September was a rough month for listed Indian stocks and a gentler one for pre-IPO shares. The Nifty 50 lost 6.06%, its weakest September in eight years. WWIPL’s Primex 40, an index of unlisted and delisted companies, slipped only 1.16%. Behind that gap, the unlisted share market had a busy month. NSE, the country’s largest exchange, made its market debut. Four other well-known pre-IPO companies listed. Inox Clean Energy filed for a ₹10,000 crore issue.
This article is based on the WWIPL Research Desk’s September 2026 edition of The Pre-IPO Pulse, published on 1 October 2026 and covering 1–30 September. Everything below reflects that report and its coverage period, not anything that has happened since. Prices of unlisted shares are indicative and negotiated between buyers and sellers, which matters for how you read the numbers.
India’s Private Market in September 2026: How Pre-IPO Shares Held Up
Market breadth, meaning how many shares rose against how many fell, shows how widely a move spread. Among unlisted shares whose prices changed in September, 48 rose and 72 fell, an advance-decline ratio of 0.67. That is roughly two in five moving up. Of the 40 Primex shares, 14 rose, 21 fell and five were unchanged.
On the listed side the picture was weaker. Of 2,885 NSE shares compared, 849 rose, 2,024 fell and 12 were flat, a ratio of 0.42. Only five of the 50 Nifty stocks rose, while 43 fell and two were flat. In the Nifty 500, 98 shares rose and 395 fell.
The report’s index comparison for the month:
- Primex 40: −1.16%
- Nifty Smallcap 250: −3.12%
- Nifty Bank: −5.85%
- Nifty 500: −5.88%
- Nifty 50: −6.06%
- Nifty Midcap 150: −7.09%
- Nifty IT: −11.18%
A caution before reading too much into “resilience”. Of all the shares WWIPL tracks, 715 showed no price change in September, mostly because they did not trade. The Primex 40 fills trading gaps with the last available price and may not reflect real-time moves, and it is not an investable product. A thin market can look calm simply because few trades happened.
Primex 40 Performance in September 2026
Levels, returns and the Nifty 50 comparison
The Primex 40 opened September at 3,121.51 and closed on 30 September at 3,085.22. That is a fall of 1.16%. The Nifty 50 went from 24,080.40 to 22,620.45, so the private-market index beat it by about 4.9 percentage points. Since the start of the financial year on 31 March 2026, the Primex 40 is up 0.90% against 1.29% for the Nifty 50. Over a longer stretch, the Nifty has only narrowly led.
The month was the Primex’s third consecutive decline, after −1.83% in July and −0.37% in August. In the last twelve months, the biggest monthly drop was −4.74% in February 2026. The largest gain was +3.18% in January 2026.
Why listed markets fell
The report attributes the Nifty’s slide to foreign portfolio selling, crude oil near $103 and high bond yields. The Nifty 50 was at 23,118.60 on 15 September and fell 1.6% in a single day on 24 September.
Constituent changes
There was one change to the index. IKF Finance was added on 11 September at ₹199. NSE was removed on 12 September at ₹1,990, ahead of its 24 September listing. Under the index rules, a company leaves as soon as it lists on an exchange. The index is rebalanced every three months and after corporate actions such as splits or mergers.
IKF Finance did not have a good first few weeks. It closed September at ₹178, down 10.55%, and was among the Primex’s 52-week lows.
Top Gainers and Losers in the Private Market
Within the Primex 40
MSEI led the index with a 25.95% rise to ₹6.95. The report ties the move to broker-integration reports and the NSE listing. Furlenco rose 25.66% to ₹333, after reports of its ₹1,000–1,200 crore IPO plan and the strong listing of rental peer RentoMojo. PharmEasy gained 12.50% to ₹6.75, Indian Potash 7.84% to ₹2,750 and Frick India 4.21% to ₹1,980.
