3 SME IPOs set to list today: Vinod Texworld, Amtech Esters, Infrax Renewable. Check GMP, listing expectations

Three SME IPOs — Vinod Texworld, Amtech Esters and Infrax Renewable — are set to make their stock-market debut on September 17, putting the spotlight on grey-market trends ahead of listing. Together, the three issues raised around Rs 101.59 crore from investors.

Among the three, Amtech Esters is witnessing the strongest grey-market demand, with its shares commanding a premium of around Rs 16 over the upper issue price. Vinod Texworld is also trading at a modest premium, while Infrax Renewable is currently seeing no grey-market premium, according to unofficial market indications.

GMP, or grey-market premium, is an unofficial indicator and can change before the shares begin trading.


Read more: NSE IPO Tracker: Catch all the highlights here

Amtech Esters IPO: GMP signals premium listing

Amtech Esters is currently attracting the strongest grey-market interest among the three SME IPOs. Its GMP stands at around Rs 16 per share, representing a premium of roughly 21% over the upper price-band of Rs 75.If the prevailing GMP remains unchanged, the estimated listing price could be around Rs 91 per share, compared with the issue price of Rs 75.

The Rs 17.88-crore IPO received a strong response, getting subscribed 25.70 times overall. The issue was subscribed 28.93 times by individual investors, 15.07 times by QIBs (excluding anchor investors), and 32.32 times by NIIs.

The book-built issue comprised an entirely fresh issue of 23.84 lakh shares, with the price band fixed at Rs 71-Rs 75 per share.

The IPO opened for subscription on September 9 and closed on September 11, 2026. The shares are scheduled to list on the BSE SME platform on September 17.

Credora Partners Pvt. Ltd. was the book-running lead manager, while Maashitla Securities Pvt. Ltd. acted as the registrar.

Vinod Texworld IPO: Modest GMP points to near-issue-price debut

Vinod Texworld shares are commanding a GMP of around Rs 1 per share against the issue price of Rs 94. This translates into an indicative premium of about 1%, taking the estimated listing price to around Rs 95 per share, based on current grey-market indications.

The Rs 42.83-crore fixed-price issue was subscribed 1.60 times overall. The retail portion was subscribed 2.91 times, while the NII category received bids equivalent to around 30% of the shares on offer.

The IPO comprised an entirely fresh issue of 45.56 lakh shares at Rs 94 per share.

The issue opened on September 9 and closed on September 11, 2026. The shares are scheduled to debut on the NSE SME platform on September 17.

Novus Capital Advisors Pvt. Ltd. was the book-running lead manager, while Kfin Technologies Ltd. acted as the registrar.

Infrax Renewable IPO

Infrax Renewable raised Rs 40.88 crore through its IPO. Unlike Amtech Esters and Vinod Texworld, the company is currently showing zero GMP in the grey market.

A zero GMP generally indicates that the shares could list close to the issue price, although grey-market premiums are unofficial and can change before the actual listing.

The IPO was subscribed 2.05 times overall. The individual investor portion was subscribed 1.90 times, while the NII category received 1.39 times subscription. The QIB (excluding anchor investors) subscription figure was not available in the provided data.

Infrax Renewable shares were offered at Rs 104 apiece. The issue consisted of a fresh issue of 32.51 lakh shares worth Rs 33.81 crore and an offer for sale of 6.80 lakh shares worth Rs 7.08 crore.

The IPO opened on September 9 and closed on September 11, 2026. Allotment was expected to be finalised on September 15, with the shares scheduled to list on the BSE SME platform on September 17.

Smart Horizon Capital Advisors Pvt. Ltd. served as the book-running lead manager, while Bigshare Services Pvt. Ltd. was the registrar.

Three IPOs, three different grey-market signals

With all three SME IPOs scheduled to list on September 17, investor attention is now shifting to their final listing prices. Amtech Esters has the highest reported GMP, Vinod Texworld is showing a marginal premium, while Infrax Renewable is currently at zero GMP. However, GMP is an unofficial market indicator and does not guarantee the actual listing price. The final debut will depend on market conditions and demand when trading begins.

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