NSE-led five mainboard IPOs worth over ₹24,000 cr set to hit D-Street this week; check dates, price band, latest GMP
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India’s primary market is heading into one of its busiest stretches of the year, with five mainboard IPOs set to open over the next two days, led by the ₹22,561.57-crore initial public offering of the National Stock Exchange (NSE).
The NSE IPO, opening September 17, is entirely an offer for sale (OFS), with existing shareholders looking to sell up to 12.64 crore shares at ₹1,700-₹1,785 apiece. The exchange itself will not receive any proceeds from the issue. The offer values NSE at up to about ₹4.42 lakh crore.
The grey market, however, has cooled ahead of the issue. NSE's GMP stood at ₹190 at 12:36 PM on September 15, implying a listing price of ₹1,975, or a 10.64% premium to the upper price band. The GMP was ₹208 on September 14 and ₹218 on September 11, showing that the premium has moderated even as the IPO approaches.
Three IPOs open tomorrow
The next big batch hits the market on September 16, with Hero Motors, SS Retail and Jindal Supreme opening for subscription.
Hero Motors is looking to raise ₹1,000 crore, comprising a ₹600-crore fresh issue and ₹400 crore OFS. Its ₹79-84 price band currently commands a ₹21.5 GMP, or a potential 25.6% listing premium, as of 12:32 PM.
SS Retail, which operates a multi-brand retail business, will raise ₹500 crore through a ₹360-crore fresh issue and ₹140 crore OFS. At ₹403-424, its ₹145 GMP at 1 PM implies a potential 34.2% listing gain — the strongest premium among the upcoming mainboard issues.
Jindal Supreme has fixed its band at ₹88-93 and will raise about ₹124.88 crore through a fresh issue of 1.07 crore shares and an OFS of 26.87 lakh shares. Its ₹27 GMP at 12:57 PM implies a 29.03% premium.
Then comes Sonaselection India on September 17. The textile company will raise ₹141.57 crore entirely through a fresh issue of 1.43 crore shares, priced at ₹94-99. Its GMP was only ₹5 at 12:57 PM, implying a modest 5.05% listing premium.
Two IPOs already live
The current subscription picture has strengthened sharply during the day. Veegaland Developers, closing today, was around 5.91x subscribed on the NSE's live bid data, while Manika Plastech, which closes September 16, was around 4.36x subscribed.
Veegaland's ₹210-crore issue is entirely fresh, while Manika Plastech is raising ₹125.5 crore, split between a ₹92.5-crore fresh issue and ₹33 crore OFS.
GMP-wise, SS Retail currently leads the upcoming pack, followed by Jindal Supreme and Hero Motors. NSE remains the marquee issue, but its falling GMP will be closely watched as investors assess whether the country's biggest exchange can command a premium after listing.
(DISCLAIMER: GMP is an unofficial indicator and does not guarantee the actual listing price. The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)