025₹98 – ₹103₹1,900 crore
Dev Accelerator (DevX)Co-working/Real EstateSep 10–12, 2025TBD₹600–800 crore
Euro Pratik SalesInterior & Building GoodsSep 16–18, 2025₹235 – ₹247₹450 crore
VMS TMTSteel & ConstructionSep 17–19, 2025₹94 – ₹99₹148 crore
Shringar House of MangalsutraJewellery & LifestyleSep 10–12, 2025TBD₹400 crore
Galaxy MedicareHealthcare ConsumablesSep 10–12, 2025₹80 – ₹90SME Issue
TechD CybersecurityTechnology & CybersecuritySep 15–17, 2025₹183 – ₹193SME Issue
Airfloa Rail TechnologyRailway InfrastructureSep 11–15, 2025₹133 – ₹140SME Issue
L.T. ElevatorElevators & MobilitySep 12–16, 2025₹76 – ₹78SME Issue
Sampat AluminiumAluminium & MetalsSep 17–19, 2025₹114 – ₹120SME Issue

This mix of companies shows the diversity of India’s IPO pipeline. From tech-driven startups to traditional manufacturing players, September 2025 offers retail investors a variety of options to explore.

1. Urban Company IPO – Details & Analysis

Urban Company, formerly known as UrbanClap, has become a household name in India’s gig economy. The platform connects customers with service professionals across categories like home cleaning, salon services, plumbing, appliance repair, and wellness. Over the past few years, the company has rapidly expanded its presence not only in India but also in international markets such as the UAE, Singapore, and Australia. Its business model combines the power of digital aggregation with on-demand services, which has positioned it as a leading tech-enabled service provider.

The Urban Company IPO is one of the most anticipated listings in September 2025. According to filings, the IPO will be a mix of a fresh issue and an offer-for-sale (OFS), with the company aiming to raise around ₹1,900 crore. The price band is set between ₹98 and ₹103 per share, making it accessible for retail investors. The proceeds from the fresh issue are expected to be used for technology development, geographic expansion, and strengthening partner support infrastructure. Meanwhile, the OFS component will allow early investors and promoters to partially offload their holdings.

Growth Drivers:

Risks:

Verdict:

Urban Company’s IPO will likely attract strong investor interest due to its brand strength and growth potential. However, investors must balance enthusiasm with caution, as profitability is still in question. For those with a medium-to-long-term horizon, this IPO could be a solid bet, provided they understand the risks of the service aggregation industry.

2. Dev Accelerator IPO – Details & Analysis

Dev Accelerator, popularly known as DevX, is a fast-growing player in India’s co-working and managed office space sector. Founded in Ahmedabad, the company initially started as a business accelerator but has now expanded into offering scalable, flexible workspaces for startups, SMEs, and large corporations. The rise of hybrid work models post-pandemic has fueled demand for co-working solutions, and Dev Accelerator has capitalized on this trend by building premium, flexible office spaces across key Indian cities.

The Dev Accelerator IPO is scheduled for September 10–12, 2025. The offering includes a fresh issue of approximately 2.35 crore shares, with funds earmarked for expansion into tier-2 and tier-3 cities, improving technology platforms, and debt repayment. Market estimates suggest that the IPO could raise several hundred crores, positioning DevX as one of the largest co-working IPOs in India.

Growth Drivers:

Risks:

Verdict:

Dev Accelerator’s IPO appeals to investors looking for exposure in India’s evolving work culture. While risks exist due to heavy capital requirements and market competition, the growth story remains compelling. Long-term investors betting on the future of co-working and flexible offices may find this IPO worth subscribing to.

3. Euro Pratik Sales IPO – Details & Analysis

Euro Pratik Sales operates in the building materials and interior solutions industry. The company is known for offering high-quality decorative laminates, wall panels, flooring materials, and other home décor solutions. With India witnessing rapid urbanization, rising disposable incomes, and a booming real estate sector, demand for premium interior products has grown significantly, placing Euro Pratik Sales in an advantageous position.

