Ten mainboard issues, read on Saturday 26 September off the service's own board, with the fundamentals taken from each RHP. Monday is the decision day: Moneyview and A-One Steels close, SRIT India and Shah Investor's Home open. Expected listing is the GMP percentage less 2.6 points — the overstatement backtest_gmp measured over 295 listings (r = 0.87); a zero GMP has averaged −6.6% and listed positive 29% of the time. Applied so far: Adroit Industries sHNI on 23 Sep (listed, sold); Moneyview HNI on 24 Sep; Orient Cables on 25 Sep. Held: NSE, 120 shares at ₹1,785 — still untracked and still without a stop.
Subscription figures are the exchange's own at Friday's close, so the two issues that opened on Thursday have had two days and the ones that opened Friday have had one. QIB reads low on almost everything and that is normal — institutions bid on the final day, so a QIB number taken before an issue closes says very little. It is the reason no call below rests on it. German Green Steel has a grey-market quote and no exchange book matched: the two sources name companies differently and a name is never guessed at.
24–28 Sep (closes Monday) · band ₹32–34 · ₹1,092 Cr · ₹750 Cr fresh / ₹342 Cr OFS
best GMP on the boardHNI 15.4xPAT flat on +43% revenueD/E 2.27x
- P/E post
- 8.61x
- RoE
- 15.98%
- D/E
- 2.27x
- FY26 revenue
- ₹3,404 Cr
- FY26 PAT
- ₹243 Cr
- retail min
- ₹14,994
- sHNI min
- ₹2.10L
- bHNI min
- ₹10.05L
The cheapest thing on the board at 8.6x, and the reason is visible in the accounts: revenue grew 43% to ₹3,404 Cr while profit went from ₹240 Cr to ₹243 Cr. That is a lender buying growth with margin, funded at 2.27x debt to equity. It is priced for that. Fifteen times on the HNI book with a 41% GMP is the market agreeing the discount is too wide for a listing pop, and nothing more — hold this past the open and you own the margin question.
SRIT India
APPLY — the pick of the new two28–30 Sep (opens Monday) · band ₹123–130 · ₹218 Cr · 100% fresh, no OFS
no OFS — every rupee goes inRoE 30.2%21x post-issue₹218 Cr — small
- P/E post
- 20.97x
- RoE
- 30.23%
- RoCE
- 28.79%
- revenue CAGR
- 28.8% FY24→26
- PAT CAGR
- 22.0%
- FY26 revenue
- ₹450 Cr
- FY26 PAT
- ₹43.3 Cr
- lot
- 115 sh
The only issue here with no offer for sale: the whole ₹218 Cr goes into the company rather than to selling holders, which is the one structural signal in an IPO that cannot be dressed. Thirty percent return on equity at twenty-one times, growing revenue at a 29% CAGR and profit at 22% — profit growing slower than revenue is worth watching, but from these returns it is a quibble. Marquee anchors are allotted. Of everything opening this week this is the one worth the application.
Orient Cables
APPLIED — hold to listing25–29 Sep (closes Tuesday) · band ₹258–272 · ₹552 Cr · ₹320 Cr fresh / ₹232 Cr OFS
RoE 25.8%GMP ₹80QIB 0.01x with one day left23.6x post-issue
- P/E post
- 23.61x
- RoE
- 25.84%
- RoCE
- 23.82%
- working capital
- ~48 days
- market cap
- ₹3,095 Cr
- lot
- 55 sh
- listing
- 5 Oct
Good business at a fair-to-full price — 26% return on equity, a 48-day working-capital cycle, in cables where the demand story is real. The number to watch on Monday and Tuesday is QIB at 0.01x. Institutions bid on the last day so it is not yet a verdict, but if it finishes under 1x on a ₹552 Cr issue the retail and HNI books carried it alone, and that is a listing to sell into rather than hold.
