This post has already been read 237 times!
Upcoming IPOs in September 2025 — Complete Guide for Investors
September 2025 looks busy for India’s primary markets. The month features a mix of SME issues and mainboard offerings — from niche, small-cap SME listings to high-profile potential mainboard issues that could shape market sentiment in late September. In this guide you’ll find a complete calendar, company-by-company writeups for the confirmed and widely reported IPOs, practical investor tips, how to apply, and a balanced view of risks and opportunities. Key headline developments include Amanta Healthcare’s early-September IPO and expectations of large mainboard activity later in the month such as Tata Capital — both of which investors are watching closely. 0
IPO Calendar — September 2025 (confirmed / widely reported)
The table below lists the IPOs opening in early and mid-September 2025 that were announced and widely reported in market media and IPO trackers. Dates and price bands are taken from public filings and IPO pages — check the company prospectus/registrar for the final official copy before you apply.
| Company | Segment | Subscription Dates | Tentative Listing Date | Price Band (₹) | Issue Size (₹ Cr) | Source |
|---|---|---|---|---|---|---|
| Amanta Healthcare Ltd | Mainboard | 1 Sep – 3 Sep | 8–9 Sep | 120 – 126 | ~126 | Source: Amanta filings / press. 1 |
| Rachit Prints Ltd | SME | 1 Sep – 3 Sep | 5–8 Sep | 140 – 149 | 19.49 | SME IPO pages / trackers. 2 |
| Optivalue Tek Consulting Ltd | SME | 2 Sep – 4 Sep | 8–10 Sep | 80 – 84 | 51.82 | Moneycontrol / IPO trackers. 3 |
| Goel Construction Company Ltd | SME | 2 Sep – 4 Sep | 8–10 Sep | 249 – 262 | 99.77 | Moneycontrol / Bajaj Finserv IPO pages. 4 |
| Austere Systems Ltd | SME | 3 Sep – 8 Sep | 11 Sep (est) | 52 – 55 | 15.57 | IPO trackers / Finowings / Moneycontrol. 5 |
| Sharvaya Metals Ltd | SME | 4 Sep – 9 Sep | 11–12 Sep | 192 – 196 | ~58.8* | Bajaj Finserv / IPO pages. 6 |
| Vigor Plast India Ltd | SME | 4 Sep – 9 Sep | 11–12 Sep | 77 – 81 | ~25* | Moneycontrol / Bajaj Finserv IPO page. 7 |
| Vashishtha Luxury Fashion Ltd | SME | 5 Sep – 10 Sep | 15 Sep (est) | 109 – 111 | ~8.87* | Moneycontrol / Bajaj Finserv pages. 8 |
| Karbonsteel Engineering Ltd | SME | 8 Sep – 10 Sep | 12–13 Sep | 151 – 159 | Not disclosed | IPO tracker listings / company DRHPs |
*Some issue sizes are estimated from registrar/IPO pages and news coverage where the company has not disclosed final rounding. Always verify the final prospectus and registrar for the definitive numbers before applying.
Market overview & what to watch in September 2025
The September 2025 calendar shows a classic two-speed market: early September is dominated by a cluster of SME IPOs (smaller ticket sizes, niche businesses) while the later part of the month is expected to see larger mainboard activity and at least one marquee NBFC IPO. That mainboard activity — especially the widely reported Tata Capital filing and the ongoing market discussion around Reliance Jio’s eventual listing plans — can heavily influence investor sentiment and liquidity flows. 9
Why this matters: SME IPOs typically attract retail investors looking for smaller lot sizes and short-term listing gains; flagship mainboard IPOs attract large institutional flows and can shift market focus for weeks. Investors should watch (a) valuation relative to peers, (b) the stated use of IPO proceeds (debt reduction vs capex), and (c) the company’s order book or recurring revenue indicators for industrial/engineering/contracting names.
- Read the company’s Red Herring Prospectus (DRHP) or prospectus — focus on promoters, business model, revenue visibility and related-party transactions.
- Check the price band and lot size — SME lots can be small, but P/E and P/B comparisons matter.
- Look up the company’s order book (for contractors), client concentration, and margin trends — these determine medium-term value.
Company-by-company: details, IPO objectives, strengths & risks
The sections below provide a practical, plain-English view of each September IPO that has firm subscription dates reported in the market. Where possible I cite the original IPO page or reliable coverage; for company-specific financial numbers consult the company prospectus/registrar before investing.
