Six IPOs to Open on September 9, First Such Rush in 30 Years

India's primary market is set for a rare rush on September 9, with six mainboard initial public offerings (IPOs) scheduled to open for subscription on the same day. 

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The last time exactly six IPOs opened on a single day was October 14, 1996, according to historical data from Prime Database cited by Business Standard. Seven IPOs had opened on October 28, 1996. The period between 1995 and 1996 also saw several days when more than 10 public offerings opened together. 

The six IPOs opening on September 9 are Rentomojo, Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects and Karamtara Engineering. Together, the issues are expected to raise ₹4,386 crore. 

The amount is substantially higher than the ₹22 crore raised by six IPOs on a single day three decades ago. The latest rush is also part of a busy week for the primary market, with 12 mainboard IPOs lined up between September 7 and September 11. These issues are targeting around ₹7,180 crore in total. 

Six IPOs open together on September 9 

The six issues cover companies from different businesses and will enter the market on the same day. 

Rentomojo is among the companies opening its IPO on September 9, along with Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects and Karamtara Engineering. 

The concentration of IPOs comes after a period of increased activity in the primary market. The September 7-11 window alone has 12 mainboard issues scheduled to open, with the combined fundraising target standing at roughly ₹7,180 crore. 

Offers for sale form part of the September 9 issues 

A portion of the money being raised through some of Wednesday's IPOs will come through offers for sale (OFS), under which existing shareholders sell their shares. 

Asset Reconstruction Company (India)'s IPO includes a ₹733-crore OFS. In the ₹805-crore Manipal Payment & Identity Solutions issue, the OFS component stands at ₹485 crore. 

The IPO pipeline is expected to remain active later this month, with the National Stock Exchange (NSE) IPO also expected in September, according to the report.