India’s primary market is heading into one of its busiest weeks in September, with a cluster of mainboard IPOs set to hit the market. The 10 companies in focus, Pranav Constructions, Kanohar Electricals, Glass Wall Systems, Prasol Chemicals, LCC Projects, Asset Reconstruction Company, Steamhouse India, Rentomojo, Manipal Payment and Identity Solutions and Karamtara Engineering, span real estate, electrical equipment, chemicals, infrastructure, financial services, payments and consumer rentals.
The broader IPO market remains buoyant. As many as 16 issues across the mainboard and SME segments are lined up this week, seeking to raise more than Rs. 7,000 crore.
The gray market offered an early indication of where investor interest was building before the issues opened. Rentomojo emerged as the strongest name, with a GMP of 38%, followed by Pranav Constructions at 35%, Kanohar Electricals at 32%, Glass Wall Systems at 23% and Karamtara Engineering at around 22%.
Prasol Chemicals commanded a GMP of about 18%, while LCC Projects stood at 17%. Manipal Payment and Identity Solutions was more subdued at around 7%. Asset Reconstruction Company and Steamhouse India had no meaningful GMP, leaving their prospects more dependent on actual subscription demand.
The latest gray-market data, however, shows some movement. As of September 7, Pranav Constructions was quoting at a GMP of Rs. 44, implying a 35.48% premium over its upper price band. Kanohar Electricals stood at Rs. 205, while Rentomojo was at Rs. 149, indicating estimated gains of 32.44% and 36.88%, respectively.
Rentomojo is likely to remain one of the biggest attractions in the market. The company is looking to raise Rs. 1,255.57 crore at a price band of Rs. 384-404. Its GMP remains the strongest among the companies in focus, signaling robust gray-market expectations.
Kanohar Electricals, with a Rs. 1,055.74 crore issue and price band of Rs. 601-632, is another major issue investors will watch closely. Its Rs. 205 GMP currently translates into a potential 32.44% premium over the upper price band.
Karamtara Engineering is seeking Rs. 875 crore at Rs. 241-254 per share. Its GMP of Rs. 55 indicates an estimated 21.65% premium, keeping it firmly among the week’s stronger offerings.
Also Read: Rentomojo IPO to Raise Rs. 1,256 Crore, Listing Date, Lot Size Revealed
Pranav Constructions opened on September 7 with a Rs. 351.03 crore issue at Rs. 118-124. Its GMP of Rs. 44 currently signals strong pre-listing sentiment.
Glass Wall Systems and Prasol Chemicals will open on September 8. Glass Wall Systems has a Rs. 427.89 crore issue priced at Rs. 172-182, while Prasol Chemicals is raising Rs. 500 crore at Rs. 643-676. Their latest GMPs stand at Rs. 35 and Rs. 120, respectively.
The numbers suggest that investors are differentiating between sectors and valuations rather than indiscriminately chasing every IPO.
LCC Projects, with a Rs. 427.14 crore issue, currently carries a GMP of Rs. 25 against the Rs. 146 upper price band. That represents an estimated 17.12% premium.
Manipal Payment and Identity Solutions has an Rs. 805-crore issue with a price band of Rs. 322-339. Its GMP of Rs. 30 indicates an estimated 8.55% premium. The relatively low gray-market premium suggests investors may place greater emphasis on subscription numbers and valuation at the time of the issue.
Asset Reconstruction Company is scheduled to open on September 9 with a Rs. 732.97 crore issue priced at Rs. 132-139. It currently has no meaningful GMP.
Steamhouse India will also open on September 9. Its Rs. 414 crore issue will run until September 11. The company has not yet developed an active GMP, making institutional and high-net-worth investor participation particularly important to watch.
The immediate backdrop is mixed. The Nifty 50 and Sensex declined on September 7 as Middle East tensions, higher crude prices, and expectations of a US rate hike weighed on sentiment.
Yet the primary market continues to attract companies and investors. The broader IPO pipeline has swelled to Rs. 4.67 lakh crore across approved and submitted issues, underlining the scale of India’s fundraising cycle.
For this week, Rentomojo, Kanohar Electricals and Pranav Constructions appear to enter with the strongest gray-market momentum. At the same time, Glass Wall Systems, Prasol Chemicals, and Karamtara Engineering also signal positive momentum. For Asset Reconstruction Company and Steamhouse India, actual subscription data could prove more important than GMP.
The key market takeaway is clear: investor appetite remains healthy, but increasingly selective. With more than Rs. 7,000 crore of IPO supply arriving in a single week, valuation, sector outlook and institutional participation could determine which issues sustain momentum beyond listing day.