Four SME IPOs set to list today on BSE: Check GMP ahead of listing

The BSE SME platform is set for a busy trading session on September 18, 2026, with four companies—Maharaja & Speedex India, Raksan Transformers, Panchatv Bharat, and Om Galaxy—making their market debut.

All four issues closed their subscription windows on September 15, with allotments finalized on September 16, and are now scheduled to begin trading on the BSE SME exchange.

Grey market activity ahead of the September 18 listings points to uneven investor appetite across the four SME IPOs. Maharaja & Speedex India is trading at the highest grey market premium (GMP) of about 15–16%, signalling robust demand, while Raksan Transformers is changing hands at an 8–9% premium. Panchatv Bharat, by contrast, is seeing only modest interest with a GMP of around 2%.


Om Galaxy stands out for the lack of a clear GMP so far, suggesting a more cautious or neutral stance among traders ahead of its debut. Although these grey market premiums are unofficial and unregulated, they are widely watched as an early indicator of how strongly each stock may be received when it begins trading on the BSE SME platform.

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

Maharaja & Speedex India IPO

The Maharaja & Speedex India IPO was valued at Rs 80.13 crore. The issue included a fresh issue of 34.46 lakh shares worth Rs 64.10 crore and an offer for sale (OFS) of 8.62 lakh shares valued at Rs 16.03 crore.

The IPO was offered in 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 was Rs 2,23,200 for an application of 1,200 shares.

The issue was subscribed 32.41 times overall. It received 19.65 times subscription from individual investors, 48.82 times from QIBs excluding the anchor portion, and 40.32 times from non-institutional investors (NIIs).

Read more: NSE IPO Day 2: GMP at 8%, subscription reaches 44% — Should you apply?

Choice Capital Advisors Pvt. Ltd. acted as the book-running lead manager, while Maashitla Securities Pvt. Ltd. served as the registrar to the issue.

In the grey market, the Maharaja & Speedex India IPO was commanding a premium of 15%, or approximately Rs 28 per share, over the upper price-band of Rs 186. Based on this premium, the estimated listing price stood at around Rs 214 per share. However, grey market premiums are unofficial indicators and may change before listing.

Raksan Transformers IPO

The Raksan Transformers IPO was the largest among the four issues, with a total issue size of Rs 150.50 crore. It comprised a fresh issue of 44.13 lakh shares aggregating to Rs 120.47 crore and an offer for sale (OFS) of 11 lakh shares worth Rs 30.03 crore.

The IPO price band was set at Rs 258 to Rs 273 per share, with a lot size of 400 shares. At the upper end of the price band, retail investors were required to invest Rs 2,18,400 for an application of 800 shares.

The issue was subscribed 47.43 times overall. It received 28.66 times subscription from individual investors, 70.51 times from QIBs excluding the anchor portion, and 60.46 times from non-institutional investors (NIIs).

Hem Securities Ltd. acted as the book-running lead manager, while Bigshare Services Pvt. Ltd. served as the registrar to the issue.

In the grey market, the Raksan Transformers IPO was commanding a premium of 8%, or approximately Rs 21 per share, over the upper price band of Rs 273. Based on the prevailing GMP, the estimated listing price was around Rs 294 per share. However, grey market premiums are unofficial and may change before listing.

Read more: Last day to bid! Jindal Supreme IPO closes today: Subscription tops 31 times, GMP at 27%; should you subscribe?

Panchatv Bharat IPO

The Panchatv Bharat SME IPO is a fixed-price issue valued at Rs 24.58 crore. Unlike many other offerings, this IPO consists entirely of a fresh issue of 17.56 lakh shares, with no offer-for-sale component. The issue price has been set at Rs 140 per share, and retail investors are required to bid in minimum lot sizes of 1,000 shares.

Overall, the public issue received a moderate response from investors, achieving a total subscription of 1.40 times. Demand was primarily driven by the individual retail investors category, which was subscribed 2.42 times, whereas the Non-Institutional Investors (NII) segment saw weaker interest with a 39% subscription rate.

The issue is being managed by Mark Corporate Advisors Pvt. Ltd., acting as the book-running lead manager, while Maashitla Securities Pvt. Ltd. serves as the registrar for the IPO. Ahead of its market debut, the gray market premium (GMP) for the shares stands at Rs 3, representing a modest 2% premium over the fixed upper price band of Rs 140 and pointing to an estimated listing price of around Rs 143 per share.

Om Galaxy IPO

The Om Galaxy IPO is a book-built issue valued at Rs 105 crore, structured entirely as a fresh issue of 1.17 crore shares. The price band for the offering has been established between Rs 85 and Rs 90 per share, with a minimum lot size of 1,600 shares. At the upper end of the price band, retail investors require a minimum investment of Rs 2,88,000 to apply for a minimum allotment of 3,200 shares.

The public offering closed with an overall subscription rate of 2.07 times. Institutional interest was the primary driver of the demand, with the Qualified Institutional Buyers (QIB, excluding Anchor) category subscribed 5.37 times. The Non-Institutional Investors (NII) segment saw a fully covered subscription at 1.07 times, while the retail individual investors category lagged behind at 0.62 times subscription.

Indorient Financial Services Ltd. is managing the offering as the book-running lead manager, and Bigshare Services Pvt. Ltd. is handling the process as the official registrar. Ahead of the shares listing on the stock exchanges, the grey market premium (GMP) currently shows no indication, leaving the issue with no unofficial listing premium estimate available.

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