The bidding for four mainboard Initial Public Offerings (IPOs) — Adroit Industries, ArMee Infotech, Swastika Infra and Elevate Campuses — concluded on the third and final day today, September 25. The four issues saw varied subscription levels, while Adroit Industries had the highest GMP-implied listing premium, followed by Swastika Infra, ArMee Infotech and Elevate Campuses. As investors await the finalisation of the allotment basis, here is a detailed breakdown of the latest IPO GMP today, final subscription figures and key issue details.
IPO GMP Today: Listing Price & Expected Gains
| IPO | Latest GMP | Upper Price Band | GMP-Implied Listing Price | Implied Listing Gain |
| Adroit Industries | Rs 43 | Rs 134 | Rs 177 | 32.09% |
| ArMee Infotech | Rs 8 | Rs 375 | Rs 383 | 2.13% |
| Swastika Infra | Rs 4.5 | Rs 185 | Rs 189.5 | 2.43% |
| Elevate Campuses | Rs 0 | Rs 362 | Rs 362 | 0% |
GMP is unofficial and based on market speculation. It does not guarantee the actual listing price.
IPO GMP Today: Estimated Gain Per Lot
Based on the latest GMP and respective retail lot sizes, the implied gain per lot is:
- Adroit Industries: Rs 4,773 (Rs 43 × 111 shares)
- Swastika Infra: Rs 364.5 (Rs 4.5 × 81 shares)
- ArMee Infotech: Rs 320 (Rs 8 × 40 shares)
- Elevate Campuses: Rs 0 (Rs 0 × 41 shares)
These figures are calculated using the latest GMP and should not be interpreted as guaranteed listing gains.
Adroit Industries IPO GMP & Day 3 Status
The Adroit Industries IPO continued to witness strong demand. The issue was subscribed 176.85 times, driven by strong interest across investor categories.
- QIBs subscription: 195.04 times
- NIIs Subscription: 332.35 times
- RIIs Subscription: 99.81 times
- Latest GMP: Rs 43 (indicating a 32.09% premium over the upper band of Rs 134).
- Issue Size: Rs 150.71 crore (Fresh Issue of Rs 132.62 crore + OFS of Rs 18.09 crore).
- Key Detail: Retail investors require a minimum investment of Rs 14,874 for 1 lot (111 shares).
- Lead Manager & Registrar: Choice Capital Advisors (BRLM) and Bigshare Services (Registrar).
ArMee Infotech IPO GMP & Day 3 Status
The ArMee Infotech IPO also saw a steady, albeit moderate, response from the street. The issue was subscribed 2.44 times.
- QIBs subscription: 2.99 times
- NIIs Subscription: 2.09 times
- RIIs Subscription: 2.47 times
- Latest GMP: Rs 8 (indicating a 2.13% premium over the upper band of Rs 375).
- Issue Size: Rs 300 crore (entirely a fresh issue of 80 lakh shares).
- Key Detail: The minimum application size is 1 lot (40 shares), requiring a retail investment of Rs 15,000.
- Lead Manager & Registrar: Khandwala Securities (BRLM) and Cameo Corporate Services (Registrar).
Swastika Infra IPO GMP & Day 3 Status
Infrastructure player Swastika Infra IPO logged a stable subscription rate of 7.60 times on the final day of bidding.
- QIBs subscription: 3.22 times
- NIIs Subscription: 18.50 times
- RIIs Subscription: 5.39 times
- Latest GMP: Rs 4.5 (indicating a 2.43% premium over the upper band of Rs 185).
- Issue Size: Rs 160.88 crore (Fresh Issue of Rs 128.50 crore + OFS of Rs 32.38 crore).
- Key Detail: The retail lot size is 81 shares, translating to a minimum investment of Rs 14,985.
- Lead Manager & Registrar: Srujan Alpha Capital Advisors (BRLM) and MUFG Intime India (Registrar).
Elevate Campuses IPO GMP & Day 3 Status
The largest public issue of the lot, the Rs 2,100-crore Elevate Campuses IPO, experienced slow demand, but was fully subscribed on the final day of bidding, ending with an overall subscription of 1.79 times.
- QIBs subscription: 2.52 times
- NIIs Subscription: 0.84 times
- RIIs Subscription: 1.01 times
- Latest GMP: Rs 0 (indicating a flat listing over the upper price band of Rs 362).
- Issue Size: Rs 2,100 crore (entirely fresh issue of 5.80 crore shares).
- Key Detail: Retail application requires a minimum outlay of Rs 14,842 for 41 shares.
- Lead Manager & Registrar: JM Financial (BRLM) and Kfin Technologies (Registrar).
For investors planning their bidding strategy, keep these tentative dates in mind:
- IPO Closing Date: September 25, 2026
- Allotment Basis Finalisation: September 28, 2026
- Initiation of Refunds/Credit of Shares: September 29, 2026
- Tentative Listing Date (BSE & NSE): September 30, 2026
IPO GMP Today: What Investors Should Know
Grey market premium is an unofficial indicator of market sentiment towards an IPO and is not official exchange data. GMP can change before the listing and does not guarantee the actual listing price or listing-day performance.
Investors should also consider the IPO's financial performance, valuation, issue structure, subscription trends, business prospects and broader market conditions before making an investment decision.
Disclaimer: Investments in initial public offerings are subject to market risks. Investors should read the red herring prospectus carefully and consult a qualified financial adviser before making investment decisions.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.