Six Mainboard IPOs Set to List on September 17; LCC Projects Leads Grey Market Premiums

India’s primary market is heading into a packed Thursday, with six mainboard companies scheduled to make their stock-market debut on September 17. LCC Projects, Rentomojo, Steamhouse India, Karamtara Engineering, Asset Reconstruction Company (India) and Manipal Payment & Identity Solutions are all due to list on the BSE and NSE. 

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Ahead of the listings, grey-market activity shows a wide difference in sentiment across the six issues. LCC Projects is at the top of the pack, while Manipal Payment & Identity Solutions is the only one trading at a discount. 

As of September 16, LCC Projects carried a grey market premium (GMP) of ₹41, equivalent to 28.08% over its issue price. The company operates in the EPC space, with its business primarily centred on irrigation and water-supply infrastructure across several states. 

Rentomojo was close behind with a GMP of ₹103, or 25.50% over its upper issue price of ₹404. The company runs a direct-to-consumer subscription business for furniture and appliances, covering procurement, rentals, refurbishment, logistics and redeployment of assets. 

Steamhouse India was quoting at a ₹16 GMP, translating into a 19.75% premium. Its business revolves around centralised steam and nitrogen generation and distribution systems for industrial customers. 

Karamtara Engineering’s GMP stood at ₹43, representing a 16.93% premium. The company makes equipment and components used in renewable energy and power transmission, including solar mounting structures, tracker components and transmission towers. It has manufacturing operations in India and Italy and serves customers in more than 50 countries. 

The grey-market indication was more restrained for Asset Reconstruction Company (India), or Arcil. Its GMP was ₹10, equivalent to 7.19% over the upper issue price of ₹139. Arcil operates in the stressed-asset resolution business. 

Manipal Payment & Identity Solutions stood apart from the other five issues. Its GMP was minus ₹15, putting it at a 4.42% discount to the upper issue price of ₹339. The IPO had received comparatively subdued demand, with subscription at around 1.42 times. 

That leaves a sizeable spread in grey-market indications on the eve of listing — from a 28.08% premium for LCC Projects to a 4.42% discount for Manipal Payment & Identity Solutions. 

Grey market premiums, however, are unofficial indicators and can change before shares begin trading. They do not determine or guarantee the price at which a stock will eventually list. 

With allotments completed, formal price discovery for all six companies will begin when their shares make their BSE and NSE debut on September 17.