Ten mainboard IPOs opened in five working days. Nearly ₹6,850 crore of paper is being sold to the market this week, and a big chunk of it is not new capital — it's promoters and PE funds cashing out.
That is the single most important filter this week. When 85–100% of an issue is Offer for Sale, not one rupee reaches the company. You are buying someone's exit.
Here's my read on all ten — what to apply for, what to skip, and why.
✅ THE APPLY LIST
📅 Dates | 7–9 Sept |
💰 Price Band | ₹118–124 |
📦 Lot | 120 shares (₹14,880) |
🏷️ Issue Size | ₹351 Cr (₹316 Cr fresh) |
📈 GMP | ~₹38–44 (31–35%) |
📊 Subscribed | 10.9x+ and climbing |
🗓️ Listing | 15 Sept |
Business: Mumbai redevelopment specialist — 20+ years, western suburbs, in-house end-to-end capability.
Numbers: Revenue ₹764 Cr (FY26), PAT ₹71 Cr, RoNW 33.8%, ROCE 24.3%, P/E 19.6x.
Why I like it: 90% fresh issue — the money actually goes into the business. Redevelopment is a high-barrier, capital-efficient niche and the valuation is sane compared to listed realty peers.
The catch: 99.7% of revenue comes from the MCGM region. That is extreme geographic concentration. D/E at 1.08 is on the higher side.
✔️ VERDICT: APPLY — best risk-reward of the week. Last day today, don't sleep on it.
2️⃣ LCC Projects — the cheapest on the board
📅 Dates | 9–11 Sept |
💰 Price Band | ₹139–146 |
📦 Lot | 102 shares (₹14,892) |
🏷️ Issue Size | ₹427 Cr (₹258 Cr fresh) |
📈 GMP | ~₹23–25 (16%) |
🗓️ Listing | 17 Sept |
Business: Irrigation and water-supply EPC — dams, barrages, pipelines. 68 active projects across 11 states.
Numbers: Revenue ₹3,639 Cr (FY26), PAT ₹286 Cr, RoNW 32.2%, ROCE 27.1%, P/E 14.8x — the lowest multiple in this entire batch. Order book ₹7,953 Cr = 2.2x FY26 revenue.
The catch: Top 10 customers = 72% of revenue, all state governments. Receivables risk is real in this sector. D/E 0.97.
✔️ VERDICT: APPLY — modest GMP, but you're buying a growing EPC book at 15x. This is the long-term pick of the week, not the listing-pop pick.
3️⃣ Asset Reconstruction Company (ARCIL) — value, with an asterisk
📅 Dates | 9–11 Sept |
💰 Price Band | ₹132–139 |
📦 Lot | 107 shares (₹14,873) |
🏷️ Issue Size | ₹733 Cr — 100% OFS |
📈 GMP | ~₹26–27 (19%) |
🗓️ Listing | 17 Sept |
Business: India's first ARC. Buys stressed loans from banks and recovers them. SBI is a promoter — and a selling shareholder.
Numbers: Income ₹785 Cr (FY26), PAT ₹408 Cr, PAT margin 52%, RoNW 13.95%, P/E ~14x.
Why it works: Cheapest financial on offer, genuinely unique listed exposure, and the ARC sector has regulatory tailwinds.
The catch: Zero fresh capital — every rupee goes to Avenue India, SBI, Lathe and Federal Bank. Earnings are lumpy by nature; recovery timelines are unpredictable and the asset pool is ageing.
✔️ VERDICT: APPLY — for the valuation, not the story. Brokers are split (SMIFS, Anand Rathi, BP Equities, Ventura say subscribe; SBI Sec and Swastika neutral).
4️⃣ Kanohar Electricals — the momentum play
📅 Dates | 8–10 Sept |
💰 Price Band | ₹601–632 |
📦 Lot | 23 shares (₹14,536) |
🏷️ Issue Size | ₹1,056 Cr (72% OFS) |
📈 GMP | ~₹198–208 (32%) |
📊 Subscribed | 2.73x (Retail 3.4x, NII 4.9x, QIB 0.03x) |
🗓️ Listing | 16 Sept |
Business: Transformers since 1972. Two Meerut plants, 19,200 MVA capacity. One of only four RDSO-accredited railway transformer makers in India.
Numbers: Revenue ₹663 Cr (FY26) from ₹281 Cr in FY24 — 53% CAGR. PAT ₹130 Cr. ROCE 70.1%, RoNW 34.8%. P/E 38.6x.
The catch: 72% OFS. P/B of 12.6x is steep. Tender-driven revenue with heavy dependence on government transmission capex. And QIB at 0.03x on day 1 is worth watching — institutions haven't shown up yet.
✔️ VERDICT: APPLY (listing gains) — transformers is the hottest theme in the market and ₹317 Cr of anchor money came in at ₹632. Book profit on listing unless QIB numbers turn strong on the final day.
