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Three Indian IPOs open for subscription, GMPs rise for Kanohar
Kanohar Electricals trades at a ₹218 grey market premium and was subscribed about 2.7 times on day 1, while Prasol Chemicals saw the weakest day 1 response at roughly 0.4 times.
India’s primary market opened on Tuesday, September 8, 2026, with IPOs from Kanohar Electricals, Glass Wall Systems, and Prasol Chemicals drawing attention from investors tracking grey market premiums and subscriptions. According to LiveMint Markets, Kanohar Electricals’ IPO grey market premium rose to ₹218. That implies an estimated listing price of ₹850 per share based on the premium plus the upper end of its ₹601 to ₹632 price band. The offering is a book-built deal valued at ₹1,055 crore, including a fresh issue of 47.47 lakh shares worth ₹300 crore and an offer for sale of 1.2 crore shares worth ₹755.74 crore, and it was subscribed around 2.71 times on day 1 using BSE data at 5 pm.
LiveMint Markets reported that Glass Wall Systems’ IPO GMP is hovering around ₹50 to ₹60, implying an estimated listing between ₹232 and ₹242. The IPO was subscribed about 2.52 times on day 1, with BSE data at 5 pm showing it was subscribed 3.75 times in the retail category, 0.01 times in the QIB category (ex-anchor), and about 3.02 times in the NII category. The issue combines a fresh issue of 32.97 lakh shares worth ₹60 crore with an offer for sale of 2.02 crore shares worth ₹367.89 crore, with a scheduled subscription window through September 10, and a fixed price band of ₹172 to ₹182.
For Prasol Chemicals, LiveMint Markets said the IPO GMP today was in the ₹45 to ₹50 range, implying a potential listing between ₹721 and ₹726 using the upper price band of ₹676. The company saw the weakest response among the three on day 1, with the IPO subscribed around 0.41 times, based on the outlet’s reference to BSE-tracked subscription figures.