The Euro Pratik Sales IPO will open for subscription on September 16–18, 2025. It is a book-built issue valued at approximately ₹450 crore, with a price band of ₹235–₹247 per share. Funds raised will primarily be used for capacity expansion, strengthening distribution networks, and investing in design and R&D.

Growth Drivers:

Risks:

Verdict:

Euro Pratik Sales has strong fundamentals in a sector poised for growth. While cyclical risks exist, its brand recognition and product diversification make it a promising IPO for investors seeking exposure to the housing and infrastructure story in India.

4. VMS TMT IPO – Details & Analysis

VMS TMT is a leading manufacturer of TMT bars, which are essential in construction and infrastructure projects. With India’s government heavily investing in infrastructure under programs like Gati Shakti and Smart Cities Mission, demand for TMT bars and steel products is at an all-time high. The company’s strong regional presence and capacity expansion plans make its IPO particularly interesting for investors.

The VMS TMT IPO will open between September 17–19, 2025, with a price band of ₹94–₹99 per share. The fresh issue aims to raise approximately ₹148 crore, which will be used for plant modernization, capacity expansion, and working capital requirements.

Growth Drivers:

Risks:

Verdict:

VMS TMT is well-placed to ride India’s infrastructure boom. However, investors must remain cautious about the cyclical nature of the steel industry. For those comfortable with commodity-linked risks, this IPO could deliver strong returns in the medium term.

5. Shringar House of Mangalsutra IPO – Details & Analysis

Shringar House of Mangalsutra operates in the jewellery and lifestyle accessories sector, focusing on mangalsutras, bangles, necklaces, and other gold and diamond ornaments. With cultural significance and rising fashion appeal, the company has carved out a niche in both traditional and contemporary jewellery markets. Its growing retail presence and e-commerce adoption have made it a recognized name in the jewellery industry.

The Shringar House of Mangalsutra IPO is set to open between September 10–12, 2025, with an estimated valuation of over ₹400 crore. The IPO proceeds will be used for retail expansion, brand building, and working capital needs.

Growth Drivers:

Risks:

Verdict:

Shringar House of Mangalsutra combines cultural demand with a modern retail strategy, making it an attractive IPO for those who believe in the long-term growth of India’s jewellery sector. However, price volatility of raw materials and intense competition remain key risks investors should consider.

6. Galaxy Medicare IPO – Details & Analysis

Galaxy Medicare is an established player in the healthcare and medical consumables sector. The company manufactures products such as medical disposables, diagnostic equipment accessories, and hospital supplies. With healthcare infrastructure in India expanding at a rapid pace, Galaxy Medicare’s business model benefits from consistent demand regardless of economic cycles. Unlike industries that are cyclical, healthcare is considered recession-proof, making this IPO particularly attractive to conservative investors.

The Galaxy Medicare IPO is categorized under the SME segment and is scheduled for September 10–12, 2025. The price band has been set around ₹80–₹90 per share, which makes it accessible for retail investors looking for affordable entry. The company plans to use the IPO proceeds to expand production capacity, improve research and development, and strengthen distribution channels across India.

Growth Drivers:

Risks:

Verdict:

Galaxy Medicare is a defensive IPO with long-term potential in a growing sector. While margins could be thin due to competition, steady demand makes this a relatively safer bet. Investors with an eye on stability rather than quick listing gains may find this IPO valuable.

7. TechD Cybersecurity IPO – Details & Analysis

TechD Cybersecurity is a technology-focused SME providing digital security solutions to corporates, government agencies, and financial institutions. In today’s digital economy, cybersecurity is no longer optional—it is a necessity. With India’s rapid adoption of digital banking, fintech, and cloud-based systems, demand for advanced cybersecurity tools has skyrocketed. TechD positions itself as a mid-tier but fast-growing company offering network security, penetration testing, and data protection services.

The TechD Cybersecurity IPO will open for subscription on September 15–17, 2025, with a price band set between ₹183 and ₹193 per share. The funds will be utilized for R&D in AI-driven security solutions, hiring skilled professionals, and scaling its presence across India and Southeast Asia.

