The primary market is also seeing strong activity as three IPOs are going on sale today (September 8, 2026) to investors. Kanohar Electricals, Prasol Chemicals and Glass Wall Systems are collectively looking to raise nearly Rs 1,984 crore from investors. More interesting is that all three issues are currently showing positive grey market premiums (GMPs).
But it is important to recognise that GMP is just an unofficial market indicator and is not indicative of the actual listing price or the listing gain.
Kanohar Electricals IPO
Kanohar Electricals IPO is the largest of the three issues and aims to raise Rs 1,055.74 crore. The issue consists of a fresh issue of 47.47 lakh shares worth Rs 300 crore and an offer for sale of 1.20 crore shares valued at Rs 755.74 crore.
According to the GMP on September 7, the IPO was at a premium of Rs 198. With the upper price band fixed at Rs 632, the listing price should be around Rs 830, implying a listing gain of 31.33%.
The price band has been fixed at Rs 601-632 per share. Retail investors can apply for 23 shares, and the minimum investment is Rs 14,536 at the upper price band.
Nuvama Wealth Management is the book-running lead manager, while MUFG Intime India is the registrar.
Prasol Chemicals IPO
Prasol Chemicals will target Rs 500 crore through its IPO. The IPO will involve a fresh issue of 11.83 lakh shares worth Rs 80 crore and an offer for sale of 62.13 lakh shares aggregating to Rs 420 crore.
The GMP was reported to be Rs 80 on September 7. With the upper price band of Rs 676, the listing price based on the GMP is around Rs 756, which represents an 11.83% listing gain.
The IPO has a price band of Rs 643-676 per share. The retail lot size is 22 shares, so investors need to invest Rs 14,872 at the upper price band for one lot.
Dam Capital Advisors is the book-running lead manager and KFin Technologies is the registrar. The company has also raised Rs 150 crore from anchor investors.
Glass Wall Systems IPO
Glass Wall Systems is looking to raise Rs 427.89 crore. That includes a fresh issue of 32.97 lakh shares worth Rs 60 crore and an offer for sale of 2.02 crore shares amounting to Rs 367.89 crore.
The reported GMP was Rs 46 on the night of September 7. From the upper price band of Rs 182, the estimated listing price is Rs 228, which indicates a potential listing gain of approximately 25.27%.
The price band is Rs 172-182 per share. Retail investors need to apply for at least 82 shares, which requires Rs 14,924 at the upper price band.
IIFL Capital Services is the book-running lead manager, while MUFG Intime India is the registrar. Glass Wall Systems has mobilised Rs 128 crore from anchor investors.
IPO Schedule
All three IPOs will open for subscription on September 8 and stay open until September 10, 2026. The reported allotment date is September 11, and refunds and credit of shares will be on September 15, 2026. The shares will list on September 16, 2026.
With positive GMPs on all three issues, we expect investor interest to be high. However, GMP-based listing estimates should not be taken as guaranteed returns. Investors should also look at the companies' financial performance, valuation, business prospects, and the proportion of fresh issue versus offer for sale in making an investment decision.
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