The main market in India is going to have a busy day because three mainboard Initial Public Offerings (IPOs) open for public subscription on 8 September 2026. Kanohar Electricals, Glass Wall Systems (India) and Prasol Chemicals are among them.
The latest grey market premium (GMP) has put Kanohar Electricals at the top of the three-IPO comparison, followed by Glass Wall Systems and Prasol Chemicals. Investors should be aware that GMP is not an accurate measure of performance and is an informal market measure and can change before listing. And it is not a guarantee of listing returns or a substitute for understanding a company's core business.
Kanohar Electricals IPO is a ₹1,055-crore plus issue and has a price band of ₹601–₹632 per share. The company is a transformer manufacturer and has raised ₹300 crore through a fresh issue and the rest is through an offer for sale. The IPO will conclude on September 10.
Based on the GMP figure in the latest market update, Kanohar Electricals is showing a premium of 31% out of the three issues on the grey market and hence it’s the best performer among them. Market trackers have also reported strong GMP levels for the issue.
Glass Wall Systems (India) IPO is also taking place from September 8 to September 10. The company has set its price range of ₹172 to ₹182 per share and the issue size is around ₹428 crore. Glass processing and façade solutions are the sectors of its business.
Glass Wall Systems is currently showing a GMP of about 28%, according to the figures in the latest update. Economic Times also reported that the IPO opened with a GMP signalling a potential premium of around 28% but it is all about market conditions and it can change very rapidly.
The third issue, Prasol Chemicals IPO, is a ₹500-crore public offering. The specialty chemicals company has put its price band at ₹643–₹676 per share. The company is going to do a fresh issue of ₹80 crore and offers for sale up to ₹420 crore. The subscription window is also September 8–10.
Prasol Chemicals has the lowest GMP of the three in the new update at about 8.1%. Current market reporting also puts its GMP around the 8% level.
For investors comparing the three IPOs, the GMP figures could make Kanohar Electricals look the best to them for potential listing gains, followed by Glass Wall Systems and Prasol Chemicals. GMP does not measure business quality. It reflects informal grey-market sentiment and can rise or fall significantly before the actual listing.
Investors should look at revenue growth, profitability, debt levels, valuation, promoter holdings, the purpose of the IPO proceeds, industry outlook, and the risks disclosed in the company's offer documents before taking an investment decision.
The September 8 IPO activity comes amid a much greater share of the primary market in India’s wake. There are six mainboard IPOs on September 9, a record number of companies to open and a crowded IPO market. The six September 9 offerings target up to ₹45.11 billion in total.
With so many issues competing for investor capital in such a short time period, subscription trends and valuation discipline could become very important for investors. For retail investors, the basic question is not “Which IPO has the highest GMP?” but if the company’s fundamentals are good enough to justify the valuation being given to shareholders.
GMP figures are unofficial and fluctuate frequently and do not guarantee listing gains. Investors need to apply on their own and look at official IPO documents before applying.
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