Four IPOs, one deadline: 71 percent of September's issue money is going to the companies

Three companies have opened or priced initial public offerings in the first half of September, seeking about INR 1,540 crore between them. Roughly INR 1,045 crore of that, or 68 percent, is fresh issue that reaches the companies rather than selling shareholders.

The clustering has a documentary explanation. Under the SEBI ICDR Regulations, restated financial statements in an offer document cannot be more than six months old at the date the issue opens, which makes March year-end accounts unusable from about 30 September. All three issues close inside that window.

The fresh-issue weighting is the more interesting figure. Across three issues earlier this year, 61 percent of the money sought was going to selling shareholders. This month the position is close to reversed. Steamhouse is funding capacity at Ankleshwar, Panoli and a new plant at Dahej. Manika Plastech is buying plant and machinery. Hero Motors is repaying INR 190 crore of borrowings and putting INR 200 crore into equipment at Gautam Buddha Nagar.

Hero Motors also shows what the market has done to the size of these offers. It filed for INR 900 crore in August 2024 with a fresh issue of INR 500 crore, refiled in June 2025 for INR 1,200 crore with INR 800 crore fresh, and has come to market at INR 1,000 crore with INR 600 crore fresh. The offer for sale has been INR 400 crore throughout all three filings.

A fourth issue has since joined the window. Sonaselection India opens on 17 September and closes on 21 September, seeking about INR 142 crore entirely as fresh issue with no selling shareholders, which takes the four-issue total to roughly INR 1,680 crore and the fresh-issue share to about 71 percent. Its proceeds go to repaying borrowings and to plant and machinery at Bhilwara.

Updated on 11 Sep 2026 after Sonaselection India joined