On the other side, IKF Finance fell 10.55% to ₹178, Merino Industries 8.33% to ₹2,200, PPFAS 8.17% to ₹18,550, Zepto 6.72% to ₹29.80 and Carrier Airconditioning 5.71% to ₹495. Zepto, PPFAS and Capgemini (−2.55%) pulled the index down most. MSEI, Nayara Energy (+0.93%) and CIAL (+0.68%) held it up.
Across all unlisted shares
The widest ranking covers 83 shares that traded in September and also had a previous trade in August, so each return reflects a single month. ICEX topped it with a 96.08% jump to ₹5.00. The report cautions that low-priced shares like ICEX can move sharply on small trades. CSE Limited rose 28.57% to ₹2,700, followed by MSEI, Furlenco and JSR Dynamics (+23.60% to ₹11,000).
The biggest fallers were Rite Water Solutions (−14.29% to ₹450), IGM (−13.33% to ₹25.40), IKF Finance, Insolare (−10.39% to ₹138) and Bootes Impex (−10.26% to ₹650).
The ranking rule has a side effect. The report’s appendix, which lists all 120 shares that moved, shows Balanoor Plantations up 51.22%, and Matrix Gas and Maxvalue Credits down 20.00% and 18.00%. They do not appear in the top-five tables because they did not meet the August-trade condition.
52-Week Highs and Lows
Twenty-five unlisted companies set 52-week highs in September, ten of them also lifetime highs. Exchange shares, plantation companies and IPO-bound names led. Among them:
- MSEI hit ₹7.50 on 14 September.
- Delhi Stock Exchange hit ₹21, also on 14 September.
- CSE Limited hit ₹2,700 on 18 September.
- Inox Clean Energy hit ₹820 on 8 September.
- Furlenco reached a lifetime high of ₹333 on 28 September.
- JSR Dynamics reached a lifetime high of ₹11,700 on 25 September.
Two details show how choppy individual prices can be. PharmEasy touched ₹9.50 on 15 September yet closed the month at ₹6.75. Infobay AI saw a 52-week low of ₹3,00,000 on 11 September and then a lifetime high of ₹4,02,000 on 24 September.
Thirty-eight companies set 52-week lows. Eight were Primex 40 constituents, most of them financial-services names: Orbis Financial, Arohan Financial, ASK Investment, IKF Finance and HDFC Securities, alongside Power Exchange PXIL, Merino Industries and Capgemini. Capgemini’s low was ₹9,450 and HDFC Securities’ was ₹7,550, both on 30 September.
New Companies Entering the Private Market
Sixteen companies began trading in the unlisted share market in September. They span solar and renewable energy, data centres, electric vehicles, plantations, food and engineering. The report notes that early prices of newly quoted shares can move sharply while a market forms.
Several moved noticeably after the first quote:
- Omega Seiki went from ₹2,200 to ₹2,700.
- RRP Drones Innovation went from ₹2,200 to ₹3,250.
- QEEL went from ₹60 to ₹89.
- Highland Produce went from ₹500 to ₹565.
- Anaparai went from ₹200 to ₹230.
Others went the other way. Peshwa Wheat opened at ₹109 and last traded at ₹55, and Growest Industries went from ₹199 to ₹125.
Goldi Solar had the highest price among the newcomers, first quoted at ₹64,000 and last at ₹62,500. Several names, including Vivriti Next, Cremica Food Industries and Yotta, had a single price recorded.
SRIT India, quoted at ₹121 from 24 September, is notable because it was already trading in the unlisted market while its IPO was being launched. It lists on 6 October.
