IPO Listing Live: Rentomojo, LCC Projects Make Strong Debut; Manipal Lists At Discount

LCC Projects Ltd.

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
The 29.45% listing gain to Rs 189 reflects strong market confidence in the Rs 7,953 crore order book, healthy return ratios and a reasonable 14x FY26 P/E versus peers. Long-term investors can hold while tracking order-book execution, while short-term investors may book partial profits into strength. Suggested stop loss: Rs 165.

Dr. Ravi Singh, Chief Research Officer, Master Capital Services Ltd.
LCC Projects made a positive debut at Rs 189 on NSE, a 29.45% premium to its Rs 146 issue price. The Ahmedabad-based EPC company focuses on irrigation and water supply projects and has executed infrastructure projects across 12 states. Its order book comprised 103 projects as of March 31, 2026. Investors may track project execution, revenue and earnings growth, margin stability and cash-flow generation.

Karamtara Engineering IPO

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
The 25.98% debut at Rs 320 supports the renewable-energy and solar-structures growth story, backed by healthy growth, margins and IPO-led deleveraging. However, premium valuation could cap near-term upside. Short-term investors can consider booking gains on strength, while long-term investors can hold through corrections linked to sector capex cycles. Suggested stop loss: Rs 290.

Dr. Ravi Singh, Chief Research Officer, Master Capital Services Ltd.
Karamtara Engineering made a positive debut at Rs 320 on NSE, a 25.98% premium to its Rs 254 issue price. The company manufactures products for the renewable energy and transmission-line sectors, including solar mounting frames, tracking systems and OHTL components. Investors may track revenue and earnings growth, order-book execution and profitability, with sustained order inflows, stable margins and improving cash flows providing greater visibility.

Steamhouse India Ltd.

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
The 16.67% listing gain to Rs 94.50 offers short-term investors an exit opportunity given the aggressive 57.8x FY26 P/E. Coal-price volatility could pressure margins. Long-term investors comfortable with debt-reduction-led earnings support can hold with a tight risk framework. Suggested stop loss: Rs 82.

Dr. Ravi Singh, Chief Research Officer, Master Capital Services Ltd.
Steamhouse India made a positive debut, listing at Rs 94.50 on NSE, up 16.67% from its Rs 81 issue price, and at Rs 93 on BSE, up 14.81%. The company generates and distributes steam and nitrogen through pipelines and operates seven community steam boilers in Gujarat with aggregate capacity of 345 TPH. Investors may track capacity utilisation, volume growth and operating margins, with sustained revenue and earnings growth needed to support its post-listing valuation.

Manipal Payment & Identity Solutions Ltd. (Manipal Cards)

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
The 2.65% discount listing at Rs 330 reflects market caution around its premium valuation and muted growth visibility despite its strong ROE/ROCE profile and fintech-infrastructure positioning. Investors focused on listing gains should consider exiting on a pullback-driven bounce, while long-term holders can retain with a strict risk check given customer concentration risk. Suggested stop loss: Rs 310.

Dr. Ravi Singh, Chief Research Officer, Master Capital Services Ltd.
Manipal Payment & Identity Solutions made a weak debut, listing at Rs 330 on NSE, down 2.65% from its Rs 339 issue price, and at Rs 332 on BSE, down 2.06%. The company provides payment, identification, secure solutions, smart tagging and IoT solutions to banks, fintechs, NBFCs and governments. Near-term sentiment could remain under pressure, with the outlook depending on its ability to sustain growth and improve profitability and cash generation.

Asset Reconstruction Co. (India) Ltd. (ARCIL) Post-Listing Review

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
The flat listing at Rs 139 reflects a muted but stable market reception. At around 11x FY26 P/E and 1.46x P/B, the valuation remains reasonable, while EBITDA margins are around 73.8%. Existing/allotted holders can hold with a medium-term view, while rising retail NPA trends remain a key overhang. Suggested stop loss: Rs 128.

Dr. Ravi Singh, Chief Research Officer, Master Capital Services Ltd.
ARCIL made a flat debut at Rs 139 on both NSE and BSE, in line with its issue price. The company acquires stressed assets from banks and financial institutions and implements resolution strategies through restructuring, enforcement of security rights and settlements. Near-term investor interest could remain subdued, with steady business operations, earnings growth, cash generation and margin improvement important for investor confidence.

