Tempsens Instruments (India) Ltd. and Gaja Alternative Asset Management Ltd. are two mainboard initial public offerings (IPOs) tapping the primary market in August 2026 to raise a combined capital of Rs 1,200 crore.
Tempsens Instruments IPO is showing a significantly stronger grey-market signal than Gaja Capital, with the latest GMP implying a 73.33% listing gain versus 14.38% for Gaja Capital.
Gaja Capital IPO opened for subscription on Aug. 19, while the Tempsens Instruments IPO opened today, Aug. 20. Both mainboard issues are being closely watched for their potential listing performance.
| IPO | GMP | Upper Price Band | Implied Listing Price | Implied Gain |
| Tempsens Instruments | Rs 220 | Rs 300 | Rs 520 | 73.33% |
| Gaja Capital | Rs 23 | Rs 160 | Rs 183 | 14.37% |
Tempsens Instruments IPO GMP Today
Tempsens Instruments shares were commanding a grey market premium of Rs 220 as of Aug. 20 at 9:30 a.m. The IPO has set its upper price band at Rs 300 a share, taking the implied listing price to Rs 520 when the latest GMP is added.
This implies a 73.33% listing gain based on the latest GMP.
Tempsens Instruments IPO Details
The Rs 650-crore book-built issue comprises a fresh issue of Rs 95 crore and an offer-for-sale (OFS) of Rs 555 crore.
The issue price band is set at Rs 285–Rs 300 per share. Each application lot consists of 50 shares, requiring retail investors to bid a minimum amount of Rs 15,000 (based on the upper price band). ICICI Securities Ltd. is the book-running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Share allotment is expected to be finalised on Aug. 25, with listing scheduled on the BSE and NSE on Aug. 28.
Tempsens Instruments (India) Ltd. is a thermal engineering and specialised cable manufacturer focused on customised temperature-sensing, electrical-heating, and specialised cable solutions.
Gaja Capital IPO GMP Today
Gaja Capital (Gaja Alternative Asset Management) IPO's latest grey market premium stands at Rs 23 on Aug. 20 at 9:30 a.m. Adding the Rs 23 GMP to the upper price band of Rs 160 gives an implied listing price of Rs 183. This translates into an implied listing gain of 14.37% over the upper issue price.
Gaja Capital IPO Latest Subscription Status
The Gaja Capital IPO total subscription after Day 1 stood at 0.86 times.
Gaja Capital IPO Details
Gaja Capital (Gaja Alternative Asset Management) IPO is a mainboard issue of Rs 550 crore. It has a fresh issue of Rs 450 crore and an OFS component of Rs 100 crore.
The issue price band has been set at Rs 152 to Rs 160 per share. The lot size for an application is 93 shares, requiring a minimum retail investment of Rs 14,880.
JM Financial Ltd. is the book-running lead manager and MUFG Intime India Pvt. Ltd. is the registrar.
The share allotment process is expected to be finalised on Aug. 24, with tentative listing on the BSE and NSE on Aug. 26.
Gaja Capital operates as an independent alternative asset manager, providing growth capital and advising funds focused on sectors such as education, financial services, and consumer tech.
Tempsens Instruments vs Gaja Capital IPO: Which Is Better?
Based purely on grey-market activity, Tempsens Instruments has a clear edge, with its latest GMP implying a 73.33% listing premium versus 14.38% for Gaja Capital.
Grey market premiums are unofficial and subject to market volatility. Investors should evaluate business fundamentals, financial valuation, and overall market sentiment before making an investment decision.
Note: GMP does not represent official data and is based on speculation.
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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