12 IPOs to Watch in October 2026: Jio Platforms, Zetwerk and Avaada Electro Lead the Pipeline

India’s primary market is preparing for another busy month, with proposed public offerings spanning telecom, manufacturing, healthcare, defence and renewable energy. Investors are likely to focus on valuations, earnings visibility and the use of IPO proceeds.

India’s primary market is heading into a potentially busy October, with a pipeline of around 12 initial public offerings (IPOs) that includes Jio Platforms, Zetwerk Manufacturing Business, Avaada Electro and several companies from the healthcare, industrial technology and environmental solutions sectors.

The proposed offerings reflect the continuing role of public markets in helping Indian businesses raise capital, provide exits for existing shareholders and finance expansion. However, the size of the pipeline does not necessarily mean every issue will attract equally strong demand. Investor participation will depend on individual valuations, business performance, market conditions and the terms of each offering.

According to the information provided by merchant bankers in the supplied report, the October pipeline includes companies from sectors such as telecommunications, precision manufacturing, defence technology, medical devices, healthcare services and renewable energy.

Jio Platforms is expected to be the biggest offering in the group, with its proposed IPO potentially becoming India’s largest to date. Zetwerk Manufacturing Business is also preparing a substantial issue, while Avaada Electro is planning to raise a significant amount of capital.

The developments come after companies reportedly raised more than Rs 1.1 lakh crore through 96 IPOs in 2026 up to the period covered by the source material. September alone accounted for 35 issues, highlighting the scale of activity in India’s primary market.

The latest pipeline could provide investors with a wider choice of businesses, but it also places greater importance on comparing valuations, financial performance and the intended use of proceeds.

October 2026 IPO Calendar: Companies to Watch

The supplied report identifies the following companies as potential participants in October’s IPO activity. Dates, issue sizes and pricing details should be reconfirmed against the latest official documents before investors rely on them.

Editorial note: This table reflects the supplied report, not an independently verified live IPO calendar. The precise offer structures, dates, price bands and amounts may change. Confirm the current status with the relevant exchange announcements, red herring prospectuses and final offer documents.

Jio Platforms IPO Expected to Lead the October Pipeline

Jio Platforms, the digital services business associated with Reliance Industries, is expected to attract considerable attention because of the proposed scale of its public offering.

The company’s business spans telecommunications and digital services, giving investors exposure to a major part of India’s expanding connectivity market. Its financial performance, customer monetisation, capital expenditure requirements and future growth opportunities are likely to be important considerations when evaluating the offer.

The supplied report says the IPO is scheduled to open for subscription on October 21 and close on October 23. Those dates must be verified against the latest official issue documents before publication.

For investors, the headline size of an IPO is only one part of the assessment. The proposed valuation, earnings growth, cash generation, debt position, shareholding structure and intended use of proceeds can all influence whether the issue offers an attractive risk-return profile.

A large offering may also require substantial investor participation across institutional and retail categories. Actual subscription demand will depend on the final pricing and market conditions during the issue period.

Zetwerk IPO: Manufacturing Technology in Focus

Zetwerk Manufacturing Business is planning to raise around Rs 5,000 crore through its proposed IPO, according to the supplied report.

The proposed structure comprises a fresh issue of Rs 2,600 crore and an offer for sale (OFS) of up to 9.68 crore equity shares.

The distinction between these components is important. A fresh issue involves the company issuing new shares, with the proceeds generally going to the company for the purposes specified in its offer documents. An OFS involves existing shareholders selling shares, with the sale proceeds going to those selling shareholders rather than directly to the company.

For a manufacturing technology platform, investors may examine revenue growth, operating margins, customer concentration, working-capital requirements and the sustainability of demand across its served industries.

The final offer documents should also clarify how the fresh issue proceeds will be deployed and what the sale of existing shares means for the company’s ownership structure.

Zetwerk’s proposed offering could attract investors interested in the intersection of manufacturing, industrial supply chains and technology-enabled business models. Whether the issue is attractively priced will depend on its financial performance and valuation relative to comparable businesses.