Major Pre-IPO Listings in September 2026
Five pre-IPO companies made their exchange debuts in September. The outcomes varied a lot.
| Company | Issue dates | Issue price | Issue size | Subscribed | Listed | Listing price | Listing gain | CMP (1 Oct) | CMP vs issue |
| NSE | 17–21 Sep | ₹1,785 | ₹22,562 cr | 5.71x | 24 Sep | ₹1,800 | +0.84% | ₹1,761.90 | −1.29% |
| Manipal Payment | 9–11 Sep | ₹339 | ₹805 cr | 1.42x | 17 Sep | ₹330 | −2.65% | ₹406.00 | +19.76% |
| Hero Motors | 16–18 Sep | ₹84 | ₹1,000 cr | 6.6x | 23 Sep | ₹82 | −2.38% | ₹152.58 | +81.64% |
| ESDS Software | 28 Aug–1 Sep | ₹429 | ₹720 cr | 135.66x | 4 Sep | ₹757 | +76.46% | ₹1,509.50 | +251.86% |
| Purple Style Labs | 31 Aug–2 Sep | ₹575 | ₹680 cr | 1.29x | 7 Sep | ₹535 | −6.96% | ₹544.50 | −5.30% |
CMP is from the WWIPL listing performance tracker as on 1 October 2026. Listing prices are on NSE, except NSE itself, which listed on BSE.
NSE completed an issue of ₹22,562 crore, entirely an offer for sale (OFS), where existing shareholders sell and the company raises nothing new. Shares listed on BSE at ₹1,800 against the ₹1,785 issue price and closed their first day at ₹1,817. On 1 October the price stood at ₹1,761.90, 1.29% below issue.
Manipal Payment raised ₹805 crore, split between a ₹320 crore fresh issue and a ₹485 crore OFS. It opened at ₹330, below the ₹339 issue price, and traded at ₹406 by 1 October.
Hero Motors raised ₹1,000 crore (₹600 crore fresh and ₹400 crore OFS). It opened at ₹82 against ₹84 and then climbed to ₹152.58, which is 81.64% above issue.
ESDS Software was the standout. Its ₹720 crore issue, entirely fresh, was subscribed 135.66 times. It listed at ₹757 and traded at ₹1,509.50 on 1 October, about 3.5 times the ₹429 issue price.
Purple Style Labs went the other way. It was subscribed 1.29 times, opened at ₹535 against ₹575 and was at ₹544.50 on 1 October, still 5.30% below issue.
So two of the five opened above issue price, and three opened below it. By 1 October, three were above issue price and two were below. Subscription levels did not map neatly onto what followed: Hero Motors, subscribed 6.6 times, ended well above issue, while NSE, subscribed 5.71 times, was just under.
Corporate Actions to Watch
The report lists only actions confirmed in company documents.
CIAL approved a 55% dividend, ₹5.50 on a ₹10 share, for FY26 at its 32nd AGM on 25 September 2026. FY26 revenue was ₹1,220 crore, up 6.6%, and net profit was ₹502 crore, the first year above ₹500 crore. At the WWIPL price of ₹445, the dividend yield works out to about 1.2%.
Inox Air Products declared a final FY26 dividend of ₹0.40 per ₹1 share, equivalent to ₹20 per share before the capital changes. The record date was 18 September and the AGM was on 28 September. Earlier in 2026 the company sub-divided each ₹10 share into ten ₹1 shares (record date 9 June) and issued four bonus shares for every one held (record date 19 June). The share count rose from 1.03 crore to 51.70 crore. Prices before and after those dates are not comparable, which is why the report leaves Inox Air out of its September rankings.
Inox Leasing & Finance has a pending composite scheme. The wind business is demerged into Inox Holdings & Investments, and Inox Leasing then merges into listed Gujarat Fluorochemicals (GFL), which would issue 5,77,91,906 new shares to Inox Leasing’s shareholders. The board approved it on 29 October 2024. SEBI’s observations came on 8 July 2026, and BSE and NSE no-objection letters followed on 9 July 2026, valid for six months. NCLT approval is the next step.
Major Fundraising Deals and Private Valuations
Indian startups raised about $911 million across 82 deals between 31 August and 26 September, according to weekly reports the Pulse draws on. The last week of September was not yet published. Separately, the Q3 2026 total was $2.2 billion across 210 deals, up 5% from a year earlier.
The largest startup round of the month was Simple Energy’s ₹1,750 crore Series C on 30 September, led by Dr A. Velumani’s family office. It takes the company’s total funding to over ₹2,530 crore. Other rounds in the report:
- Ema raised $77 million in a Series B led by Creaegis (24 September), taking total funding to $140 million.
