Madhur Knit Crafts, ABH Healthcare SME IPOs Day 1: Early subscription, GMP, and key details

The SME IPO market is buzzing today with two fresh NSE SME offerings i.e. Madhur Knit IPO and ABH Healthcare IPO, opening for subscription on August 24, 2026. Both issues will remain open until August 27, giving investors four days to place their bids.

On Day 1, early subscription data shows that Madhur Knit IPO was subscribed 1% in the opening hours, with bids received for a portion of the 50.24 lakh shares on offer. ABH Healthcare IPO was subscribed 2% against its offered 34.29 lakh shares.

While subscription numbers are still at an early stage, the grey market is showing a clear difference between the two issues. Madhur Knit IPO is commanding a GMP of Rs 16, suggesting a potential listing price of around Rs 116 against the upper issue price of Rs 100. In contrast, ABH Healthcare IPO currently has no GMP, indicating no unofficial premium in the grey market at present.

Madhur Knit IPO

Madhur Knit IPO is a fresh issue of 53 lakh shares, with the issue size standing at Rs 53.27 crore. The price band has been fixed at Rs 95 to Rs 100 per share.

The IPO opened on August 24, 2026, and bidding will close on August 27, 2026. The allotment is expected to be finalized on August 28, while the shares are tentatively scheduled to list on the NSE SME platform on September 1, 2026.

The lot size is 1,200 shares. Based on the upper price band, the minimum retail application for 2,400 shares requires an investment of Rs 2.40 lakh.

SKI Capital Services Ltd. is the book-running lead manager, while Skyline Financial Services Pvt. Ltd. is the registrar.

The company plans to deploy the net proceeds toward a combination of capital expenditure, working capital and debt reduction. Of the proposed allocation, around Rs 3.68 crore is earmarked for purchasing solar panels, Rs 15.92 crore for working capital requirements and Rs 20.85 crore for repayment or prepayment of borrowings. A portion will also be used for general corporate purposes.

The Madhur Knit IPO GMP currently stands at Rs 16, representing a premium of about 16% over the upper price band of Rs 100. If the current GMP holds until listing, the implied listing price would be approximately Rs 116 per share, pointing to a potential gain of around 16% over the issue price. However, GMP is an unofficial and unregulated market indicator. It can change quickly before listing and should not be treated as a guaranteed listing price or return.

ABH Healthcare IPO

The second NSE SME issue opening today is ABH Healthcare IPO, a book-built issue worth Rs 34.98 crore. The offering consists entirely of a fresh issue of 34 lakh shares. The IPO opened for subscription on August 24 and will close on August 27, 2026. The basis of allotment is expected on August 28, followed by a tentative NSE SME listing on September 1, 2026.

ABH Healthcare has fixed its price band at Rs 96 to Rs 102 per share, with a lot size of 1,200 shares. At the upper price band, retail investors applying for 2,400 shares would need to invest Rs 2.448 lakh.

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

ABH Healthcare intends to use the IPO proceeds primarily for debt repayment/prepayment and working capital requirements. The company has earmarked around Rs 17 crore for repayment or prepayment of borrowings and Rs 5 crore for working capital. The remaining proceeds are intended to support inorganic growth through unidentified acquisitions and other general corporate purposes.

Unlike Madhur Knit, ABH Healthcare IPO currently has no GMP in the grey market. This means there is currently no unofficial premium or discount available to indicate the likely listing price. Investors may therefore need to watch subscription trends and any changes in grey-market sentiment as the issue progresses.

Madhur Knit v/s ABH Healthcare IPO

The two SME IPOs have opened on the same day but are showing different early signals. Madhur Knit has an edge in terms of grey-market sentiment, with a Rs 16 GMP, while ABH Healthcare currently has no GMP.

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