Four IPOs Open for Subscription Today: Check GMP, Price Band and Minimum Investment
Kolkata: Investors have four IPOs to consider as the bidding process for Adroit Industries, Elevate Campuses, Swastika Infra and ArMee Infotech begins today, September 23. All four are book-built issues and will remain open for subscription until September 25.
Adroit Industries plans to raise ₹150.71 crore through a combination of a fresh issue worth ₹132.62 crore and an offer for sale of ₹18.09 crore. Elevate Campuses is looking to raise ₹2,100 crore entirely through a fresh issue.
Swastika Infra’s IPO is worth ₹160.88 crore, comprising a fresh issue of ₹128.50 crore and an offer for sale of ₹32.38 crore. ArMee Infotech plans to raise ₹300 crore through a fresh issue.
Adroit Industries IPO: GMP and Investment DetailsAccording to Investorgain, the Grey Market Premium (GMP) for Adroit Industries stood at ₹34 late on September 22. With the upper price band fixed at ₹134, the estimated listing price based on the GMP is ₹168, indicating a potential listing gain of 25.27%.
However, GMP is an unofficial market indicator and can change quickly. It does not guarantee the actual listing price or any listing gain.
The IPO has a price band of ₹126 to ₹134 per share. The retail lot size is 111 shares, requiring a minimum investment of ₹14,874 at the upper price band.
Choice Capital Advisors is the book-running lead manager, while Bigshare Services is the registrar.
Elevate Campuses IPO: GMP, Price Band and Lot SizeInvestorgain reported an Elevate Campuses GMP of ₹5 late on September 22. Against the upper price band of ₹362, the estimated listing price based on the GMP stands at ₹367, implying a potential gain of 1.32%.
The company has set the IPO price band at ₹343 to ₹362 per share. Retail investors can apply for one lot of 41 shares, with a minimum investment of ₹14,842 based on the upper price.
JM Financial is the book-running lead manager for the issue, and Kfin Technologies is the registrar.
Swastika Infra and ArMee Infotech IPO DetailsSwastika Infra’s latest reported GMP was ₹8, according to Investorgain, with the figure updated on September 22, 2026, at 3:02:03 PM. With an upper price band of ₹193 stated in the source, the estimated listing price is ₹195, resulting in an expected gain of 4.32%.
The IPO price band is ₹175 to ₹185 per share, and the retail lot contains 81 shares. At the upper price band, the minimum investment is ₹14,985.
Srujan Alpha Capital Advisors is the book-running lead manager, while MUFG Intime India is the registrar.
For ArMee Infotech, Investorgain reported a GMP of ₹46 late on September 22. With an upper price band of ₹375, the estimated listing price based on the GMP is ₹421, indicating a potential gain of 12.27%.
The issue has a price band of ₹350 to ₹375 per share. The retail lot size is 40 shares, requiring ₹15,000 at the upper price band.
Khandwala Securities Ltd. is the book-running lead manager, and Cameo Corporate Services Ltd. is the registrar.
IPO Schedule: Important DatesAll four IPOs follow the same schedule. Bidding begins on September 23 and closes on September 25. The allotment is expected on September 28, followed by refunds and credit of shares on September 29. The shares are scheduled to list on September 30.
Event Date| Bidding opens | September 23 |
| Bidding closes | September 25 |
| Allotment | September 28 |
| Refund | September 29 |
| Credit of shares | September 29 |
| Listing | September 30 |
The GMP figures and estimated listing prices mentioned in this article are based on the information provided and are unofficial indicators. GMP can fluctuate and does not guarantee the actual listing price or returns. Investors should review the IPO’s official documents, financial information and applicable risks before making an investment decision.