IPO GMP Today (26 September 2026): Adroit Industries Leads After 176.85x Subscription
Saturday's grey market carries the afterglow of a packed Friday. Four mainboard IPOs — Adroit Industries, Elevate Campuses, Swastika Infra and ArMee Infotech — closed bidding on 25 September, and the final scorecards are in: Adroit Industries was the standout, closing at a massive 176.85x subscription with an unofficial premium of around ₹40–43, while the ₹2,100 crore Elevate Campuses issue scraped through at 1.79x with a near-flat GMP.
Meanwhile, the issues that opened on Friday — Orient Cables, German Green Steel & Power, Runwal Enterprises and AceVector — enter their second day of bidding, with Orient Cables commanding the strongest grey market premium among them at over ₹100.
Important: Grey market premium (GMP) is an unofficial, market-reported figure that moves through the day. It reflects prevailing sentiment among grey market dealers — 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 (values vary slightly between dealers, so ranges are shown where sources differ). Figures are as of the morning of 26 September 2026.
| IPO | Upper price band | GMP (market-reported, unofficial) | Est. listing gain | Status |
|---|---|---|---|---|
| Moneyview | ₹34 | ₹14–16 | ~41–47% | Open (24–28 Sept) |
| Orient Cables (India) | ₹272 | ₹108–113 | ~40–42% | Open (25–29 Sept) |
| Robokidz Eduventures (SME) | ₹106 | ₹77 | ~73% | Open |
| Adroit Industries | ₹134 | ₹40–43 | ~30–32% | Closed 25 Sept |
| German Green Steel & Power | ₹139 | ₹28–29 | ~20–21% | Open (25–29 Sept) |
| Bench Mark Infotech (SME) | ₹110 | ₹16 | ~14.5% | Open (25–29 Sept) |
| A-One Steels | ₹405 | ₹49–51 | ~12–13% | Open (24–28 Sept) |
| Runwal Enterprises | ₹305 | ₹28–30 | ~9–10% | Open (25–29 Sept) |
| SRIT India | ₹130 | ₹22 | ~17% | Opens 28 Sept |
| Shah Investor's Home | ₹167 | ₹12 | ~7% | Opens 28 Sept |
| AceVector | ₹32 | ₹2 | ~6% | Open (25–29 Sept) |
| FX Multitech (SME) | ₹116 | ₹6 | ~5% | Listing 28 Sept |
| ArMee Infotech | ₹375 | ₹8 | ~2% | Closed 25 Sept |
| Swastika Infra | ₹185 | ₹4.5 | ~2.4% | Closed 25 Sept |
| Elevate Campuses | ₹362 | ₹0–5 | Flat to ~1% | Closed 25 Sept |
| Varmora Granito | ₹148 | ~₹1 | Flat | Listing 29 Sept |
Estimated listing gain = GMP ÷ 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
- Adroit Industries heads for allotment with the grey market's strongest signal among the newly closed issues: a ₹40–43 premium (~30–32% over the ₹134 upper band) after closing at 176.85x subscription.
- Orient Cables (India) leads the still-open issues, with dealers quoting ₹108–113 — roughly 40–42% over its ₹272 upper band, a sharp step up from yesterday morning's ₹52–75 range.
- Moneyview holds a ₹14–16 premium (~41–47% over the ₹34 issue price) as it enters its final subscription days — the fintech issue closes on 28 September.
- German Green Steel & Power opened Friday with a ₹28–29 premium (~20–21%) and holds steady into day two of bidding.
- Robokidz Eduventures (SME) is the biggest percentage mover on the board this morning: ₹77 on an issue price of ₹106 (~73%).
- Elevate Campuses is the cautionary tale — despite being the ₹2,100 crore anchor issue of the week, its GMP sits at ₹0–5, pointing to a flat listing around the ₹362 upper band.
Track live premiums through the day on IPOlist.in's live GMP tracker.
IPOs That Closed on 25 September: Final Subscription & GMP
Adroit Industries — 176.85x, the week's blockbuster
The ₹150 crore mainboard issue was the clear winner of the week, closing at 176.85x overall subscription. With a ₹40–43 grey market premium, the implied listing price is around ₹174–177 — but the grey market often discounts even strong subscription stories, so the actual listing (expected next week) will be the real test.
