Glass Wall Systems, Prasol Chemicals, Kanohar Electricals IPOs close today; here's what GMP trends indicate
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The initial public offerings (IPOs) of Glass Wall Systems, Prasol Chemicals and Kanohar Electricals are set to close today, with grey market premium (GMP) trends pointing to sharply different listing expectations for the three issues.
Glass Wall Systems and Kanohar Electricals have received strong investor interest, with their IPOs subscribed 8.23 times and 10.22 times, respectively, by the end of Day 2. In contrast, Prasol Chemicals’ IPO was subscribed 0.76 times.
The allotment for all three IPOs is expected to be finalised on September 11, while shares of Glass Wall Systems, Prasol Chemicals and Kanohar Electricals are expected to make their debut on the BSE and NSE on September 16, 2026.
Glass Wall Systems IPO
Glass Wall Systems IPO has seen strong investor interest, with the issue subscribed 8.23 times by the end of Day 2. The ₹427.89 crore IPO comprises a fresh issue of 32.97 lakh shares worth ₹60 crore and an offer for sale (OFS) of 2.02 crore shares worth ₹367.89 crore.
The IPO, which opened for subscription on September 8, has a price band of ₹172-182 per share, with a lot size of 82 shares. At the upper end of the price band, retail investors need to invest ₹14,924 for one lot.
As per the exchange data, the issue was subscribed 10.96 times in the retail category and 12.41 times in the non-institutional investor (NII) category, while the qualified institutional buyer (QIB) portion excluding anchor investors was subscribed 0.30 times as of September 9.
Glass Wall Systems’ GMP has gained momentum during the IPO period. The premium stood at ₹56 on September 8 and rose to ₹66 on September 9, while it was at ₹66 today. At the current GMP, the estimated listing price is ₹248, implying a potential gain of 36.26% over the upper issue price.
Prasol Chemicals IPO
The company’s ₹500-crore issue has seen a much weaker response so far. The issue was subscribed 0.76 times by the end of Day 2. The IPO comprises a fresh issue of 11.83 lakh shares worth ₹80 crore and an OFS of 62.13 lakh shares worth ₹420 crore.
The price band has been fixed at ₹643-676 per share, while the lot size is 22 shares. Retail investors need to invest a minimum of ₹14,872 at the upper end of the price band.
The retail portion was subscribed 1.19 times, while the NII portion was subscribed 0.69 times. The QIB portion excluding anchor investors saw subscription of just 0.06 times as of September 9.
Prasol Chemicals’ GMP has weakened sharply. The stock commanded a premium of ₹30 on September 8, but the GMP fell to zero on September 9 and remained at ₹0 on September 10. This indicates no premium over the upper issue price of ₹676 based on the current grey market trend.
Kanohar Electricals IPO
The IPO has attracted the strongest overall subscription among the three issues. The ₹1,055.74 crore IPO was subscribed 10.22 times by the end of Day 2, with the NII portion subscribed 19.22 times, the retail portion 8.49 times and the QIB portion excluding anchors 6.50 times.
The IPO comprises a fresh issue of 47.47 lakh shares worth ₹300 crore and an OFS of 1.20 crore shares worth ₹755.74 crore. The price band is ₹601-632 per share, with a lot size of 23 shares and a minimum retail investment of ₹14,536 at the upper end.
Kanohar Electricals’ GMP has remained strong, rising from ₹218 on September 8 to ₹223 on September 9, and holding at ₹223 on September 10. At the current GMP, the estimated listing price is ₹855, implying a potential gain of 35.28% over the upper issue price.
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