Upcoming IPOs: GMP comparison NSE IPO, SS Retail IPO to Hero Motors IPO — Grey market winner is?

Upcoming IPOs: GMP comparison | NSE IPO, SS Retail IPO to Hero Motors IPO highlights an extraordinary, action-packed week for primary market investors. Indian stock markets are witnessing a massive rush of initial public offerings (IPOs), with around five major mainboard issues opening for subscription and nearly ten companies lining up for listing. Following a trading holiday on Monday, September 14, for Ganesh Chaturthi, primary market action resumes on Tuesday, September 15.

Investors are closely tracking Grey Market Premiums (GMP) across these upcoming issues to gauge listing potential. While the mega National Stock Exchange (NSE) IPO dominates headlines due to its huge issue size, smaller issues like Jindal Supreme, Hero Motors, and SS Retail are locked in a tight race for listing gains.

Complete Overview of Mainboard IPOs This Week

Detailed Breakdown of Key Mainboard Issues

1. National Stock Exchange of India (NSE) IPO

The stock exchange giant is launching its public issue nearly a decade after earlier plans were stalled. The total issue size stands at up to ₹22,569 crore, making it the second-largest IPO in Indian capital market history after Hyundai Motor India.

• Price Band: ₹1,700 to ₹1,785 per share

• Lot Size: 8 shares (and multiples thereof)

• Structure: Pure Offer for Sale (OFS) of 12.64 crore shares by existing institutional investors such as State Bank of India, CPPIB, and LIC-backed entities.

• Business Insights: Over 78% of NSE’s revenue in FY26 stems from core transaction services, derivatives trading fees, and market data operations.

2. SS Retail IPO

SS Retail operates a multi-brand retail store chain selling mobile devices, smart accessories, and consumer electronics.

• Price Band: ₹403 to ₹424 per share

• Lot Size: 35 shares

• Use of Proceeds: Fresh capital will fund store expansions across FY27 and FY28, meet working capital needs, and cover general corporate requirements.

3. Hero Motors IPO

Hero Motors is an auto-component manufacturer specializing in transmission systems, powertrain solutions, and e-bike drivetrains for major OEMs across Europe, North America, and Asia.

• Price Band: ₹79 to ₹84 per share

• Lot Size: 178 shares

• Use of Proceeds: Funds will go toward debt reduction (₹190 crore) and machinery purchases for plant expansion in Gautam Buddha Nagar, Uttar Pradesh (₹200 crore).

4. Jindal Supreme (India) IPO

A specialist manufacturer of plastic piping solutions and industrial water management systems.

• Price Band: ₹88 to ₹93 per share

• Lot Size: 161 shares

• Use of Proceeds: Debt clearance and core operational expenses.

Grey Market Premium (GMP) Comparison: Rupee vs Percentage

The Grey Market Premium reflects unofficial trading sentiment before listing. Comparing percentage upside over the upper price band yields a clear view of market enthusiasm:

Jindal Supreme IPO  : [29.03%]  (GMP: +₹27  | Price: ₹93  | Est. List: ₹120)
Hero Motors IPO     : [28.57%]  (GMP: +₹24  | Price: ₹84  | Est. List: ₹108)
SS Retail IPO       : [28.30%]  (GMP: +₹120 | Price: ₹424 | Est. List: ₹544)
NSE IPO             : [11.76%]  (GMP: +₹210 | Price: ₹1785| Est. List: ₹1995)
Sonaselection IPO   : [ 0.00%]  (GMP:  ₹0   | Price: ₹99  | Est. List: ₹99)

Final Verdict: Who is the Grey Market Winner?

The answer depends on how you measure grey market success:

• Percentage Listing Gain Winner: Jindal Supreme IPO leads the pack with an estimated 29.03% listing gain (₹27 premium over the ₹93 cap). Hero Motors is a close second at 28.57%, followed by SS Retail at 28.30%.

• Absolute Rupee Winner: NSE IPO holds the highest absolute premium at +₹210 per share. However, due to its higher base price of ₹1,785, its projected percentage return stands at a modest 11.76%.

SME Issues and Upcoming Listings to Watch

SME Issues Opening This Week

1. Vama Wovenfab

2. Shakti Polytarp

3. Quanto Agroworld

4. SpectraA Technology Solutions

5. Kheria Autocomp

6. Axiom Gas Engineering

Key IPO Listings Scheduled This Week

• Rentomojo

• Prasol Chemicals

• Kanohar Electricals

• Asset Reconstruction Co. (India)

• Manipal Payment & Identity Solutions

• Steamhouse India

• Glass Wall Systems (India)

Disclaimer: Grey Market Premium (GMP) is an informal, unorganized market indicator subject to rapid fluctuation. Investors should base investment decisions on company fundamentals, financial reports, and risk tolerance rather than grey market trends alone.