India’s primary market is unusually busy this week, with a dozen Mainboard IPOs open, closing, or about to open between 7–16 September 2026. This piece rounds up today’s live GMP, price bands, indicative listing prices, and subscription numbers, and explains how to read them before you commit funds.
IPO GMP Today Live Table
Figures below are sourced from IPO Ji’s live GMP tracker, as of 10 Sep 2026, ~8:15 AM IST, ranked by GMP percentage. GMP is informal grey-market data collected by multiple trackers, so you will see small variations between platforms (e.g., IPO Market and GMP IPO Watch show slightly different numbers for the same stock at the same hour). Treat the exact rupee figure as indicative, not exact.
| IPO | Price Band (₹) | GMP (₹) | GMP % | Indicative Listing Price (₹)* | Open – Close | Status |
|---|---|---|---|---|---|---|
| Kanohar Electricals | 601–632 | +215 | +34% | 847 | 8–10 Sep | Open, closes today |
| Rentomojo | 384–404 | +135 | +33% | 539 | 9–11 Sep | Open |
| Glass Wall Systems (India) | 172–182 | +58 | +32% | 240 | 8–10 Sep | Open, closes today |
| Pranav Constructions | 118–124 | +38 | +31% | 162 | 7–9 Sep | Closed |
| Manika Plastech | 40–43 | +11 | +26% | 54 | 11–16 Sep | Upcoming |
| Karamtara Engineering | 241–254 | +68 | +27% | 322 | 9–11 Sep | Open |
| LCC Projects | 139–146 | +34 | +23% | 180 | 9–11 Sep | Open |
| Steamhouse India | 77–81 | +16 | +20% | 97 | 9–11 Sep | Open |
| Asset Reconstruction Co. (Arcil) | 132–139 | +23 | +17% | 162 | 9–11 Sep | Open |
| Veegaland Developers | 130–140 | +18 | +13% | 158 | 10–15 Sep | Open |
| Manipal Payment & Identity Solutions | 322–339 | +10 | +3% | 349 | 9–11 Sep | Open |
| Prasol Chemicals | 643–676 | 0 | 0% | 676 | 8–10 Sep | Open, closes today |
*Indicative listing price = upper price band + GMP. This is a back-of-the-envelope estimate from grey-market chatter, not a forecast or exchange-published figure.
GMP is moving through the day. Kanohar Electricals, for instance, held steady at ₹215 (+34%) between the 8:15 AM and 2:30 PM readings on IPO Ji, but earlier in the week it had ranged between ₹30 and ₹225 as anchor allocation news came in. Always check the live tracker again just before you place a bid.
What Is IPO GMP, and How Reliable Is It?
GMP (Grey Market Premium) is the unofficial premium at which IPO shares are informally quoted before listing, in an unregulated, off-exchange market. If an IPO is priced at ₹600 and GMP is ₹200, the shares are informally trading around ₹800. A few things worth knowing:
- It’s not exchange data. No stock exchange, SEBI, or regulator publishes or verifies GMP it comes from informal broker/dealer networks.
- It moves fast and can reverse. GMP often swings sharply around anchor allotment day and the final day of bidding, and it can even go negative closer to listing if sentiment turns.
- A GMP above ~20% is generally read as “strong” demand, 10–20% as “moderate,” and under 10% (or negative) as “weak,” per the general convention used by most trackers, but this is a rule of thumb, not a scientific threshold.
- It doesn’t measure fundamentals. A hot GMP reflects sentiment and scarcity, not whether the underlying business is well-run, fairly valued, or has a clean balance sheet.
Subscription Status: What We Know So Far
Full subscription data (QIB/NII/Retail multiples) refreshes every 30 minutes on exchange-linked trackers and is the more concrete demand signal, since it’s compiled from actual bids placed on BSE/NSE. Two issues have clear, close-to-final numbers as of writing:
| IPO | Overall Subscription | Retail | NII/HNI | QIB | Snapshot Time |
|---|---|---|---|---|---|
| Pranav Constructions (closed) | 121x | 43.33x | 208.21x | 258.71x | Final, close of Day 3 (9 Sep) |
| Kanohar Electricals | 89.09x | 19.43x | — | — | 10 Sep, 3:59 PM |
Notice the pattern in Pranav Constructions: retail demand (43x) was healthy, but institutional demand (QIB at nearly 259x) dwarfed it. QIB and NII bids typically arrive in a rush on the final day, which is why Day 1–2 subscription numbers can be misleading. For issues still open (Rentomojo, Karamtara, LCC, Manipal Payment, Arcil, Steamhouse), the category-wise numbers are changing hour to hour; check IPO Watch’s live subscription page or the specific company’s page on Chittorgarh/IPO Ji for the exact current multiple before you bid, rather than relying on a snapshot in any article.
Anchor Investor Backing: A Useful Cross-Check
Anchor allocations (made a day or two before the IPO opens, to large institutions) are a useful, less noisy demand signal than GMP because they’re SEBI-disclosed and locked in for a minimum period. A few confirmed anchor books from this batch:
- Pranav Constructions raised ₹84.25 crore from 14 anchor investors ahead of its opening.
- Karamtara Engineering raised roughly ₹262 crore from anchor investors, with HDFC Mutual Fund among the larger buyers, according to Economic Times coverage.
When comparing IPOs, it’s worth checking what share of the anchor book went to established domestic mutual funds and insurers versus smaller or one-off entities; a heavily mutual-fund-backed anchor book is generally read as a stronger institutional vote of confidence than a thin one.
Things to Check Beyond GMP Before You Apply
A high GMP alone isn’t a reason to apply, and a flat or zero GMP isn’t automatically a reason to skip an IPO. Factors worth weighing for each issue in this batch:
- Fresh Issue vs. Offer for Sale (OFS) split: a fresh issue puts new money into the business (growth capital, debt repayment); an OFS is existing shareholders selling out, which doesn’t add capital to the company. Check the RHP for the exact split.
- Valuation vs. listed peers: compare the post-issue P/E to comparable listed companies in the same sector, not just to the IPO’s own historical numbers.
- Retail quota size: some issues (particularly those filed under certain SEBI regulations) cap retail allocation much lower than the standard 35%, which materially changes your odds of allotment even in an oversubscribed issue.
- Use of proceeds: debt repayment and capacity expansion are generally viewed differently from proceeds going largely toward an OFS payout.
- One-off or cyclical earnings bumps: if recent profit growth was driven by a temporary factor (e.g., a raw-material price swing), that’s worth flagging against a rich asking valuation.
Capital & Timing: A Practical Note
Because a blocked IPO application ties up your funds until allotment/refund (typically 3–4 working days), retail investors with limited capital generally can’t meaningfully bid on every open issue in a week like this one. Two general practices worth knowing:
- QIB and HNI demand concentrates on the final bidding day for most Mainboard issues. Day 1–2 numbers (especially retail-only) can understate or overstate the eventual picture.
- Unblocked funds from a non-allotted application are typically available to redeploy within 1–2 working days of the allotment date, which is how investors with one or two lots often “rotate” capital across several IPOs opening in the same week, but this depends on your bank’s ASBA processing speed and weekend/holiday gaps in the bidding calendar.
Disclaimer:
This article is for educational and informational purposes only and should not be considered investment advice. IPO Grey Market Premium (GMP) is an unofficial and unregulated indicator and does not guarantee the actual listing price or returns. GMP and subscription data can change frequently, so always verify the latest information, review the company’s RHP and other official disclosures, and make investment decisions based on your own research.
