Shares of OnEMI Technology Solutions, the parent of digital lending platform Kissht, are set to make their stock market debut on Friday, with grey market signals pointing to a strong listing. Ahead of listing, the company’s shares were commanding a grey market premium (GMP) of 16%, implying a likely debut around Rs 198–199 per share, compared with its issue price of Rs 171.

If the grey market trend holds, investors could see listing gains of about Rs 27-28 per share. The Rs 926 crore IPO, which opened for subscription between April 30 and May 5, received a healthy response across investor categories and was subscribed 9.96 times overall on the final day.

The strongest demand came from institutional investors, with the QIB portion, excluding anchors, subscribed 25.97 times, while the non-institutional investor category was subscribed 6.91 times. The retail portion was subscribed 2.13 times. The issue received over 1.53 lakh applications.

Ahead of the IPO, OnEMI had raised Rs 277.78 crore from anchor investors by allotting 1.62 crore shares at the issue price. The IPO was priced in the band of Rs 162–171 per share, with the final issue price fixed at Rs 171.

The public issue comprised a fresh issue of Rs 850 crore and an offer for sale of Rs 76 crore, taking the total issue size to Rs 925.92 crore.

Founded in 2016, OnEMI Technology operates digital lending and payments platforms under the Kissht and Ring brands. The company offers personal loans, MSME loans, loan against property and merchant EMI financing.

As of December 31, 2025, the company had 63.73 million registered users and had served 11.17 million customers. Assets under management stood at Rs 5,956 crore. On the financial front, OnEMI reported Rs 1,583.9 crore in total income and Rs 199.3 crore in profit after tax for the nine months ended December 2025.For FY25, the company posted Rs 1,352.7 crore in revenue and Rs 160.6 crore in profit, while net worth stood at Rs 1,254 crore as of December 2025.

At the upper issue price, the company was valued at a post-issue P/E of 10.84 times, with an implied market cap of Rs 2,881 crore.

The IPO proceeds will primarily be used to strengthen the capital base of its NBFC subsidiary Si Creva Capital Services to support future loan growth.

With strong institutional demand, a profitable operating track record and grey market premiums moving into double digits, market participants will be watching whether India’s latest fintech listing can deliver on its debut-day expectations.

The shares of Amba Auto Sales and Services are set to make their stock market debut on Tuesday with grey market signals pointing to a muted start, as the SME issue is commanding a zero premium ahead of listing. A GMP indicates that the stock is currently expected to list close to its issue price of Rs 135, suggesting limited expectations of immediate listing gains.

The Rs 65.1 crore IPO, which opened for subscription between April 27 and April 29, will list on the NSE SME platform on May 5. The issue was priced at Rs 135 per share and saw an overall subscription of 1.19 times, driven mainly by institutional and non-institutional demand, while retail participation remained relatively subdued.

Qualified institutional buyers subscribed 1.75 times their allocated portion, while the non-institutional investor segment was subscribed 1.47 times. Retail investors subscribed only 0.70 times, indicating cautious participation from smaller investors despite the company’s improving financial performance.

Amba Auto’s IPO was entirely a fresh issue of 48.24 lakh shares, helping the Bengaluru-based company raise Rs 65.12 crore.

Founded in 2005, Amba Auto operates as an authorised dealer of Bajaj Auto Ltd. and LG Electronics India Pvt. Ltd. under the brands “Amba Bajaj” and “Amba LG Best Shop.” Its business spans both automobiles and consumer electronics, selling motorcycles, scooters including Chetak electric scooters, KTM sports bikes, three-wheelers, televisions, refrigerators, washing machines and other home appliances.

The company currently operates 29 showrooms and service centres across Bengaluru and has built an integrated retail and after-sales ecosystem in the city As of February 2026, Amba Auto employed 254 permanent employees, reflecting a significant expansion in operating scale.

Financially, the company has shown sharp improvement over the past two years. For the nine months ended December 2025, Amba Auto reported total income of Rs 203.8 crore and net profit of Rs 12.1 crore. For FY25, the company had posted revenue of Rs 242.5 crore and net profit of Rs 7.8 crore, compared with profit of Rs 2.9 crore in FY24.The company plans to use the IPO proceeds primarily for working capital, expansion of new showrooms and renovation of existing outlets. Of the total proceeds, around Rs 43 crore has been earmarked for working capital requirements, while Rs 6.3 crore will go toward capital expenditure for expansion.

