India's primary market is refusing to take a break, even as the secondary market endures its worst losing streak since 2020. Two mainboard initial public offerings open for subscription on Monday, 28 September: SRIT India and Shah Investor's Home. Fintech lender Moneyview's issue enters its final day, and Snapdeal parent AceVector continues to seek bids. Several small and medium enterprise (SME) issues are also in the market, including Acme Universal Safezone, Shivchem Agro and Pind Hospitality.
The busy calendar comes as the Nifty has fallen for seven consecutive weeks and foreign investors have sold more than ₹2.41 lakh crore of Indian equities this year. It will test whether investor appetite for new paper remains intact when sentiment in listed markets is weak.
SRIT India: e-governance and digital platforms
Bengaluru-based SRIT India designs, implements and operates digital platforms for government entities and enterprises, working across e-governance, telecommunications and broadband, and healthcare. Its IPO of ₹218.4 crore is entirely a fresh issue of about 1.68 crore shares, priced at ₹123 to ₹130 each. The issue closes on 30 September, and the shares will list on the NSE and BSE.
The company plans to use about ₹124 crore for working capital, ₹12.85 crore for product modernisation and redevelopment, and a portion for strategic acquisitions and general corporate purposes. For FY26, SRIT reported revenue from operations of ₹449.99 crore, operating EBITDA of ₹64.77 crore and profit after tax of ₹43.29 crore. Its order book stood at ₹1,204.71 crore as of 30 June 2026, more than two and a half times annual revenue.
The large order book provides visibility, but the working-capital allocation is a reminder of the business model's demands. Government technology contracts often involve long receivable cycles, and investors will look closely at cash conversion and client concentration when assessing the issue.
Shah Investor's Home: a retail broker's listing
Ahmedabad-based Shah Investor's Home is a retail brokerage with more than 38,000 active clients, 11 branches and 181 authorised partners. Its ₹90.16 crore IPO comprises about 53.99 lakh shares priced at ₹159 to ₹167, and runs from 28 to 30 September, with listing expected on 6 October. The minimum retail application is 85 shares, or about ₹14,195 at the upper end. The allocation reserves 50 per cent for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors. Beeline Capital Advisors is the lead manager.
The company plans to use ₹60 crore of the proceeds for working capital. Its FY26 financials show pressure: revenue fell 24.2 per cent to ₹71.5 crore, and net profit dropped 43.5 per cent to ₹13.2 crore. The decline reflects the tougher environment for retail brokers after regulators tightened rules on equity derivatives trading, which cut volumes across the industry. The issue values the company at about ₹353 crore post-issue.
Moneyview's final day
Moneyview, a Bengaluru-based fintech that offers personal loans and credit management tools through its app, closes its ₹1,091.68 crore IPO on Monday. The issue comprises a fresh issue of ₹750 crore and an offer for sale of ₹341.68 crore, priced at ₹32 to ₹34 a share. It was subscribed about six times by the end of the second day, with non-institutional investors bidding more than 16 times their quota and retail investors about 5.4 times, while the qualified institutional portion was at about 0.26 times before the final day, when institutional bids typically arrive. Moneyview raised ₹327 crore from anchor investors before opening. Allotment is expected on 29 September and listing on 1 October.
Moneyview's listing will be an important test for digital lending. Unsecured personal loans have come under regulatory scrutiny, and investors will weigh the company's growth against credit quality and funding costs in a rising global rate environment.
Snapdeal's comeback attempt
AceVector, the parent of Snapdeal, Unicommerce and Stellaro Brands, is raising ₹420 crore through an IPO priced at ₹30 to ₹32 a share, comprising a ₹287 crore fresh issue and an offer for sale. The issue opened on 25 September and closes on 29 September, with listing scheduled for 5 October. At the upper end, it values AceVector at about ₹1,741 crore, a small fraction of the multi-billion-dollar valuations Snapdeal commanded at its peak in the previous decade. The company raised ₹189 crore from anchor investors.
Demand was muted in the first sessions, with the issue subscribed 0.24 times by Friday afternoon, driven by non-institutional and retail bids while institutional investors had yet to participate meaningfully. AceVector's net loss narrowed to ₹60.7 crore in FY26 from ₹139.2 crore in FY25. The company is positioning itself as an asset-light value commerce platform for smaller cities, with Unicommerce's software business providing a profitable anchor.
The SME segment remains active in parallel, with issues such as Acme Universal Safezone, Shivchem Agro and Pind Hospitality opening this week and others, including Bench Mark, Shree TNB Polymers, Dudani Retail, Himalayan Solar and Sai Urja Indo, in their second day. Regulators have tightened eligibility and disclosure rules for SME listings after episodes of extreme oversubscription and volatile listings, and investors in that segment are being urged to look closely at financials and promoter track records.
A market sorting winners from the rest
Other mainboard issues in the market include networking cable maker Orient Cables, which was subscribed nearly twice on its first day, and German Green Steel and Runwal Enterprises. The pattern across recent issues is one of differentiation. Offerings with clear profitability, strong order books or distinctive positioning have drawn solid demand, while others have struggled to attract institutional interest.
That selectivity is healthy. The Indian IPO market has been one of the busiest in the world over the past two years, with 213 IPOs this year up to September, according to Tracxn data, and more than 70 mainboard listings in the current financial year. The listing of the National Stock Exchange itself last week drew more than $10 billion in bids, underlining the depth of demand for quality assets even in a weak market.
For investors, the week's issues offer a cross-section of the market: a government-technology services firm with a large order book, a small retail broker navigating regulatory headwinds, a digital lender testing appetite for unsecured credit, and a restructured e-commerce pioneer seeking a second life on the public markets. Issuers are still coming to market; investors are simply choosing more carefully. The listing performances in early October will show whether that caution was warranted, and will shape the pipeline for the rest of the year.
