Upcoming IPO in September 2025
India’s equity markets are gearing up for a busy September 2025, with a mix of large-cap mainboard IPOs and a fresh round of SME listings. The pipeline reflects the growing depth of India’s capital markets—where established giants and ambitious emerging companies alike are turning to public markets to fuel their next phase of growth. For investors, this means a month packed with opportunities to participate across diverse sectors—ranging from finance and consumer tech to engineering and manufacturing.
Summary:
| Company | IPO Window | Issue Size / Valuation | Business Summary |
|---|---|---|---|
boAt | Mid September (TBA) | ~$1.5 bn valuation | boAt parent: audio & wearable electronics |
Urban Company | From Sept 10 | ₹1,900 cr | Home-services tech marketplace |
Tata Capital | Last week of September | ₹17,200 cr (~$2 bn); $11 bn val. | Tata Group NBFC: diversified financial services |
Upcoming Mainboard IPOs in Sep’25
1. boAt
- Status: Approved by SEBI; IPO launch expected mid-September (exact dates yet TBD).
- Valuation: Aims for a ~$1.5 billion valuation. boAt is renowned for its audio and wearable electronics, with strong branding and distribution reach in India.
- Why Watch: A major consumer tech play—one of the most anticipated listings due to strong investor appeal.
- Valuation Metrics: Seeking ~3–3.5× FY24 revenues, rich but in line with branded consumer tech multiples.
- Anchor Investors: Eyeing global consumer funds and PE backers. Tiger Global (existing investor) may part exit.
2. Urban Company
- Timeline: IPO opens September 10, likely closing shortly thereafter; issue size ₹1,900 cr.
- Business Overview: A leading home-services marketplace offering services like cleaning, beauty, appliance repair, and more—asset-light and tech-driven with deep urban reach.
- Why Watch: Positioned as 2025’s most closely tracked tech listing—investors are highly focused on its performance and positioning.
- Valuation Metrics: Rumored to be seeking ~5× FY24 revenues. Investors will weigh growth vs profitability, as it’s still burning cash in expansion.
- Anchor Investors: Tiger Global, Prosus Ventures, Vy Capital are early backers; global growth funds expected in anchors.
3. Tata Capital
- IPO Timing: Launched in the last week of September 2025, targeting listing before RBI’s deadline of September 30.
- Issue Size & Valuation: Around ₹17,200 cr (~USD 2 billion), with a valuation near USD 11 billion.
- Business Overview: A major non-banking financial company (NBFC) under Tata Group. Offers a wide suite of financial services including commercial financing, consumer loans, wealth services, credit cards, and investment management. Has shown strong financial growth with ~37% CAGR in gross loans from FY23 to FY25, and healthy asset quality.
- Anchor Investors: Overseas roadshows already started. Big FIIs, sovereign funds (GIC, ADIA, Temasek) expected to anchor. Tata group pedigree adds trust premium.
- Why Watch: RBI mandate for “upper layer” NBFCs to list—so this IPO isn’t optional. Expected to suck in large institutional liquidity and influence financial indices.
Why This Matters for Investors
- Diverse Themes: The September IPO window spans healthcare, consumer tech, home services, and financial services—offering investors exposure to varied sectors.
- Major Ticket Listing: Tata Capital stands out as one of the largest offerings of the year, likely influencing institutional flows and broader market sentiment.
- Growth Potential: Urban Company and boAt’s parent present scaled, brand-led growth opportunities, while Amanta Healthcare adds a focused industrial pharma play.
- Regulatory Catalysts: Tata Capital’s IPO is being driven by RBI’s “upper-layer NBFC” listing mandate, making it a structural and compliance-driven event.
Upcoming SME IPOs Opening from September 8, 2025
Several SME offerings debuting from September 8 to 10 offer fresh investment windows across sectors like engineering, metals, and retail. Key names include:
- Karbonsteel Engineering Ltd – Opens September 8, closes September 10, and lists around September 15. Issuing on the BSE SME platform with a price band of ₹151 to ₹159 and aiming to raise approximately ₹56.31 crore.
- Krupalu Metals Ltd – Across September 8–10, priced at ₹72 per share. Also set to list around September 15 as an SME issue.
- Taurian MPS – Scheduled for September 8–10 on NSE SME with a price band between ₹162 and ₹171.
- LT Elevator – Similarly launching during September 8–10 on BSE SME (specific price band not confirmed yet).
- Nilachal Carbo – Another SME IPO opening September 8–10 on BSE SME at ₹85 per share.
Final Thoughts:
September 2025 is shaping up to be a diverse and dynamic IPO month. While marquee mainboard offerings like Tata Capital, Urban Company, and Imagine Marketing (boAt parent) offer institutional scale, visibility, and brand strength, SME IPOs such as Karbonsteel Engineering, Krupalu Metals, Taurian MPS, LT Elevator, and Nilachal Carbo provide nimble opportunities across niche sectors. For investors, this is a chance to craft a balanced strategy—capitalizing on mainstream listings for stability, while also tapping into potential high-growth SME debuts that require less capital commitment but may deliver high percentage returns. Let me know if you'd like help preparing a visual IPO calendar or a valuation snapshot!
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
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