If you have been refreshing your broker app every few hours this week, you are not alone. The last days of August and the opening week of September 2026 have turned into one of the busiest stretches for India's primary market this year, with four mainboard IPOs and two SME issues either open for bidding or about to hit the listing board. Between a Bollywood-backed luxury fashion platform, a Hyderabad gold jewellery major, a social enterprise working with children who have neurodevelopmental disorders, and a cloud infrastructure company whose grey market premium has investors doing quick mental math, there is a lot packed into a very short window.

Broader sentiment on Dalal Street has been choppy lately, and that context matters when you are deciding whether to apply for any of these issues. Institutional flows have swung both ways in recent sessions, and keeping an eye on how FIIs and DIIs are positioned gives you a sense of whether the market has the appetite to absorb fresh paper without dragging down listing day pops.

Here is a full rundown of what is opening, what is closing, and what the grey market is currently pricing in.

Mainboard IPOs Open or Listing This Week

Four mainboard names are in play right now. Purple Style Labs opened for subscription on August 31 and closes on September 2. Deepa Jewellers and Rays of Belief both opened on September 1 and close on September 3. ESDS Software Solution opened earlier, on August 28, with September 1 as the last day to bid, and its shares are set to list on September 4, making it the first listing event of the week to watch.

Here is how the four issues stack up against each other:

Purple Style Labs: the Bollywood-backed fashion bet

Purple Style Labs runs Pernia's Pop-Up Shop, a multi-brand luxury fashion platform built around wedding wear, designer clothing and accessories sourced from more than 1,100 designer brands. The company counts Shah Rukh Khan and Salman Khan among its investors, which has kept retail chatter around this IPO louder than the numbers alone might justify.

The issue is entirely a fresh issue worth Rs. 680 crore, priced between Rs. 546 and Rs. 575 a share, with a lot size of 26 shares. A single lot at the upper band costs Rs. 14,950. FY26 revenue grew around 15 percent year on year to roughly Rs. 567 crore, but the net loss also widened sharply to Rs. 285.40 crore from Rs. 188.38 crore a year earlier. That combination of rising revenue alongside deepening losses is why several brokerages have stayed lukewarm on the issue despite the celebrity backing. As of August 31, GMP was hovering around Rs. 28, pointing to a listing gain of under 5 percent if grey market pricing holds. Shares are due to list on September 7.

Deepa Jewellers: riding the gold rally

Deepa Jewellers processes and supplies 22 karat hallmarked gold jewellery on a B2B basis to retail chains and standalone stores across Telangana, Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. The Rs. 459.72 crore issue is split between a Rs. 250 crore fresh issue and an offer for sale of about 1.18 crore shares worth roughly Rs. 209.7 crore. The price band is Rs. 168 to Rs. 177, and the lot size is 84 shares, working out to a minimum retail cheque of Rs. 14,868.

The financials read well: revenue jumped from Rs. 1,400.10 crore to Rs. 1,927.73 crore, and profit after tax more than doubled to Rs. 104.79 crore. With gold prices staying firm through most of 2026, jewellery-linked issues have found decent grey market support, and Deepa Jewellers is no exception, with GMP sitting around Rs. 42 to Rs. 47, an implied listing gain in the mid-20s percent range. Investors weighing this one might find it useful to read our coverage of the Augmont Enterprises gold platform IPO before deciding how much weight to give the gold sector overall. Listing is expected on September 8.

Rays of Belief: a rare social enterprise IPO

Rays of Belief is a different kind of listing altogether. The company runs 136 intervention centres across 57 cities, offering personalised care programmes for children with autism spectrum disorder, ADHD, Down syndrome and cerebral palsy. It ranks as the largest such network in India by number of centres.

The IPO is a Rs. 125 crore fresh issue priced at Rs. 227 to Rs. 239, with a lot size of 62 shares and a minimum investment of Rs. 14,818. Revenue more than doubled to Rs. 82.06 crore in FY26, though profit after tax slipped about 16 percent to Rs. 4.96 crore as the company invested in expanding its centre network. GMP has been modest and choppy, moving between Rs. 5 and Rs. 15 through the subscription window, translating to a listing gain expectation in the mid-single digits. This is the kind of IPO where the growth story matters more than the grey market print, and it is worth reading with the same lens we used in last week's IPO watch on Indo-MIM and Poojaa Precision, both similarly under-the-radar names. Listing is scheduled for September 8.

