Three SME IPOs open today: Ashutosh Fibre, Shanti Inorganics see strong GMP. Check key details

The Indian SME IPO market is set for another busy week as three companies — Ashutosh Fibre, Shanti Inorganics and Phychem Technologies — open their initial public offerings for subscription today, Monday, August 31, 2026. The three-day bidding window will remain open until September 2.

Investor interest is particularly strong in the two NSE SME issues, with Ashutosh Fibre and Shanti Inorganics commanding robust grey market premiums (GMPs) ahead of their listings. Ashutosh Fibre is currently trading at a GMP of around 40%, while Shanti Inorganics is commanding a premium of about 37%. In contrast, BSE SME-bound Phychem Technologies is seeing a more modest GMP of around 5%, suggesting relatively limited listing gains.

While GMP trends can indicate market sentiment ahead of listing, they are unofficial and can change before the shares begin trading.


Ashutosh Fibre IPO: Ashutosh Fibre IPO is looking to raise Rs 56.35 crore through its SME IPO. The issue is entirely a fresh issue of 61.25 lakh shares and will be listed on the NSE SME platform. The IPO will remain open from August 31 to September 2, 2026, with the allotment expected to be finalized on September 3. The tentative listing date is September 7, 2026.

The price band has been fixed at Rs 87–Rs 92 per share, with a lot size of 1,200 shares. Based on the upper price band, the minimum retail investment is Rs 2,20,800 for 2,400 shares. For HNI investors, the minimum application is three lots, or 3,600 shares, requiring an investment of Rs 3,31,200.

Mefcom Capital Markets Ltd. is the book-running lead manager, while KFin Technologies Ltd. is the registrar. At a GMP of around Rs 37, or 40.22%, Ashutosh Fibre's estimated listing price stands at approximately Rs 129 per share, based on the upper end of the issue price.

Shanti Inorganics IPO: Shanti Inorganics IPO is launching a Rs 47.24 crore SME IPO, comprising an entirely fresh issue of approximately 57 lakh shares. The issue opens on August 31 and closes on September 2, with the basis of allotment expected on September 3. Shares are proposed to be listed on the NSE SME platform on September 7.

Shanti Inorganics has set a price band of Rs 79–Rs 83 per share, while the lot size is 1,600 shares. Retail investors need to apply for a minimum of 3,200 shares, translating into an investment of Rs 2,65,600 at the upper price band. HNI investors must apply for at least three lots, or 4,800 shares, requiring Rs 3,98,400. Vivro Financial Services Pvt. Ltd. is the book-running lead manager, and KFin Technologies Ltd. is the registrar.

The IPO is attracting a GMP of approximately Rs 31, or 37%, at the upper price band of Rs 83. Based on the current GMP, the estimated listing price works out to around Rs 114 per share.

Phychem Technologies IPO: Phychem Technologies IPO is taking the BSE SME route with a comparatively smaller Rs 14.58 crore IPO. The issue consists entirely of a fresh issue of 27 lakh shares. The bidding period runs from August 31 to September 2, with allotment expected on September 3 and a tentative listing date of September 7.

The company has fixed the IPO price band at Rs 51–Rs 54 per share, with a lot size of 2,000 shares. Retail investors need to apply for at least 4,000 shares, requiring Rs 2,16,000 at the upper price band. For HNI investors, the minimum application is three lots, or 6,000 shares, amounting to Rs 3,24,000. Hem Securities Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar. Hem Finlease Pvt. Ltd. will act as the market maker.

Phychem Technologies currently has a GMP of around Rs 3, or approximately 5.56% over the upper issue price of Rs 54. This indicates an estimated listing price of about Rs 57 per share, pointing to a comparatively muted listing premium.

Three IPOs, Three Different Market Signals

The three SME IPOs offer investors distinctly different pre-listing signals. Ashutosh Fibre leads the pack with a GMP of around 40%, followed by Shanti Inorganics at nearly 37%, indicating strong grey-market expectations. Phychem Technologies, meanwhile, is showing a much smaller premium of around 5%.

However, investors should remember that grey market premiums are unofficial indicators and do not guarantee listing gains. Actual listing prices can differ significantly depending on subscription levels, broader market conditions, investor sentiment and demand on the listing day.

With all three issues opening simultaneously, investors will be watching subscription numbers closely over the next three days to gauge whether strong grey-market sentiment translates into equally strong demand in the primary market.

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