Growth Drivers:

Risks:

Verdict:

TechD Cybersecurity appeals to investors who want exposure to India’s fast-growing tech ecosystem. While it carries risks typical of SME listings and tech companies, its focus on cybersecurity makes it highly relevant in today’s digital-first world. High-risk investors could consider subscribing for long-term gains.

8. Airfloa Rail Technology IPO – Details & Analysis

Airfloa Rail Technology operates in the railway infrastructure technology sector. With India investing heavily in rail modernization projects, including bullet trains and smart freight corridors, companies like Airfloa stand to benefit. The firm specializes in supplying advanced railway components, signaling systems, and related technologies. Its niche positioning gives it an edge in a sector where the government is the primary client.

The Airfloa Rail Technology IPO is categorized under the SME platform and will open from September 11–15, 2025. The price band is between ₹133 and ₹140 per share, with listing expected around September 18, 2025. IPO proceeds are expected to be directed towards capacity expansion, R&D, and working capital.

Growth Drivers:

Risks:

Verdict:

Airfloa Rail Technology is a niche IPO catering to India’s long-term infrastructure growth story. Investors should consider it as a medium-to-long-term play aligned with India’s railway modernization. However, revenue volatility due to government dependency must be factored in.

9. L.T. Elevator IPO – Details & Analysis

L.T. Elevator is an SME company specializing in elevator and vertical transportation systems. With urbanization at an all-time high, the demand for elevators, escalators, and modern building mobility solutions continues to grow. L.T. Elevator has positioned itself as a domestic alternative in a market often dominated by global brands like Otis and Schindler.

The L.T. Elevator IPO will be open for subscription from September 12–16, 2025, with a price band of ₹76–₹78 per share. The issue size is modest, typical of SME listings, but the funds raised will be used for plant upgrades, expanding into new cities, and marketing efforts.

Growth Drivers:

Risks:

Verdict:

L.T. Elevator provides investors with exposure to India’s urbanization story. While competition is intense, its ability to carve out a niche in smaller markets could support growth. This IPO is suitable for investors willing to take SME risks for potential moderate returns.

10. Sampat Aluminium IPO – Details & Analysis

Sampat Aluminium is an SME operating in the aluminium and basic materials sector. The company produces aluminium sheets, coils, and other products catering to industries such as construction, packaging, and consumer goods. With aluminium being a lightweight and versatile metal, demand is steadily rising in both domestic and export markets.

The Sampat Aluminium IPO is scheduled for September 17–19, 2025, with a price band of ₹114–₹120 per share. The IPO proceeds will be utilized for capacity expansion, working capital, and reducing debt.

Growth Drivers:

Risks:

Verdict:

Sampat Aluminium represents a commodity-driven investment opportunity. While global price volatility poses risks, the company’s position in a growing sector makes it a candidate for medium-term growth. Investors should monitor global aluminium market trends before committing funds.

Additional SME IPOs to Watch

While the top 10 IPOs in September 2025 dominate headlines, several small and medium enterprises (SMEs) are also heading to the markets this month. These IPOs may not grab as much attention as larger ones, but they can sometimes deliver exceptional returns, particularly if the companies are well-positioned in niche industries.

Some noteworthy SME IPOs include:

Why SME IPOs are Attractive

Risks in SME IPOs

Verdict:

For retail investors with a higher risk appetite, SME IPOs can be an exciting part of the portfolio. However, due diligence is critical—study the company’s Red Herring Prospectus (RHP), financial performance, and competitive advantage before applying.

How Investors Should Evaluate an IPO

Investing in IPOs requires more than just following market hype or grey market premium (GMP). To make informed decisions, investors should adopt a structured evaluation process.

