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Ongoing NCD IPOs 2026

Ongoing NCD IPOs allow retail investors in India to subscribe directly to primary debt offerings at face value. Governed by SEBI guidelines that mandate accessible

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When an entity needs capital, it can issue non-convertible debentures to the public under SEBI regulations. The issuer files an offer document and obtains independent credit ratings. The subscription window typically stays open for 5 to 15 working days, closing earlier if fully booked—including any green shoe option.


What are ongoing NCD IPOs?

Ongoing NCD IPOs are primary public issues open for subscription right now. They represent live primary market debt opportunities where issuers may include Non-Banking Financial Companies (NBFCs), financial institutions, or municipal bodies.

When you subscribe, you are lending capital directly to the issuer in exchange for fixed periodic interest payouts over a specified tenure. Upon completion of the issue, the debentures list on the NSE and BSE within six working days of closure, providing secondary market liquidity if needed. 

How NCD IPOs Work

  • The primary application process follows a structured path:

    The issuer files a draft prospectus with SEBI and secures credit ratings from accredited agencies. 
  • The issue opens for public subscription on the specified date. 
  • The subscription window runs for 5 to 15 working days, subject to early closure upon full subscription. 
  • Investors submit applications digitally via ASBA or UPI. 
  • Allotted debentures land directly in your Demat account, with exchange listing completing within 6 working days of closure. 

Series Structure

Public issues typically offer multiple series within one tranche so you can select your preferred tenure and payout frequency:

  • Series I: 24 months, monthly interest payouts
  • Series II: 36 months, annual interest payouts
  • Series III: 60 months, cumulative payout (interest paid at maturity)
  • Series IV: 60 months, monthly interest payouts

Yields across series may vary by 50 to 150 basis points depending on tenure and payment structure. 

Illustrative Example: Subscribing to Rs. 50,000 in a series paying 10% p.a. monthly yields approximately Rs. 416 per month in interest over a 36-month tenure, with your Rs. 50,000 principal returned at maturity. 


Risks to Understand

NCDs are fixed-income debt securities and involve specific market risks:

  1. Credit risk: The issuer's ability to service interest and principal obligations depends on financial health. Review credit ratings and offer documents prior to investing.
  2. Liquidity risk: Secondary market trading volume on exchanges can vary, which may affect exit pricing prior to maturity.
  3. Interest rate risk: Shifts in benchmark market rates can influence resale values if exiting on secondary exchanges before tenure completion.

How to Invest in NCD IPOs

On our SEBI-registered Online Bond Platform Provider (OBPP) platform:

  1. Log in to your KYC-verified account.
  2. Navigate to the Ongoing NCD IPOs section for live public issues.
  3. Review issuer parameters, credit ratings, coupon rates, and payout frequencies.
  4. Read the prospectus and key information document.
  5. Apply via UPI or ASBA for direct settlement into your Demat account upon allotment.