Four mainboard IPOs open Wed 23 Sep: Elevate ₹2,100 Cr leads ~₹2,700 Cr pack

Elevate Campuses — the size lead

RHP dated 17 Sep 2026 (Elevate Campuses Ltd, formerly Good Host Spaces): 100% fresh book-built issue aggregating up to ₹21,000.00 million; promoters Genius Bidco Holdings Pte. Ltd. and Genius Rajkot Investment Holdings Pte. Ltd.; BRLMs JM Financial, IIFL Capital, Morgan Stanley India; registrar KFin Technologies; eligibility under SEBI ICDR Reg. 6(2) (at least 75% QIB). Business colour in the same RHP: student accommodation + K-12 education infrastructure platform (owned / managed beds and school assets), Mumbai registered office.

ArMee Infotech — ₹300 Cr pure fresh IT/renewables ticket

RHP dated 16 Sep 2026: fresh issue aggregating up to ₹30,000 lakhs; promoters Ami Ridhish Patel, Kiritkumar Chimanbhai Patel, Ridhish Kiritbhai Patel; BRLMs Khandwala Securities and Saffron Capital Advisors; registrar Cameo; BSE designated; eligibility Reg. 6(1). Business colour: IT infrastructure + IT managed services and renewable-energy EPC / PPA / BESS segments (Ahmedabad).

Swastika Infra — EPC power T&D; Pre-IPO already cut the fresh

SEBI abridged prospectus / RHP colour: Jaipur-based EPC power T&D issuer; promoters include Babulal Gupta, Vinay Gupta, Ruchira Gupta, Biren Parnami, Manoj Modi, Vatsalya Gupta. Fresh issue revised to up to ₹12,900 lakhs after a Pre-IPO of 24,24,242 shares at ₹165 aggregating ₹4,000 lakhs to 78 allottees. OFS up to 17,50,000 shares from named promoter / other selling shareholders. BRLMs Srujan Alpha and PhillipCapital; registrar MUFG Intime; BSE designated. Objects colour: incremental working capital (up to ₹9,000 lakhs of net proceeds) + GCP.

Upper-band arithmetic (if Cap ₹185 from the price-band ad cycle): OFS 17.5 lakh × ₹185 ≈ ₹32.4 Cr; fresh ₹129 Cr + OFS ≈ ₹161 Cr total offer framing — soft-flag vs any rounded “₹160.88 Cr” secondary headline.

Adroit Industries (India) — driveline / propeller-shaft industrials

SEBI abridged prospectus: vertically integrated manufacturer of propeller shafts and torque-transmission components; Madhya Pradesh plants (Dewas / Pithampur / Sanwer Road); export-heavy revenue colour. Fresh up to 9,897,000 shares + OFS up to 1,350,000 shares by Mukesh Sangla HUF (promoter-group seller; WACA ₹3.65). Promoters: Saurabh Sangla, Mukesh Sangla, Monika Sangla, Shubhangi Trust, Shreya Trust, Swan Irrigation LLP. BRLM Choice Capital Advisors; registrar Bigshare; NSE designated.

Upper-band arithmetic (Cap ₹134): fresh 98.97 lakh × ₹134 ≈ ₹132.62 Cr; OFS 13.5 lakh × ₹134 ≈ ₹18.09 Cr; total ≈ ₹150.71 Cr.

How to read the Wed pack without inventing demand

1. Four calendars align — same open/close window; anchors day-before. That is process colour, not a “blockbuster week” call.
2. Elevate dominates size — one ₹2,100 Cr fresh dwarfs the other three fresh tickets combined.
3. Structure differs — Elevate and ArMee are fresh-only on the covers we read; Swastika and Adroit mix fresh + OFS (sellers take OFS proceeds).
4. Designated exchange split — Elevate/Adroit NSE; ArMee/Swastika BSE on the docs cited.
5. No Day-1 subscription table in this piece — wait for exchange subscription prints; do not invent early multiples.

Soft spots (do not flatten)

• Price band / lot / min application — sourced from the company price-band advertisement cycle and consistent exchange IPO colour; RHP covers still showed [●] for floor/cap/lot. If a corrigendum moves a band, prefer the later ad timestamp.
• “~₹2,700 Cr together” — desk arithmetic across four names at upper-band colour, not a single SEBI/NSE combined-issue figure.
• Swastika total — fresh ₹129 Cr is primary (post Pre-IPO); total including OFS depends on final Offer Price.
• Adroit ₹150.71 Cr — share counts from AP × ₹134 Cap arithmetic.
• Grey market premium — colour only if you trust the channel; not used here as price prophecy.
• SME / other mid-week opens — not verified in the same RHP set; skipped.

What to watch (sourced next steps only)

• Day-1 / Day-2 / close exchange subscription tables for each name
• Anchor allocation colour if issuers / exchanges publish it
• Allotment / refund / listing calendars once RHPs convert to Prospectus post pricing
• Parallel Capital Chronicle IPO desk: Moneyview opens 24 Sep; NSE listing Thu 24 Sep

Sources

• Elevate Campuses Limited Red Herring Prospectus dated 17 Sep 2026 (company RHP / offer document)
• ArMee Infotech Limited Red Herring Prospectus dated 16 Sep 2026 (company RHP / offer document)
• Swastika Infra Limited SEBI abridged prospectus / RHP disclosures (fresh size, Pre-IPO, OFS, calendar)
• Adroit Industries (India) Limited SEBI abridged prospectus / RHP disclosures (share counts, OFS, calendar, business)
• Company price-band advertisements / exchange IPO programme colour for floor–cap and lot sizes (soft-flag vs RHP [●] placeholders)

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