5️⃣ Glass Wall Systems (India) — best ratios, worst structure
📅 Dates | 8–10 Sept |
💰 Price Band | ₹172–182 |
📦 Lot | 82 shares (₹14,924) |
🏷️ Issue Size | ₹428 Cr (86% OFS) |
📈 GMP | ~₹47–50 (26–27%) |
📊 Subscribed | 2.55x (Retail 3.8x, QIB 0.01x) |
🗓️ Listing | 16 Sept |
Business: India's second-largest façade solutions provider, largest façade exporter by FY24 revenue. Operations in India, USA and Australia.
Numbers: Revenue ₹471 Cr (FY26) vs ₹310 Cr (FY24). PAT ₹84 Cr vs ₹20 Cr — 4x in two years. ROCE 43%, RoNW 32%, P/E 19.1x.
The catch: Top 10 clients = 86.4% of revenue. One manufacturing plant at Vile Bhagad. 45% of revenue from overseas — currency and geopolitical exposure. And only ₹60 Cr of the ₹428 Cr is fresh.
✔️ VERDICT: APPLY — 19x for 43% ROCE is hard to argue with. But treat it as a trade, not a forever holding, until that client concentration comes down.
6️⃣ Karamtara Engineering — the long-term renewable bet
📅 Dates | 9–11 Sept |
💰 Price Band | ₹241–254 |
📦 Lot | 59 shares (₹14,986) |
🏷️ Issue Size | ₹875 Cr (₹675 Cr fresh) |
📈 GMP | ~₹58–70 (23–27%) |
🗓️ Listing | 17 Sept |
Business: Solar mounting structures, fasteners and transmission line fittings. India's largest galvanizing unit in the solar segment (2,58,000 MTPA). Exports to 50+ countries. Now entering wind tubular towers.
Numbers: Revenue ₹4,316 Cr (FY26) vs ₹2,427 Cr (FY24). PAT ₹229 Cr. ROCE 23.3%, RoNW 20.8%, P/E 35.7x.
The catch: Margins are thin at 5.3%. Low capacity utilisation, negative operating cash flows, US tariff exposure, Saudi execution risk, and RoNW well below Waaree (32.5%) and Premier Energies (42.4%).
✔️ VERDICT: APPLY for the long term — 77% fresh issue going into deleveraging is the right kind of raise. BP Equities, SBI Sec, DR Choksey and Ventura say subscribe; Anand Rathi and SMIFS say subscribe for the long term. Don't buy this for a 20% pop.
⚠️ THE LISTING-GAIN-ONLY CALL
7️⃣ Rentomojo — great numbers, brutal structure
📅 Dates | 9–11 Sept |
💰 Price Band | ₹384–404 |
📦 Lot | 37 shares (₹14,948) |
🏷️ Issue Size | ₹1,256 Cr — ₹1,106 Cr is OFS (88%) |
📈 GMP | ~₹115–125 (28–31%) |
🗓️ Listing | 17 Sept |
Business: Subscription rental for furniture and appliances. 2.28 lakh active subscribers, 22 cities, 67 experience stores, 21 warehouses.
Numbers: Revenue ₹394 Cr (FY26) vs ₹196 Cr (FY24). PAT ₹104 Cr. ROE 43.5%, P/E ~40x, P/B 14.1x.
Read this carefully: Only ₹150 Cr of ₹1,256 Cr is fresh. Analysts have flagged that profitability on an adjusted basis is materially lower than the headline PAT. This is a capital-intensive, asset-heavy business valued like an asset-light platform. Default and asset-utilisation risk is genuine.
⚡ VERDICT: APPLY FOR LISTING GAINS ONLY — GMP is strong and the brand has retail pull. But at 14x book with an 88% OFS, I would not hold this into the lock-in expiry. Brokers are split: BP Equities, Canara, SBI Sec and Ventura say subscribe; Arihant, Swastika and SMC are neutral.
❌ THE AVOID LIST
8️⃣ Manipal Payment & Identity Solutions — profits are falling
📅 Dates | 9–11 Sept |
💰 Price Band | ₹322–339 |
🏷️ Issue Size | ₹805 Cr (₹485 Cr OFS) |
📈 GMP | ~₹30–38 (9–11% — weakest of the week) |
India's largest banking card manufacturer — 36.4% of credit card and 30.9% of debit card issuance. Sounds dominant. But:
Revenue grew just 5.6% in FY26
PAT fell 10.2% to ₹254 Cr
Trading at ~31x for a business with flat topline and shrinking bottom line
Top 10 customers = ~70% of revenue
The core product — physical cards — faces structural disruption from UPI and tokenised digital payments
Debt-free balance sheet and 32.7% ROCE are real positives. But you don't pay 31x for declining earnings in a disrupted category.
❌ VERDICT: AVOID — the weakest GMP of the week is the market telling you the same thing.
9️⃣ Steamhouse India — 58x P/E for an industrial utility
📅 Dates | 9–11 Sept |
💰 Price Band | ₹77–81 |
🏷️ Issue Size | ₹414 Cr (₹353 Cr fresh) |
📈 GMP | ₹0–13 (0–16% — the softest and most unstable on the board) |
Industrial steam and gas supplier in Gujarat — 45 km pipeline network across Sachin, Vapi, Ankleshwar.