Key Evaluation Factors:

  1. Company Fundamentals – Look at revenue growth, profit margins, debt levels, and return on equity (RoE).
  2. Business Model Sustainability – Does the company operate in a growing sector, or is it vulnerable to disruption?
  3. Valuation – Compare the price-to-earnings (P/E) and price-to-book (P/B) ratios with industry peers.
  4. Use of Proceeds – Are the funds being used for growth and expansion, or mainly for promoter exits?
  5. Promoter Credibility – Assess the background, experience, and track record of promoters.
  6. Risk Disclosures – Read the risk factors mentioned in the DRHP/RHP carefully.
  7. Sectoral Outlook – A good company in a weak sector may not perform as well as a decent company in a booming sector.

Practical Steps for Investors

By evaluating IPOs systematically, investors can separate genuine opportunities from overhyped listings.

Risks Involved in Upcoming IPOs

Every IPO carries risks, and investors must be aware of them before subscribing. While the September 2025 lineup looks promising, risks cannot be ignored.

Major Risks:

  1. Overvaluation Risk – Many IPOs are priced aggressively to capitalize on market sentiment.
  2. Market Volatility – Global factors like crude oil prices, US interest rates, or geopolitical tensions can impact IPO listings.
  3. Sector-Specific Risks – Tech companies face obsolescence, metals face commodity price swings, and jewellery faces gold price fluctuations.
  4. Execution Risks – Companies may fail to deliver on expansion or growth promises.
  5. Liquidity Risks in SME IPOs – Limited trading volumes can make it hard to exit investments.

SEBI’s Role in Mitigating Risks

While SEBI ensures transparency, it cannot guarantee returns. Its regulations require companies to disclose risks, but investors must still analyze carefully.

Investor Strategy

Best Practices for Retail Investors

Retail investors often get carried away by the buzz surrounding IPOs. To maximize gains and minimize risks, adopting best practices is essential.

Tips for Retail Investors:

  1. Start Small – If new to IPO investing, allocate smaller amounts initially.
  2. Diversify – Spread investments across sectors (tech, healthcare, infrastructure) to balance risks.
  3. Stay Updated – Follow SEBI announcements and company filings for the latest updates.
  4. Avoid Herd Mentality – Just because an IPO is popular doesn’t guarantee success.
  5. Check Grey Market Premium (GMP) with Caution – While GMP indicates sentiment, it is unofficial and not always reliable.
  6. Use ASBA Facility – Apply through ASBA to keep funds safe until allotment.
  7. Hold Long-Term if Fundamentals are Strong – Don’t always look for listing gains; sometimes long-term holding delivers better returns.

By sticking to these practices, retail investors can reduce emotional decision-making and focus on rational investing.

Conclusion

The IPO season of September 2025 is shaping up as one of the most diverse and exciting in recent years. With companies from tech, metals, healthcare, jewellery, and infrastructure all going public, investors have multiple options to explore. SEBI’s tightened regulations ensure that transparency and fairness are at the forefront, making IPOs safer for retail participants than before.

The Top 10 IPOs we discussed—ranging from Urban Company and Dev Accelerator to Sampat Aluminium—offer a balanced mix of high-growth potential and stable traditional sectors. While SME IPOs bring additional opportunities, they also carry higher risks due to limited liquidity and smaller scale.

For investors, the key lies in due diligence, diversification, and disciplined investing. Avoid falling for hype, carefully read company disclosures, and align IPO investments with your financial goals. Remember, IPOs are not just quick money-making opportunities—they can also be long-term wealth creators if chosen wisely.

As the Indian economy continues its growth journey, IPOs will remain a gateway for both companies to raise funds and investors to participate in that growth. September 2025 is only a glimpse of what’s ahead in India’s vibrant capital markets.

FAQs

1. What are the top upcoming IPOs in India in September 2025?

The top IPOs include Urban Company, Dev Accelerator, Euro Pratik Sales, VMS TMT, Shringar House of Mangalsutra, Galaxy Medicare, TechD Cybersecurity, Airfloa Rail Technology, L.T. Elevator, and Sampat Aluminium.

2. When will Urban Company IPO open in September 2025?

Urban Company IPO is expected to open from September 10–12, 2025, with a price band of ₹98–₹103 per share.