- Flam raised $40 million in a Series B led by QED Investors (15 September).
- Darwinbox raised a follow-on round from Teachers’ Venture Growth.
- Balwaan Krishi raised ₹100 crore in a Series B from First Bridge India Growth Fund (28 September).
On the IPO side, NSE raised ₹6,746 crore from 189 anchor investors at ₹1,785 per share on 17 September. Foreign portfolio investors took about 43% and domestic investors about 53%. JSW One Platforms kept the option of a pre-IPO placement of up to ₹260 crore in its DRHP.
Four valuation markers stood out for unlisted-share investors:
- NSE: At ₹1,785 across 247.5 crore shares, the issue valued the exchange at about ₹4.42 lakh crore. The last WWIPL price before index removal was ₹1,990, or about ₹4.93 lakh crore, so the IPO came in about 10% below the unlisted price. These are WWIPL Research Desk calculations.
- Moneyview: Its ₹1,092 crore IPO (₹750 crore fresh plus an OFS) valued it at ₹5,985 crore at issue. The report calls this a fresh public-market marker for unlisted fintech lenders such as Fibe and InCred.
- Slice Small Finance Bank: A $100 million round valued it at $450 million, down from $1.5 billion in 2022. The report reads this as a reminder that private valuations can be reset sharply in later rounds.
- Rajasthan Royals: A 100% acquisition by the Mittal family and Poonawalla, cleared by CCI on 18 September, valued the franchise at $1.65 billion, about ₹15,800 crore at roughly ₹96 per dollar. The report calls it a price marker for IPL franchises such as CSK.
IPO Pipeline: Companies Moving Toward the Public Market
The stages below are different, and a company at one stage may never reach the next.
DRHP filed
A draft red herring prospectus (DRHP) is the draft offer document filed with SEBI, so these are filings and not approved issues.
- Inox Clean Energy filed on 29 September for ₹10,000 crore, made up of a ₹8,000 crore fresh issue and a ₹2,000 crore OFS. The report calls it the largest private-sector renewable-energy IPO filed in India. Its WWIPL price was ₹820, up 5.1% in September.
- JSW One Platforms filed on 24 September for ₹3,054 crore: a ₹1,300 crore fresh issue and an OFS of up to ₹1,754 crore.
- Royal Chain, Technopaints and Shreejikrupa Project filed in the last week of September, with sizes listed as ₹1,000 crore, ₹500 crore and ₹500 crore.
- Between 21 and 26 September, eight more companies filed: Maharashtra Oil Extractions, Jagatjit Agri Engineering, Jai Parvati Forge, Koolking Industries, Sai Infinium, SG Encon, Mount Everest Breweries and Ultravibrant Integrated Energy. Fresh issues were ₹280–370 crore where disclosed.
Confidential DRHP
Three companies chose confidential pre-filing, which keeps details out of public view at this stage.
- Spinny filed on 22 September, targeting ₹2,500–3,000 crore, with a listing expected in 2027.
- StockGro (AssetGro Fintech) filed on 26 September, targeting ₹2,000–2,500 crore, about ₹800 crore of it fresh.
- Wadhwa Group Holdings and Trans ACNR Solutions filed in September. Sizes were not disclosed.
SEBI observations, RHPs and issue changes
- NSE filed its red herring prospectus (RHP) on 10 September. The issue opened on 17 September and listed on 24 September.
- Fibe (Social Worth Technologies) received SEBI’s final observations on 15 September. The plan is a fresh issue of up to ₹750 crore plus an OFS of over 4 crore shares, with TPG the largest seller.
- Moneyview resized its issue on 15 September, cutting the fresh component to ₹750 crore. The ₹1,092 crore IPO ran 24–28 September at ₹32–34.
- AceVector (Snapdeal) set a ₹30–32 price band on 22 September. Its ₹420 crore IPO ran 25–29 September, with listing on 5 October.