P/E of 57.9x and P/B of 11.2x. That is a technology multiple on a boiler business.
PAT margin 7.8%. PAT grew from ₹27 Cr to ₹39 Cr in two years — steady, not spectacular.
Business is physically capped: it can only serve customers the pipeline reaches.
Top 10 customers = ~48–54% of revenue; top 10 suppliers = 81.7% of raw material.
Coal price exposure with no clear pass-through.
Anchor book had zero mutual funds and zero insurance companies. Only 6 institutions came in.
❌ VERDICT: AVOID — decent business, indefensible price. When domestic MFs skip the anchor round entirely, that is your signal.
🔟 Prasol Chemicals — the wrong point in the cycle
📅 Dates | 8–10 Sept |
💰 Price Band | ₹643–676 |
🏷️ Issue Size | ₹500 Cr (₹420 Cr OFS — 84%) |
📈 GMP | Swung from ₹150 → ₹30 → ~₹85. Wildly unstable. |
150+ specialty chemicals, two Maharashtra plants, 69 countries, 1,100+ customers. Genuinely good FY26 — revenue ₹1,238 Cr, PAT ₹83 Cr (up 358% over two years).
But:
Priced at roughly 47x against Vinati Organics at 30.9x and Atul at 28x. You are paying a premium to better-quality peers.
PAT margin only 6.74% — the profit spike is off a low base, and specialty chemicals is a cyclical where FY24's ₹18 Cr PAT is the more sobering data point.
Both plants have faced MPCB closure orders in the past. Single-region, hazardous-process concentration.
₹109 Cr of contingent liabilities.
84% OFS.
Brokerage consensus is neutral, not positive — Swastika and SMC both neutral, Dilip Davda not rated.
❌ VERDICT: AVOID — good company, bad entry price. A GMP that halved and then doubled inside 48 hours is not conviction, it's speculation.
🎯 THE ONE-PAGE SUMMARY
IPO | Dates | Price | P/E | GMP % | Verdict |
|---|---|---|---|---|---|
Pranav Constructions | 7–9 Sept | ₹118–124 | 19.6x | ~31% | ✅ APPLY |
LCC Projects | 9–11 Sept | ₹139–146 | 14.8x | ~16% | ✅ APPLY (long term) |
ARCIL | 9–11 Sept | ₹132–139 | ~14x | ~19% | ✅ APPLY |
Kanohar Electricals | 8–10 Sept | ₹601–632 | 38.6x | ~32% | ✅ APPLY (listing) |
Glass Wall Systems | 8–10 Sept | ₹172–182 | 19.1x | ~26% | ✅ APPLY |
Karamtara Engineering | 9–11 Sept | ₹241–254 | 35.7x | ~25% | ✅ APPLY (long term) |
Rentomojo | 9–11 Sept | ₹384–404 | ~40x | ~30% | ⚡ LISTING GAINS ONLY |
Manipal Payment | 9–11 Sept | ₹322–339 | ~31x | ~10% | ❌ AVOID |
Steamhouse India | 9–11 Sept | ₹77–81 | 57.9x | ~8% | ❌ AVOID |
Prasol Chemicals | 8–10 Sept | ₹643–676 | ~47x | ~12% | ❌ AVOID |
💡 If You Can Only Apply to Three
Most retail investors will not have ₹1.5 lakh sitting idle to apply everywhere. If you're picking three:
Pranav Constructions — closes today, best blend of valuation, fresh issue and GMP
LCC Projects — cheapest multiple, real order book, actual business to own
Kanohar Electricals — highest GMP, hottest sector, exit on listing
And apply at the cut-off price in the retail category. Bidding below the upper band in an oversubscribed issue means your application is simply rejected.
🧠 Three Things to Remember This Week
1. GMP is not a promise. It is an unofficial, unregulated number from a grey market that can move 50% overnight - Prasol went from ₹150 to ₹30 and back to ₹85 in days. Use it as sentiment, never as a valuation.
2. Read the fresh-issue split before anything else. Rentomojo (88% OFS), Glass Wall (86%), Prasol (84%), ARCIL (100%) - in these, existing shareholders are selling to you. That isn't automatically bad, but it changes what you're buying.
3. Size it properly. IPO applications should be surplus money, not your SIP money. A 30% listing gain on ₹15,000 is ₹4,500. Do not pause a systematic investment plan that compounds for 15 years to chase that.
⚖️ Disclaimer
I am an AMFI-registered Mutual Fund Distributor. I am not a SEBI-registered Research Analyst or Investment Adviser. This newsletter is for educational and informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security.
All figures are drawn from publicly available sources (RHP data, exchange filings and IPO data platforms) as of 9 September 2026 and may change. GMP figures are unofficial, unregulated and indicative only. Subscription data is live and moves through the day.
IPO investments carry a risk of capital loss, including on listing day. Past listing performance is not indicative of future results. Please read the Red Herring Prospectus carefully and consult a SEBI-registered investment adviser before investing. I may or may not hold positions in the securities discussed.
Sources: IPO Ji, Chittorgarh, IPO Watch, InvestorGain, Business Today, IPO Central