Retail investors tracking the primary market this week have had their hands full. Four mainboard IPOs, Hero Motors, Jindal Supreme (India), Glass Wall Systems and Kanohar Electricals, are all live on the calendar at the same time. Two of them, Hero Motors and Jindal Supreme, opened for subscription on September 16 and close on September 18. The other two, Glass Wall Systems and Kanohar Electricals, closed bidding a week earlier and are listing on the NSE and BSE today. It is a genuine case of a primary market overdrive, and anyone with limited investable surplus is having to choose rather than apply to everything.

Why the Primary Market Is Seeing This Kind of Rush

Festive season and the run-up to the December quarter tend to bunch up IPO filings in India, since companies want to be listed and liquid before year-end book closures. Add to that the fact that recent debutants have rewarded patient bidders handsomely, and merchant bankers are naturally pushing more issues into the window while sentiment is favourable. We had covered this pattern in detail in our piece on how to choose when the primary market is in overdrive, and the same logic applies here: four issues in one week is unusual even by 2026 standards, and there are more names queued up behind them, as we outlined in our roundup of upcoming IPOs for 2026-27.

Hero Motors IPO: Powertrain Play With a Cooling GMP

Hero Motors Limited, promoted by the Munjal family, makes powertrain and transmission systems, including CVTs, EV transmissions, electric motors and gear sets, for two-wheeler and e-bike OEMs. The IPO opened on September 16 and closes on September 18, with a price band of Rs. 79 to Rs. 84 per share and a lot size of 178 shares. At the upper band, one lot needs roughly Rs. 14,952.

The issue is a mix of a fresh issue worth Rs. 600 crore and an offer for sale worth Rs. 400 crore, taking the total size to Rs. 1,000 crore. Grey market premium has been on a cooling trend through the week, moving from around Rs. 24 on September 12-13 down to roughly Rs. 19 on the opening day, which works out to an implied listing price near Rs. 103, or about 22.6 percent above the upper band. Allotment is expected on September 21, with listing tentatively pencilled in for September 23 on both exchanges.

Jindal Supreme (India) IPO: Steel Pipes on a Smaller Canvas

Jindal Supreme (India) Limited manufactures mild steel black pipes, tubes, galvanised pipes, metal beam crash barriers and GI tubular poles, largely catering to infrastructure and industrial buyers. This is a considerably smaller offering than the other three, at Rs. 124.88 crore, split between a fresh issue of about Rs. 99.89 crore and an OFS of roughly Rs. 24.99 crore.

The price band is Rs. 88 to Rs. 93 per share, with a lot size of 161 shares and a minimum retail outlay of about Rs. 14,973. It also opened on September 16 and closes on September 18. GMP has stayed in a modest range through the week, hovering near Rs. 14 as of the opening session, pointing to an implied listing price around Rs. 107, or roughly 15 percent above the top end of the band. Net proceeds are earmarked mainly for loan repayment of about Rs. 71 crore and general corporate purposes.

Glass Wall Systems IPO: Facade Maker Lists Today

Glass Wall Systems (India) Limited, a facade and fenestration solutions company incorporated in 2010, closed its Rs. 427.89 crore issue between September 8 and 10. The response was strong, with overall subscription touching 81.65 times, made up of about 33 times in retail, close to 168 times in QIB and roughly 80 times in the NII category. The issue was priced at the upper band of Rs. 182 per share, with a lot size of 82 shares.

Grey market premium moved around quite a bit through the run-up, touching highs near Rs. 65-66 before settling closer to Rs. 50 in the last couple of sessions before listing, which implies a listing price in the Rs. 230-235 zone, or close to a 27-28 percent gain over the issue price. Shares are listing on the NSE and BSE today, September 16.

Kanohar Electricals IPO: Transformer Maker's Big Debut

Kanohar Electricals Limited, in business since 1972 and RDSO certified for transformer manufacturing used by Indian Railways, brought the largest issue of the four at Rs. 1,055.74 crore. The company runs two manufacturing units in Meerut, Uttar Pradesh, with combined capacity of around 19,200 MVA, and also runs an EPC business for power transmission and distribution projects.