Shares of Msafe Equipments are commanding a strong premium in the grey market ahead of the company’s listing on the BSE SME platform, with the GMP currently at around 17%. At the issue price of Rs 123 per share, this implies an expected listing price of about Rs 144–145, though analysts caution that GMP is an unofficial indicator and can change quickly.

The Rs 66.42 crore IPO of Msafe Equipments was subscribed heavily during the bidding period, reflecting strong investor appetite for the issue. The public offer, which was open from January 28 to January 30, was subscribed nearly 167 times overall.

Demand was particularly robust in the non-institutional investor segment, which saw subscription of over 300 times, while retail investors subscribed the issue more than 130 times. Qualified institutional buyers also showed strong interest, subscribing their portion nearly 118 times.

The IPO comprised a fresh issue of shares worth Rs 54.12 crore and an offer-for-sale of Rs 12.30 crore by existing shareholders.

Msafe Equipments is engaged in the manufacturing, sale and rental of access and height-safety equipment used for working at heights. Its product portfolio includes aluminium and mild steel scaffoldings, aluminium ladders and FRP ladders, catering to construction, infrastructure, maintenance and installation activities. The company operates three manufacturing facilities in Greater Noida and has a warehouse network spread across several states, enabling nationwide distribution and rental operations.

The proceeds from the fresh issue are proposed to be used for setting up a new manufacturing facility, purchasing equipment for its rental business, meeting working capital requirements and for general corporate purposes. The company has shown strong growth in recent years, with profit after tax rising to Rs 13.01 crore in FY25 from Rs 6.55 crore in FY24, supported by healthy operating margins.

Msafe Equipments raised Rs 18.76 crore from anchor investors ahead of the issue, which also added to confidence around the offering. The IPO is being managed by Seren Capital, with Maashitla Securities acting as the registrar. Evermore Share Broking is the market maker for the issue.While the strong grey market premium and heavy subscription point to a positive debut, investors are expected to closely track broader market conditions and post-listing liquidity, which can significantly influence the stock’s performance after listing.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Shares of KRM Ayurveda were trading at a grey market premium of around 17% ahead of the company’s listing on the NSE SME platform, indicating positive sentiment among informal market participants despite mixed views on valuation. Based on the upper end of the price band at Rs 135 per share, the GMP of about Rs 23 suggests an implied listing price of around Rs 158, if sentiment holds till debut.

The Rs 77 crore IPO, which was entirely a fresh issue, saw very strong demand across investor categories during the subscription window. The issue was subscribed 74.27 times overall, with non-institutional investors bidding 135.37 times, qualified institutional buyers subscribing 63.31 times, and retail investors subscribing 54.21 times. The strong response was seen as a key factor supporting the grey market premium ahead of listing.

KRM Ayurveda offered shares in a price band of Rs 128 to Rs 135, with the issue priced at the upper end. At the issue price, the company is valued at around Rs 287 crore. The IPO consisted of 57.4 lakh shares, with 51.66 lakh shares offered to the public after accounting for the market maker portion.

The company raised Rs 20.82 crore from anchor investors ahead of the issue, which helped set the tone for subscription. The issue was managed by NEXGEN Financial Solutions, with Skyline Financial Services acting as the registrar.

KRM Ayurveda operates a network of hospitals and clinics focused on Ayurvedic healthcare, along with manufacturing and sale of Ayurvedic and herbal products. As of December 31, 2025, the company operated six hospitals and five clinics across India and had a total workforce of 443 employees. Its business also includes telemedicine consultations and product sales, including overseas markets.

Financially, the company reported a profit after tax of Rs 12.1 crore for FY25 and Rs 8.14 crore for the six months ended September 2025. EBITDA margins stood at 26.54%, while return on net worth was 21.84% as of September 2025.

Proceeds from the IPO are proposed to be used for expansion of telemedicine facilities, technology upgrades, repayment of loans, working capital requirements and general corporate purposes.

It is set to be a relatively quiet week for India’s primary markets, with no new mainboard IPOs opening for subscription. However, Shadowfax Technologies will make its mainboard debut, while five SME IPOs are scheduled to open during the week. Grey market trends point to a largely cautious sentiment. Here’s what the GMP indicates for these issues.

The shares of Aritas Vinyl are set to make their debut on the BSE SME platform on January 23, with grey market signals indicating a muted start. The IPO is commanding a grey market premium (GMP) of 0%, suggesting expectations of a flat listing close to the issue price.

