An investor who bid on any of the four mainboard IPOs open from September 25 to 29, 2026 has one pressing question after allotment confirmation: which issue will actually pay off on listing day? IPO GMP today across Orient Cables, German Green Steel, AceVector, and Runwal Enterprises tells a story of sharp divergence. Orient Cables trades at ₹85 above its upper price band of ₹272 in the informal grey market. The remaining three issues sit in a far more muted range, with two of them showing identical premiums of just ₹2.
Allotment for all four IPOs finalises on September 30, 2026. All four issues list on both BSE and NSE on October 5, 2026. With listing day five days away, this grey market snapshot shapes early investor expectations even though SEBI classifies grey market trading as an unregulated, unofficial channel.
What the Grey Market Premium Tells Investors Before Listing
The grey market operates entirely outside SEBI’s regulatory framework. Buyers and sellers trade IPO forms or allotted shares in this informal channel before any official listing takes place. The premium above the issue’s upper price band is called the GMP. A positive GMP signals that grey market buyers expect the stock to open above its issue price.
IPO GMP today functions as a crowd-sourced sentiment indicator, not a financial model or analyst estimate. Subscription levels, index performance, and sector rotation all feed into how quickly the premium moves. Grey market prices can shift 30% to 40% in a single session based on news or demand signals. SEBI has repeatedly advised retail investors to evaluate audited company financials and official subscription data from NSE and BSE rather than treat GMP as a reliable predictor. The grey market offers directional clues, not certainties.
IPO GMP Today: Live Comparison Across All Four October 5 Listings
The table below captures IPO GMP today for each mainboard issue that closed September 29, 2026. Data sourced from ipowatch.in as of September 30, 2026. Implied listing price equals the upper price band plus the GMP figure.
| Company | Price Band | GMP (₹) | GMP Trend | Implied Price (₹) | Listing Gain (%) | Listing Date |
|---|---|---|---|---|---|---|
| Orient Cables | ₹258–₹272 | ₹85 | ▲ Rising | ₹357 | +31.25% | Oct 5, 2026 |
| German Green Steel | ₹132–₹139 | ₹13 | ▼ Easing | ₹152 | +9.35% | Oct 5, 2026 |
| AceVector | ₹30–₹32 | ₹2 | ▲ Rising | ₹34 | +6.25% | Oct 5, 2026 |
| Runwal Enterprises | ₹290–₹305 | ₹2 | ▼ Easing | ₹307 | +0.66% | Oct 5, 2026 |
Source: ipowatch.in, September 30, 2026. GMP is indicative only and carries no SEBI recognition or official status.
Orient Cables IPO GMP Today: ₹85 Premium Signals 31% Listing Gain
Orient Cables holds a clear lead in this batch. Its grey market premium of ₹85 over the upper price band of ₹272 puts the implied listing price at ₹357. That represents a 31.25% gain for allotted investors, based on the minimum lot of 55 shares at ₹14,960 per application. The GMP trend shows upward momentum (▲), suggesting grey market buyers continue to accumulate ahead of October 5.
The company stands as one of India’s top five networking cable manufacturers, controlling approximately 22% of the domestic networking cable market. It serves broadband, telecom, data centres, renewable energy, smart building automation, and automotive industries. Revenue for FY2026 reached ₹1,181.67 crore, up from ₹831.86 crore in FY2025, a jump of 42%. Net profit for FY2026 came in at ₹53.56 crore. ROE stands at 25.84%, EBITDA margin at 8.23%, and debt-to-equity at 0.94.
Orient Cables raised ₹552 crore in its IPO, ₹320 crore as fresh issue and the remainder through offer for sale of 85,29,409 shares. Fresh proceeds target ₹91.50 crore for capital expenditure and ₹155.50 crore for debt repayment. Retail Individual Investors received a 35% reservation, with QIB investors receiving 50%.
Peer multiples provide additional context. RR Kabel trades at 54.85x PE, Polycab at 46.69x, Finolex Cables at 26.29x, and Havells at 42.69x. The sector commands strong valuation premiums in the current market, and Orient Cables’ consistent revenue growth makes the ₹85 GMP look well-supported by fundamentals rather than pure speculation.