Avaada Electro IPO Highlights Renewable Energy Fundraising

Avaada Electro is planning a proposed IPO of Rs 7,600 crore, according to the supplied material.

The proposed offering places renewable energy among the sectors represented in October’s reported IPO pipeline. Companies operating in this industry may require substantial capital for project development, equipment, manufacturing capacity and other infrastructure.

Investor analysis should consider the company’s precise business model rather than assuming that all renewable energy companies have the same revenue drivers or risk profile.

Relevant factors may include project execution, customer contracts, capacity utilisation, debt levels, cash-flow generation, regulatory exposure and the economics of future expansion.

The offer structure also matters. The proportion of fresh equity versus shares sold by existing investors determines how much of the offering proceeds will be available to the business itself.

Investors should review the official prospectus for details of Avaada Electro’s operations, financial position, planned capital expenditure and use of proceeds before drawing conclusions about its investment potential.

Fusion CX and HD Fire Protect Announce Reported Price Bands

The supplied report provides price-band and issue-size information for Fusion CX and HD Fire Protect.

Fusion CX

Fusion CX, described in the source material as an AI-powered customer experience solutions provider, has a reported IPO size of Rs 702 crore and a price band of Rs 275–289 per share.

For businesses in customer experience services, investors may assess the quality of customer relationships, revenue concentration, operating margins, employee costs and the extent to which technology investments support productivity.

Claims relating to artificial intelligence should be assessed in the context of actual products, services and financial performance rather than treated as evidence of future profitability by themselves.

HD Fire Protect

HD Fire Protect, which manufactures fire protection equipment and systems, has a reported IPO size of Rs 712 crore and a price band of Rs 258–271 per share.

The supplied material describes the issue as entirely an offer for sale by promoters. If confirmed in the final offer documents, this would mean that the proceeds from the shares sold would go to the selling shareholders rather than directly to the company.

Investors may want to examine the company’s order book, customer base, product certifications, operating margins and exposure to industrial and infrastructure demand.

The reported subscription dates for both issues should be verified through official exchange notices and the applicable offer documents.

Healthcare, Defence and Industrial Companies Expand Investor Choice

The October pipeline also includes businesses from healthcare, medical technology, defence-related imaging and industrial engineering.

Tonbo Imaging has proposed an offer for sale of up to 1.22 crore shares, according to the supplied report. Its technology focus makes its order pipeline, customer concentration, research and development expenditure and product execution important areas for investor analysis.

Bonfiglioli Transmissions, described as the Indian subsidiary of Italy-based Bonfiglioli Group, has proposed an offer for sale of up to 4.32 crore shares. Investors may assess industrial demand, customer diversification, manufacturing efficiency and the financial implications of the offering structure.

Sahajanand Medical Technologies has proposed an offer for sale of 1.38 crore shares. In the medical device sector, regulatory compliance, product quality, research and development, market access and competitive positioning can influence long-term performance.

Paras Healthcare is looking to raise Rs 1,800 crore, according to the supplied material. Investors assessing a healthcare services business may examine hospital occupancy, revenue per occupied bed, operating margins, expansion plans, debt and the economics of new facilities.

The proposed offerings provide access to different industries, but sector growth alone is not enough to establish whether a company’s shares are fairly valued.

NDR InvIT Trust, Gujarat Victory Forgings and SFC Environmental Technologies

The reported pipeline also includes an infrastructure investment trust, a precision forging company and an environmental technology business.

NDR InvIT Trust is looking to raise Rs 750 crore, according to the supplied report. Investors evaluating an infrastructure investment trust should examine its underlying assets, occupancy or utilisation, cash distributions, debt, contractual arrangements and the valuation methodology used for its portfolio.

Gujarat Victory Forgings has proposed an IPO of up to 1.97 crore shares. Relevant considerations for a precision manufacturing business may include production capacity, order visibility, customer concentration, raw-material costs and capital expenditure requirements.

SFC Environmental Technologies, described as a wastewater treatment solutions provider, has proposed a fresh issue worth Rs 150 crore alongside an offer for sale of 1.23 crore shares.

