Today’s trading session saw four mainboard and five SME IPOs debut on the Indian exchanges — a single-day record. With twenty-one more issues currently accepting bids, the primary market is seeing the most frantic week in recent times
If you glanced at the IPO ticker on your broking app this morning and thought your screen was frozen, it was not.
IPOs listed today included four mainboard listings and five SME listings. Subscription screens for twenty-one other issues listed to date were flashing across NSE and BSE apps this morning.
The primary market has delivered its most concentrated wave of new listings ever to retail investors in a single week and, quite literally, today’s trading session was like watching paint dry.
There is no clean historical comparison for this level of primary-market activity in a single trading session. This is, quite genuinely, a first.
The Nine Debutants
Whilst many IPOs opened to remarkable gains for investors, including those that saw listings of over 75% to their offer price, others traded very indifferently including one that even listed at a discount to its issue price!
Elevate Campuses was the largest IPO of the day to list at a huge Rs. 2,100 crores but went to trade at a 1.91% discount to its issue price.
It is to be noted that although, ArMee Infotech listed on the Main Board at issue price but, for the NSE SME platform, Liqvd Digital traded at a small discount on its listing day.
| Company | Segment | Issue Price (₹) | Listing Price (₹) | Premium/Discount | Sub. (x) |
|---|---|---|---|---|---|
| Adroit Industries | Mainboard | 134 | 235.00 | +75.37% | 176.85 |
| Swastika Infra | Mainboard | 185 | 200.00 | +8.11% | 7.91 |
| Pooja Logistics | NSE SME | 115 | 118.00 | +2.61% | 3.11 |
| Unitec Fibres | BSE SME | 88 | 90.00 | +2.27% | 3.92 |
| S.K.Offset | BSE SME | 125 | 126.00 | +0.80% | 1.18 |
| Coreintegra Consulting | NSE SME | 78 | 78.10 | +0.13% | 1.40 |
| ArMee Infotech | Mainboard | 375 | 375.00 | 0.00% | 2.62 |
| Liqvd Digital | BSE SME | 54 | 53.73 | -0.50% | 5.08 |
| Elevate Campuses | Mainboard | 362 | 355.10 | -1.91% | 1.89 |
Source: BSE, NSE listing announcements, 30 September 2026
And Now the Twenty-One Still Open
And Now the Twenty-One Still Open
Five offers are being closed today itself. Three offers will be closed tomorrow. Eleven SME offers are scheduled to close on October 5, 2016 and two mainline offers on October 6, 2016. At present, the intensity is maximum on Vans Electroengineerings (BSE SME) offer of Rs. 33.98 crores at issue price of Rs. 118/-.
This has already been subscribed 14.25 times in the market.
SRIT India (Main Board Offer of Rs. 218 crores) is subscribed 13.98 times in the market and its GMP is trading at Rs. 33/- (25% over issue price). Shah Investor’s Home (Main Board Offer of a financial services company of Rs. 90 crores) which is being subscribed 2.73 times in the market.
While most of the issues that are opening are seeing great traction on the very first day. Some have just kickstarted the bidding process.
These include Vishal Nirmiti, Nityas Gems & Jewellery (both open), and Omara Ventures India, among others.
| Company | Board | Issue Size | Total Sub (x) | GMP | Closes |
|---|---|---|---|---|---|
| Vans Electroengineerings | BSE SME | ₹34 Cr | 14.25 | ₹90 (76%) | 1 Oct |
| SRIT India | Mainboard | ₹218 Cr | 13.98 | ₹33 (25%) | 30 Sep |
| Shah Investor’s Home | Mainboard | ₹90 Cr | 2.73 | ₹15 (9%) | 30 Sep |
| Pind Hospitality | BSE SME | ₹18 Cr | 1.26 | ₹7 (7%) | 30 Sep |
| Shivchem Agro | BSE SME | ₹14 Cr | 1.10 | ₹3 (5%) | 30 Sep |
| Vishal Nirmiti | Mainboard | ₹178 Cr | 0.02 | ₹6 (3%) | 5 Oct |
| Nityas Gems & Jewellery | Mainboard | ₹108 Cr | 0.08 | ₹3 (4%) | 5 Oct |
| Acme India Industries | BSE SME | ₹122 Cr | 0.02 | ₹30 (15%) | 6 Oct |
Source: Live subscription data, 30 September 2026, 11:10 AM. GMP figures indicative and subject to change
What to Know
It is always better to look at the subscription numbers when retail is investing heavily in primary market issues. In most cases, three points are relevant for the retail investors.
First, the issue is heavily subscribed leading to poor allotment ratio. For instance, the issue of Adroit Technologies has been heavily subscribed and leading to poor allotment ratio for retail investors. Second, quality dispersion increases.
For example, while Adroit and Robokidz Eduventures listing higher of +70% / +90%, other issues such as Elevate Campuses and ArMee Infotech traded flat / lower on their listing day. Finally, it is very difficult to select and place disciplined bids on IPOs as there is a lot of noise. Most retail investors tend to lose money on IPOs.
Filter through the list of issuances opening this week to focus on some fundamentals such as the issue P/E ratio, promoter’s past track record, applications of the issue proceeds, and issue size versus issue’s float on the exchange.
The GMPs for SMEs on the other hand can be treated with the disdain as they have in the past inverted violently between the last day of bidding and listing day in crowded weeks.
