Six Mainboard IPOs Open Together on 9 September 2026: IPO GMP Today, Price Bands and the Rs 4,510 Crore Test for Retail Demand
- September 9, 2026
- Posted by: Neeraj Pandey
- Category: IPO
Six mainboard IPOs opened on 9 September 2026. Combined issue size about Rs 4,510 crore. Bidding closes 11 September. Allotment 15 September. Listing 17 September.
Quick Answer
Six mainboard IPOs opened for subscription on 9 September 2026, the first time so many mainboard issues have started bidding on the same day in roughly three decades. The six are Rentomojo, Asset Reconstruction Company (India) or ARCIL, Manipal Payment and Identity Solutions, Karamtara Engineering, LCC Projects and Steamhouse India, together seeking close to Rs 4,510 crore. All six close on 11 September, with allotment scheduled for 15 September and listing on 17 September. Grey market premiums on the opening day ranged from about 11 per cent for Manipal Payment to about 33 per cent for Rentomojo.
The IPO GMP today matters more than usual, because six mainboard issues are competing for the same pool of retail and institutional money at once. On 9 September 2026, Rentomojo, ARCIL, Manipal Payment and Identity Solutions, Karamtara Engineering, LCC Projects and Steamhouse India all opened for subscription, a cluster last seen on Dalal Street around three decades ago.
Between them, the six issues are asking the market for roughly Rs 4,510 crore over a three-day window. The sector spread is unusually wide: rental commerce, stressed-asset reconstruction, payment card manufacturing, transmission and solar structures, irrigation and infrastructure EPC, and industrial steam supply.
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Why Are Six Mainboard IPOs Open on the Same Day?
Six mainboard IPOs are open on the same day because a large backlog of SEBI-approved issues is being pushed into a narrow, stable window before the festive season. Merchant bankers usually stagger launches to avoid splitting demand, so a same-day cluster of this size is rare and reflects issuers racing against the twelve-month validity of their SEBI observations.
The practical effect for an investor is competition for funds. Retail applications are blocked through ASBA until allotment on 15 September, so an investor applying at the upper band in all six would need close to Rs 90,000 locked up for six days. That constraint, more than company quality, is what usually decides which issues get the thinner subscription numbers in a crowded week.
Six Mainboard IPOs Open Today: Price Band, Lot Size and Grey Market Premium
The table below sets out the six mainboard IPOs open for subscription on 9 September 2026, with issue sizes, price bands, lot sizes and the unofficial grey market premium reported on the opening day.
| Company | Issue Size (Rs Cr) | Price Band (Rs) | Lot Size (Shares) | Minimum Retail Bid (Rs) | GMP (Rs) | Indicated Premium |
|---|---|---|---|---|---|---|
| Rentomojo | 1,255.57 | 384 to 404 | 37 | 14,948 | 134 | 33.17% |
| Karamtara Engineering | 875.00 | 241 to 254 | 59 | 14,986 | 68 | 26.77% |
| Manipal Payment and Identity Solutions | 805.00 | 322 to 339 | 44 | 14,916 | 37 | 10.91% |
| Asset Reconstruction Company (India) | 732.97 | 132 to 139 | 107 | 14,873 | 30 | 21.58% |
| LCC Projects | 427.14 | 139 to 146 | 102 | 14,892 | 40 | 27.40% |
| Steamhouse India | 414.00 | 77 to 81 | Lot as per RHP | Around 14,900 | 18 | 22.00% |
Grey market premiums are unofficial and change through the day. They are a sentiment signal, not a price commitment, and several issues in 2025 and 2026 listed well below the premium quoted on the opening morning.
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Company by Company: What Each of the Six IPOs Is Selling
Rentomojo IPO
Rentomojo is the largest of the six at Rs 1,255.57 crore, priced at Rs 384 to Rs 404 per share. The structure is heavily weighted to an offer for sale of Rs 1,105.57 crore, with only Rs 150 crore coming in as fresh issue. That means most of the money raised goes to selling shareholders rather than into the business, and it also carried the highest grey market premium of the group at about 33 per cent.
