The primary market is set for a busy session on September 9, 2026, with as many as six mainboard IPOs opening for subscription. Investors will have multiple options to choose from as Rentomojo, Karamtara Engineering, LCC Projects, Steamhouse India, Manipal Payment & Identity Solutions, and Asset Reconstruction hit the market simultaneously.
Among the six offerings, Rentomojo IPO is the largest, aiming to raise Rs 1,255.57 crore. Karamtara Engineering IPO follows with an issue size of Rs 875 crore, while Manipal Payment & Identity Solutions IPO is looking to raise around Rs 805 crore. Asset Reconstruction IPO will raise Rs 732.97 crore, while LCC Projects and Steamhouse India are targeting Rs 427.14 crore and Rs 414 crore, respectively.
The grey market is also indicating strong interest in several of these IPOs ahead of their opening. Rentomojo IPO is currently commanding a grey market premium (GMP) of Rs 130, implying a premium of around 32% over its upper price band. Karamtara Engineering IPO is trading at a GMP of Rs 68, or nearly 27%, while Steamhouse India and Asset Reconstruction are commanding premiums of around 22% each. LCC Projects has a GMP of Rs 29, while Manipal Payment & Identity Solutions has a GMP of Rs 37.
Karamtara Engineering IPO is a book-built issue worth Rs 875 crore. The offering comprises a fresh issue of 2.66 crore shares aggregating to Rs 675 crore and an offer for sale of 78.74 lakh shares worth Rs 200 crore. The IPO will open for subscription on September 9 and close on September 11, 2026. The allotment is expected to be finalised on September 15, while the shares are scheduled to list on NSE and BSE on September 17.
The price band has been fixed at Rs 241 to Rs 254 per share, with a lot size of 59 shares. Retail investors will need to invest a minimum of Rs 14,986 to bid for one lot at the upper end of the price band. JM Financial Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar.
Karamtara Engineering IPO is currently commanding a GMP of Rs 68, translating into a premium of around 27% over the upper price band of Rs 254. Based on the current grey-market premium, the estimated listing price stands at around Rs 322 per share.
LCC Projects IPO is a book-built issue of Rs 427.14 crore. The issue comprises a fresh issue of 1.77 crore shares aggregating to Rs 258 crore and an offer for sale of 1.16 crore shares worth Rs 169.14 crore. The IPO will open on September 9 and remain open until September 11, with allotment expected to be finalised on September 15. The shares are proposed to be listed on NSE and BSE on September 17.
LCC Projects IPO has a current GMP of Rs 29, representing a premium of around 20% over the upper price band of Rs 146. The implied listing price based on the latest GMP is around Rs 175 per share.
Steamhouse India IPO is a Rs 414 crore book-built issue comprising a fresh issue of 4.36 crore shares worth Rs 353 crore and an offer for sale of 75.31 lakh shares aggregating to Rs 61 crore. The IPO opens for subscription on September 9 and closes on September 11. The allotment is expected on September 15, with a tentative listing date of September 17 on both NSE and BSE.
The price band has been fixed at Rs 77 to Rs 81 per share, while the lot size is 185 shares. Retail investors will require a minimum investment of Rs 14,985 for one lot at the upper price band. Equirus Capital Ltd. is the book-running lead manager, while KFin Technologies Ltd. is the registrar.
Steamhouse India IPO is currently trading at a GMP of Rs 18, or approximately 22% above the upper price band of Rs 81. Based on the latest GMP, the estimated listing price is around Rs 99 per share.
Manipal Payment & Identity Solutions IPO
Manipal Payment & Identity Solutions IPO is a book-built issue of Rs 805 crore, making it the third-largest IPO among the six issues opening on September 9. The offering comprises a fresh issue of 94.40 lakh shares aggregating to Rs 320 crore and an offer for sale of 1.43 crore shares worth Rs 485 crore.
The IPO will open on September 9 and close on September 11, 2026. The allotment is expected to be finalised on September 15, followed by a tentative listing on NSE and BSE on September 17. The price band has been fixed at Rs 322 to Rs 339 per share and the lot size is 44 shares. Retail investors will need a minimum investment of Rs 14,916 for one lot at the upper price band.
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Asset Reconstruction IPO is a Rs 732.97 crore book-built issue and is entirely an offer for sale. The issue comprises 5.27 crore shares worth Rs 732.97 crore, with no fresh issue component.
The IPO opens for subscription on September 9 and closes on September 11. The allotment is expected to be finalised on September 15, while the shares are scheduled to list on NSE and BSE on September 17. The price band has been set at Rs 132 to Rs 139 per share, with a lot size of 107 shares. The minimum retail investment at the upper price band is Rs 14,873.
IIFL Capital Services Ltd. is the book-running lead manager and MUFG Intime India Pvt. Ltd. is the registrar. Asset Reconstruction IPO is currently commanding a GMP of Rs 30, or around 22% over the upper price band of Rs 139. This indicates an estimated listing price of approximately Rs 169 per share.
Rentomojo IPO is the biggest offering among the six IPOs opening on September 9, with the company looking to raise Rs 1,255.57 crore. The issue comprises a fresh issue of 37.15 lakh shares aggregating to Rs 150 crore and an offer for sale of 2.74 crore shares worth Rs 1,105.57 crore.
The IPO will open for subscription on September 9 and close on September 11, 2026. The allotment is expected to be finalised on September 15, while the shares are tentatively scheduled to list on NSE and BSE on September 17.
The IPO is attracting significant attention in the grey market, with the latest GMP at Rs 130 per share. This represents a premium of around 32% over the upper price band of Rs 404. Based on the current GMP, the estimated listing price is around Rs 534 per share.
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With six mainboard IPOs opening on the same day, September 9 is likely to be a particularly busy day for India's primary market. While Rentomojo leads in terms of issue size and grey-market premium, Karamtara Engineering is also attracting strong grey-market interest. However, investors should note that GMP is an unofficial indicator of market sentiment and can change before listing. It should not be treated as a guarantee of the actual listing price or future returns.
