12 hrs ago
IPO GMP Comparison: SS Retail Leads as Hero Motors Trails
Four IPOs are being compared using grey-market premiums and subscription data.
An IPO is when a company offers shares to the public for the first time.
The grey-market premium is an unofficial estimate of how much investors may pay above the IPO price.
SS Retail had the highest premium among the issues discussed.
Jindal Supreme received the most applications compared with the number of shares available in the latest three-IPO figures.
Hero Motors had the lowest premium, suggesting less unofficial excitement.
The National Stock Exchange IPO showed a smaller expected gain of about 5.94% and weakening grey-market interest.
The reported numbers vary because the articles used different points during the bidding period.
SS Retail showed the strongest grey-market premium at ₹140–₹143, implying an estimated listing gain of about 33%.
Jindal Supreme recorded a ₹31 GMP and nearly 84-times overall subscription in the latest reported figures.
Hero Motors had the weakest GMP, with reports ranging from ₹1 to ₹4 and estimated listing gains of about 1.19%–4.76%.
The three IPOs opened on September 16, with allotments expected on September 21 and tentative listings on September 23, 2026.
The National Stock Exchange IPO showed a GMP of about ₹106 and an indicated listing gain of 5.94%, though its grey-market momentum had weakened.
- Who
- Investors considering the Hero Motors, SS Retail, Jindal Supreme and National Stock Exchange IPOs.
- What
- A comparison of IPO grey-market premiums, expected listing gains, subscription levels and brokerage views.
- Where
- The shares are scheduled for listing on the NSE and BSE.
- When
- The three company IPOs opened on September 16, with final bidding on September 18; allotments were expected on September 21 and listings on September 23, 2026.
- Why
- The comparison helps investors assess unofficial market expectations and demand before listing.
Brokerage Caution
Grey-Market Optimism
Hero Motors outlook
Brokerage Caution
Swastika Investmart maintained a neutral view, saying Hero Motors’ elevated valuation left limited upside despite its business strength and electric-vehicle growth potential.
Grey-Market Optimism
The grey market still indicated a possible gain, with reported premiums of ₹1–₹4 and Hero Motors’ position in powertrain solutions and e-bike CVT hubs cited as strengths.
SS Retail valuation
Brokerage Caution
Swastika rated SS Retail neutral, arguing that its valuation already reflected much of its operational upside and that its mobile-hardware exposure could limit margins.
Grey-Market Optimism
SS Retail recorded the strongest grey-market premium, while its store growth, return ratios and high subscription figures indicated strong unofficial demand.
Jindal Supreme recommendation
Brokerage Caution
Risks include thin PAT margins of about 3%–4%, sensitivity to steel costs and declining utilisation of GI-pipe capacity.
Grey-Market Optimism
Swastika recommended subscribing, citing the company’s more than 50-year history, diversified steel portfolio, peer valuation discount and expansion into higher-margin crash barriers.
Key facts
- Highest reported GMP
- SS Retail: ₹140–₹143, indicating an estimated listing gain of about 33%.
- Lowest reported GMP
- Hero Motors: ₹1–₹4, indicating an estimated listing gain of about 1.19%–4.76%.
- Jindal Supreme subscription
- Nearly 84-times overall in the latest reported figures; its NII portion reached 167-times.
- Hero Motors subscription
- About 7.01–7.3-times, depending on the reporting snapshot.
- SS Retail subscription
- More than 32-times in one report and 107.41-times on day three in another.
- National Stock Exchange GMP
- About ₹106, implying a reported 5.94% listing gain.
- Expected timeline
- Allotment on September 21, 2026, and tentative listing on September 23, 2026.
Quotes
Swastika Investmart
Brokerage providing the Hero Motors IPO review
“Established steel-pipe/tube manufacturer with a diversified product mix (MS pipes, GI pipes, crash barriers, tubular poles) and a 50+ year operating history in Hisar”
livemint.com
“Leading powertrain provider with first-mover advantage in global ebike CVT hubs. P/E of ~69–74x vs peer average of 50.2x, leaving limited upside cushion”
livemint.com
Sources
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