Karamtara Engineering IPO
Karamtara Engineering is raising Rs 875 crore at a band of Rs 241 to Rs 254, split between a Rs 675 crore fresh issue and a Rs 200 crore offer for sale. The company reported FY26 revenue of Rs 4,312 crore, up 36.5 per cent, and profit of Rs 229 crore, up 64 per cent. At the upper band that implies a post-issue market capitalisation near Rs 8,174 crore and a price to earnings multiple of roughly 35.7 times. Borrowings crossed Rs 1,000 crore in FY26, and Rs 600 crore of the fresh issue is earmarked for debt reduction.
Manipal Payment and Identity Solutions IPO
Manipal Payment and Identity Solutions is offering Rs 805 crore at Rs 322 to Rs 339 per share, comprising a Rs 320 crore fresh issue and about Rs 485 crore of offer for sale by promoter Manipal Technologies. The company makes payment cards and identity solutions for banks, fintechs, NBFCs and governments, and holds an estimated 36.4 per cent share of India’s credit card issuance market and 30.9 per cent of debit card issuance in FY26. Its grey market premium of about 11 per cent was the softest in the group.
Asset Reconstruction Company (India) IPO
Asset Reconstruction Company (India), better known as ARCIL, is a Rs 732.97 crore issue at Rs 132 to Rs 139 per share, made up entirely of an offer for sale of 5.27 crore shares. Because there is no fresh issue, ARCIL receives none of the proceeds. Earnings in asset reconstruction also swing with acquisition and resolution cycles, which is the main variable a buyer is underwriting here.
LCC Projects IPO
LCC Projects is the second smallest of the six at Rs 427.14 crore, priced at Rs 139 to Rs 146 per share, with a Rs 258 crore fresh issue and a Rs 169.14 crore offer for sale. The lot size is 102 shares, or Rs 14,892 at the upper band. Its opening-day grey market premium of about 27 per cent was the second highest in the group behind Rentomojo.
Steamhouse India IPO
Steamhouse India is the smallest issue at about Rs 414 crore, combining a Rs 353 crore fresh issue with a Rs 61 crore offer for sale, at a band of Rs 77 to Rs 81 per share. Its business is industrial steam supply, a utility-style model tied to the capital expenditure cycles of its customer plants. The reported premium was around 22 per cent on the opening day.
Key Dates for All Six Mainboard IPOs
| Event | Date |
|---|---|
| Subscription opens | 9 September 2026 |
| Subscription closes | 11 September 2026 |
| Basis of allotment | 15 September 2026 |
| Refunds and demat credit | 16 September 2026 |
| Listing on NSE and BSE | 17 September 2026 |
All six issues share the same calendar, which is what makes this week a genuine test of primary market depth. Six listings on a single day, 17 September, will also concentrate listing-day supply.
What Does the IPO GMP Today Actually Tell You?
The grey market premium is an unofficial price at which IPO shares change hands before listing, and it indicates expected demand rather than value. A GMP of Rs 134 on Rentomojo’s Rs 404 upper band points to an expected listing near Rs 538, but that is an estimate quoted by unregulated dealers, not a guaranteed outcome.
Two caveats are worth carrying into this week. First, grey market volumes are thin, so a premium can move sharply on small trades. Second, average IPO oversubscription across FY26 fell to about 39 times from 71 times the previous year, which suggests investors are being more selective and that a strong opening premium does not automatically survive to listing day.
Risks Investors Should Weigh Before Applying
- Offer for sale weighting: ARCIL’s issue is entirely an offer for sale and Rentomojo’s is close to it, so most proceeds go to existing shareholders rather than into growth capital.
