IPO News Today: Kanohar Electricals Fully Subscribed on Day 1; 3 Mainboard IPOs Open
India's IPO market is seeing strong activity today as three Mainboard IPOs — Kanohar Electricals, Prasol Chemicals and Glass Wall Systems — opened for subscription on September 8, 2026.
The biggest early development came from Kanohar Electricals, whose ₹1,055.74 crore IPO was fully subscribed within hours of opening. The issue reached around 1.26x subscription, supported by strong retail and non-institutional investor demand.
Meanwhile, Prasol Chemicals and Glass Wall Systems are also attracting investor attention, making September 8 an important day for the primary market.
Kanohar Electricals IPO Fully Subscribed on Day 1
Kanohar Electricals has received an encouraging response from investors on the opening day of its IPO.
The company has set a price band of ₹601–₹632 per share, with the IPO scheduled to remain open until September 10. The shares are expected to list on September 16, 2026.
According to early subscription data, the issue was subscribed approximately 1.26 times.
The retail portion was subscribed around 1.69 times, while the non-institutional investor category reached approximately 1.91 times.
The IPO comprises:
- Fresh Issue: ₹300 crore
- Offer for Sale: Approximately ₹755.74 crore
- Total Issue Size: Approximately ₹1,055.74 crore
- Price Band: ₹601–₹632
- IPO Closing: September 10
- Expected Listing: September 16
Kanohar Electricals manufactures electrical equipment, including transformers, and is positioned to benefit from continued investment in power transmission and electrical infrastructure. However, investors should also consider customer concentration and other business risks before applying.
Kanohar Electricals GMP Remains Strong
Grey-market sentiment around Kanohar Electricals remains positive.
The latest market indications put the GMP around ₹205–₹208 per share, although GMP figures can change throughout the day and remain unofficial. One current market snapshot reported a GMP of ₹208 against the ₹632 upper price band, implying an indicative price of about ₹840.
That would represent a substantial premium over the issue price if the grey-market indication were to translate into the actual listing.
However, investors should remember that GMP is not an official exchange price and does not guarantee listing gains.
Prasol Chemicals IPO Opens With Moderate Demand
The Prasol Chemicals IPO also opened today with a price band of ₹643–₹676 per share.
The company is looking to raise approximately ₹500 crore, consisting of:
- ₹80 crore fresh issue
- ₹420 crore Offer for Sale
On Day 1, the issue was subscribed around 0.25 times, with retail investors bidding for approximately 0.42 times their reserved portion. The QIB portion had not yet recorded significant participation at the time of the reported update.
The minimum retail application requires 22 shares, meaning investors need approximately ₹14,872 at the upper price band.
Prasol Chemicals manufactures specialty chemicals used across industries such as pharmaceuticals, agrochemicals and personal care.
Glass Wall Systems IPO Also Opens Today
The third Mainboard issue opening today is Glass Wall Systems (India).
The IPO has a price band of ₹172–₹182 per share and is scheduled to close on September 10.
The issue size is approximately ₹427.89 crore.
Early grey-market indications have remained positive, although GMP has moved during the pre-IPO period. Reports indicate that the IPO received strong demand and was fully subscribed on its first day.
The company operates in the facade solutions segment, making it another offering that investors are watching closely during this crowded IPO week.
Pranav Constructions IPO Also Attracts Strong Demand
Alongside today's three IPOs, Pranav Constructions is currently in its final day of subscription.
The ₹351 crore IPO opened on September 7 and closes on September 9. Its price band is ₹118–₹124 per share.
The issue received an impressive response on Day 1, reaching approximately 5.69 times subscription. The NII category was subscribed 10.60 times, while retail investors subscribed 5.76 times.
This makes the current IPO calendar particularly active, with investors evaluating multiple issues within just a few days.
IPO GMP Today: What Investors Should Watch
With several IPOs competing for investor money, GMP has become an important sentiment indicator.
However, investors should avoid looking at GMP alone.
A better IPO checklist includes:
GMP + Subscription + Valuation + Financials + Business Outlook
GMP can indicate the current sentiment in the unofficial grey market, but the actual listing price is ultimately determined by market demand when the shares begin trading.
Recent IPOs have also demonstrated that GMP and actual listing performance can sometimes differ considerably.
IPO Calendar: What's Coming Next?
The IPO rush doesn't stop with today's three issues.
Several Mainboard IPOs are scheduled to open on September 9, including:
- Rentomojo
- Asset Reconstruction Company (India)
- Manipal Payment and Identity Solutions
- Steamhouse India
- LCC Projects
- Karamtara Engineering
This means investors will have to carefully compare multiple offerings before deciding where to deploy their IPO capital.
Final Takeaway
September 2026 continues to be a busy month for India's primary market.
The standout development today is Kanohar Electricals becoming fully subscribed on Day 1, while Prasol Chemicals and Glass Wall Systems are also attracting investor attention.
For IPO investors, the next two days will be important as subscription numbers develop and GMP trends continue to change.
Keep checking GMP IPO Watch for the latest IPO GMP, subscription updates, allotment information and listing expectations.
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