IPO GMP: Anand Rathi vs Jaro Institute vs VMS TMT vs GK Energy vs Saatvik Green Energy - what grey market premium signal

IPO GMPs: The Indian primary market is witnessing a flurry of activity, with nearly 30 initial public offerings (IPOs) lined up over just two weeks. Among the notable names are Anand Rathi IPO and Jaro Education IPO, part of the 11 public issues from the mainboard segment.

While some of these IPOs are already underway, some will open next week, and several others will finalise their allotments.

Before applying for an IPO, investors now often look at their GMPs. GMP stands for Grey Market Premium, which refers to the unofficial premium at which shares of an IPO are traded in the grey market before their official listing on the stock exchange. It indicates investor sentiment and potential listing gains, reflecting demand for the IPO. A positive GMP suggests high investor interest and expected gains, while a negative or low GMP may indicate lukewarm response.

Let's take a look at the IPO GMPs of the various IPOs in focus this week and see who is likely to win the listing game.

Here's what IPO GMPs suggest

Solarworld Energy Solutions IPO GMP

Solarworld Energy Solutions IPO has a grey market premium (GMP) of ₹65. At the current premium, the stock is expected to list near ₹416, which would be about 18.52 per cent higher than the upper end of the price band set at ₹351.

Solarworld Energy Solutions has announced a book-built IPO totalling ₹490 crore, comprising a fresh issue of 1.25 crore shares worth ₹440 crore and an offer for sale of 0.14 crore shares valued at ₹50 crore. The IPO opens for subscription on September 23, 2025, and will close on September 25, 2025. The allotment is expected to be finalised on September 26, 2025. The firm will list on BSE and NSE, with a tentative listing date of September 30, 2025. The IPO was bid 0.21 times till now (10:55 am on Day 1).

Jaro Institute of Technology Management & Research IPO GMP

Jaro Institute of Technology IPO has a GMP of ₹122. At the current premium, the stock is expected to list near ₹112, which would be about 13.71 per cent higher than the IPO price of ₹890.

The ₹450 crore IPO comprises a fresh issue of 0.19 crore shares totalling ₹170 crore and an offer for sale of 0.31 crore shares valued at ₹280 crore. The IPO opened for subscription on September 23, 2025, and will close on September 25, 2025. The allotment is expected to be finalised on September 26, 2025, and shares are scheduled to list on BSE and NSE on September 30, 2025. The issue was booked 0.09 times by 10:55 am on Day 1.

VMS TMT IPO GMP

VMS TMT IPO has a GMP of ₹13. This suggests that the shares are trading above the issue price. At the current premium, the stock is expected to list near ₹112, which would be about 13.13 per cent higher than the upper end of the price band set at ₹99.

VMS TMT IPO is a book-built issue worth ₹148.50 crore, comprising entirely a fresh issue of 1.50 crore shares. The IPO opened for subscription between September 17-19, 2025. The allotment was finalised on September 22, 2025, and shares are set to list on September 24, 2025. The issue witnessed strong demand, being subscribed 102.24 times within three days of bidding.

GK Energy IPO GMP today

GK Energy IPO has a GMP of ₹20. This suggests that the shares are trading above the issue price by ₹20. At the current premium, the stock is expected to list near ₹173, which would be about 13.07 per cent higher than the IPO price of ₹153.

₹464.26 crore GK Energy IPO is a fresh issue of 2.61 crore shares totaling ₹400.00 crore and an offer for sale of 0.42 crore shares worth ₹64.26 crore. The IPO opened for subscription on September 19, 2025, and will close on September 23, 2025. The allotment is expected to be finalized on September 24 and shares are set to list on September 26, 2025. The issue was bid 9.36 times till now. (10:50 am on Day 3).

Atlanta Electricals IPO GMP

Atlanta Electricals IPO has a GMP of ₹95. This suggests that the shares are trading above the issue price. At the current premium, the stock is expected to list near ₹849, which would be about 12.60 per cent higher than the upper end of the price band set at ₹754.

