The Great IPO Rush of September: Why 11 Companies Are Racing to List in One Week

IPO GMP This Week: 11 mainboard IPOs are opening this week to raise ₹7,055 crore ahead of a SEBI approval deadline. Here’s the full GMP scoreboard, company by company.

By North Desk Bureau

India’s primary market is in the middle of its busiest week of the year: eleven mainboard companies trying to raise ₹7,055 crore in one seven-day window. There’s a real reason behind the rush, and a wide range of grey market premiums telling very different stories about which of these are worth watching.

If it feels like a new IPO is opening every single day this week, that’s not an illusion. Between September 7 and September 15, eleven mainboard companies are attempting to raise a combined ₹7,055 crore: one of the most crowded IPO calendars India’s primary market has seen in months.

Why now — the deadline behind the rush

IPO GMP This Week: The glut isn’t a coincidence. Markets started 2026 on a weak note, with geopolitical tensions denting investor sentiment and pushing several companies to delay their listing plans. To give issuers breathing room, the Securities and Exchange Board of India allowed IPO approvals that were set to expire between April 1 and September 30, 2026, to remain valid until September 30 — sparing companies from having to seek fresh regulatory approval.

That relief is now creating its own traffic jam. With the September 30 deadline approaching, issuers and their investment bankers are rushing to get their offerings out before the window closes, rather than risk having to restart the approval process. The result: a calendar that would normally spread these listings across a month or more is instead compressed into a single week.

IPO GMP This Week: The grey market scoreboard

IPO GMP This Week: With so many issues opening within days of each other, investors are inevitably comparing them against one another — and the grey market premium (GMP), an unofficial, real-time gauge of expected listing gains, is the number everyone’s watching first. Here’s where each stands, though it’s worth reading the range itself as the real story:

Rentomojo — ₹1,256 crore issue, price band ₹384-404, opens September 9. The furniture-and-appliance rental company currently commands the strongest grey market interest of the week, with GMP suggesting gains in the 35-38% range. Its offer is heavily weighted toward an offer-for-sale (over ₹1,100 crore of the total), with only ₹150 crore as fresh issue.

Pranav Constructions — ₹351 crore issue, price band ₹118-124, opened September 7 and closes September 9. Covered separately by North Desk earlier this week, its GMP has held around 35%, making it the strongest performer among the issues that opened first.

Kanohar Electricals — ₹1,056 crore issue, price band ₹601-632, opens September 8. GMP is tracking around 30-32%, putting it among the week’s stronger names alongside Rentomojo and Pranav Constructions.

Karamtara Engineering — ₹875 crore issue, price band ₹241-254, opens September 9 and closes September 11, listing September 17. GMP sits around 22%, a solid middle-tier premium. Minimum investment for a 59-share lot is ₹14,986.

Glass Wall Systems (India) — ₹428 crore issue, price band ₹172-182, opens September 8. GMP is around 21-23%, keeping it in similar territory to Karamtara.

Prasol Chemicals — ₹500 crore issue, price band ₹643-676, opens September 8. GMP has been more modest, in the 13-18% range depending on the day.

LCC Projects — ₹427 crore issue, price band ₹139-146, opens September 9 and closes September 11, listing September 17. GMP is tracking around 17%. Minimum investment for a 102-share lot is ₹14,892.

Manipal Payment and Identity Solutions — ₹805 crore issue, price band ₹322-339, opens September 9. This one is entirely an offer-for-sale of existing shares rather than fresh capital raising, and its GMP is markedly weaker than the names above — hovering around 7%.

Asset Reconstruction Company — ₹733 crore issue, entirely an offer-for-sale, price band ₹132-139, opens September 9. GMP has shown no meaningful premium so far.

Steamhouse India — ₹414 crore issue, opens September 9 and closes September 11, listing September 17. Its price band hadn’t been finalised as of this week, and like Asset Reconstruction Company, it isn’t showing meaningful grey market interest yet.

Why the scoreboard isn’t a tip sheet

IPO GMP This Week: It’s tempting to read that list top-to-bottom and treat it as a ranked buy list. Worth resisting that urge — North Desk covered exactly this trap last week with Skyways Air Services, an IPO that had both a healthy positive GMP and 71 times subscription, and still listed nearly 10% below its issue price. Strong grey market numbers reflect sentiment among traders active in an unofficial, unregulated market — they aren’t a verified forecast, and they’ve been wrong before, in both directions. North Desk’s story included Annu Projects too, which has seen its investors lose money rapidly though it didn’t have any GMP to boast.

IPO GMP This Week: What the GMP range does reliably show is where trader appetite currently sits relative to each company’s own sector and story — real estate and rental names like Rentomojo, Pranav Constructions and Kanohar Electricals are drawing the strongest early interest this week, while pure offer-for-sale issues like Manipal Payment and Asset Reconstruction Company, where existing shareholders are cashing out rather than the company raising fresh capital, are drawing noticeably less.

With subscription windows spread across September 8 to 11, and listings following through September 17, there’s still time for all of these numbers to move — in either direction — before any of it becomes money in or out of an investor’s account.

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