Rentomojo Listing Review

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Post-listing, Rentomojo’s 19.4% listing gain to Rs 482.45 has priced in much of the near-term optimism. At around 40.7x FY26 P/E, the valuation cushion remains thin. Debt reduction from IPO proceeds is a positive structural driver, but sustained improvement in profitability and asset utilisation is needed. Suggested stop loss: Rs 430.

Dr. Ravi Singh, Chief Research Officer, Master Capital Services Ltd.
Rentomojo made a positive debut, listing at Rs 482.45 on NSE, a 19.42% premium to its issue price of Rs 404, and at Rs 480 on BSE, up 18.81%. The company operates a technology-led D2C online rental and subscription platform for furniture and appliances, with more than 253,825 active subscribers across 29 cities as of March 2026. Investors may track rental revenue, earnings growth and profitability. The business could be relevant for investors who understand and are comfortable with its asset-heavy rental model.

The initial public offering for National Stock Exchange is now live on the D-street. So far the issue has been subscribed 17%, with employees leading the bids. 

Asset Reconstruction Company India Ltd made a flat debut on the exchanges

• Lists at Rs 139 on NSE vs issue price of Rs 139/share
• Lists at Rs 139 on BSE vs issue price of Rs 139/share
   

Steamhouse India | New listing

• Lists at Rs 94.50 on NSE vs issue price of Rs 81/share
• Lists at Rs 93 on BSE vs issue price of Rs 81/share
• Lists at a premium of 16.7% on NSE vs issue price
• Lists at a premium of 14.8% on BSE vs issue price

Manipal Payment List At Discount

• Lists at Rs 330 on NSE vs issue price of Rs 339/share
• Lists at Rs 332 on BSE vs issue price of Rs 339/share
• Lists at a discount of 2.7% on NSE vs issue price
• Lists at a discount of 2.1% on BSE vs issue price

Shares of LCC made a strong debut on the exchanges after listing with gains on Thursday. The stock settled at Rs 189 on NSE, compared to issue price of Rs 146 per share, marking a 29.5% premium. 

On the BSE it saw an over 31% premium, with the stock settling at Rs 191.9. However, the shares pared some of the listing gains to trade 6.70% lower than the opening price as of 10:15 a.m.

Karamtara Engineering IPO Listing: 

• Lists at Rs 320 on NSE vs issue price of Rs 254/share
• Lists at Rs 320 on BSE vs issue price of Rs 254/share
• Lists at a premium of 26% on NSE and BSE vs issue price

Rentomojo IPO Listing: 

• Lists at Rs 482.45 on NSE vs issue price of Rs 404/share
• Lists at Rs 480 on BSE vs issue price of Rs 404/share
• Lists at a premium of 19.4% on NSE vs issue price
• Lists at a premium of 18.8% on BSE vs issue price

The GMP for Karamtara Engineering IPO stands at Rs 48, updated as of Sep 17, 2026, 7:54 AM. With an upper price band of Rs 254, the estimated listing price based on current market trends is Rs 302, implying an expected gain of 18.90% per share.

The GMP for LCC Projects IPO stands at Rs 36, updated as of Sep 17, 2026, 8:00 AM. With an upper price band of Rs 146, the estimated listing price based on current market trends is Rs 182, implying an expected gain of 24.66% per share.

The GMP for Steamhouse IPO stands at Rs 13.50, updated as of Sep 17, 2026, 8:02 AM. With an upper price band of Rs 81, the estimated listing price based on current market trends is Rs 94.50, implying an expected gain of 16.67% per share.

The GMP for Manipal Payment and Identity Solutions IPO indicates a discounted listing. With an upper price band of Rs 339, the estimated listing price at current market trends is Rs 333, implying a discount of Rs 6 per share, or 1.77%. The IPO opened on Sep 9, 2026, closed on Sep 11, 2026.

(Source: Investorgain.com)  

• Asset Reconstruction IPO GMP: Rs 12
• GMP updated: Sep 17, 2026, 7:54 AM
• IPO price band: Rs 139
• Estimated listing price: Rs 151
• Expected gain: 8.63%

(Source: Investorgain.com)  

• Rentomojo IPO GMP: Rs 86
• GMP updated: Sep 17, 2026, 7:57 AM
• IPO price band: Rs 404
• Estimated listing price: Rs 490
• Expected gain: 21.29%

(Source: Investorgain.com) 

Good morning to all the primary market nuts, I am back once again to give you key live updates regarding fresh listings, grey market trends and more.

Today, we shall be keeping a track of the much awaited NSE IPO as well, once the subscription window opens.