3. What is the issue size of the Dev Accelerator (DevX) IPO?

Dev Accelerator IPO is expected to raise between ₹600–800 crore, focusing on expansion into new co-working spaces across India.

4. Which IPO is considered the biggest in September 2025?

Urban Company IPO is likely to be the largest issue, aiming to raise around ₹1,900 crore, making it the highlight of the month.

5. What is the price band of Euro Pratik Sales IPO?

Euro Pratik Sales has set its IPO price band between ₹235 and ₹247 per share.

6. Is Shringar House of Mangalsutra IPO worth investing in?

Shringar House of Mangalsutra is attractive due to strong cultural demand for gold jewellery, but investors should watch out for fluctuations in gold prices and competition from large jewellers.

7. What is the subscription period for VMS TMT IPO?

VMS TMT IPO will be open for subscription between September 17–19, 2025.

8. Which IPOs are listed under the SME category in September 2025?

SME IPOs include Galaxy Medicare, TechD Cybersecurity, Airfloa Rail Technology, L.T. Elevator, and Sampat Aluminium.

9. Are SME IPOs riskier than mainboard IPOs?

Yes, SME IPOs generally carry higher risks due to thin liquidity, smaller scale of business, and limited financial history, but they also offer higher growth potential.

10. How can retail investors apply for upcoming IPOs?

Retail investors can apply for IPOs using the ASBA (Application Supported by Blocked Amount) facility via banks or online trading platforms.

11. What is SEBI’s role in IPOs?

SEBI regulates IPOs to ensure transparency, investor protection, and fair disclosure of risks but does not guarantee returns.

12. Which IPOs are best for long-term investment in September 2025?

For long-term investors, Urban Company, Euro Pratik Sales, and TechD Cybersecurity appear promising due to sector growth potential.

13. Can I expect listing gains in September 2025 IPOs?

Yes, some IPOs may offer strong listing gains, particularly Urban Company and VMS TMT, but gains depend on subscription demand and market conditions.

14. What documents are required to apply for an IPO in India?

You’ll need a PAN card, Demat account, Bank account linked with ASBA, and KYC verification to apply for an IPO.

15. Is it safe to invest in jewellery IPOs like Shringar House of Mangalsutra?

Jewellery IPOs can be profitable, but risks include gold price volatility and changing consumer preferences.

16. What is Grey Market Premium (GMP) in IPOs?

GMP is an unofficial indicator of IPO demand in the grey market before listing. While useful, it is not reliable for making investment decisions.

17. How much can a retail investor invest in an IPO?

Retail investors can apply for up to ₹2 lakh in IPO applications under the retail quota.

18. Which IPOs have strong export potential in September 2025?

Euro Pratik Sales, Sampat Aluminium, and VMS TMT have strong export opportunities in construction materials, metals, and decorative products.

19. Can IPOs give negative returns after listing?

Yes, IPOs can list at a discount if overvalued or if market sentiment turns weak, making careful evaluation critical.

20. Which IPOs are linked to India’s infrastructure growth in September 2025?

VMS TMT, Airfloa Rail Technology, and L.T. Elevator are closely tied to India’s infrastructure and urban development.

21. What is the minimum lot size in September 2025 IPOs?

Lot sizes vary by IPO. SME IPOs usually have higher lot sizes (100–1200 shares), while mainboard IPOs range from 30–50 shares.

22. How do I check IPO allotment status?

Investors can check IPO allotment on the registrar’s website (like Link Intime or KFintech) or through their brokerage account.

23. Are IPOs good for short-term or long-term investment?

Both options work. Short-term investors aim for listing gains, while long-term investors hold strong companies for sustained growth.

24. What sectors dominate September 2025 IPOs?

Key sectors include technology, healthcare, metals, jewellery, co-working real estate, and infrastructure.

25. Which is the most anticipated IPO in September 2025?

The Urban Company IPO is the most anticipated due to its strong brand presence, tech-driven business model, and large issue size.

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