India's primary market could be heading for a record fundraising month in September, with companies potentially raising up to Rs 70,000 crore if either Jio Platforms or the National Stock Exchange (NSE) launches its public issue.

More than 25 IPOs are expected to hit the market during the month, according to the Economic Times. The anticipated wave is being driven by strong domestic liquidity, improved listing performance for newly listed shares, and pent-up supply of companies waiting to tap the market.

The September pipeline follows a sharp pick-up in primary market activity during July and August, which marked a revival after a slower stretch earlier in the year. For retail and institutional investors alike, the pace of deal flow matters because heavy IPO calendars can absorb liquidity from the secondary market and influence subscription levels across individual offerings, a dynamic market participants typically monitor when issuance surges.

Jio and NSE could change the month

The potential scale of September's fundraising hinges significantly on two of India's most closely watched candidates: Jio Platforms, the digital services arm of Reliance Industries, and the NSE, the country's largest stock exchange.

A related report notes that the Reliance Jio IPO has been approved, with attention turning to Reliance Industries shareholders' eligibility for the shareholder quota in the offering.

For context, an IPO (initial public offering) is the process by which a company sells shares to the public for the first time, listing them on an exchange such as the BSE or NSE. India's IPO market has in recent years ranked among the busiest globally, with Dalal Street — the Mumbai financial district that is home to the BSE — regularly setting records for funds raised through public issues. Mega-offerings from large, established companies such as Jio Platforms or the NSE itself are comparatively rare and can dramatically increase overall fundraising in a given month.

The listing of an exchange operator such as the NSE would also carry particular significance, since exchanges are themselves the infrastructure on which public markets run. NSE has been a long-pending IPO candidate, and its own listing would follow peer BSE, which is already publicly traded — a detail investors often weigh when assessing such an offering.

The combination of a large IPO pipeline, robust domestic liquidity, and stronger aftermarket performance of recent listings has set the stage for what could be one of the biggest months on record for Indian public offerings, should the marquee names move ahead as anticipated. Market watchers will be tracking the formal filing of offer documents, regulatory approvals, and announced price bands and listing timelines in the weeks ahead, as these will determine whether September actually reaches the projected Rs 70,000 crore mark.