The Rs 37.52 crore public issue, which closed for subscription on January 20, was a mix of fresh capital and an offer for sale.

Aritas Vinyl operates in the technical textiles space, manufacturing artificial leather, PU synthetic leather and PVC-coated fabrics using transfer coating technology.

Its products are supplied to a wide range of end markets including automotive upholstery, fashion accessories and interior furnishings, with exports to regions such as the Middle East, Europe, the US and Sri Lanka. The company’s manufacturing facility is located in Ahmedabad and has an installed capacity of about 7.8 million square metres annually.

Financially, Aritas Vinyl has reported steady growth over recent years, though margins remain modest. For the period ended August 31, 2025, the company reported total income of Rs 40.6 crore and a profit after tax of Rs 2.42 crore.

Proceeds from the fresh issue are largely earmarked for working capital requirements and a solar power project, along with general corporate purposes. Promoter shareholding will fall sharply post-IPO, which is another factor investors are closely watching.

With grey market indicators pointing to a subdued debut, Aritas Vinyl’s listing performance is expected to track broader market sentiment rather than deliver immediate upside. Investors are likely to focus more on the company’s execution, debt management and margin improvement in the quarters ahead to assess longer-term potential beyond listing day.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

ICICI Prudential AMC IPO Day 2 Live Updates
The IPO entered Day 2 with steady subscription progress, reflecting continued investor interest. Attention now shifts to how QIB, retail and NII participation evolves as the final day approaches.

ICICI Prudential AMC IPO GMP – Latest Details
The grey market premium is now around 13%, indicating moderate listing expectations. This suggests the issue is viewed as reasonably priced, with potential for a stable rather than sharply higher debut.

How to Subscribe to ICICI Prudential AMC IPO
Investors can apply through broker IPO platforms, UPI-supported apps or via ASBA through net banking. The minimum application size is one lot of 6 shares, and bidding will remain open until 16 December.

ICICI Prudential AMC IPO Price Band and Lot Size
The price band has been set at Rs 2,061–Rs 2,165 per share. Applications must be placed for at least one lot of 6 shares, with additional lots allowed in the same multiple.

ICICI Prudential AMC IPO Opening Date and Subscription
The offer opened on 12 December as a pure offer for sale by Prudential Corp. Early subscription now stands at over 96%, with clearer momentum expected once institutional and retail bids accelerate.

ICICI Prudential AMC IPO Closing and Allotment Date
The issue closes on 16 December. Allotment is likely on 17 December, demat credits on 18 December and listing is scheduled for 19 December.

Is ICICI Prudential AMC IPO worth buying? Expert Reviews
Analysts maintain a constructive long-term view, citing the AMC’s strong leadership, solid financial track record and high return ratios. However, they note that valuations appear full, making the IPO more attractive for long-term investors than for short-term listing gains.

The highly anticipated Rs 3,600 crore initial public offering (IPO) of Tenneco Clean Air will make its market debut on Wednesday, November 19, with expectations of a bumper listing. Grey market trends indicate the stock could open at an impressive 29% premium to its issue price of Rs 397 per share, potentially listing at Rs 512 per share.

The IPO drew exceptionally strong interest, closing with an overall subscription of 61.79 times, making the allotment highly competitive. Retail investors bid 5.37 times their allotted quota, while QIB participation soared to 174.78 times.

The NII segment, too, was robust at 42.79 times. In the grey market, the issue is trading near Rs 123, indicating a potential listing gain of about 31% over the upper price band of Rs 397.

According to brokers, sentiment is likely to remain upbeat thanks to the company’s dominant position in emission-control and ride-technology products, its solid margin profile, and a balance sheet that is almost debt-free.

Tenneco Clean Air manufactures emission-control, powertrain and suspension systems for auto OEMs, supported by 12 plants across India. Its revenue for FY25 stood at Rs 4,931.45 crore, while net profit rose to Rs 553.14 crore, reflecting strong double-digit margins and a high ROCE of 56.78%.

The IPO allotment is also out. For applicants, they can check their status by following the steps below.Here’s how to check the allotment:Registrar’s website (MUFG Intime India)

Visit – https://www.mufgintime.com/ipo/

Select Tenneco Clean Air from the dropdown.

Enter your PAN or application number and click on Submit to view allotment status.

On the BSE website

Visit – https://www.bseindia.com/investors/appli_check.aspx

Choose Equity, select Tenneco Clean Air and enter your application details or PAN.