German Green Steel IPO GMP: ₹13 Premium From a Gujarat TMT Manufacturer
German Green Steel carries a ₹13 GMP over its upper price band of ₹139, putting the implied listing price at ₹152 for a 9.35% gain. IPO GMP today for German Green Steel shows an easing trend (▼), meaning the premium has moderated from its earlier peak, which is a factor retail investors should watch in the days leading up to listing.
Founded in 2008, German Green Steel and Power manufactures TMT bars, MS Billets, and Sponge Iron. It operates two Gujarat facilities, including one near the port of Samakhiyali in Kutch. Revenue grew from ₹1,517.21 crore in FY2025 to ₹1,685.38 crore in FY2026. Net profit rose from ₹59.94 crore to ₹79.89 crore in the same period. EPS stands at ₹14.91, ROE at 18.86%, ROCE at 19.31%, and debt-to-equity at 0.79, a clean balance sheet for a capital-intensive manufacturing business.
The ₹304 crore IPO breaks down into a ₹290 crore fresh issue and OFS of 10 lakh shares. The primary use of proceeds, ₹226.33 crore, funds capacity expansion at the Samakhiyali facility, taking TMT bar production capacity from 1,81,500 MTPA to 3,46,500 MTPA. An additional ₹7.70 crore targets debt reduction. The minimum lot size is 107 shares at ₹14,873. Retail investors received 35% of the issue. Promoters Inamulhaq Shamsulhaq Iraki and family held 96.63% pre-IPO, reducing to 68.54% post-listing.
AceVector IPO GMP: ₹2 Premium Signals Caution on a Loss-Making E-Commerce Story
AceVector, the parent of Snapdeal, carries a ₹2 GMP over its upper price band of ₹32, implying a listing price of ₹34 and a 6.25% gain. While the grey market trend points upward (▲), the absolute premium stays near zero because AceVector reported a net loss of ₹45.51 crore in FY2026. That loss narrowed significantly from ₹126.31 crore in FY2025, but the company has not yet reached profitability.
Revenue grew from ₹406.77 crore in FY2025 to ₹537.67 crore in FY2026. EPS stands at -₹1.32 and NAV at ₹2.21, which makes conventional PE valuation inapplicable. AceVector operates through Snapdeal (e-commerce for Tier 2+ consumers), Uniware and Shipway (SaaS tools for e-commerce businesses), and Stellaro Brands (consumer brands).
The ₹420 crore IPO comprises ₹287 crore in fresh issue and OFS of 4,15,62,500 shares. Proceeds allocate ₹220 crore to marketing and promotion of the Snapdeal marketplace and ₹20 crore to technology infrastructure. Retail Individual Investors received only 10% of the issue, with QIB investors taking 75%, an unusually high QIB concentration that signals this IPO targets institutional buyers capable of taking a long-term view on a pre-profit business. Founders Kunal Bahl and Rohit Kumar Bansal see their combined stake fall from 65.90% to 47.40% post-IPO.
Runwal Enterprises IPO GMP Today: ₹2 Despite PAT Tripling in FY2026
Runwal Enterprises shows just ₹2 GMP over its upper price band of ₹305, translating to an implied listing price of ₹307 and a near-flat 0.66% gain. That is the weakest signal in this entire batch, which is a striking contrast given that the company’s net profit more than tripled from ₹55.65 crore in FY2025 to ₹185.76 crore in FY2026.
Revenue grew from ₹1,050.71 crore in FY2025 to ₹1,850.79 crore in FY2026. EPS stands at ₹16.74, ROE at 27.24%, and EBITDA margin at 19.44%. The debt-to-equity ratio, however, stands at 3.29, which is the figure grey market participants appear to be pricing in as risk. Real estate developers carry structurally higher leverage, but at 3.29x, Runwal’s debt level exceeds peers like Oberoi Realty (25.88x PE) and Godrej Properties (27.53x PE), which both operate with tighter balance sheets.
Runwal Enterprises is one of Mumbai’s leading residential and commercial real estate developers, founded in February 2016. As of March 2026, it has completed 19 projects, has 28 ongoing, and 33 in the pipeline. The ₹500 crore fresh issue (no OFS) directs ₹200 crore to company-level debt repayment. The minimum lot is 49 shares at ₹14,945. Promoter Subodh Subhash Runwal holds 95.16% pre-IPO, reducing to 84.61% post-listing. For a comparison of how allotment outcomes shaped investor sentiment in the prior IPO batch, the Adroit Industries IPO GMP analysis on ipocontrol.in is useful reference.
