Four SME IPOs open today: Maharaja & Speedex India leads GMP at 16%, Raksan Transformers at 9%

The SME IPO segment is set for a busy day as four public issues—Maharaja & Speedex India, Raksan Transformers, Panchatv Bharat and Om Galaxy—open for subscription today, September 10, 2026.

All four IPOs will be listed on the BSE SME platform. The subscription period will remain open until September 15, while allotment is expected to be finalised on September 16. The tentative listing date for all four issues is September 18, 2026.

Investor interest is also being reflected in the grey market. Maharaja & Speedex India is commanding the highest GMP at 16%, while Raksan Transformers is trading at a 9% premium. Panchatv Bharat and Om Galaxy, meanwhile, have no GMP indication in the grey market so far.

Maharaja & Speedex India IPO

The Maharaja & Speedex India IPO is a book-built issue worth Rs 80.13 crore. The issue comprises a fresh issue of 34.46 lakh shares worth Rs 64.10 crore and an offer for sale (OFS) of 8.62 lakh shares worth Rs 16.03 crore.

The IPO has a price band of Rs 177 to Rs 186 per share, with a lot size of 600 shares. At the upper end of the price band, the minimum retail investment is Rs 2,23,200, based on an application for 1,200 shares.

The issue opens on September 10 and closes on September 15. Allotment is expected on September 16, followed by a tentative BSE SME listing on September 18.

Choice Capital Advisors Pvt. Ltd. is the book-running lead manager, while Maashitla Securities Pvt. Ltd. is the registrar. Choice Equity Broking Pvt. Ltd. is the market maker.

Maharaja & Speedex India is currently commanding a 16% grey market premium (GMP), or approximately Rs 30 per share, based on the upper price band of Rs 186. At this GMP, the estimated listing price stands at around Rs 216 per share, although grey market indications are unofficial and can change before listing.

Raksan Transformers IPO

The Raksan Transformers IPO is the largest issue among the four, with a total size of Rs 150.50 crore. The issue consists of a fresh issue of 44.13 lakh shares aggregating to Rs 120.47 crore and an OFS of 11 lakh shares worth Rs 30.03 crore.

The IPO price band has been fixed at Rs 258 to Rs 273 per share, while the lot size is 400 shares. Based on the upper price band, retail investors need to invest Rs 2,18,400 for 800 shares.

The issue will remain open from September 10 to September 15, with allotment expected on September 16 and a tentative BSE SME listing on September 18.

Hem Securities Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar.

Raksan Transformers is commanding a 9% GMP, or about Rs 25 per share, over its upper price band of Rs 273. Based on the current GMP, the estimated listing price is around Rs 298 per share.

Panchatv Bharat IPO

The Panchatv Bharat IPO is a fixed-price issue worth Rs 24.58 crore. Unlike the other issues, the IPO is entirely a fresh issue comprising 17.56 lakh shares. The issue price has been fixed at Rs 140 per share, with a lot size of 1,000 shares.

The IPO opens today, September 10, and closes on September 15. Allotment is expected on September 16, with the shares likely to make their BSE SME debut on September 18.

Mark Corporate Advisors Pvt. Ltd. is the book-running lead manager, while Maashitla Securities Pvt. Ltd. is the registrar.

There is no GMP indication available for Panchatv Bharat IPO in the grey market currently. As a result, there is no unofficial premium-based listing estimate available at this stage.

Om Galaxy IPO

The Om Galaxy IPO is a book-built issue worth Rs 105 crore and is entirely a fresh issue of 1.17 crore shares.

The price band has been set at Rs 85 to Rs 90 per share, with a lot size of 1,600 shares.

At the upper price band, the minimum retail investment requirement is Rs 2,88,000, based on an application for 3,200 shares.

The IPO opens on September 10 and closes on September 15. Allotment is expected to be finalized on September 16, while the tentative listing date on the BSE SME platform is September 18.

Indorient Financial Services Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar.

Om Galaxy currently has no GMP indication in the grey market. Therefore, there is no unofficial listing premium estimate available for the issue.

With four SME IPOs opening simultaneously, investors will have several factors to weigh, including issue size, valuation, minimum investment, subscription demand and grey market trends.

For now, Maharaja & Speedex India has the strongest grey-market indication at 16%, followed by Raksan Transformers at 9%. However, GMP is an unofficial indicator and should not be treated as a guaranteed listing gain. Investors should also evaluate the companies' financial performance, business prospects, valuations and risk factors before making an investment decision.

All four issues are scheduled to close on September 15, making the coming trading sessions important for investors tracking India's active SME IPO market.

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