Moneyview listed on the NSE at ₹55 on October 1, 2026, a 61.76% premium to its ₹34 issue price, and Adroit Industries listed at ₹235 on the NSE a day earlier, up 75.37%. The same day Adroit debuted, Elevate Campuses listed at ₹355.10, about 1.9% below its ₹362 issue price. The gap between them was set by one number: how heavily each issue was subscribed. Here is the full picture, plus how the grey market premium compared with what actually happened.
This Week's Listings: Subscription Set the Tone
Five issues listed between September 30 and October 1. The pattern is clear when they are lined up by subscription, using NSE first-trade prices unless stated.
- Adroit Industries: subscribed 176.85 times. Listed at ₹235 on the NSE (+75.37%) and ₹250 on the BSE (+86.57%) against a ₹134 issue price. Issue size ₹151 Cr.
- Moneyview: subscribed about 98 times, with the institutional portion at 227.45 times. Listed at ₹55 on the NSE (+61.76%) and ₹55.61 on the BSE (+63.6%) against ₹34. Issue size ₹1,092 Cr. An investor who got one lot made ₹9,261, according to Upstox.
- Swastika Infra: subscribed 7.60 times. Listed at ₹200 against ₹185 (+8.11%). Issue size ₹161 Cr.
- ArMee Infotech: subscribed 2.44 times. Listed flat at ₹375 on the NSE and 1.64% lower at ₹368.85 on the BSE. Issue size ₹300 Cr.
- Elevate Campuses: subscribed about 1.8 times. Listed at ₹355.10 on the NSE (-1.91%) and ₹356.50 on the BSE (-1.52%) against ₹362. Issue size ₹2,100 Cr, the biggest of the group.
Read top to bottom, listing gains fall almost in step with subscription: roughly 177 times gave about +75%, about 98 times gave about +62%, under 8 times gave about +8%, and under 2.5 times gave flat to slightly negative. Five listings are too few to call a rule, but it matches what we have seen all month.
How Did the Grey Market Premium Compare?
We compared the last grey market premium stored on our tracker with the actual NSE listing price. This is our own calculation, and the GMP values may be from a few hours before listing.
- Moneyview: last GMP ₹15, about 44% of the issue price. Actual listing +61.76%, about 18 percentage points higher.
- Adroit Industries: last GMP ₹58, about 43%. Actual NSE listing +75.37%, about 32 percentage points higher.
- Elevate Campuses: last GMP ₹7, about +1.9%. Actual NSE listing -1.91%, so the small premium turned into a small loss.
In this batch the grey market pointed the right direction on all three but under-called both big winners. That matches our earlier look at how GMP compares with actual listing prices: GMP is an unofficial, unregulated signal, so treat it as a rough guide, not a forecast. You can see every listed issue and its result on the IPO GMP tracker.
The Bigger Picture: 34 IPOs, ₹39,380 Cr in September
Business Today reported that 34 companies raised ₹39,380 Cr, about $4.1 billion, through IPOs in September 2026, even as the Sensex and Nifty fell through the month. The NSE's own issue alone was ₹22,562 Cr, or 57% of the total. The next biggest were Elevate Campuses at ₹2,100 Cr, Rentomojo at ₹1,256 Cr, Moneyview at ₹1,092 Cr, Kanohar Electricals at ₹1,056 Cr and Hero Motors at ₹1,000 Cr. The report did not give a mainboard versus SME split.
Experts quoted there credited domestic liquidity, institutional demand and pent-up supply, but cautioned that the pace from here depends on secondary-market conditions. That caution matters: the Sensex was down 1,247.71 points on one day alone in our September 24 report, and we covered the broader pressure in why the Indian stock market is falling.
The pipeline is large. Business Today lists Jio Platforms at about ₹40,000 Cr, Avaada Electro and Advanta Enterprises among those ahead, and says about 144 companies hold IPO approval while 80 more await clearance.
What Lists Next
Three of this week's strongest issues are due to list soon. Dates below come from IPO listing aggregators, not exchange notices, so confirm on the NSE or BSE before acting.
- Orient Cables and Runwal Enterprises: expected on October 5. Orient Cables was subscribed roughly 91 to 97 times depending on the source, with a last GMP of ₹99 on our tracker against a ₹272 top price. Runwal's last GMP was negative ₹2 on a ₹305 price.
- SRIT India: expected on October 6, subscribed over 120 times, last GMP ₹49 against a ₹130 issue price.
- A batch of SME issues is expected between October 7 and 9, including Vans Electroengineerings, which our tracker shows subscribed 347 times.
What This Means for IPO Watchers
Heavy subscription has been a good guide to listing-day mood this week, but a first-day price is not the same as a good investment. Large institutional demand can fade after listing, and weak demand does not always mean a poor business. Looking at the company's financials, valuation and use of proceeds matters more than any single-day number. None of this tells you whether to apply to or hold any specific IPO.
What to Watch Next
- Whether Orient Cables and SRIT India list as strongly as their subscription and GMP suggest.
- Whether the Sensex and Nifty stabilise, since weak markets usually cool listing-day demand.
- Any formal date for Jio Platforms' IPO, the largest in the pipeline.
Figures were checked against Business Today's September 30 listings report, Business Today's September fundraising report, 5paisa's Moneyview listing report, Upstox's Moneyview report and HDFC Sky's Adroit listing report.
Frequently Asked Questions
At what price did Moneyview list?
Moneyview listed on October 1, 2026 at ₹55 on the NSE, a 61.76% premium to its ₹34 issue price, and at ₹55.61 on the BSE, up 63.6%. The ₹1,092 Cr issue was subscribed about 98 times.
Why did Adroit Industries list so much higher than Elevate Campuses?
Demand. Adroit's ₹151 Cr issue was subscribed 176.85 times and listed 75.37% higher on the NSE. Elevate Campuses' ₹2,100 Cr issue was subscribed only about 1.8 times and listed 1.91% below its issue price on the NSE.
Does a high subscription number guarantee a listing gain?
No. High subscription has matched strong listings this week, but it is not a guarantee, and a listing gain is not the same as a good long-term investment. Prices after listing can fall as quickly as they rise.
Which IPOs list next?
Orient Cables and Runwal Enterprises are expected on October 5 and SRIT India on October 6, based on IPO aggregator listings. Confirm dates on the NSE or BSE.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial or investment advice. IPOLyst is not a SEBI-registered investment advisor. Grey market premiums are unofficial and unregulated. Listing dates, prices and figures can change quickly. Please verify details with official sources and consult a registered advisor before making investment decisions.