The price band was set at Rs. 601 to Rs. 632, with a lot size of 23 shares and minimum retail investment near Rs. 14,536. Subscription during the September 8-10 window was the standout number of the week, closing at 90.59 times overall, with QIB demand crossing 215 times and NII demand above 87 times, against a milder 20.5 times in retail. We had tracked the day-by-day numbers separately in our Kanohar Electricals subscription and GMP update. GMP peaked above Rs. 240 mid-week before easing slightly closer to listing, still implying a gain in the 31-32 percent range over the Rs. 632 issue price. Shares list on the NSE and BSE today alongside Glass Wall Systems.

Side by Side: How the Four IPOs Compare

Detail	Hero Motors	Jindal Supreme	Glass Wall Systems	Kanohar Electricals
Price band	Rs. 79-84	Rs. 88-93	Rs. 172-182	Rs. 601-632
Lot size	178 shares	161 shares	82 shares	23 shares
Issue size	Rs. 1,000 cr	Rs. 124.88 cr	Rs. 427.89 cr	Rs. 1,055.74 cr
Min. investment	Rs. 14,952	Rs. 14,973	Rs. 14,924	Rs. 14,536
Latest GMP	~Rs. 19	~Rs. 14	~Rs. 50	~Rs. 200-240
Status	Open, closes Sep 18	Open, closes Sep 18	Listing today, Sep 16	Listing today, Sep 16

What the GMP Numbers Are Telling Us

Grey market premium is an unofficial, unregulated indicator, and it moves around a lot before an issue lists, so it should never be the only input in a decision. We have gone into this in more depth in our explainer on whether GMP can actually be trusted. That said, laid side by side, the implied listing gains for these four issues show a fairly wide spread, from mid-teens percentages for Jindal Supreme up to the low-thirties for Kanohar Electricals.

Should Retail Investors Apply to All Four?

Applying to every open IPO in a busy week is rarely the right approach, and it is worth remembering that allotment odds fall sharply once retail subscription runs into double digits, as it has for Kanohar Electricals. It helps to read the day-wise numbers rather than just the closing figure, something we walk through in our guide on reading Day 1 and Day 2 subscription data. For those still new to applying via UPI or ASBA, our primer on everything retail investors need to know before an IPO is a useful starting point.

Each of these four issues sits in a different risk bucket. Hero Motors and Jindal Supreme are still open, which means their eventual subscription and GMP trend could shift meaningfully over the next two days. Glass Wall Systems and Kanohar Electricals have already been priced by the market through heavy institutional demand, and today's actual listing print will tell us whether the grey market got it right. This kind of clustering is not new, we saw a similar burst of listing-day action recently when Tempsens Instruments listed at a sharp premium, and it is a reminder that primary market appetite in India right now is running well ahead of a typical quarter.

Frequently Asked Questions (FAQ)

1. Why are four IPOs happening in the same week?

Companies and merchant bankers tend to bunch listings together when secondary market sentiment is strong and before year-end book closures, which is why Hero Motors, Jindal Supreme, Glass Wall Systems and Kanohar Electricals have all converged on the same week.

2. What is the price band for Hero Motors IPO?

Hero Motors IPO has a price band of Rs. 79 to Rs. 84 per share, with a lot size of 178 shares and a minimum retail investment of about Rs. 14,952 at the upper band.

3. What is the price band for Jindal Supreme IPO?

Jindal Supreme (India) IPO has a price band of Rs. 88 to Rs. 93 per share, with a lot size of 161 shares and a minimum retail investment of roughly Rs. 14,973.

4. Why are Glass Wall Systems and Kanohar Electricals listing on the same day?

Both issues closed for subscription in the same window in early September, and their allotment and listing timelines happened to line up on September 16, which is a coincidence of the IPO calendar rather than a joint listing.

5. Can grey market premium be trusted for these IPOs?

GMP is an unofficial, unregulated indicator that can swing sharply in either direction before listing, so it should be read alongside subscription data and company fundamentals rather than relied on by itself.

6. Should I apply to all four IPOs at once?

That depends on your investable surplus and risk appetite. Heavily oversubscribed issues like Kanohar Electricals carry lower allotment odds, so it is often more practical to prioritise the issues whose business and valuation you understand best.