1. Amanta Healthcare Ltd — Mainboard IPO (1–3 Sep)
Amanta Healthcare’s IPO opens on 1 September and closes on 3 September. The company set a price band at ₹120–126 per share for a book-built issue targeting roughly ₹126 crore as reported in filings and press. Tentative listing is in early September. 10
- Amanta Healthcare operates in the healthcare products / services space (refer to the prospectus for an exact business model description).
- IPO proceeds are typically used for capacity expansion, working capital, and/or repayment of certain borrowings — verify the prospectus for the exact breakdown.
- For healthcare plays, key datapoints are revenue growth, gross margins, and regulatory approvals (if any).
- Opportunities: Healthcare sector resilience, potential margin expansion through scale.
- Risks: Regulatory risks in healthcare, high competition, and valuation vs listed sector peers.
Investor action: read the Amanta prospectus for exact use of proceeds, promoter shareholding, and related-party transactions before applying. 11
2. Rachit Prints Ltd — SME IPO (1–3 Sep)
Rachit Prints is an SME IPO opening on 1 September with a price band of ₹140–149 per share and a modest issue size (~₹19.49 crore). SMEs usually list on BSE SME and have smaller minimum investment lots. 12
- Order book and customer concentration — many packaging firms depend on a few large FMCG or pharma customers.
- Equipment & capex needs — packaging is capital-intensive; check how IPO funds will be used.
- Margins and working capital cycle — cyclical demand can squeeze margins in down cycles.
SME IPOs can be volatile on listing day: some provide attractive early gains while others may remain range-bound. Check promoter lock-in and whether anchor allocations were made. 13
3. Optivalue Tek Consulting Ltd — SME IPO (2–4 Sep)
Optivalue Tek Consulting opens for subscription on 2 September and closes on 4 September (Moneycontrol and trackers show allotment & listing dates in early-mid September). Price band reported: ₹80–84. Issue size ~₹51.82 crore. 14
- Revenue growth and client retention are the primary drivers of long-term value.
- Margin sustainability: look for recurring revenues, long-term contracts and offshore/onshore mix.
- Balance sheet: low debt and positive cash flows are good signs for IT consultancies.
As with many SME IT IPOs, valuation tends to be modest; compare Price/Book and historic P/E of similar listed peers before investing. 15
4. Goel Construction Company Ltd — SME IPO (2–4 Sep)
Goel Construction’s IPO is scheduled for 2–4 September, with a price band around ₹249–262 and an issue size near ₹100 crore. The company is a construction contractor with a reasonably large order book — the company reported multiple projects and a visible pipeline in media coverage. Allotment & listing are expected in early September. 16
- Order book size & tenure — 1–2 year visibility vs multi-year contracts
- Working capital intensity and receivable days — higher receivables can stretch cash flow
- Geographic diversification and client counterparty risk
Construction firms can deliver steady growth when the order book is healthy; however, margin pressure and execution risks are common. Check promoter experience and subcontracting norms. 17
5. Austere Systems Ltd — SME IPO (3–8 Sep)
Austere Systems’ SME offer runs from 3–8 September and carries a price band of ₹52–55. The issue is small (approx ₹15.57 crore fresh issue). Expected listing dates are mid-September as per IPO trackers. 18
- SME IT/tech-adjacent names are sensitive to client concentration; validate customer list in the prospectus.
- IPO funds may be earmarked for capacity expansion or working capital — determine how the funds improve margins/revenue visibility.
6. Sharvaya Metals Ltd — SME IPO (4–9 Sep)
Sharvaya Metals opens on 4 September and closes on 9 September. The price band reported is around ₹192–196 per share. SME and industrial plays should be judged on raw-material linkage and downstream demand. 19
- Raw material price volatility (steel, alloys) and the company’s hedging/ procurement strategy.
- Client diversification — supply to multiple industries is healthier than dependence on one sector.
- Capex intensity and working capital cycle.
7. Vigor / Vigor Plast India Ltd — SME IPO (4–9 Sep)
Vigor Plast (Vigor Plast India Ltd) is scheduled to open on 4 September and close on 9 September, with price band around ₹77–81. Moneycontrol and other IPO pages list allotment & listing dates in the second week of September. 20
- Commodity exposure (PVC/PE/PP) and price pass-through to customers.
