IPO GMP Today: 7 Issues Open to Raise ₹5,000 Crore, Moneyview Leads with 41% Premium
Primary markets on Dalal Street are witnessing a bustling flurry of deal-making activity on Thursday, September 24. Even as the benchmark National Stock Exchange of India (NSE) staged its landmark secondary market debut, investor attention has rapidly broadened across the primary market pipeline, where seven public issues are currently open for subscription. With two offerings exceeding an issue size of ₹1,000 crore, these seven companies are collectively poised to raise approximately ₹5,000 crore from the domestic market. Amid moderate post-listing initial gains seen in select recent debuts, market participants and retail bidders are closely tracking unofficial Grey Market Premiums (GMP) to gauge listing expectations, with four of the seven active issues commanding expected listing gains of 10 percent or higher.
Understanding Grey Market Premiums and Investor Risk
Before analyzing the numbers, market veterans emphasize that the Grey Market Premium (GMP) is an unregulated, unofficial secondary indicator that reflects prevailing over-the-counter speculative sentiment and can fluctuate rapidly based on intraday market volatility. The final listing day price may diverge sharply from grey market indications depending on broader market trends and institutional appetite. Financial advisors routinely recommend that capital allocation decisions be anchored strictly on a company's underlying balance sheet fundamentals, operational earnings quality, competitive moat, and comparative equity valuation multiples rather than grey market indicators. The tracker data compiled below reflects figures sourced from InvestorGain.
Moneyview Leads the Pack with 41% Premium, Adroit Industries at 25%
Fintech player Moneyview emerged as the undisputed leader in grey market demand on September 24. With an issue price fixed at ₹34 per share (within a price band of ₹32 to ₹34), the stock is commanding a grey market premium of ₹14, translating to an expected listing premium of 41.18 percent. Operating a consumer-facing digital financial services platform that facilitates digital lending and credit products, the public issue opened on September 24 and closes on September 28, clocking a 37 percent total subscription rate by 11:25 AM on day one according to NSE data. Auto-component manufacturer Adroit Industries takes the second spot, boasting a GMP of ₹34 over its issue price of ₹134, signaling an expected listing gain of 25.37 percent. The company, which manufactures propeller shafts and torque-transmission assemblies for heavy and light commercial vehicle applications, opened its issue on September 23 with bidding concluding on September 25.
Mid-Tier Performers: ArMee Infotech and A-One Steels Post Over 13% Gains
In third position, IT infrastructure and enterprise managed services firm ArMee Infotech is trading at a grey market premium of ₹51 against its issue price of ₹375, indicating an anticipated listing pop of 13.60 percent for its issue running from September 23 to September 25. In absolute rupee terms, industrial manufacturer A-One Steels commands the highest nominal premium on the board at ₹55 per share; relative to its higher issue price of ₹405, this translates to a 13.58 percent listing premium. Specializing in specialized structural steel products, A-One Steels launched its issue on September 24, with public bidding active through September 28.
Single-Digit Premiums: Swastika Infra, Elevate Campuses, and Varmora Granito
The remaining three active offerings reflect subdued grey market interest. Swastika Infra, which executes engineering, procurement, and construction (EPC) projects across power transmission and grid distribution networks, is trading at a premium of ₹9.50 over an issue price of ₹185, representing a modest 5.14 percent premium for its September 23 to September 25 issue. Institutional accommodation and student living provider Elevate Campuses records a marginal premium of ₹4.50 over its ₹362 issue price, working out to a listing gain of 1.24 percent across the same September 23 to September 25 subscription window. Bringing up the rear, ceramic and vitrified tile manufacturer Varmora Granito is trading at a flat 0 percent premium with a GMP of ₹0 against its issue price of ₹148, closing its final day of public bidding on September 24 without any grey market mark-up.
