IPO Rush: 10 Issues Open for Bidding as Companies Look to Raise ₹7,288 Crore

India’s primary market is unusually crowded on Wednesday, September 9, with 10 initial public offerings open for subscription at the same time. Together, the companies are looking to raise ₹7,288.34 crore. 

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Six of these IPOs Rentomojo, Karamtara Engineering, Manipal Payment & Identity Solutions, Asset Reconstruction Company (India), LCC Projects and Steamhouse India opened for bidding on Wednesday. Three other issues have entered their second day, while Pranav Constructions is approaching the end of its subscription period. 

With so many companies competing for investor attention, activity in the unofficial grey market has also picked up. Current premiums vary considerably across the 10 issues, with Kanohar Electricals, Pranav Constructions and Rentomojo showing some of the stronger indications. 

Kanohar Electricals Leads Grey Market Premiums 

Kanohar Electricals currently carries the highest implied listing gain among the IPOs covered in the report. 

Its grey market premium (GMP) stands at ₹225. Against the upper end of its price band of ₹632, that points to an estimated listing price of ₹857 — a premium of around 35.60%. 

The company is looking to raise ₹1,055.74 crore. Of this, ₹300 crore will come through a fresh issue, while the remaining ₹755.74 crore is an offer for sale. 

Pranav Constructions is not far behind. Its GMP of ₹44 against an issue price of ₹124 indicates an estimated listing price of ₹168, or a premium of around 35.48%. 

The ₹351.03 crore IPO, which opened on September 7, closes on Wednesday. It includes ₹315.6 crore of fresh capital and an OFS worth ₹35.43 crore. 

Rentomojo GMP Points to 33% Premium 

Among the six IPOs opening on Wednesday, Rentomojo is seeing the strongest grey market indication. 

Its GMP stands at ₹134. With the upper end of the price band fixed at ₹404, the grey market is indicating a listing price of around ₹538, representing a premium of 33.17%. 

Rentomojo is also the largest of the 10 IPOs in fundraising terms. Its ₹1,255.57 crore issue comprises ₹150 crore of fresh shares and a ₹1,105.57 crore OFS. 

Retail investors can apply for a minimum lot of 37 shares, requiring ₹14,948 at the upper end of the ₹384-404 price band. 

Glass Wall Systems (India) is another issue showing a sizeable grey market premium. Its GMP of ₹58 against the upper price of ₹182 translates into an estimated listing price of ₹240, or a premium of 31.87%. 

The company is seeking ₹427.89 crore through its IPO, including ₹60 crore in fresh capital and ₹367.89 crore through an OFS. 

LCC Projects, Karamtara and Steamhouse Also See Premiums 

LCC Projects is commanding a GMP of ₹40. Against its upper price of ₹146, the implied listing price works out to ₹186, indicating a premium of 27.40%. 

Its ₹427.14 crore issue consists of ₹258 crore in fresh shares and a ₹169.14 crore OFS. 

Karamtara Engineering follows with a GMP of ₹65. The indication puts its estimated listing price at ₹319 against an upper issue price of ₹254, translating into a premium of 25.59%. 

Karamtara plans to raise ₹875 crore, including a ₹675 crore fresh issue and ₹200 crore OFS. 

Steamhouse India, meanwhile, has a GMP of ₹18. Against an upper price of ₹81, that suggests an estimated listing at ₹99 — around 22.22% above the issue price. Its IPO size stands at ₹414 crore. 

ARCIL and Manipal Payment See More Moderate Premiums 

Asset Reconstruction Company (India), or ARCIL, is seeing a GMP of ₹30. With its upper issue price at ₹139, the grey market indication puts the stock at around ₹169 on listing, a premium of 21.58%. 

ARCIL’s ₹732.97 crore issue is entirely an OFS, comprising 5.27 crore shares. 

The indication is more modest for Manipal Payment & Identity Solutions. Its GMP stands at ₹33 against an upper price of ₹339, suggesting an estimated listing price of ₹372 and a premium of 9.73%. 

The company is raising ₹805 crore through a combination of ₹320 crore in fresh shares and a ₹485 crore OFS. 

Prasol Chemicals has the smallest grey market premium among the IPOs covered. Its GMP of ₹15, when added to the upper price of ₹676, points to an estimated listing price of ₹691 — a premium of just 2.22%. 

The company’s ₹500 crore offering consists of an ₹80 crore fresh issue and a ₹420 crore OFS. 

With 10 IPOs simultaneously seeking investor money, September 9 has turned into a busy session for India’s primary market. Grey market activity currently puts Kanohar Electricals, Pranav Constructions and Rentomojo towards the top of the pack, but these premiums remain unofficial indicators and do not guarantee how the shares will perform when they eventually list.