IPO Rush After 30 Years: 6 IPOs Open Today, Rentomojo Has Highest GMP at ₹135

The Indian primary market witnessed a rare event on Wednesday, September 9, as six mainboard IPOs opened for subscription on the same day. It is the first time in 30 years that exactly six mainboard public issues have opened together. The previous such instance was recorded on October 14, 1996, according to historical data cited from Prime Database.

The six IPOs are Rentomojo, Karamtara Engineering, Manipal Payment & Identity Solutions, Asset Reconstruction Company (India), LCC Projects and Steamhouse India. Together, the issues are looking to raise around ₹4,500 crore based on their announced issue sizes. Reuters had earlier estimated the combined fundraising at about ₹45.11 billion.

Rentomojo Has the Highest GMP

Among the six IPOs, Rentomojo currently has the highest grey market premium (GMP). The latest available GMP indication is around ₹134 per share against its upper price-band of ₹404.

Karamtara Engineering follows with a GMP of around ₹68, while Manipal Payment & Identity Solutions is around ₹37. LCC Projects is around ₹34, ARCIL around ₹30 and Steamhouse India around ₹18.

GMP represents unofficial grey-market activity and can change significantly before listing. Therefore, it should not be treated as a guaranteed listing gain.

1. Rentomojo IPO

Rentomojo is the largest of the six issues, with a total size of ₹1,255.57 crore. The issue includes a ₹150 crore fresh issue and an OFS component of ₹1,105.57 crore.

The price band has been fixed at ₹384–₹404 per share.

2. Karamtara Engineering IPO

Karamtara Engineering is raising ₹875 crore through a combination of a ₹675 crore fresh issue and a ₹200 crore OFS.

Its price band is ₹241–₹254 per share, while its current GMP is around ₹68.

3. Manipal Payment & Identity Solutions IPO

Manipal Payment & Identity Solutions has reduced its IPO size to ₹805 crore. The issue consists of a ₹320 crore fresh issue and an OFS of around ₹485 crore.

The price band is ₹322–₹339 per share. The company plans to use a substantial portion of the fresh issue proceeds for purchasing and installing equipment.

4. ARCIL IPO

Asset Reconstruction Company (India), or ARCIL, is raising approximately ₹732.97 crore through a completely OFS issue.

The price band is ₹132–₹139 per share. Financial Express reported a GMP of around ₹30, implying an indicative premium of about 21.6% over the upper price band, although this grey-market figure can fluctuate.

5. LCC Projects IPO

LCC Projects has launched an issue of around ₹427.14 crore, comprising a ₹258 crore fresh issue and an OFS component of ₹169.14 crore.

The price band is ₹139–₹146 per share, with the latest GMP indication around ₹34.

6. Steamhouse India IPO

Steamhouse India is raising around ₹414 crore through a ₹353 crore fresh issue and a ₹61 crore OFS.

The price band has been fixed at ₹77–₹81 per share, while the latest GMP indication is around ₹18.

IPO Market Gets Extremely Crowded

The six simultaneous mainboard IPO openings come during an unusually busy period for India's primary market. Several other issues are also available for subscription during the week, creating a crowded IPO calendar. Economic Times reported that 10 IPOs were open for subscription on Wednesday when issues already in their bidding periods were also counted.

The surge comes as major upcoming issues, including the much-awaited NSE IPO, are also moving closer to the market. NSE is expected to proceed with its IPO later in September.

Investor Warning: Don't Chase GMP Alone

The record number of IPO openings does not mean every issue will deliver strong listing gains. GMP is unofficial, volatile and can change before the listing date.

Investors should therefore look beyond the grey market and examine the company's financial performance, valuation, debt, growth prospects, promoter holding, use of IPO proceeds and OFS structure before making any decision.