Kanohar Electricals, Arcil, Glass Wall Systems Set IPO Price Bands Amid 11-Company Fundraising Rush

Indian primary market activity is accelerating as a cluster of mainboard initial public offerings hits the subscription window, with three companies — Kanohar Electricals Ltd., Arcil, and Glass Wall Systems (India) Ltd. — announcing their IPO price bands this week. They are among 11 mainboard issuers scheduled to open for bidding between September 7 and September 15, aiming to collectively raise Rs 7,055 crore, according to multiple reports.

Of the total fundraising, Rs 2,722 crore (39%) is primary capital issuance — proceeds that go directly to the issuing companies — while Rs 4,333 crore (61%) will come via offers for sale by existing shareholders. The pipeline includes real estate developers, engineering and manufacturing firms, a payments and identity solutions provider, a specialty chemicals manufacturer, and an online rental platform.

Kanohar Electricals

Transformer manufacturer Kanohar Electricals has priced its IPO at Rs 601–632 per share, with a total issue size of Rs 1,056 crore. The offering comprises a fresh issue of Rs 300 crore and an offer for sale of 11.96 million shares, as reported by multiple sources. The IPO will open for subscription on Tuesday, September 8, and close on Thursday, September 10.

Arcil

Asset Reconstruction Company (Arcil), a debt resolution firm, has set a price band of Rs 132–139 per share for its IPO. The issue is entirely an offer for sale of roughly Rs 733 crore (Rs 732.97 crore), meaning the company itself will not receive any proceeds from the offering. Arcil’s IPO opens on Wednesday, September 9, and closes on Friday, September 11.

Glass Wall Systems (India)

Facade solutions provider Glass Wall Systems has fixed its IPO price at Rs 172–182 per share for a Rs 428-crore issue (reported as Rs 427.89 crore by one source). The offering includes a fresh issue of Rs 60 crore to fund a new glass processing unit and an offer for sale of 20.21 million shares. The subscription window runs from Tuesday, September 8, to Thursday, September 10.

Broader IPO Wave

Other companies entering the primary market in the same window include Pranav Constructions, Prasol Chemicals, Rentomojo, Manipal Payment and Identity Solutions, LCC Projects, Karamtara Engineering, Steamhouse India, and Veegaland Developers. Pranav Constructions will open first on September 7, while most others launch on September 8 or September 9, and Veegaland Developers will open last on September 10.

The combined fresh issue proceeds across these companies are expected to be used for business expansion, capital expenditure, debt repayment, working capital requirements, and other general corporate purposes, according to Business Standard.

Market Sentiment

"This multi-issue rush reflects an eagerness to lock in early-stage growth equity in young companies as all these companies are below USD 1 billion market cap at listing," Rajkumar Rathi, Chief Investment Officer at YES Securities, told Business Standard. The mobilisation highlights "strong corporate confidence and robust liquidity available within the Indian primary market," he added.

The upcoming batch follows a busy start to September. According to Business Standard, Rays of Belief — which operates under the Mom’s Belief brand — received nearly 108 times subscription on the final day of bidding, driven by strong demand from non-institutional and retail investors. Separately, Lumino Industries made a strong debut on the bourses, trading at a 34.62% premium to its issue price of Rs 82, with the stock closing at Rs 110.39 on its first day.

NDTV Profit reported that there are no SME IPOs opening for subscription this week, underscoring the focus on mainboard listings. With these 11 offerings, the number of companies launching IPOs in 2026 is expected to rise to 75, including 23 issues launched in August, according to Business Standard.