Subscription Trends, GMP Direction, and the Final 48 Hours Before Listing
IPO GMP today reflects sentiment from the informal grey market and should not be the sole basis for any investment call. Trend direction adds a second dimension to the absolute number. Orient Cables and AceVector both show rising GMP trends (▲), while German Green Steel and Runwal Enterprises show declining trends (▼). A falling premium in the 48 to 72 hours before listing often signals grey market liquidation and can translate into a softer opening on listing day.
Final subscription data for all four IPOs arrived after market close on September 29, 2026. QIB subscription multiples carry the strongest signal quality in this batch because Orient Cables carries a 50% QIB quota and AceVector carries an unusually high 75% QIB quota. Heavy institutional oversubscription in the QIB category historically pushes grey market premiums higher in the final days before listing.
Investors tracking allotment status can use the KFin Technologies portal for Orient Cables and the MUFG Intime portal for AceVector and Runwal Enterprises. Demat credit for allotted shares across all four IPOs arrives on October 1, 2026. Official subscription updates from NSE’s IPO monitoring system and real-time GMP movement from the grey market offer parallel tracking tools through the October 1 to October 4 window.
The Bottom Line on October 5 Listings
Orient Cables leads this IPO batch by every grey market measure. IPO GMP today at ₹85 against strong revenue growth, a dominant networking cable market position, and a rising trend line makes it the standout watch for October 5. German Green Steel offers a mid-range outlook at ₹13 GMP backed by healthy steel manufacturing fundamentals and a capacity expansion story that may play out over a longer horizon.
AceVector at ₹2 GMP is a speculative read on Snapdeal’s path to profitability. Allotted investors hold shares at ₹32, limiting downside, but upside depends on a credible profit timeline. Runwal Enterprises at ₹2 GMP with a declining trend is the most cautious reading in the group, with the 3.29 debt-to-equity ratio acting as the primary drag on grey market sentiment.
IPO GMP today is a real-time signal from an informal market, it can confirm conviction or reveal caution, but listing day performance on BSE and NSE will ultimately reflect the balance of actual buy and sell orders from institutional and retail participants. Track fresh GMP updates on Moneycontrol’s IPO section and subscription analysis on Economic Times Markets before making any listing-day decision.
Frequently Asked Questions: IPO GMP Today
What does a negative grey market premium signal for an IPO? A negative grey market premium means informal market buyers expect the stock to open below its issue price. This signals weak demand. It does not guarantee a discounted listing, but historically, negative GMP often correlates with a flat or below-issue opening on BSE and NSE.
How frequently does the grey market premium update during the day? Grey market premiums update multiple times during market hours based on buyer-seller activity in the informal channel. GMP on a given morning can differ from GMP by evening. The trend direction (rising or falling) often matters more than the absolute number at a single point in time.
Why does AceVector have a higher QIB quota than the other three IPOs? SEBI mandates a minimum 75% QIB allocation for companies that have not reported cumulative net profits for three of the five preceding financial years. AceVector has been loss-making in recent years, which triggers this mandatory QIB-heavy allocation, reducing the retail investor share to just 10%.
Which of the four IPOs carries the highest IPO GMP today? Orient Cables holds the highest IPO GMP today at ₹85, implying a listing price of ₹357 against its upper price band of ₹272. That translates to a potential listing gain of 31.25% for allotted investors.
Can grey market GMP be relied upon to predict exact listing prices? No. GMP provides a directional estimate based on informal trading activity. The actual listing price on BSE and NSE depends on real order flow, index conditions, and institutional selling pressure on listing day. Cases where listing prices significantly outperformed or underperformed GMP are common in India’s IPO market, as documented by SEBI’s IPO disclosure framework.
Disclaimer: This article is for educational and informational purposes only. It does not constitute investment advice. ipocontrol.in is not registered with SEBI as an investment adviser. Investors should consult a SEBI-registered financial adviser before making investment decisions.