India's primary market is heading into one of its busiest weeks of 2026, with 11 IPOs opening for subscription and looking to raise a combined Rs 24,574 crore. The week will be led by two large mainboard issues -- NSE and Hero Motors -- which together account for more than Rs 23,500 crore of the total fundraising.

NSE will be the biggest issue of the week, with an IPO size of Rs 22,562 crore. Hero Motors will follow with a Rs 1,000 crore issue. The two IPOs will dominate investor attention, while the remaining mainboard and SME issues will compete for retail and HNI money during the same period.

Grey market trends also point to early interest in the two large offers. NSE is commanding a grey market premium of around 12%, while Hero Motors is trading at a GMP of about 11%.

NSE IPO to open on September 17

NSE's long-awaited IPO will open for subscription on September 17 and close on September 21. The price band has been fixed at Rs 1,700-1,785 per share. The issue is entirely an offer for sale of 12.64 crore shares, which means the exchange will not receive any fresh capital from the IPO. Existing shareholders will sell shares to public investors.

At the upper end of the price band, the issue size stands at Rs 22,561 crore. NSE will list on BSE, as the exchange has not sought approval for its own shares to trade on its own platform. Employees participating in the IPO will get a discount of Rs 170 per share.

NSE's IPO has been one of the most-awaited listings in India. The exchange is the country’s largest market infrastructure institution and dominates equity derivatives trading. Its business is tied to transaction charges, listing income, market data, clearing-related services and other market infrastructure revenue streams.

Also Read: NSE IPO: Exchange didn't move an application to trade on its own platform, says CEO Ashish Chauhan

The issue has also been resized. NSE had earlier planned a larger offer for sale, but the proposed issue size has been cut by around 15%, with some shareholders reducing the number of shares they plan to sell.

For investors, the main question is whether NSE can justify a premium valuation while facing regulatory and volume-related risks in derivatives. The exchange’s scale and profitability remain strong, but the options boom has also drawn closer regulatory attention.

Hero Motors opens on September 16

Hero Motors will open its Rs 1,000 crore IPO on September 16 and close on September 18. The company has fixed the price band at Rs 79-84 per share. The issue comprises a fresh issue of Rs 600 crore and an offer for sale of Rs 400 crore.

The company plans to use part of the fresh issue proceeds for debt repayment. The IPO will also give existing shareholders a partial exit through the OFS component.

Hero Motors is an automotive technology company from the Munjal family group. It supplies auto components and has exposure to areas such as powertrains and electric mobility. The company has also built presence in global automotive engineering and electric mobility-linked businesses.

The IPO comes at a time when auto component companies are trying to benefit from premiumisation, exports, electrification and rising localisation. Investors will watch Hero Motors’ growth outlook, debt reduction plan and valuation comfort.

Apart from NSE and Hero Motors, Jindal Supreme India will open a Rs 125 crore IPO on September 16. SS Retail will also open on the same day with a Rs 500 crore issue. Sonaselection India will open its Rs 142 crore mainboard IPO on September 17.

Among SMEs, Axiom Gas Engineering, Kheria Autocomp, SpectraA Technology Solutions, Quanto Agroworld, Shakti Polytarp and Vama Wovenfab will also launch their issues next week.

The calendar shows that the IPO market remains active, but investor money is likely to be concentrated around NSE and Hero Motors because of their size, brand recall and broader market interest.