23 firms race to launch IPOs worth Rs 40,775 crore before September 30 deadline

Mumbai: About two dozen companies have days left to launch their initial public offerings (IPOs) before regulatory approvals expire. They will need to start the share sale process by the September 30 deadline or refile offer documents, potentially delaying fundraising plans.

Approvals by the Securities and Exchange Board of India (Sebi) for at least 23 companies, collectively looking to raise ₹40,775 crore, are set to expire by the end of the month, Prime Database data showed.

Among the larger IPOs in the pipeline are Mumbai-based Credila Financial Services and Kachchh-based specialty chemicals maker Dorf-Ketal Chemicals India, with proposed issue sizes of ₹5,000 crore each. Both received Sebi approval in May 2025, according to Prime Database.


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Pranav Haldea, managing director of Prime Database, said some of these companies may choose to refile at a later stage when they feel valuations are more conducive. Companies have a year from the date of regulatory approval to launch their issues. In April, Sebi granted a one-time relaxation to issuers whose observation letters were due to expire between April 1 and September 30, giving them until this month end to launch their IPOs. The relief was aimed at helping IPO-bound companies ride out the risk aversion in equities following the West Asian crisis and the surge in oil prices.

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Sebi also allowed companies to increase or reduce their issue size by up to 50% without filing fresh draft papers, compared with the earlier threshold of 20%.

Under the existing framework, Sebi observations are generally valid for 12 months, while certain issues, including those under the confidential pre-filing route, can have a validity of up to 18 months. Since these are one-time extensions granted by Sebi, companies unable to launch their IPOs by September 30 would be expected to refile their draft red herring prospectuses (DRHPs), according to Adeepto Saha, associate partner, Deloitte India. "A fresh filing would nevertheless add several months to the overall execution timeline," said Saha.

Other sizeable issues include renewable power producer Continuum Green Energy (Rs 3,650 crore, approved in April 2025), New Delhi-based NBFC Hero FinCorp (Rs 3,600 crore, May 2025), hotel ownership and development firm Prestige Hospitality Ventures (Rs 2,700 crore, August 2025) and technology-driven solutions provider Innovatiview India (Rs 2,000 crore, August 2025).

So far this year, 87 IPOs have raised Rs 1.08 lakh crore. That makes 2026 only the fourth year in history in which IPO fundraising has crossed the Rs 1 lakh crore mark. This excludes the ongoing National Stock Exchange IPO, which aims to raise Rs 22,561 crore.

Mouri Tech, Ravi Infrabuild Projects, Ajay Poly, Jesons Industries, Vinir Engineering, Kent RO Systems, Veeda Clinical Research, Seedworks International, Allchem Lifesciences, SIS Cash Services, Neilsoft, Runwal Enterprises, Prozeal Green Energy, Ardee Engineering and SSF Plastics India are among the other companies that have IPO approvals set to expire by September 30.

“Companies whose approvals expire this September will have to go back to the starting point and initiate work on and refile their DRHPs,” said Nikhil Naredi, partner, capital markets, Shardul Amarchand Mangaldas & Co.

Refiling a fresh DRHP is typically not the preferred option, as it could entail Rs 3-5 crore in additional costs, fresh Sebi filing fees, updated audited financials and legal due diligence, besides another 60-90 day regulatory review.

For companies still weighing a market debut, the decision is likely to depend on the urgency of fundraising, expectations of selling shareholders and the valuation available in the market.

“Private equity and venture capital-backed companies could face greater pressure where investors are looking for an exit within a defined investment horizon,” Saha said.