Elevate Campuses — 1.79x, QIB-led rescue
The ₹2,100 crore student-housing IPO (backed by Hillhouse Investment entities) got fully subscribed only on the final day, ending at 1.79x overall — QIBs at 2.52x carried the issue while NIIs (0.84x) and retail (1.01x) stayed subdued. The GMP of ₹0–5 suggests a flat listing around the ₹362 upper band. Allotment is expected on 28 September, with listing on 30 September. The company raised ₹945 crore from anchor investors earlier in the week, including Norway's Government Pension Fund Global, SBI Mutual Fund and HDFC Mutual Fund.
ArMee Infotech — 2.44x
The ₹300 crore issue closed at 2.44x overall (QIB 2.99x, NII 2.09x, retail 2.47x) with a GMP of ₹8 (~2% over the ₹375 upper band) — a modest grey market verdict.
Swastika Infra — subdued
The ₹160.88 crore issue closed with a GMP of just ₹4.5 (~2.4% over the ₹185 band), pointing to a flat-to-mild listing.
For context on how yesterday morning looked, see our IPO GMP roundup of 25 September.
IPOs Still Open Today (Day 2)
The four mainboard issues that opened on 25 September stay open until 29 September:
- Orient Cables (India): ₹552 cr, price band ₹258–272, day-1 subscription 1.36x (per ET Markets, Friday evening)
- German Green Steel & Power: ₹303.90 cr, price band ₹132–139, day-1 subscription 1.14x (per ET Markets, Friday evening)
- Runwal Enterprises: ₹499.83 cr, price band ₹290–305, day-1 subscription 0.25x (per ET Markets, Friday evening)
- AceVector: ₹420 cr, price ₹30–32, day-1 subscription 0.11x (per ET Markets, Friday evening)
Five SME issues also opened on 25 September (Himalayan Solar, Bench Mark Infotech Services, Shree TNB Polymers, Dudani Retail and Sai Urja Indo Ventures), all closing 29 September.
Moneyview and A-One Steels (opened 24 September) are in their final stretch — both close on 28 September.
Our complete breakdown of the German Green Steel issue — price band, financials and review — is here: German Green Steel IPO: GMP Today, Price Band & Dates.
Key IPO Dates — Week Ahead
- 26 Sept (Sat): Day-2 bidding for the 25 Sept openers; grey market updates
- 28 Sept (Mon): Elevate Campuses allotment; FX Multitech SME listing; Moneyview & A-One Steels close; SRIT India and Shah Investor's Home open (28–30 Sept)
- 29 Sept (Tue): Orient Cables, German Green Steel, Runwal, AceVector + 5 SME issues close; Varmora Granito listing
- 30 Sept (Wed): Elevate Campuses listing; German Green Steel allotment (tentative)
- 5 Oct (Mon): Tentative listing for issues closing 29 Sept
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 26 September 2026, the highest market-reported GMPs are Robokidz Eduventures (~₹77), Orient Cables (~₹108–113), Moneyview (~₹14–16) and Adroit Industries (~₹40–43). These are unofficial figures.
Which IPOs closed subscription on 25 September?
Adroit Industries (176.85x), Elevate Campuses (1.79x), Swastika Infra and ArMee Infotech (2.44x) — all mainboard issues — closed bidding on Friday, along with five SME issues.
When is the Elevate Campuses IPO listing date?
Allotment is expected on 28 September 2026, with the shares tentatively scheduled to list on the NSE and BSE on 30 September 2026. Its GMP currently points to a flat listing around the ₹362 upper band.
How is the expected listing price calculated?
Expected listing price ≈ upper end of the price band + current GMP. For example, Adroit Industries at ₹134 + ₹43 GMP implies an estimated listing price of about ₹177.
Which IPOs are open for subscription today?
The 25 September openers — Orient Cables, German Green Steel, Runwal Enterprises and AceVector (mainboard) plus five SME issues — remain open until 29 September; Moneyview and A-One Steels are open until 28 September.
Conclusion
Friday's scorecard splits the market into two camps: Adroit Industries exits with a 176.85x subscription and a 30%+ grey market premium, while the ₹2,100 crore Elevate Campuses issue limps to the finish line with a flat GMP. Among the open issues, Orient Cables and Moneyview hold the strongest unofficial premiums — but with two more bidding days to go, both subscription momentum and GMP can move. Check the live numbers before applying.
Disclaimer: GMP figures in this article are unofficial, market-reported estimates collected from independent trackers on the morning of 26 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.