The Indian primary market is set for a busy week, with several high-profile IPOs opening for subscription. Among the most closely watched names are Hero Motors, SS Retail, Sonaselection India, NSE and A-One Steels. Strong gray-market signals for some issues, established business models, and expectations of healthy listing demand are driving investor interest.
Hero Motors is emerging as one of the week’s strongest IPO candidates. The Rs. 1,000-crore issue opens on September 16 and closes on September 18, with a price band of Rs. 79-84 per share. Its latest GMP of around Rs. 24 indicates a potential listing price of about Rs. 108, representing a premium of nearly 29% over the upper price band.
The company plans to use fresh-issue proceeds for debt repayment, capital expenditure, and inorganic growth. Its improving EBITDA margin also adds to the investment case.
SS Retail will also open on September 16, targeting Rs. 500 crore through a combination of fresh shares and an offer for sale. The issue is priced at Rs. 403-424, while gray-market indications point toward a potential listing around Rs. 544-564.
However, investors should watch its concentration risks. Nearly 89% of revenue comes from Maharashtra, and around 86% of sales come from mobile phones, making diversification an important driver of future growth.
The Rs. 22,562-crore NSE IPO is arguably the week’s biggest event. The issue is priced at Rs. 1,700-1,785 and is scheduled to open on September 17. Its GMP is around Rs. 208, suggesting an indicative listing price near Rs. 1,993.
With NSE commanding dominant market shares across cash and derivatives segments, the IPO could attract substantial institutional interest.
Also Read: NSE IPO Nears with Rs. 12.64 Cr Shares on Offer, Key Risks in Focus
Sonaselection India will open on September 17 at Rs. 94-99 per share, seeking around Rs. 141.6 crore. The Rajasthan-based fabric manufacturer plans to use the proceeds to repay debt, purchase machinery, and fund general corporate purposes.
Unlike Hero Motors and SS Retail, its current GMP is around zero, suggesting limited gray-market excitement ahead of the issue.
A-One Steels India will open its Rs. 405-crore IPO on September 24. The company operates six manufacturing facilities with installed capacity of 17.33 lakh tonnes per annum. It plans to use a substantial portion of the proceeds for expansion and debt repayment.
Overall, Hero Motors, SS Retail and NSE currently appear to have the strongest market momentum, based on gray-market indications. Sonaselection India may require closer scrutiny given its muted GMP, while A-One Steels could attract attention as investors assess its expansion plans. However, actual subscription levels, broader market conditions, and listing-day sentiment will ultimately determine performance.