6 IPOs open today: Experts weigh top bets amid crowded primary market

With six mainboard IPOs opening for subscription on Wednesday, September 9, investors face a crowded primary market and a wide choice of businesses and sectors. The six IPOs opening on Wednesday are Rentomojo, Asset Reconstruction Company (India), Manipal Payment & Identity Solutions, Steamhouse India, LCC Projects and Karamtara Engineering. Cumulatively, these IPOs are expected to raise ₹4,509 crore Market experts are largely selective, with Karamtara Engineering emerging as the strongest consensus pick, while Rentomojo also finds favour for its growth potential. Experts, however, differ on the risk-reward profile of the remaining four issues.

 

Santosh Meena, head of research at swastika investmart, said that among the six mainboard IPOs opening between September 9 and September 11, Karamtara Engineering emerges as the top primary recommendation for both listing gain seekers and long-term investors. 

 

 

“Priced at ₹241–₹254 per share (P/E at 35.7 times), its strong financial trajectory, backed by a 64 per cent net profit growth in FY26 to ₹228.75 crore and tailwinds in solar mounting structures, wind towers, and power infrastructure, justify the valuation, especially with ₹600 crore of its fresh issue dedicated to debt reduction to boost future net margins,” he said.

 

Gurmeet Singh Chawla, MD, Master Portfolio Services said Infrastructure, renewable energy, and industrial manufacturing have long term potential and could therefore positively contribute to Karamtara Engineering and LCC Projects since they are operating in these areas. 

 

“Overall, growth-oriented investors might be more interested in Karamtara Engineering and Rentomojo. Rentomojo looks well placed to profit from the rise in the consumer rental market and strong growth prospects,” he said.

 

For Asset Reconstruction Company (India) he said that the IPO should attract those looking for an established and profitable business, while the others are good plays for investors who want to gain exposure to payments, industrial, and infrastructure sectors.

 

Vinit Bolinjkar, head of research at Ventura said that “we believe Karamtara Engineering and Rentomojo stand out as the more attractive options for investors.”

 

Karamtara Engineering is a fundamentally strong, profit-backed business operating in the renewable energy and power transmission space, he said.

 

“More importantly, unlike many new-age IPOs that are yet to turn profitable, Karamtara already generates consistent revenue and profits, which gives investors a much clearer picture of its earnings power and valuation,” Bolinjkar noted.

 

For Rentomojo he noted that the company’s model appeals particularly to urban millennials and young professionals who value flexibility and lower upfront costs, especially in a country where consumption patterns are gradually shifting away from ownership toward access-based models. 

 

“While the business is at an earlier, highergrowth stage compared to Karamtara, and therefore carries relatively higher risk, it gives investors a chance to participate early in a theme that could scale meaningfully as urban consumption habits evolve. It's better suited to investors with a higher risk appetite who are looking for growth potential rather than immediate profitability,” he said.

 

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