IPO GMP Today (4 November 2026): Maxwell at 51% as 3 IPOs List and 4 Allotments Finalise
Wednesday, 4 November 2026 is a busy day for the Indian primary market: three IPOs make their stock market debut, four SME IPOs finalise allotment, and one SME IPO closes for subscription. Maxwell Engineering Solutions continues to lead the grey market by a wide margin, while the three listing candidates are all signalling flat-to-modest debuts.
Important: all GMP figures in this article are unofficial, market-reported grey market premiums. They are not published by SEBI, NSE or BSE, they can change through the day, and they do not guarantee listing gains.
IPO GMP Today: Top Premiums on 4 November
Maxwell Engineering Solutions remains the standout, with a grey market premium of about ₹80 over its ₹158 upper-band price — roughly 51% — on the day its allotment is finalised. HGS (India) is a distant second at around ₹25–30 (about 21–25%). The only IPO still open for subscription, Vedant Poly Fabs, trades at a ₹11–13 premium (about 12–14%).
| IPO | Issue price | GMP (unofficial) | Est. listing price | Today's event |
|---|---|---|---|---|
| Maxwell Engineering Solutions (SME) | ₹158 | ₹80 (+50.6%) | ~₹238 | Allotment today; lists 6 Nov |
| HGS (India) (SME) | ₹120 | ₹25–30 (+21–25%) | ~₹145–150 | Allotment today; lists 6 Nov |
| Vedant Poly Fabs (SME) | ₹94 | ₹11–13 (+11.7–13.8%) | ~₹105–107 | Closes today |
| Bombay Coated & Special Steels (Mainboard) | ₹82 | ₹8–9 (+9.8–11%) | ~₹90–91 | Lists 5 Nov |
| Johnsoncab Electricals (SME) | ₹200 | ₹8 (+4%) | ~₹208 | Allotment today; lists 6 Nov |
| Vectras Enprocon (SME) | ₹105 | ₹0 (flat) | ~₹105 | Allotment today; lists 6 Nov |
| Antala Industries (SME) | ₹66 | ₹0 (flat) | ~₹66 | Closes 5 Nov |
Tracker figures differ slightly by source (for example, HGS is quoted at ₹25 on some trackers and ₹30 on others); the ranges above reflect that spread. GMP figures were checked across multiple public trackers on the morning of 4 November 2026.
3 IPOs Listing Today (4 November)
Three companies debut on Dalal Street today — one mainboard issue and two BSE SME issues. Grey market signals point to a modest debut for the mainboard name and flat-to-small gains for the two SME names.
| IPO | Segment / Exchange | Issue price | Subscription | GMP signal (unofficial) |
|---|---|---|---|---|
| M.K. Sons Fine Jewels | Mainboard (BSE, NSE) | ₹162 | 5.09x | ₹10–15 (+6–9%) |
| Carver Roboweld | BSE SME | ₹80 | 24.06x | ₹3 (+3.8%) |
| Ajwa Projects | BSE SME | ₹203 | 1.12x | ₹1 (+0.5%) |
M.K. Sons Fine Jewels is a jewellery retailer whose ₹275.40 crore issue (28–30 October) drew 5.09 times subscription. Carver Roboweld, a welding consumables maker, was the most-subscribed of the three at 24.06x despite its small ₹28.29 crore size — though its grey market premium is only about ₹3. Ajwa Projects, an industrial construction and engineering company, saw the weakest demand at 1.12x and trades essentially flat in the grey market.
4 SME IPOs: Allotment Finalised Today
The basis of allotment is finalised today for the four SME IPOs that closed on 3 November. All four list on 6 November. Investors can check their allotment status on the registrar's website or the exchange website once the basis is published, usually by late evening.
| IPO | Registrar | Final subscription* | Listing date |
|---|---|---|---|
| Maxwell Engineering Solutions | KFin Technologies | ~164x | 6 Nov |
| HGS (India) | KFin Technologies | ~219x | 6 Nov |
| Johnsoncab Electricals | Maashitla Securities | ~23.7x | 6 Nov |
| Vectras Enprocon | MUFG Intime | ~4x | 6 Nov |
*Final subscription figures are as reported at close on 3 November; tracker figures vary slightly. Refunds and demat credit for allotted shares typically follow on 5 November, ahead of the 6 November listing.