Its proposed structure combines fundraising for the company with a potential exit opportunity for existing shareholders. Investors should review the stated purpose of the fresh issue and assess the company’s project pipeline, execution record, receivables, margins and exposure to public-sector or industrial customers.

These businesses represent different investment propositions. Their financial structures, revenue models and principal risks should be considered separately rather than evaluated solely on the basis of IPO size.

Why IPO Fundraising Remains Important for Indian Companies

Public offerings can serve several purposes beyond raising headline amounts of capital.

A fresh issue can finance expansion, investment in equipment, research and development, working capital or repayment of borrowings, depending on the terms disclosed in the prospectus. An offer for sale allows existing shareholders to sell part of their holdings and can increase the number of shares available to public investors.

Companies may also use an IPO to establish a publicly traded valuation, broaden their shareholder base and create a framework for future capital-market access.

However, an IPO does not automatically improve a company’s operating performance. Investors still need to examine how the business generates revenue, manages costs, allocates capital and handles competitive pressures.

For this reason, the distinction between fresh issues and OFS transactions is particularly important when comparing companies in the same IPO pipeline.

Investors Become More Selective on Valuation and Earnings

The supplied report quotes Neha Agarwal, identified as Managing Director and Head of Equity Capital Markets at JM Financial, as saying that the primary market continues to benefit from domestic liquidity and selective foreign capital, even as secondary-market flows fluctuate.

The report also attributes to Agarwal the view that investor behaviour is shifting towards quality and valuation-driven decisions.

These observations highlight a central consideration for the IPO market: strong demand for new listings does not remove the need to assess the underlying business and the price investors are being asked to pay.

Companies with clearer earnings visibility, sound governance practices and efficient capital allocation may be better placed to explain their long-term investment case. However, even a well-established business can produce disappointing investment returns if its IPO valuation is too high.

Similarly, an offer for sale is not automatically unattractive. Existing shareholders may sell for a variety of reasons, and the significance of the transaction depends on the company’s financial position, the selling shareholders’ identities and the terms of the issue.

Investors should read the risk factors and financial disclosures rather than relying exclusively on headlines, sector narratives or market sentiment.

What Investors Should Check Before Applying for an IPO

With multiple offerings potentially competing for investor funds, a consistent evaluation process can help investors compare opportunities.

1. Examine the valuation. Compare the company’s valuation with its earnings, revenue growth, cash flow and relevant listed peers. A growing business is not necessarily an attractively priced investment.

2. Understand the use of proceeds. Determine how much money will go to the company through a fresh issue and how much will go to existing shareholders through an OFS.

3. Review financial performance. Assess revenue trends, profitability, operating cash flow, debt, working capital and the sustainability of earnings.

4. Read the risk factors. Look for customer concentration, pending litigation, regulatory exposure, related-party transactions and dependence on key suppliers or contracts.

5. Assess corporate governance. Examine promoter holdings, shareholder rights, board oversight, auditor disclosures and related-party arrangements.

6. Consider market conditions. Secondary-market volatility, interest rates, liquidity and competing IPOs can affect investor demand and listing performance.

7. Verify the latest issue details. Confirm subscription dates, price bands, lot sizes and application rules through official documents and exchange information before applying.

IPO investing carries market risk. Subscription demand and listing gains are not guaranteed, and investors should make decisions based on their financial circumstances, risk tolerance and independent assessment of the offer.

October IPO Pipeline: What Happens Next?

October’s reported IPO pipeline reflects continued interest in India’s public equity markets across several industries. Jio Platforms is expected to be the largest offering in the group, while Zetwerk, Avaada Electro and a range of smaller companies could broaden the available choices.

The final outcome will depend on confirmed launch dates, valuations, regulatory and exchange requirements, and prevailing market conditions.

For investors, the opportunity is not simply to participate in as many offerings as possible. It is to distinguish between businesses with credible financial prospects and offerings whose valuations leave insufficient room for risk.

As the month progresses, official prospectuses, final price bands and subscription data will provide a clearer picture of which companies are moving ahead and how the market is responding.

The key lesson is straightforward: a busy IPO calendar creates more investment choices, but disciplined valuation analysis and careful reading of offer documents remain essential.