ESDS Software Solution: the cloud IPO with the fattest GMP

ESDS Software Solution has been the standout story of the week purely on GMP terms. The Nashik-based company runs cloud infrastructure, managed services and data centre operations under an Infrastructure-as-a-Service and Software-as-a-Service model, serving BFSI, government and enterprise clients.

The Rs. 720 crore issue, entirely a fresh issue of 1.68 crore shares, is priced at Rs. 408 to Rs. 429, with a lot size of 34 shares and a minimum retail investment of Rs. 14,586. Subscription numbers told the story clearly: the issue was subscribed 2.21 times on day one and jumped to nearly 22 times by day two. FY26 revenue rose to Rs. 480.65 crore from Rs. 376.64 crore, while profit after tax more than doubled to Rs. 120.82 crore, with an EBITDA margin close to 50 percent.

GMP has been sitting between Rs. 330 and Rs. 360 through the final days of bidding, an implied premium of roughly 78 to 84 percent over the upper price band. That kind of grey market enthusiasm for a data centre and AI infrastructure business is not unusual given how the sector has performed on listing day recently, something we tracked in last month's roundup of listing-day gains across the primary market. Shares list on September 4, and given the size of the premium, listing day volatility is worth watching closely rather than assuming the grey market number will hold exactly.

GMP Snapshot: Where the Grey Market Stands Today

Putting all four issues side by side on GMP-implied listing gains makes the gap between them obvious.

Two SME IPOs Also Worth a Glance

Alongside the mainboard action, two SME issues opened on September 1. Farm Peace, listing on BSE SME, is a Rs. 32 crore issue priced at Rs. 59 a share with a lot size of 2,000 shares, requiring a minimum bid of two lots. Fly-Hi Maritime Travels, which arranges end-to-end travel for crew members of commercial shipping companies, is raising Rs. 52.63 crore through a fixed price issue at Rs. 102 a share, with a lot size of 1,200 shares split between a Rs. 42.43 crore fresh issue and a Rs. 10.19 crore offer for sale.

Both close on September 3 and are expected to list around September 8 on the BSE SME platform. SME IPOs tend to carry thinner liquidity and wider price swings than mainboard listings, so if you are new to this segment, it helps to first understand how the SME platforms of NSE and BSE actually differ from the mainline exchange before placing a bid.

What This Week Tells Us About the Pipeline Ahead

This week's four mainboard IPOs are also a preview of how busy September is shaping up to be. Merchant bankers are already pencilling in close to Rs. 45,000 crore of fresh mainboard supply for the month, and that figure does not even include the two mega listings everyone is watching for: Jio Platforms and the National Stock Exchange itself. We have covered what the Jio Platforms listing could mean for investors in detail, and it is a useful reference point for deciding how much of your IPO allocation to keep in reserve for later in the quarter.

For now, the smarter approach is to judge each of this week's issues on its own fundamentals rather than group them together. A GMP of Rs. 330 says nothing about whether a jewellery processor with thin margins deserves your money, and a modest single-digit premium does not automatically make a social enterprise a bad long-term bet. If you are still building a framework for how to size up any new issue before applying, our guide on evaluating IPOs as a retail investor walks through the basics in more depth.

Frequently Asked Questions (FAQ)

1. Which IPOs are open for subscription this week?

Purple Style Labs, Deepa Jewellers and Rays of Belief are open for subscription this week, along with the SME issues Farm Peace and Fly-Hi Maritime Travels. ESDS Software Solution's bidding window closes on September 1.

2. What is the GMP of ESDS Software Solution IPO?

As of August 31, 2026, ESDS Software Solution's grey market premium was between Rs. 330 and Rs. 360, implying a listing gain of roughly 78 to 84 percent over the upper price band. GMP is unofficial and can change before listing.

3. When does Purple Style Labs IPO list on the exchanges?

Purple Style Labs is scheduled to list on both BSE and NSE on September 7, 2026.

4. What is the minimum investment required for Deepa Jewellers IPO?

The minimum lot size for Deepa Jewellers IPO is 84 shares, requiring a minimum investment of Rs. 14,868 at the upper price band of Rs. 177.

5. Is Rays of Belief IPO better suited for listing gains or long term holding?

GMP for Rays of Belief has stayed in the single digits, so the near-term listing pop is expected to be modest. The company's revenue growth and centre expansion make it more of a story for investors with a longer holding horizon.

6. Are there any SME IPOs open this week besides the mainboard issues?

Yes. Farm Peace and Fly-Hi Maritime Travels are both open for subscription from September 1 to September 3 on the BSE SME platform.