IPOs Today LIVE: Sai, Amir Chand, Powerica, to CMPDI IPO open today. GMP, subscription status, price band. Apply or not?

Amir Chand Jagdish Kumar (Exports) IPO subscription status was 1.02x on day 1, so far. The retail portion is subscribed 30%, and NII portion has been booked 3.79x, QIBs portion receive 58% bids.

The company has received bids for 1,93,72,360 shares against 1,89,05,270 shares on offer, at 15:51 IST, according to data on BSE.

Tentatively, Sai Parenteral's IPO basis of allotment of shares will be finalised on Monday, March 30 and the company will initiate refunds on Wednesday, April 1 while the shares will be credited to the demat account of allottees on the same day following refund. Sai Parenteral's share price is likely to be listed on BSE and NSE on Thursday, April 2.

The public offering from the Haryana-based firm will consist of a fresh issue of equity shares totaling ₹440 crore, without any offer-for-sale (OFS) element.

The planned offer size has been decreased from ₹550 crore as indicated in the Draft Red Herring Prospectus submitted in June 2025. The SEBI granted approval for the IPO in October of the previous year.

Out of the total IPO size, the company has already secured ₹13 crore through a pre-IPO round involving 7.55 lakh shares priced at ₹172 each. It holds a valuation of ₹1,877 crore.

At the upper end of the price band, the company is expected to achieve a post-issue market capitalization of ₹2,195.29 crore.

The firm intends to use the net proceeds from the offering to cover its working capital needs and for general corporate objectives.

Sai Parenteral's IPO is set to generate ₹408.79 crore, which includes fresh shares valued at ₹285 crore and an offer for sale (OFS) amounting to ₹123.79 crore. Several current shareholders will be selling their stakes as part of the OFS.

Participants in the OFS include Vikasa India EIF I Fund, Tilokchand Punamchand Ostwal, Bhanwar Lal Chandak, Devendra Chawla, Sreelekha Ganta, Ashish Maheshwari, Vijay Gondi, Padma Guntupalli, Nilesh Pravinchandra Doshi, and Bhautik Mukund Shah.

The funds raised from the new share issue will be allocated for expanding capacity and enhancing manufacturing facilities. Additionally, the company intends to establish a new research and development center. The funds will also be utilized for repaying debts, meeting working capital needs, and addressing general corporate expenses.

The company's initial public offering consists of a new share issue valued at ₹700 crore, along with a share sale worth ₹300 crore by promoters, as detailed in the red herring prospectus (RHP).

The size of the Offer For Sale (OFS) has been reduced from the previously stated ₹700 crore, bringing the total IPO amount down to ₹1,000 crore from the ₹1,400 crore initially proposed in the draft documents submitted in August 2025.

Through the OFS, the Naresh Oberoi Family Trust and the Kabir and Kimaya Family Private Trust plan to sell shares.

From the fresh share issuance, ₹525 crore will be directed toward reducing the company's debt, with some funds also allocated for general corporate needs.

"The IPO has witnessed muted demand across all categories over the three-day bidding period. On Day 1, the issue opened weak with overall subscription at 0.07x, driven by limited participation across segments. By Day 2, there was some improvement led by QIB interest (0.62x), taking overall subscription to 0.26x. However, Day 3 saw marginal incremental traction, with total subscription reaching only 0.28x, indicating lack of broad-based demand.

Segment-wise, QIB participation stalled at 0.62x, showing no further institutional build-up post Day 2. The NII/HNI segment remained largely subdued (0.10x), with both large and small HNI categories underperforming expectations. Retail participation improved slightly to 0.20x, but remains significantly under-subscribed, reflecting cautious sentiment. Employee and shareholder categories also saw limited traction.

Despite strong fundamentals, robust margins, high RoE, zero debt, and PSU backing. The subscription data signals weak market appetite, likely due to:

1)Current market sentiment and fall, making quality large caps better alternatives to park money.

2)Coal sector overhang and concentration risk

3)OFS nature of the issue (no fresh capital infusion)

4)Limited near-term growth triggers

While CMPDIL remains a fundamentally strong and fairly valued PSU play, the weak subscription trend reduces probability of strong listing gains. Suitable for long-term, conservative investors, but not an aggressive listing gains play," said Gaurav Garg, Research Analyst at Lemonn Markets Desk.

Sai Parenteral's IPO subscription status was 2% on day 1, so far. The retail portion is subscribed 2%, and NII portion has been booked 5%, QIBs portion is yet to receive bids.

The company has received bids for 1,43,450 shares against 75,22,486 shares on offer, at 12:21 IST, according to data on BSE.

Amir Chand Jagdish Kumar IPO GMP is ₹7. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Amir Chand Jagdish Kumar shares is indicated as ₹219 apiece, which is 3.30% higher than the IPO price of ₹212.

Considering the grey market activities from the past 12 sessions, today's IPO GMP is trending upward and is anticipated to have a robust listing. Experts indicate that the lowest GMP is ₹0.00, whereas the highest GMP stands at ₹7.

Powerica IPO GMP is ₹5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Powerica shares is indicated as ₹400 apiece, which is 2.83% higher than the IPO price of ₹395.

Considering the grey market activities over the past eight sessions, the present GMP of ₹5 indicates a trend leaning towards the downside. The minimum GMP recorded is ₹0.00, whereas the maximum is ₹13, as stated by analysts.

Amir Chand Jagdish Kumar (Exports) IPO subscription status was 20% on day 1, so far. The retail portion is subscribed 8%, and NII portion has been booked 99%, QIBs portion is yet to receive bids.

The company has received bids for 38,71,770 shares against 1,89,05,270 shares on offer, at 11:18 IST, according to data on BSE.

Central Mine Planning IPO subscription status was 27% on day 3, so far. The retail portion is subscribed 19%, and NII portion has been booked 10%, QIBs portion received 62% bids.

The company has received bids for 2,17,13,760 shares against 7,97,89,500 shares on offer, at 10:45 IST, according to data on BSE.

“Recent IPO subscription numbers reflect both market turbulence and structural issues in how companies are coming to market. When 60-70% of an issue is an offer for sale, there is simply no growth capital being deployed; it’s an exit for early investors, not a value creation event for new ones. Retail participation has weakened considerably, and rightly so. In volatile conditions, weak hands step back, and the incentive to hunt for value diminishes.

What’s interesting is the quiet outperformance of low-subscription names like ICICI Prudential AMC — near-certain allotment, little fanfare, and a stock that has held its ground vs a host of other heavily oversubscribed, hyped names have corrected sharply with no institutional support to cushion the fall. This is classic retail behaviour playing out in real time.

The market is telling us something important: good businesses don’t need aggressive marketing to get listed. If the IPO pipeline continues to be dominated by OFS-heavy issues at stretched valuations, subscription fatigue will only deepen. Quality will find its buyers; just not at any price," said Mohit Gulati, CIO and managing partner of ITI Growth Opportunities Fund.

Amir Chand Jagdish Kumar’s ₹440 crore issue is observing a modest grey market premium (GMP) of about ₹6, indicating limited potential listing gains of approximately 3%.

In contrast, Powerica’s ₹1,100 crore IPO has seen its GMP decline to nearly ₹0 from previously higher levels, reflecting poor investor sentiment. Likewise, Sai Parenteral’s ₹409 crore issue is trading with a flat GMP of ₹0, suggesting subdued expectations.

CMPDI’s IPO also reveals a lackluster grey market traction, signaling cautious investor participation amidst volatile market conditions and ongoing geopolitical uncertainties.