Adroit Industries IPO is leading the listing-gain race among the four public issues, with an implied listing gain of around 26.12%. ArMee Infotech IPO is also commanding a premium in the grey market with a potential listing gain of 14.40%.
The IPO of Adroit Industries also leads the subscription race, being the only mainboard issue to be fully subscribed at the end of Day 1.
The public issues of Elevate Campuses, ArMee Infotech, Swastika Infra, and Adroit Industries opened for subscription on Sept. 23 and will close on Sept. 25. Investors are closely tracking their potential listing performance.
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Here is a detailed look at the latest GMP and key IPO details for each issue.
Adroit Industries IPO GMP Today
The latest Grey Market Premium (GMP) for Adroit Industries IPO was reported at Rs 35 as of 5:00 p.m. on Sept. 23. With the upper price band of Rs 134, the estimated listing price of the IPO is Rs 169 (upper end of price band + today's GMP). This implies a GMP-based listing gain of 26.12% over the upper end of the issue price band.
Adroit Industries IPO Day 1 Subscription Status
The mainboard issue of Adroit Industries was subscribed 5.18 times on the first day of bidding on Sept. 23.
Adroit Industries IPO Details
Issue Size & Structure: Adroit Industries IPO is a book build issue of Rs 150.71 crore. The issue is a combination of fresh issue of 98.97 lakh shares aggregating to Rs 132.62 crore and offer for sale of 13.50 lakh shares worth Rs 18.09 crore.
- Key Dates: Adroit Industries opens for subscription on Sept. 23 and closes on Sept. 25, 2026. The share allotment is expected to be finalised on Monday, Sept. 28, with listing on NSE and BSE scheduled for Wednesday, Sept. 30.
- Price Band & Lot Size: The price band is set between Rs 126 and Rs 134 per share. Retail investors were required to bid for a minimum lot size of 111 shares, translating to a minimum investment of Rs 14,874 at the upper end of the price band.
- Lead Manager & Registrar: Choice Capital Advisors Pvt. Ltd. is the book running lead manager and Bigshare Services Pvt. Ltd. is the registrar of the issue.
ArMee Infotech IPO GMP Today
The latest GMP of ArMee Infotech is Rs 54, updated on Sept. 23 at 5:00 p.m. With the upper price band of Rs 375, the IPO's estimated listing price is Rs 429 (upper end of price band + today's GMP). This translates into an implied listing gain of 14.40% over the upper issue price.
ArMee Infotech IPO Latest Subscription Status
The mainboard issue of ArMee Infotech was subscribed 0.53 times on the first day of bidding on Sept. 23.
ArMee Infotech IPO Details
- Issue Size & Structure: The IPO is a book build issue of Rs 300 crore, comprising a fresh issue of 80 lakh shares of Rs 300 crore.
- Key Dates: Opened for subscription on Sept. 23, the bidding window will close on Sept. 25. ArMee Infotech IPO allotment is expected on Sept. 28. It will list on NSE and BSE with a tentative listing date fixed as Sept. 30.
- Price Band & Lot Size: ArMee Infotech IPO has set its price band at Rs 350 to Rs 375 per share. The lot size for an application is 40 shares, requiring a minimum retail commitment of Rs 15,000 (based on upper price).
- Lead Manager & Registrar: Khandwala Securities Ltd. is the book running lead manager and Cameo Corporate Services Ltd. is the registrar of the issue.
Swastika Infra IPO GMP Today
The latest grey market premium for Swastika Infra IPO was Rs 9.5 as of 5:00 p.m. on Sept. 23. Based on the upper price band of Rs 185, the stock's estimated listing price stands at Rs 194.5, signalling a listing gain of 5.14%.
Swastika Infra IPO Latest Subscription Status
The mainboard issue of Swastika Infra was subscribed 0.96 times on the first day of bidding on Sept. 23.
Swastika Infra IPO Details
- Issue Size & Structure: Swastika Infra IPO is a book build issue of Rs 160.88 crore. The issue is a combination of fresh issue of 69.46 lakh shares aggregating to Rs 128.50 crore and offer for sale of 17.50 lakh shares worth Rs 32.38 crore.
- Key Dates: Swastika Infra opens for subscription on Sept. 23 and closes on Sept. 25. The share allotment is expected to be finalised on Monday, Sept. 28, with listing on NSE and BSE scheduled for Wednesday, Sept. 30.
- Price Band & Lot Size: The price band is set between Rs 175 and Rs 185 per share. Retail investors were required to bid for a minimum lot size of 81 shares, translating to a minimum investment of Rs 14,985 at the upper end of the price band.
- Lead Manager & Registrar: Srujan Alpha Capital Advisors LLP is the book running lead manager and MUFG Intime India Pvt. Ltd. is the registrar of the issue.
Elevate Campuses IPO GMP Today
The latest grey market premium for Elevate Campuses IPO was Rs 3 as of 5:00 p.m. on Sept. 23. Based on the upper price band of Rs 362, the stock's estimated listing price stands at Rs 365, signalling a listing gain of 0.83%.
Elevate Campuses IPO Latest Subscription Status
The mainboard issue of Elevate Campuses was subscribed 0.2 times on the first day of bidding on Sept. 23.
Elevate Campuses IPO Details
- Issue Size & Structure: The Elevate Campuses IPO is entirely a fresh issue of 5.80 crore shares worth Rs 2,100.00 crore.
- Key Dates: Elevate Campuses IPO opened for subscription on Sept. 23, 2026 and will close on Sept. 25. The share allotment for the IPO is expected to be finalised on Sept. 28. Elevate Campuses IPO will list on NSE and BSE with a tentative listing date fixed as Sept. 30.
- Price Band & Lot Size: The issue price band is set at Rs 343 to Rs 362 per share. The lot size for an application is 41 shares. The minimum amount of investment required by an individual investor (retail) is Rs 14,842 (based on upper price).
- Lead Manager & Registrar: JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
IPO GMP Today - Adroit Industries vs Elevate Campuses vs ArMee Infotech vs Swastika Infra: Which IPO Offers the Highest Listing Gain?
Based purely on the latest GMP, Adroit Industries offers the highest implied listing gain of approximately 26.12% among the four IPOs. ArMee Infotech follows with 14.40%, while Swastika Infra and Elevate Campuses indicate implied listing gains of 5.14% and 0.83%, respectively.
Based on the latest GMP and respective lot sizes, the GMP-implied gain per retail lot is:
- Adroit Industries: Rs 3,885 per lot (Rs 35 GMP × 111 shares)
- ArMee Infotech: Rs 2,160 per lot (Rs 54 GMP × 40 shares)
- Swastika Infra: Rs 769.5 per lot (Rs 9.5 GMP × 81 shares)
- Elevate Campuses: Rs 123 per lot (Rs 3 GMP × 41 shares)
It is important to note that grey market premiums (GMP) do not represent official data and can change before listing. So, investors should evaluate business fundamentals, financial valuation, and overall market sentiment before making an investment decision.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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