A dozen companies, including Jio Platforms and Zetwerk, are set to tap the primary market in October to raise funds through IPOs. These firms plan to use the money for business expansion and debt repayment. Neha Agarwal said, "The underlying appetite for quality paper remains structural," despite market volatility.
Market Mastery
Webinar by Vishal Malkan
Find the weak links
in your portfolio by Vishal Malkan
A dozen companies, including Jio Platforms, Zetwerk Manufacturing Business, and Avaada Electro, are set to tap the primary market in October to raise funds through initial public offerings (IPOs), extending 2026's strong fundraising momentum.
Other companies expected to launch their maiden public offerings this month include Fusion CX, HD Fire Protect, Tonbo Imaging, Bonfiglioli Transmissions, Sahajanand Medical Technologies, Paras Healthcare, NDR InvIT Trust, Gujarat Victory Forgings and SFC Environmental Technologies, according to merchant bankers.
The proposed offerings span sectors such as technology, healthcare, renewable energy, defence and precision manufacturing, reflecting continued interest in businesses with long-term growth prospects.
The companies plan to raise funds through a combination of fresh equity issues and offers for sale (OFS), with proceeds from fresh issues intended to finance business expansion, capital expenditure, debt repayment, working capital requirements and general corporate purposes.
The pipeline comes after companies raised over Rs 1.1 lakh crore through 96 IPOs so far in 2026, including 35 issues launched in September alone.
"India's primary market momentum continues into the second half with a robust pipeline. While secondary-market volatility and geopolitical developments may induce selective launch windows, the underlying appetite for quality paper remains structural," Neha Agarwal, Managing Director and Head of Equity Capital Markets at JM Financial Ltd, said.
She said institutional demand for primary issuances remained supported by deep domestic liquidity pools and selective foreign capital, even as foreign institutional investor flows in the secondary market fluctuated.
JM Financial secured the top spot in terms of IPO deal volume managed in the first half of FY27, with 22 issues, according to the Prime Database league table for H1FY27.
Among the upcoming offerings, Jio Platforms, the telecom and digital services arm of Reliance Industries Ltd, is scheduled to open its IPO for subscription on October 21 and close it on October 23, sources said. The offering is expected to be India's largest IPO to date.
HD Fire Protect, a manufacturer of fire protection equipment and systems, has fixed a price band of Rs 258-271 per share for its Rs 712-crore IPO.
The issue, entirely an OFS by promoters, is scheduled to open on October 13 and close on October 15.
Fusion CX, an AI-powered customer experience solutions provider, has fixed a price band of Rs 275-289 per share for its Rs 702-crore IPO. The issue will open on October 14 and close on October 16.
Zetwerk, a technology-enabled manufacturing platform, is planning to raise around Rs 5,000 crore through its IPO. The proposed issue comprises a fresh issue of Rs 2,600 crore and an OFS of up to 9.68 crore equity shares. The issue is scheduled to open on October 15 and close on October 19.
Tonbo Imaging, which manufactures thermal imaging and related defence technology systems, has proposed an OFS of up to 1.22 crore equity shares.
Its IPO is scheduled to open on October 15 and close on October 19, according to its Red Herring Prospectus (RHP).
Bonfiglioli Transmissions, the Indian subsidiary of Italy-based Bonfiglioli Group, has proposed an OFS of up to 4.32 crore equity shares. Its issue will also be open from October 15 to October 19, RHP showed.
Sahajanand Medical Technologies' IPO, an OFS of 1.38 crore shares, is scheduled to open on October 15 and close on October 19, it added.
Zetwerk, Tonbo Imaging, Bonfiglioli Transmissions and Sahajanand Medical Technologies are expected to announce their IPO price bands and other details on Monday.
Avaada Electro plans to raise Rs 7,600 crore through an IPO, while Paras Healthcare Ltd is looking to raise Rs 1,800 crore and NDR InvIT Trust Rs 750 crore.
Gujarat Victory Forgings has proposed an IPO of up to 1.97 crore shares. All four IPOs comprise a combination of a fresh issue and an OFS.
Further, SFC Environmental Technologies, a wastewater treatment solutions provider, has proposed an IPO comprising a fresh issue of shares worth Rs 150 crore and an OFS of 1.23 crore equity shares.
Agarwal said the market had the depth to absorb multiple large offerings simultaneously, provided issuers maintained pricing discipline.
"Investor behaviour is shifting from momentum-driven to quality-and valuation-driven," she said, adding that companies with earnings visibility, sound corporate governance and capital efficiency were likely to attract stronger investor interest.
On OFS-heavy transactions, she said institutional investors were not necessarily opposed to promoter or early-investor dilution, as such offerings could enable private equity and growth capital providers to realise gains after scaling businesses.
However, investor response would depend on companies' operating track records, long-term industry prospects and whether offer valuations left adequate upside for public-market investors.
Looking ahead, Agarwal expects renewable energy and the energy transition, precision manufacturing, defence and technology platforms to drive IPO supply and institutional interest.
With the pipeline expanding, she said issuers adopting pragmatic valuations benchmarked against comparable companies would be better positioned to attract strong subscription and deliver sustainable post-listing performance.