IPO GMP Today (25 September 2026): Live Grey Market Premiums as 9 IPOs Open
It is a bumper Friday for India's primary market. Nine IPOs — four on the mainboard and five SME issues — open for subscription today, 25 September 2026, while four more mainboard IPOs close for bidding and one heads for allotment.
Grey market activity this morning points to a few clear standouts. Moneyview continues to command the strongest premium at over 40%, while among the issues opening today, Orient Cables (India) and German Green Steel & Power are attracting the healthiest unofficial premiums.
Important: Grey market premium (GMP) is an unofficial, market-reported figure. It reflects early sentiment among grey market dealers and can change at any time before listing — it does not guarantee the actual listing price.
IPO GMP Today: Live Grey Market Premiums
The table below collates this morning's market-reported GMPs from leading trackers (values vary slightly between dealers, so ranges are shown where sources differ). Figures are as of the morning of 25 September 2026.
| IPO | Upper price band | GMP (market-reported, unofficial) | Est. listing gain | Status |
|---|---|---|---|---|
| Moneyview | ₹34 | ₹14.5–16 | ~43–47% | Open (24–28 Sept) |
| Orient Cables (India) | ₹272 | ₹52–75 | ~19–28% | Opens today |
| Adroit Industries | ₹134 | ₹34–40 | ~25–30% | Closes today |
| German Green Steel & Power | ₹139 | ₹29–30 | ~21–22% | Opens today |
| SRIT India | ₹130 | ₹18 | ~14% | Opens 28 Sept |
| A-One Steels | ₹405 | ₹50–55 | ~12–14% | Open (24–28 Sept) |
| AceVector | ₹32 | ₹2–3 | ~6–9% | Opens today |
| Runwal Enterprises | ₹305 | ₹12–17 | ~4–6% | Opens today |
| Varmora Granito | ₹148 | ~₹0.5–1 | Flat | Allotment today |
Estimated listing gain = GMP divided by upper price band. Expected listing price = upper price band + GMP. These are estimates only — actual listing prices are discovered on the exchanges.
Biggest GMP Movers This Morning
- Moneyview remains the grey market favourite, holding a premium of ₹14.5–16 on an upper band of ₹34 — implying listing gains of 40% or more. The ₹1,091.68 crore fintech IPO closes on 28 September.
- Orient Cables (India) is the strongest of today's openers in the unofficial market, with dealers quoting a premium of ₹52–75 — roughly 19–28% over its ₹272 upper band. The company's total income grew 42% to ₹1,182 crore in FY26, though PAT stayed nearly flat at ₹54 crore.
- Adroit Industries heads into its final bidding day with a premium of ₹34–40 (about 25–30% over the ₹134 upper band) — one to watch as subscriptions close this evening.
- German Green Steel & Power opens today with a ₹29–30 premium (~21%), backed by a ₹91.17 crore anchor book subscribed a day ahead of the IPO. Brokerages are cautious though: SBI Securities has a 'Neutral' rating on the issue.
- AceVector (the parent of Snapdeal) opens today with only a modest ₹2–3 premium (~6–9%). Several analysts have tagged the ₹420 crore issue an 'avoid', citing persistent losses and stiff competition.
- Varmora Granito shows a near-zero premium as it heads into allotment today — a flat GMP typically signals a muted listing.
Track live premiums through the day on IPOlist.in's live GMP tracker.
IPOs Opening Today (25 September 2026)
All nine issues remain open until 29 September and are tentatively scheduled to list on 5 October.
Mainboard IPOs
| IPO | Issue size | Price band | Lot size | Min. investment | Lead managers |
|---|---|---|---|---|---|
| Orient Cables (India) | ₹552 cr | ₹258–272 | 55 shares | ₹14,960 | IIFL Capital, JM Financial |
| Runwal Enterprises | ₹499.83 cr | ₹290–305 | 49 shares | ₹14,945 | ICICI Securities, Jefferies |
| German Green Steel & Power | ₹303.90 cr | ₹132–139 | 107 shares | ₹14,873 | Systematix, Emkay, Pantomath |
| AceVector | ₹420 cr | ₹30–32 | 468 shares | ₹14,976 | IIFL Capital, CLSA, Systematix |
- Orient Cables (India) is the biggest of the day at ₹552 crore (₹320 crore fresh issue + ₹232 crore OFS). The company makes wires and cables, and will use the fresh proceeds for plant capex and debt repayment.