- Valuation on recent growth: Karamtara’s roughly 35.7 times earnings multiple prices in continued momentum from a 36.5 per cent FY26 revenue increase.
- Funds getting split: six issues bidding for the same money over three days can pull down subscription multiples that would otherwise look stronger.
- Listing-day supply: six debuts on 17 September means simultaneous supply and a crowded tape for price discovery.
- Grey market signals are not price guidance: premiums are unofficial, thinly traded and can reverse before the listing date.
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How to Apply for These IPOs
- Check that your demat and trading account KYC is active before bidding closes on 11 September.
- Read the red herring prospectus for the issue you are considering, particularly the risk factors.
- Place the bid at the upper end of the price band to improve allotment odds in an oversubscribed issue.
- Approve the ASBA mandate in your bank or UPI app, which blocks the funds until allotment.
- Check the allotment status with the registrar on 15 September and track the listing on 17 September.
Conclusion
Six mainboard IPOs opening on one day is a market-structure event as much as an investment opportunity, and the Rs 4,510 crore being sought will show how much appetite the primary market still has in September 2026. Rentomojo carried the strongest grey market signal at roughly 33 per cent and Manipal Payment the weakest at about 11 per cent, but issue structure matters more than premium here, since two of the six are dominated by offers for sale. Subscription data through 10 and 11 September will be a firmer indicator than any premium quoted on the opening morning. Investors should read the offer documents and consult a SEBI-registered advisor before applying.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions on the Six Mainboard IPOs
Which six mainboard IPOs are open on 9 September 2026?
Ans. Rentomojo, Asset Reconstruction Company (India) or ARCIL, Manipal Payment and Identity Solutions, Karamtara Engineering, LCC Projects and Steamhouse India are the six mainboard IPOs open on 9 September 2026. Together they are seeking around Rs 4,510 crore. All six close for subscription on 11 September 2026.
What is the IPO GMP today for these six issues?
Ans. On the opening day, the reported grey market premium was about Rs 134 for Rentomojo (33.17 per cent), Rs 68 for Karamtara Engineering (26.77 per cent), Rs 40 for LCC Projects (27.40 per cent), Rs 30 for ARCIL (21.58 per cent), Rs 18 for Steamhouse India (about 22 per cent) and Rs 37 for Manipal Payment (10.91 per cent). These are unofficial figures that change through the day and do not guarantee listing gains.
When is the allotment and listing date for these IPOs?
Ans. The basis of allotment for all six IPOs is scheduled for 15 September 2026, with refunds and demat credit on 16 September and listing on NSE and BSE on 17 September 2026. Investors can check allotment status on the registrar’s website using their PAN or application number.
Which is the largest IPO among the six opening on 9 September?
Ans. Rentomojo is the largest at Rs 1,255.57 crore, priced at Rs 384 to Rs 404 per share. It comprises a fresh issue of Rs 150 crore and an offer for sale of Rs 1,105.57 crore. Steamhouse India is the smallest at about Rs 414 crore.
How much money is needed to apply for one lot in each IPO?
Ans. The minimum retail bid at the upper price band is close to Rs 15,000 for each issue, which is the standard retail lot value under SEBI norms. Applying to all six at the upper band would block roughly Rs 90,000 until allotment on 15 September.
Why are six mainboard IPOs opening on the same day after 30 years?
Ans. A backlog of SEBI-approved issues is being launched in a narrow window before the festive season, and SEBI observations remain valid for a limited period, so issuers are moving quickly. Merchant bankers normally stagger launches to avoid splitting investor demand, which is why a same-day cluster of six mainboard issues is so rare.
Should investors apply to all six IPOs at once?
Ans. That depends on available funds and risk appetite rather than on the number of issues open. Two of the six are dominated by offers for sale, meaning proceeds go to selling shareholders rather than the business, while others are raising fresh capital for debt reduction and growth. Read the red herring prospectus and consult a SEBI-registered financial advisor before applying.