For background on one of today's allotment names, see our Johnsoncab Electricals IPO deep-dive: price band, dates and review.
Open and Closing IPOs: Vedant Closes, Antala Ends Tomorrow
Vedant Poly Fabs is the only IPO open for subscription today, and it closes this evening. The ₹56.68 crore NSE SME issue (₹88–94 per share) makes flexible packaging materials such as shrink films and printed laminates. It was still under-subscribed at the last tracker check (around 0.87x), despite its ₹11–13 grey market premium — a reminder that GMP and subscription demand do not always move together. Its allotment is expected on 5 November, with a tentative listing on 9 November.
Antala Industries (BSE SME, ₹62–66) closes tomorrow, 5 November, with no grey market premium reported so far and subscription of around 1.31x. Bombay Coated & Special Steels, the mainboard issue that closed on 2 November at about 64x subscription, lists tomorrow, 5 November, with a grey market premium of about ₹8–9.
Key IPO Dates This Week
| Date | Event |
|---|---|
| 4 Nov (today) | Listings: M.K. Sons Fine Jewels, Ajwa Projects, Carver Roboweld; Allotments: Maxwell, HGS, Johnsoncab, Vectras; Vedant Poly Fabs closes |
| 5 Nov | Listings: Bombay Coated & Special Steels, Antala Industries; Vedant Poly Fabs allotment (expected); Antala closes |
| 6 Nov | Listings: Maxwell Engineering Solutions, HGS (India), Johnsoncab Electricals, Vectras Enprocon |
| 9 Nov (tentative) | Vedant Poly Fabs listing (NSE SME) |
For the full week picture, see our Upcoming IPOs this week (2–8 November): dates and listings, and yesterday's roundup: IPO GMP today (3 Nov): BLS lists at 45%, 4 SME IPOs close. Yesterday's market close is covered in IPO listing 3 Nov: BLS closes 80% up, SFC hits circuit.
FAQs
Which IPO has the highest GMP today (4 November 2026)?
Maxwell Engineering Solutions, at about ₹80 (+50.6%) over its ₹158 upper-band price, on the day its allotment is finalised. The figure is unofficial and market-reported.
Which IPOs are listing today?
M.K. Sons Fine Jewels (mainboard, BSE/NSE), Ajwa Projects (BSE SME) and Carver Roboweld (BSE SME) all list today, 4 November 2026.
When is the Maxwell IPO allotment?
The basis of allotment for Maxwell Engineering Solutions is finalised today, 4 November 2026, with listing scheduled for 6 November. Check the KFin Technologies allotment portal or the NSE website once the basis is published.
Is Vedant Poly Fabs IPO still open?
Yes, but today is the last day — Vedant Poly Fabs closes for subscription on 4 November 2026. Its allotment is expected on 5 November and its tentative listing is 9 November.
Does a high GMP guarantee listing gains?
No. GMP is an unofficial, unregulated indicator of grey market sentiment. Actual listing prices depend on market conditions, demand on listing day and the stock's fundamentals, and frequently differ from GMP-implied prices.
Conclusion
Today's primary market action is split in two: strong grey market signals for the allotment-day SME pack led by Maxwell (+51%) and HGS (+21–25%), but muted signals for the three stocks actually listing today, with M.K. Sons at about 6–9% and Ajwa and Carver essentially flat. With no mainboard IPO currently open and only Vedant Poly Fabs closing today, attention now shifts to tomorrow's Bombay Coated listing and Friday's four SME debuts. As always, treat GMP as sentiment, not a promise — and check allotment status only through the official registrar or exchange portals.