IPO GMP Buzz: Millworks Tech leads at 120% GMP; SBI Funds in focus among 6 IPOs

The IPO grey market is witnessing strong activity as investors closely track the latest Grey Market Premium (GMP) trends across upcoming and ongoing mainboard and SME IPOs. With a mix of fresh issues and companies approaching listing, nearly six IPOs are set to keep the primary market buzzing this week.

Among the upcoming issues, SME IPOs are stealing the spotlight, with Millworks Technologies IPO emerging as the biggest GMP performer. The Rs 160.34 crore BSE SME IPO is scheduled to open for subscription on July 14, 2026, and currently commands a GMP of Rs 395 or nearly 120% over its issue price of Rs 331. Based on the grey market trend, the estimated listing price stands at around Rs 726, indicating a strong potential listing gain.

In the mainboard category, the Kusumgar IPO also attracted investor interest; its allotment finalised on July 13, 2026. The IPO is currently trading at a GMP of Rs 160 or 39% over its upper price band of Rs 419, suggesting an estimated listing price of approximately Rs 579.


The week’s major highlight is the Rs 9,795 crore SBI Funds Management IPO, which is expected to command significant market attention. The issue will open for subscription on July 14 and close on July 16, 2026. SBI Funds Management IPO is currently showing a GMP of Rs 91-92, translating into an estimated listing upside of around 16%. Based on the GMP trend, the expected listing price is around Rs 665 against the upper issue price of Rs 574.

Mainboard IPO GMP Update

Laser Power & Infra IPO: The Rs 742 crore Laser Power & Infra IPO entered its final bidding day on July 13, 2026. The IPO’s latest GMP stands at Rs 32 or around 15% against the upper price band of Rs 214. The estimated listing price based on grey market activity is around Rs 246.

SBI Funds Management IPO: The Rs 9,795 crore SBI Funds Management IPO is set to open for subscription from July 14 to July 16, 2026. The IPO is attracting strong investor interest in the grey market, with its latest GMP standing at Rs 91, indicating a premium of around 16% over the upper issue price of Rs 574. Based on the current GMP trend, the estimated listing price is expected to be around Rs 665, suggesting a potential listing gain for investors.

Alpine Texworld IPO: The Rs 126.25 crore Alpine Texworld IPO will open for subscription from July 14 to July 16, 2026. The IPO is currently trading with a modest GMP of Rs 2 or around 2% over the upper price band of Rs 105. The estimated listing price is around Rs 107.

Kusumgar IPO: The Rs 650 crore Kusumgar IPO had its allotment finalised on July 13, 2026. The IPO’s GMP stands at Rs 160 or 39% over the issue price of Rs 419, indicating an estimated listing price of around Rs 579.

SME IPO GMP Update

Millworks Technologies IPO: Millworks Technologies SME IPO remains the biggest GMP mover among this week’s offerings. The Rs 160.34 crore BSE SME IPO will open for subscription on July 14 and close on July 16, 2026. With a GMP of Rs 395 or 120% over the issue price of Rs 331, the estimated listing price is around Rs 726.

Happy Steels IPO: The Rs 25 crore NSE SME IPO reached its third and final bidding day on July 13, 2026. The latest GMP stands at Rs 10 or 15% over the upper price band of Rs 66. The estimated listing price is around Rs 76.

Devson Catalyst IPO: The Rs 42.34 crore BSE SME IPO is showing strong grey market momentum. The latest GMP stands at Rs 45 or 38% over the upper issue price of Rs 118. The estimated listing price is around Rs 163.

With strong grey market premiums across several issues, investor attention is firmly focused on this week’s IPO lineup. While GMP trends often reflect market sentiment and expectations, actual listing performance can vary depending on subscription demand, broader market conditions, and investor appetite on listing day.

The combination of high GMP SME offerings like Millworks Technologies and major mainboard names such as SBI Funds Management is expected to keep the IPO market in the spotlight throughout the week.

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