Reported IPO plans
These are not filings or approvals.
- Furlenco is reported (22 September) to be planning an IPO of ₹1,000–1,200 crore at about a ₹7,000 crore valuation, targeted for FY28. Its FY26 revenue was ₹370.4 crore, up 61.9%, with a net profit of ₹59.5 crore.
- Practo (17 September) has a new CEO from 1 September and targets a 2027 listing.
Important Unlisted and Pre-IPO News From September
MSEI and MSE. On 9 September, Groww and Zerodha were reported to be testing integration with MSE for cash-market trading, expected to take three to four months. MSE’s daily cash turnover is about ₹400–500 crore, and an F&O launch is planned. On 11 September, MSE enabled its first tokenised corporate bond issue on its electronic bond platform under SEBI’s Demat 2.0 pilot, with IIFL Finance as issuer and CBDC settlement. NSE shares were admitted to trade on MSE from 24 September, alongside the BSE listing.
CSE. Calcutta Stock Exchange shares extended their revival rally after West Bengal’s June announcement of support to restart trading, with the NSE IPO also drawing investors to exchange stocks. On WWIPL, CSE rose from ₹2,100 to ₹2,700 in September.
NSE and self-listing. On 28 September it was reported that SEBI may set up a panel on exchange self-listing. Current rules bar an exchange from listing on itself, and recommendations are expected within 60–90 days.
IRDAI. In September IRDAI proposed caps on insurance commissions for motor, health and life policies. The report flags the draft as relevant to unlisted insurers such as Care Health, SBI General, IndusInd General and PNB MetLife. Listed PB Fintech fell 36% on 24 September.
PhonePe received in-principle UAE approvals on 22 September for retail payment services and a stored value facility licence.
October 2026 IPO Calendar and Lock-In Watch
The report’s October calendar:
- 1 October: Moneyview listed at +63.6%, and A-One Steels at +14%.
- 5 October: AceVector (Snapdeal) lists after its ₹420 crore IPO at ₹30–32.
- 6 October: SRIT India (₹218 crore) and Shah Investor’s Home (₹90 crore) list.
- 8 October: Vishal Nirmiti (₹178 crore) and Nityas Gems & Jewellery (₹108 crore) list. Both IPOs close 5 October.
- About 15 October: The six-month pre-IPO lock-in ends for Om Power Transmission, which listed on 17 April.
A lock-in is a period during which certain holders cannot sell. For September’s five listings, anchor investors can sell half their shares after 30 days and the rest after 90. Shares held before the IPO by non-promoter investors are locked in for six months from allotment. The report notes that lock-in ends can add selling pressure.
| Company | Anchor 50% free | Anchor rest free | Pre-IPO holders free |
| ESDS Software | 2 Oct | 1 Dec | ~Mar 2027 |
| Purple Style Labs | 2 Oct | 1 Dec | ~Mar 2027 |
| Manipal Payment | 15 Oct | 14 Dec | ~Mar 2027 |
| Hero Motors | 20 Oct | 19 Dec | ~Mar 2027 |
| NSE | 21 Oct | 20 Dec | ~Mar 2027 |
Allotment dates were 2–22 September, so pre-IPO holders’ release falls around 2–22 March 2027.
What Investors Should Take Away From September 2026
Based on the report, the pre-IPO market was steadier than the listed market in September, with the Primex 40 down 1.16% against 6.06% for the Nifty 50. That has to be read with the index construction in mind: unlisted prices are not quoted continuously, and many shares did not trade at all.
The gains were concentrated. Exchange-linked shares (MSEI, CSE, Delhi Stock Exchange) and IPO-bound names (Furlenco, Inox Clean Energy) led. Meanwhile 38 companies set 52-week lows, including eight Primex constituents, and 72 of 120 shares that moved fell. Strength in some stocks coexisted with weakness in many others.