- Runwal Enterprises, a Mumbai-based real estate developer, is a pure fresh issue of ₹499.83 crore. Proceeds will repay borrowings and fund future land acquisitions.
- German Green Steel & Power is a Gujarat-based TMT bar manufacturer raising ₹303.90 crore (₹290 crore fresh + ₹13.90 crore OFS), largely for expanding its Samakhiyali facility and a hybrid wind-solar power plant.
- AceVector operates Snapdeal, Unicommerce and Stellaro Brands. Its ₹420 crore issue (₹287 crore fresh + ₹133 crore OFS) will fund marketplace marketing and technology infrastructure.
SME IPOs
| IPO | Exchange | Issue size | Closes | Tentative listing |
|---|---|---|---|---|
| Himalayan Solar | NSE SME | ₹68.03 cr | 29 Sept | 5 Oct |
| Bench Mark Infotech Services | NSE SME | ₹42.44 cr | 29 Sept | 5 Oct |
| Shree TNB Polymers | BSE SME | ₹31.20 cr | 29 Sept | 5 Oct |
| Dudani Retail | BSE SME | — | 29 Sept | 5 Oct |
| Sai Urja Indo Ventures | BSE SME | — | 29 Sept | 5 Oct |
The five SME issues collectively aim to raise about ₹177 crore. Shree TNB Polymers is priced at ₹47–52 with a 2,000-share lot (minimum application of 4,000 shares, or ₹2.08 lakh at the upper band).
IPOs Closing Today and Allotment Today
- Closing today (25 Sept): Adroit Industries, Elevate Campuses, Swastika Infra and ArMee Infotech (mainboard), plus five SME issues — Unitec Fibres, S.K. Offset, Liqvd Digital, Pooja Logistics and Coreintegra Consulting.
- Allotment today: Varmora Granito (its 22–24 September mainboard issue). Investors can check allotment status on the registrar's website with their PAN.
Key IPO Dates — 25 September 2026
| Date | Events |
|---|---|
| 25 Sept | 9 IPOs open (4 mainboard + 5 SME); 9 issues close; Varmora Granito allotment |
| 28 Sept | Moneyview, A-One Steels close; SRIT India opens (28–30 Sept) |
| 29 Sept | Today's openers close for subscription |
| 30 Sept | Basis of allotment (tentative) for issues closing 29 Sept |
| 5 Oct | Tentative listing date for today's openers |
What Is IPO GMP?
The grey market premium is the unofficial price per share at which an IPO's shares trade in the grey market before listing. A positive GMP suggests investors expect the stock to list above its issue price. It is not regulated, not reported by the exchanges, and should never be the sole basis for a subscription decision — always weigh the company's fundamentals, valuation and the objects of the issue.
FAQs
What is IPO GMP today?
As of the morning of 25 September 2026, the highest market-reported GMPs are Moneyview (~₹14.5–16), Orient Cables (~₹52–75), Adroit Industries (~₹34–40) and German Green Steel (~₹29–30). These are unofficial figures.
Is GMP an official indicator?
No. GMP is traded in an unregulated grey market and is reported by independent dealers and trackers. It can move sharply and does not guarantee listing gains.
How is the expected listing price calculated?
Expected listing price is approximately the upper end of the price band plus the current GMP. For example, German Green Steel at ₹139 + ₹29 GMP implies an estimated listing price of about ₹168.
Which IPOs are opening today (25 Sept 2026)?
Four mainboard IPOs — Orient Cables, Runwal Enterprises, German Green Steel & Power and AceVector — and five SME IPOs open today, all closing on 29 September.
Conclusion
The grey market this morning favours Moneyview, Orient Cables and German Green Steel, while AceVector and Runwal Enterprises show more modest premiums. With nine IPOs opening and nine closing on the same day, today is one of the busiest primary-market days of the month — but remember that GMP is sentiment, not a guarantee. Check subscription numbers and valuations before applying.
Disclaimer: GMP figures in this article are unofficial, market-reported estimates collected from independent trackers on the morning of 25 September 2026 and are subject to change. IPOlist.in does not buy or sell IPO applications in the grey market. This article is for information only and is not investment advice.