The Indian primary market is set for a busy week, with five IPOs scheduled to open between September 22 and 24. Varmora Granito, ArMee Infotech, Elevate Campuses, Swastika Infra and A-One Steels will together offer investors exposure to sectors including tiles, IT services, education infrastructure, power EPC and steel.
Varmora Granito will be the first of the five to open, with its Rs. 708.02-crore issue scheduled from September 22 to 24. The price band is Rs. 140-Rs. 148 per share, and the lot size is 101 shares, putting the minimum investment at Rs. 14,948 at the upper price band. The issue comprises a Rs. 320-crore fresh issue and a Rs. 388.02-crore offer for sale. The Gujarat-based company manufactures and markets ceramic and vitrified tiles, along with related surface and building products. Shares are expected to list on September 29.
Ahmedabad-based ArMee Infotech will open its Rs. 300-crore IPO on September 23, with bidding closing on September 25. The price band has been fixed at Rs. 350-Rs. 375, and the minimum lot is 40 shares, requiring Rs. 15,000 at the upper end. The fresh issue will support business expansion, working capital and debt repayment. ArMee provides IT infrastructure and managed services and has also expanded into renewable-energy EPC, power projects and battery energy-storage systems.
Education infrastructure company Elevate Campuses is bringing the week's largest issue among the five, at Rs. 2,100 crore. The IPO will open on September 23 and close on September 25, with a price band of Rs. 343-Rs. 362 and a lot size of 41 shares. The company owns, operates, and manages student accommodation linked to higher-education institutions and also has K-12 assets. It plans to use Rs. 1,100 crore of net proceeds for acquisitions and Rs. 750 crore toward debt repayment or prepayment.
Swastika Infra's Rs. 160.87-crore IPO will also open on September 23 and remain available until September 25. The price band is Rs. 175-Rs. 185, with investors needing 81 shares for one lot, or Rs. 14,985 at the upper end. The issue includes a fresh component of up to Rs. 128.50 crore and an OFS of about Rs. 32.38 crore. The power transmission and distribution EPC company had 18 ongoing projects and an unexecuted order book of around Rs. 916.55 crore as of July 2026.
A-One Steels India will enter the primary market on September 24, with its Rs. 405-crore IPO closing on September 28. The price band is Rs. 385-Rs. 405, and the lot size is 37 shares, requiring Rs. 14,985 at the upper band. The issue includes Rs. 355 crore of fresh shares and Rs. 50 crore through an OFS.
The company manufactures long and flat steel products and industrial steel products and operates six manufacturing units across Karnataka and Andhra Pradesh. It plans to use Rs. 250 crore of the fresh proceeds to repay debt.
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With five IPOs opening across three consecutive days, investors will have several new issues to track as the primary market remains active. Each offering has a different business model, issue structure, and use of proceeds, making individual due diligence important before considering any investment.