Six IPOs worth ₹3,825 crore are set to open next week. Check the IPO dates, price bands, issue sizes and key details of Elevate Campuses, Varmora Gran…
1/6Elevate Campuses | Hillhouse Investment-backed Elevate Campuses will launch the week’s largest IPO, a ₹2,100-crore issue, from September 23 to 25. The company plans to use ₹750 crore of the proceeds to reduce debt, which currently stands at about ₹3,400 crore. The debt-to-EBITDA ratio is expected to decline from 6-7 times to around 5 times, and closer to 4 times after factoring in expected EBITDA growth by March 2027. The IPO has a price band of ₹343-362 per share and is entirely a fresh equity issue, with no OFS component.
2/6Varmora Granito | Varmora Granito’s ₹708-crore IPO will open on September 22 and close on September 24, with a price band of ₹140-148 per share. The issue comprises a fresh equity share issuance worth ₹320 crore and an offer for sale of 2.62 crore shares worth ₹388 crore by investor Katsura Investments.
3/6A-One Steels India | A-One Steels India will launch its ₹405-crore IPO from September 24 to 28, with a price band of ₹385-405 per share, valuing the south-based steel producer at ₹3,128 crore. The issue comprises a fresh equity share issuance of ₹355 crore and an offer for sale of ₹50 crore by promoters. The anchor book will open for institutional investors on September 23, with the company expected to list on October 1.
4/6ArMee Infotech | Gujarat-based IT infrastructure and services provider ArMee Infotech will open its ₹300-crore IPO for subscription from September 23 to 25, with a price band of ₹350-375 per share. The issue comprises entirely of a fresh equity share issuance, with no OFS component. The anchor investor portion will open on September 22. At the upper end of the price band, the company is expected to command a post-listing market capitalisation of ₹1,189.93 crore. The IPO has reserved 25% for QIBs, 22.5% for NIIs and 52.5% for retail investors.
5/6Swastika Infra | Rajasthan-based EPC company Swastika Infra, which executes power distribution infrastructure projects, will open its ₹161-crore IPO for subscription on September 23, with a price band of ₹175-185 per share. The issue comprises a fresh share issuance of up to ₹128.5 crore and an OFS of 17.5 lakh shares worth ₹32.4 crore by existing shareholders, including promoters. The IPO size has been reduced from the ₹200-crore fresh issue and OFS of 19.2 lakh shares proposed in the draft papers filed with SEBI in March 2025.
6/6Adroit Industries (India) | Madhya Pradesh-based auto parts maker Adroit Industries, backed by Sunil Singhania’s Abakkus Asset Manager, will launch its maiden IPO on September 23, with the price band set at ₹126-134 per share. The issue will remain open for subscription until September 25.