- Capacity utilisation and margin profile across product segments.
8. Vashishtha Luxury Fashion Ltd — SME IPO (5–10 Sep)
Vashishtha Luxury Fashion’s IPO opens on 5 September and closes on 10 September, with a price band of ₹109–111. The company’s stated use of proceeds includes purchase of machinery and repayment of borrowings (per IPO pages). Listing is expected in mid-September. 21
- Brand strength and retail distribution network
- Inventory turns, gross margin on fashion products, and customer loyalty metrics
- Capital intensity of expansion plans
9. Karbonsteel Engineering Ltd — SME IPO (8–10 Sep)
Karbonsteel Engineering is listed on IPO trackers for a subscription window around 8–10 September with a price band in the ₹151–159 range. Exact issue size and listing dates should be confirmed from the company prospectus and the registrar. (Tracker listings confirm calendar placement.)
- Strong order book and execution capability
- Skilled labour availability and supplier relationships
- Balance sheet strength and manageable debt
How to apply for September 2025 IPOs — step-by-step
Applying is straightforward if you have the basics in place. Below is a stepwise guide for retail investors and students.
- Open / ensure you have an active Demat & trading account. A Demat account is mandatory to hold shares after allotment.
- Check IPO details ahead of the opening date. Confirm price band, lot size and issue type (book-built or fixed-price) from the prospectus and the registrar’s page.
- Fund your ASBA account or link UPI. Most broker platforms now support UPI mandate or ASBA block through your bank. When you apply, funds are blocked — not debited — until allotment.
- Decide quantity based on lot sizes. SME IPOs often have small lots but check the exact minimum lot and apply accordingly.
- Submit application through your broker or bank ASBA portal. Enter DP/Client ID or PAN as required.
- Track allotment and listing. Allotment results usually come within 7–10 working days; listing is scheduled after allotment & credit to Demat accounts.
- On allotment, shares will be credited to Demat account and you can trade on listing day.
Grey Market Premium (GMP), pre-listing signals and what they mean
GMP is an unofficial indicator (unregulated) where IPO allotment rights trade in the grey market before the formal listing. A high positive GMP can signal expected listing gains, while a low or negative GMP may indicate tepid market interest.
Important caveat: GMP is not an official market metric and can be influenced by speculation. Use GMP as a soft signal, but always base investment decisions on fundamentals and IPO filings.
How to size IPO investments — practical allocation rules
Investors often make the mistake of allocating too much capital to a single IPO based on hype. Here’s a simple, conservative sizing approach:
- Core-satellite approach: Treat IPO allocation as a satellite. Keep the bulk of the portfolio in diversified, long-term holdings.
- Max 1–3% per small-cap IPO: For retail investors, limiting initial exposure to 1–3% of portfolio per SME/mainboard IPO (depending on risk tolerance) helps manage downside.
- Position trimming on listing gains: If the IPO delivers quick listing gains, consider booking partial profits and keeping a small core holding for the long term if fundamentals support it.
Frequently Asked Questions — September 2025 IPOs
A: SMEs often have smaller track records, lower liquidity and can be more volatile on listing day. However, their lower price per lot can make them attractive for small-scale retail investors seeking short-term listing gains.
A: The prospectus / red herring prospectus is available on the company’s website, the registrar’s website and SEBI’s portal. The registrar (e.g., Link Intime, KFintech) lists the allotment and prospectus details.
A: Large mainboard IPOs (like Tata Capital) can influence liquidity and market sentiment, often increasing overall IPO interest but occasionally crowding out small-ticket SME attention. Investors should separate the analysis of SME micro fundamentals from macro headline effects. 22
Conclusion — practical takeaways for September 2025
September 2025 is shaping into a two-part month: early weeks for SME activity (smaller, niche offerings) and the later third/fourth week for larger mainboard filings and potential marquee listings. SME IPOs can be attractive for retail investors looking for small-ticket entries, but they require focused due diligence — order book, client concentration, margins and promoter quality remain the decisive factors. For mainboard investors, valuation discipline and understanding the stated use of proceeds (growth vs debt repayment) should guide participation.
Final practical checklist: read the prospectus, verify price band & lot size, check promoter lock-in and related-party transactions, and apply only with funds you can comfortably risk. Happy investing — and if you’d like, I can convert this guide into a printable PDF or a shortened 1,200–1,500 word summary for quick sharing.
