IPO GMP Today (31 Oct): Maxwell Leads at 44% as 6 IPOs Stay Open
It is a Saturday, so there is no fresh bidding on the exchanges today — but the grey market is still moving. Maxwell Engineering Solutions leads the board this morning with a market-reported premium of ₹70, or about 44% over its upper price band, while HGS (India) and Bombay Coated and Special Steels follow. Six IPOs remain open for subscription, and next week brings a packed listing calendar, starting with EAAA India Alternatives on Monday, 2 November.
Important note: Grey Market Premium (GMP) is unofficial, unregulated market-reported data. It is not endorsed by SEBI, NSE or BSE, it varies between trackers, and it does not guarantee the actual listing price.
Today's GMP snapshot (31 October, morning)
The figures below are market-reported premiums as tracked on the morning of 31 October 2026. Estimated listing prices are simply the upper price band plus the reported GMP.
| IPO | Price band | GMP (reported) | Est. listing price | Implied gain |
|---|---|---|---|---|
| Maxwell Engineering Solutions (SME) | ₹150–₹158 | ₹70 | ₹228 | +44.3% |
| HGS (India) (SME) | ₹114–₹120 | ₹30 | ₹150 | +25.0% |
| Bombay Coated and Special Steels (mainboard) | ₹78–₹82 | ₹7 | ₹89 | +8.5% |
| Johnsoncab Electricals (SME) | ₹190–₹200 | ₹10 | ₹210 | +5.0% |
| Antala Industries (SME) | ₹63–₹67 | ₹0 | ₹67 | 0% |
| Vectras Enprocon (SME) | ₹99–₹105 | ₹0 | ₹105 | 0% |
One caution on HGS (India): while one tracker showed ₹30 this morning, other trackers quoted around ₹19 on 30 October. Treat the HGS figure as a range rather than a single precise number — grey-market quotes for smaller SME issues often differ across dealers.
Biggest movers and what stands out
- Maxwell Engineering Solutions is the clear leader. The NSE SME precision-components maker opened on 30 October and was already subscribed about 4.6x on Day 1, with retail/HNI interest driving the book. Its ₹70 premium implies a listing near ₹228 against a ₹158 upper band.
- HGS (India) sits second on the headline tracker, but the wide spread between trackers (₹19–₹30) makes it the least certain of the top premiums today.
- Bombay Coated and Special Steels, the only open mainboard issue, shows a modest ₹7 premium. It was subscribed about 3.98x as of 30 October, per exchange-based trackers.
- Johnsoncab Electricals holds a small ₹10 premium on Day 1 subscription of about 1.14x, while Antala Industries (about 0.82x) and Vectras Enprocon (about 1.20x) show no grey-market premium so far.
IPOs open for subscription right now
| IPO | Open – Close | Subscription (30 Oct) | Listing (tentative) |
|---|---|---|---|
| Bombay Coated and Special Steels | 29 Oct – 2 Nov | ~3.98x | 5 Nov |
| Antala Industries | 29 Oct – 2 Nov | ~0.82x | 5 Nov |
| Maxwell Engineering Solutions | 30 Oct – 3 Nov | ~4.6x | 6 Nov |
| HGS (India) | 30 Oct – 3 Nov | ~1.16x | 6 Nov |
| Johnsoncab Electricals | 30 Oct – 3 Nov | ~1.14x | 6 Nov |
| Vectras Enprocon | 30 Oct – 3 Nov | ~1.20x | 6 Nov |
No new IPO opens today, Saturday 31 October. The next issue to open is Vedant Poly Fabs (NSE SME, ₹88–₹94, lot 1,200) on Monday, 2 November, closing 4 November with a tentative listing on 9 November.
Recently closed IPOs: final subscription recap
- Carver Roboweld closed 30 October at about 25.80x — the strongest final subscription among the issues that closed this week.
- M.K. Sons Fine Jewels closed 30 October at about 5.09x, with a reported GMP of around ₹5 (about 3%) pointing to a listing near ₹167 against its ₹162 upper band. It lists on 4 November.
- Ajwa Projects closed 30 October at about 1.12x and also lists on 4 November.
Listing watch: BLS and SFC lead next week's debuts
The two big mainboard debuts to watch are BLS Polymers and SFC Environmental Technologies, both listing on Tuesday, 3 November after allotment was finalised on 30 October. BLS closed at a massive 241.22x and carries a market-reported GMP of about ₹66 (roughly 44% over its ₹150 upper band, implying around ₹216), while SFC closed at 9.47x with a reported premium of roughly ₹20–22 (about 6–7% over its ₹330 upper band).
Key IPO dates this week
| Date | Event |
|---|---|
| Mon, 2 Nov | EAAA India Alternatives lists; Vedant Poly Fabs opens; Bombay Coated & Antala close; M.K. Sons allotment |
| Tue, 3 Nov | BLS Polymers & SFC Environmental list; Wiscon Industries lists; Maxwell, HGS, Johnsoncab, Vectras close |
| Wed, 4 Nov | M.K. Sons Fine Jewels, Carver Roboweld & Ajwa Projects list; Vedant Poly Fabs closes |
| Thu, 5 Nov | Bombay Coated and Special Steels & Antala Industries list |
| Fri, 6 Nov | Maxwell, HGS, Johnsoncab & Vectras list |
How to read today's GMP
A premium above 20% usually signals strong grey-market demand, 5–20% is moderate, and zero or negative suggests the market expects a flat or discounted debut. But GMP is only a sentiment gauge: it has missed before — Bonfiglioli Transmissions, for example, carried a premium above 20% yet listed flat at its issue price on 23 October, while Tonbo Imaging's 73% premium translated into a 66% listing gain. Always read the offer document and check fundamentals before applying; GMP alone should never be the reason to subscribe.
FAQs
Which IPO has the highest GMP today, 31 October 2026?
Maxwell Engineering Solutions, at a market-reported ₹70 (about 44.3%) over its ₹158 upper band, implying a listing price near ₹228. The figure is unofficial and may change before listing.
Is any IPO open for subscription today, 31 October?
No new IPO opens on Saturday, but six issues remain open from earlier in the week: Bombay Coated and Special Steels and Antala Industries (close 2 November), and Maxwell, HGS, Johnsoncab and Vectras (close 3 November). Bidding resumes on Monday.
Which IPOs list next week?
EAAA India Alternatives on 2 November; BLS Polymers, SFC Environmental and Wiscon Industries on 3 November; M.K. Sons, Carver Roboweld and Ajwa Projects on 4 November; Bombay Coated and Antala on 5 November; and Maxwell, HGS, Johnsoncab and Vectras on 6 November.
What is the GMP of BLS Polymers today?
Market trackers quoted BLS Polymers at around ₹66–68 ahead of its 3 November listing, implying roughly 44–45% over its ₹150 upper band. This is unofficial and subject to change.
When does Vedant Poly Fabs IPO open?
Vedant Poly Fabs opens on Monday, 2 November 2026 (₹88–₹94, NSE SME) and closes on 4 November, with a tentative listing on 9 November.
Conclusion
Saturday's grey market is a Maxwell story: a 44% premium and a 4.6x Day 1 book put it well ahead of the pack, while the rest of the open issues show modest or no premiums. With EAAA listing on Monday and BLS and SFC debuting on Tuesday, the first half of next week will quickly test whether today's premiums hold. For more on the week's biggest debut, see our BLS & SFC allotment guide and yesterday's 30 October GMP roundup.