You will be able to see if shares have been allotted to you.

Also read | PhysicsWallah shares soar 13% in debut trade after solid listing pop. Should you buy, sell or hold?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)

Mahamaya Lifesciences, a manufacturer and exporter of pesticide formulations and crop protection products, will debut on the BSE SME platform today. However, the grey market sentiment points to a flat start. Dealers tracking the unofficial market say the IPO is currently quoting a GMP of Rs 0, indicating no listing premium over the issue price of Rs 114.

The neutral trend reflects cautious sentiment toward the agrochemicals sector, along with the modest subscription figures in the main book.

The Rs 70.44 crore IPO consisted of a fresh issue worth Rs 64.28 crore and an offer for sale of Rs 6.16 crore.

Subscription interest was modest

The IPO was subscribed 1.63 times overall, led by strong NII participation at 3.63 times, while the retail category ended at 1.02 times—just above full subscription. QIBs bid 1.19 times, reflecting a measured institutional stance. The issue’s high minimum investment size of Rs 2,73,600 for retail investors also meant limited participation from small applicants.

Mahamaya Lifesciences manufactures pesticide formulations, technical-grade molecules and branded agri-inputs. It supplies bulk products to domestic agrochemical companies and several multinational firms.

The company also has a global footprint, with product registrations and sales in countries including Egypt, Ethiopia, Jordan, the UAE and Turkey. Its product portfolio spans key formulations such as Acetamiprid, Emamectin Benzoate, Imidacloprid, Paraquat Dichloride and multiple branded plant-health products.

The company posted strong growth in FY25, with revenue rising 64% to Rs 267.17 crore, while PAT grew 148% to Rs 12.94 crore. EBITDA increased to Rs 24.64 crore, and net worth nearly doubled to Rs 49.42 crore.

IPO proceeds will be used for equipment purchases, setting up a new technical manufacturing plant, warehouse construction, working-capital needs, and general corporate purposes.

The 0% GMP suggests a flat listing, unless market sentiment shifts positively before debut. With moderate subscription and a sector that has recently seen uneven performance due to monsoon variability and input-cost pressures, traders expect a stable but muted listing. The long-term outlook will depend on execution of the new plant, export traction and consistency in financial performance.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The grey market premium (GMP) for eyewear retailer Lenskart Solutions has crashed to zero, wiping out all pre-listing excitement ahead of its market debut on Monday. The GMP, which had peaked at Rs 108, implying a listing pop of over 25% before the announcement of the IPO, has now collapsed, signalling that the counter may see a flat or muted listing despite its healthy subscription.

Lenskart’s Rs 7,278 crore IPO, comprising a Rs 600 crore fresh issue and a Rs 6,678 crore offer for sale, was subscribed a decent 28 times overall, drawing bids worth nearly Rs 1 lakh crore. The strong response was driven by institutional investors, with the QIB portion subscribed 45 times, while retail and HNI categories were also fully booked.

However, the Street has grown cautious over valuation concerns, a factor that may now be weighing on sentiment. At the upper end of the price band of Rs 402 per share, the IPO valued Lenskart at a steep FY25 EV/EBITDA multiple of over 50x, far higher than established listed peers in the consumer and retail space.

Adding to the pressure, brokerage Ambit Capital initiated coverage with a “Sell” rating just before the listing, citing stretched valuations and modest return ratios.

“We expect Lenskart to deliver 20% revenue CAGR over FY25–28 led by India expansion and rising global scale. However, at 55x FY28 EV/EBITDA, the stock trades at a 15–30% premium to Trent and Nykaa despite a lower RoCE of 9% versus peers’ 35–40%,” Ambit said. It set a target price of Rs 337, indicating a downside of about 16% from the issue price.

While the company has delivered strong topline growth, revenues rose 32.5% to Rs 6,653 crore in FY25, a chunk of its Rs 297 crore FY25 profit came from a one-time gain of Rs 167 crore linked to the Owndays acquisition. Adjusted for this, the normalized profit drops to Rs 130 crore, translating to a net margin of just 1.96%.Analysts say that while Lenskart’s long-term story remains compelling, driven by its leadership in India’s underpenetrated eyewear market and omnichannel strategy, the stock’s short-term outlook looks muted.

If the stock lists flat, it would reflect a cooling of sentiment that had pushed grey market trades to frothy levels earlier. Long-term investors, however, may still look to hold, given the company’s structural growth potential in India’s expanding eyewear and optical retail market.