The month’s listings add a second point: unlisted prices and IPO prices do not always match. NSE’s issue priced about 10% below its last unlisted price, and the shares sat 1.29% below the issue price by 1 October. ESDS Software traded at about 3.5 times its issue price. Purple Style Labs was still below its issue price. Slice’s reduced valuation, $450 million against $1.5 billion in 2022, shows the same thing from the private-funding side.
The pipeline kept growing, but the report’s own categories show how early many names are. Several are at DRHP or confidential-filing stage, and some are only reported plans. Lock-in dates between October and March 2027 will test how newly listed shares behave once more holders are free to sell.
This is a summary of one report, not a recommendation to buy, sell or hold any security.
Risks of Investing in Unlisted and Pre-IPO Shares
The report’s disclosures describe the main risks of unlisted and pre-IPO shares plainly.
- Illiquidity. Investments in unlisted securities are illiquid and can be difficult to exit.
- Negotiated pricing. Prices are indicative and negotiated bilaterally between counterparties. They are not quoted, cleared or settled on any recognised stock exchange, and actual transaction prices may differ materially.
- Valuation difficulty. Unlisted shares may be hard to value. Low-priced shares can move sharply on small trades, as ICEX’s 96.08% jump showed.
- Possible losses. The risk is high, including the possible loss of the entire capital invested.
- Listing uncertainty. Unlisted shares may never list, and a proposed IPO may be delayed, resized, repriced or withdrawn. Moneyview’s resizing in September is one example.
- Lock-in restrictions. Shares are subject to transfer restrictions, including lock-in after an IPO.
- Post-listing volatility. Newly listed shares can be highly volatile and may list below any price mentioned.
- Reported figures. Reported valuations and IPO sizes are media reports, not company statements or issue prices, unless stated.
Frequently Asked Questions
What happened to the pre-IPO market in September 2026?
Pre-IPO shares fell less than listed stocks. The Primex 40 declined 1.16% while the Nifty 50 fell 6.06%. Of the 120 unlisted shares whose prices moved, 48 rose and 72 fell. Five pre-IPO companies listed, and Inox Clean Energy filed a ₹10,000 crore DRHP.
How did the Primex 40 perform in September 2026?
It opened at 3,121.51 and closed at 3,085.22, down 1.16%. It is up 0.90% in FY27 so far, against 1.29% for the Nifty 50. IKF Finance replaced NSE in the index in September.
Which pre-IPO companies listed in September 2026?
NSE (24 September, on BSE at ₹1,800 against a ₹1,785 issue price), Manipal Payment (17 September, ₹330 against ₹339), Hero Motors (23 September, ₹82 against ₹84), ESDS Software (4 September, ₹757 against ₹429) and Purple Style Labs (7 September, ₹535 against ₹575).
Which unlisted shares were the top gainers in September 2026?
Among shares with a prior August trade, the top five were ICEX (+96.08%), CSE Limited (+28.57%), MSEI (+25.95%), Furlenco (+25.66%) and JSR Dynamics (+23.60%). Balanoor Plantations rose 51.22% but sits outside that ranking.
What IPOs were added to India’s IPO pipeline in September 2026?
Inox Clean Energy (₹10,000 crore) and JSW One Platforms (₹3,054 crore) filed DRHPs. Spinny and StockGro filed confidentially, and Furlenco and Practo have reported IPO plans.
When do lock-ins end for September’s pre-IPO listings?
Anchor lock-ins ease between 2 October and 20 December, depending on the company. Pre-IPO holders’ shares are free around March 2027, six months after allotment.
What should investors know about pre-IPO share risks?
Unlisted shares are illiquid, priced by negotiation and hard to value. They may never list, and IPOs can be delayed, resized, repriced or withdrawn. Newly listed shares can be volatile, and investors can lose the entire capital invested.
Disclaimer
This article is for general information and educational purposes only. It is not investment advice, a recommendation or an offer to buy, sell or subscribe to any security, including in any IPO. The Primex 40 is not an investable product, and past performance does not indicate future results. Please consult your own financial advisor, tax consultant or a SEBI-registered investment adviser before making any investment decision.