German Green Steel
WATCH — no book to read25–29 Sep (closes Tuesday) · band ₹132–139 · ₹304 Cr · ₹290 Cr fresh / ₹14 Cr OFS
GMP 20%no subscription visiblesteel, cyclical
- issue
- ₹304 Cr
- fresh
- 95%
- band
- ₹132–139
- listing
- 5 Oct
A 20% grey-market premium and no exchange book this page can verify — ipowatch and the NSE name the company differently and the parser will not guess. That is the whole call: the half of the evidence that can be checked is missing, and GMP alone has never been enough here. Read the book directly on Monday before deciding.
24–28 Sep (closes Monday) · band ₹385–405 · ₹405 Cr · ₹355 Cr fresh / ₹50 Cr OFS
24.6x for a steel makerRoE 14.7%QIB 0.09x on day 2
- P/E post
- 24.55x
- P/E pre
- 21.76x
- RoE
- 14.70%
- RoCE
- 12.86%
- RoNW
- 15.43%
- lot
- 37 sh
- retail min
- ₹14,985
Twenty-four and a half times earnings for a backward-integrated long-products steel maker returning 14.7% on equity and 12.9% on capital. Steel is a cyclical that the market pays single digits for through a cycle; this is priced as though the cycle does not exist. A 12.6% premium is thin compensation for that, the book is barely covered at 1.35x with a day to run, and 0.09x QIB on day two of three is not the shape of an issue institutions want.
25–29 Sep (closes Tuesday) · band ₹290–305 · ₹500 Cr · 100% fresh
retail 0.18xunder-subscribed overallrealty at a 10% premium
- issue
- ₹500 Cr
- fresh
- 100%
- band
- ₹290–305
- lot
- —
Retail has taken 18% of its quota and the issue as a whole is at 0.42x. A ₹500 Cr realty issue that the retail book is ignoring, with a 9.8% grey-market premium that leaves about seven points after the measured overstatement. QIB at 0.96x is the only part holding up. There is no version of this worth an application at ₹305.
25–29 Sep (closes Tuesday) · band ₹30–32 · ₹420 Cr · ₹287 Cr fresh / ₹133 Cr OFS
QIB literally zero0.23x overallSnapdeal's parent
- issue
- ₹420 Cr
- OFS share
- 32%
- band
- ₹30–32
- GMP
- ₹2
Snapdeal's parent, at 0.23x with two days gone and not one rupee of QIB. A ₹2 premium on a ₹32 issue is four points after the overstatement, which is inside the noise of a listing day. Every part of the book that can be read says the market does not want it at this price.
Shah Investor’s Home
AVOID28–30 Sep (opens Monday) · band ₹159–167 · ₹90 Cr · 100% fresh
PAT −44%RoE 14.7% → 7.6%operating cash flow −₹19.7 Cr26.9x for all of it
- P/E post
- 26.94x
- P/E pre
- 20.07x
- RoE
- 7.59%
- RoCE
- 10.61%
- FY26 income
- ₹72.4 Cr, −23%
- FY26 PAT
- ₹13.1 Cr, −44%
- op. cash flow
- −₹19.7 Cr
- lot
- 85 sh
Revenue down 23%, profit down 44%, return on equity halved from 14.7% to 7.6%, return on capital from 20.4% to 10.6%, and operating cash flow negative ₹19.7 Cr — and the ask is 26.9 times post-issue earnings, a higher multiple than the business earned when it was twice as profitable. A broker listing into a market that entered a Downtrend on Thursday, at the top of its own valuation range, on shrinking numbers. The 7.2% premium is the market's politeness.
Vishal Nirmiti
AVOID — zero GMP30 Sep–5 Oct · band ₹220 · — · —
zero GMP
- band
- ₹220
- opens
- 30 Sep
No grey-market premium at all. Measured over 295 listings a zero GMP has averaged −6.6% and listed positive 29% of the time, which is a coin flip weighted against you for the privilege of locked funds.
Nityas Gems
AVOID — zero GMP30 Sep–5 Oct · band ₹75 · — · —
zero GMP
- band
- ₹75
- opens
- 30 Sep
Same as above, and gems and jewellery on top of it.