The ₹687.34 crore Atlanta Electricals IPO is a fresh issue of 0.53 crore shares totaling ₹400.00 crore and an offer for sale of 0.38 crore shares valued at ₹287.34 crore. The IPO opened for subscription on September 22, 2025, and will close on September 24, 2025. The allotment is expected to be finalized on September 25 and shares will list on September 29, 2025. The issue has been subscribed 1.30 times till now. (10:50 am on Day 2).

Jain Resource Recycling IPO GMP

Jain Resource Recycling IPO has a grey market premium (GMP) of ₹19. At the current premium, the stock is expected to list near ₹251, which would be about 8.19 per cent higher than the upper end of the price band set at ₹232.

The ₹1250 crore Jain Resource Recycling IPO comprises a fresh issue of 2.16 crore shares worth ₹500.00 crore and an offer for sale of 3.23 crore shares valued at ₹750.00 crore. The IPO opens on September 24, 2025, and closes on September 26, 2025, with allotment expected on September 29 and a tentative listing on October 1, 2025.

Anand Rathi IPO GMP

Anand Rathi IPO has a GMP of ₹31. This suggests that the shares are trading above the issue price. At the current premium, the stock is expected to list near ₹445, which would be about 7.49 per cent higher than the upper end of the price band set at ₹414.

The ₹745 crore IPO of Anand Rathi Share is entirely of a fresh issue of 1.80 crore shares. The IPO opened for subscription on September 23, 2025, and will close on September 25, 2025. The allotment is expected to be finalized on September 26 with a tentative listing date of September 30, 2025. The issue was bid 0.09 times by 10:55 am on Day 1.

Epack Prefab Technologies IPO GMP

Epack Prefab Technologies IPO has a GMP of ₹14. At the current premium, the stock is expected to list near ₹218, which would be about 6.86 per cent higher than the upper end of the price band set at ₹204.

Epack Prefab Technologies has launched a book-built IPO worth ₹504.00 crore, including a fresh issue of 1.47 crore shares worth ₹300.00 crore and an offer for sale of 1.00 crore shares valued at ₹204.00 crore. The IPO between September 24-26, 2025, with allotment expected on September 29, 2025 and shares likely to list on October 1, 2025.

Ganesh Consumer Products IPO GMP

Ganesh Consumer Products IPO has a grey market premium (GMP) of ₹10. At the current premium, the stock is expected to list near ₹332, which would be about 3.11 per cent higher than the upper end of the price band set at ₹322.

The ₹408.80 crore Ganesh Consumer Products IPO consists of a fresh issue of 0.40 crore shares totaling ₹130.00 crore and an offer for sale of 0.87 crore shares valued at ₹278.80 crore. The IPO opened for subscription on September 22, 2025, and will close on September 24, 2025. The allotment is expected to be finalized on September 25and shares will list on September 26. The IPO has been booked 0.16 times till now (10:50 am on Day 2).

Saatvik Green Energy IPO GMP

Saatvik Green Energy IPO has a grey market premium (GMP) of ₹9. At the current premium, the stock is expected to list near ₹474, which would be about 1.94 per cent higher than the upper end of the price band set at ₹465.

Saatvik Green Energy has launched a book-built IPO totaling ₹900.00 crore, which includes a fresh issue of 1.51 crore shares worth ₹700.00 crore and an offer for sale of 0.43 crore shares valued at ₹200.00 crore. The subscription is opened between September 19-23, 2025. The allotment of shares will be announced on September 24 and debut is likely on September 26, 2025. The issue was subscribed 1.30 times till now (10:50 am on Day 3).

Ivalue Infosolutions IPO GMP

Ivalue Infosolutions IPO has a grey market premium (GMP) of ₹0. At the current premium, the stock is expected to list near ₹299, which is same as issue price.

Ivalue Infosolutions IPO is a book-built issue worth ₹560.29 crore, consisting entirely of an offer for sale of 1.87 crore shares. The IPO opened for subscription between September 18-22, 2025. The allotment will be finalized on September 23, 2025 with a tentative listing date of September 25, 2025. The issue was subscribed 1.82 times over the three days of bidding.

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