Bidding for four major mainboard Initial Public Offerings (IPOs) — Adroit Industries, ArMee Infotech, Swastika Infra, and Elevate Campuses — entered its third and final day today, September 25, 2026. Market sentiment across primary equities remains heavily bifurcated, with Adroit Industries commanding a dominant 27.61% expected listing gain in grey market trading, while larger issues like Elevate Campuses face sluggish investor demand.
As public bidding windows near closure on primary stock exchanges, institutional and retail market participants are closely monitoring grey market premiums (GMP) alongside real-time subscription tallies to optimize final-day bidding strategies.
Complete Overview: GMP, Upper Price Bands & Implied Listing Gains
The grey market trends as of September 25, 2026, show distinct performance divergence among the four offerings. While smaller issue sizes with robust fundamentals are securing strong bid volume, larger issues are seeing cautious responses.
| IPO Name | Latest GMP (Rs) | Upper Price Band (Rs) | Implied Listing Price (Rs) | Implied Listing Gain (%) |
|---|---|---|---|---|
| Adroit Industries | Rs 37 | Rs 134 | Rs 171 | 27.61% |
| ArMee Infotech | Rs 20 | Rs 375 | Rs 395 | 5.33% |
| Swastika Infra | Rs 9 | Rs 185 | Rs 194 | 4.86% |
| Elevate Campuses | Rs 2.5 | Rs 362 | Rs 364.5 | 0.69% |
Retail Lot Sizes & Estimated Gain Per Lot
Retail investors evaluating application strategies can measure theoretical profit thresholds using lot allocations and grey market premiums:
- Adroit Industries: Estimated gain of Rs 4,107 per lot (Rs 37 GMP × 111 shares) on a minimum application investment of Rs 14,874.
- ArMee Infotech: Estimated gain of Rs 800 per lot (Rs 20 GMP × 40 shares) on a minimum application investment of Rs 15,000.
- Swastika Infra: Estimated gain of Rs 729 per lot (Rs 9 GMP × 81 shares) on a minimum application investment of Rs 14,985.
- Elevate Campuses: Estimated gain of Rs 102.5 per lot (Rs 2.5 GMP × 41 shares) on a minimum application investment of Rs 14,842.
“Grey market premiums reflect unofficial street sentiment and speculative enthusiasm prior to official stock exchange listings. Investors must evaluate underlying fundamentals, valuations, and subscription dynamics rather than relying strictly on unverified grey market metrics.”
Deep Dive: Day 3 Subscription Status & Key Issue Details
Adroit Industries IPO
The Rs 150.71 crore public offer of Adroit Industries remains the top performer among the four mainboard offerings. The issue combines a fresh issue component of Rs 132.62 crore with an offer-for-sale (OFS) of Rs 18.09 crore.
As of 11:00 a.m. on September 25, the offering recorded an overall subscription of 35.09 times, supported by robust bidding across Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and retail bidders. Book running lead manager Choice Capital Advisors and registrar Bigshare Services are managing the allocation process.
ArMee Infotech IPO
ArMee Infotech is seeking to raise Rs 300 crore via an issue consisting entirely of 80 lakh fresh shares. The issue has maintained a moderate subscription velocity, booking 1.42 times as of 11:00 a.m. on September 25.
With a price band fixed up to Rs 375 per share, retail investors require Rs 15,000 to apply for the minimum 40-share lot. The issue execution is being overseen by Khandwala Securities as Lead Manager and Cameo Corporate Services as Registrar.
Swastika Infra IPO
Infrastructure entity Swastika Infra is raising Rs 160.88 crore, comprising a fresh capital raise of Rs 128.50 crore alongside an OFS worth Rs 32.38 crore.
As of 11:00 a.m. on Day 3, the issue logged a stable subscription rate of 2.13 times. At an upper price band of Rs 185 per share, the retail lot size of 81 shares mandates a minimum outlay of Rs 14,985. The transaction is led by Srujan Alpha Capital Advisors, with MUFG Intime India serving as registrar.
Elevate Campuses IPO
Representing the largest offering in the current bidding cycle, the Rs 2,100 crore issue from Elevate Campuses comprises an entirely fresh issue of 5.80 crore shares.
Despite its scale, market demand remains subdued, with overall subscription reaching just 0.24 times by 11:00 a.m. on Day 3. Priced at an upper limit of Rs 362 per share, a retail lot of 41 shares requires Rs 14,842. JM Financial is acting as Lead Manager, with KFin Technologies handling registry operations.
Post-Bidding Timelines: Allotment & Listing Schedule
Market participants bidding on the final day should track the following regulatory timelines established under Securities and Exchange Board of India (SEBI) guidelines:
- IPO Bidding Closure: September 25, 2026
- Basis of Allotment Finalization: September 28, 2026
- Refund Initiation & Share Credit to Demat Accounts: September 29, 2026
- Tentative Listing Date (BSE & NSE): September 30, 2026
Frequently Asked Questions (FAQs)
What is the latest GMP for the Adroit Industries IPO today?
As of September 25, 2026, the latest Grey Market Premium (GMP) for Adroit Industries stands at Rs 37. Against an upper price band of Rs 134, this translates to an estimated listing price of Rs 171, reflecting a potential gain of 27.61%.
How much subscription has Elevate Campuses received on Day 3?
As of 11:00 a.m. on September 25, 2026, the Elevate Campuses IPO recorded a subscription of 0.24 times. Demand for the Rs 2,100 crore issue remains low across retail and institutional categories on its final bidding day.
When will the allotment status for these four mainboard IPOs be finalized?
The basis of allotment for Adroit Industries, ArMee Infotech, Swastika Infra, and Elevate Campuses will be finalized on September 28, 2026. Bidders can verify their status via respective registrar portals or exchange websites.
What is the minimum investment required for the ArMee Infotech IPO?
Retail investors applying for the ArMee Infotech IPO must bid for a minimum of 1 lot containing 40 shares. At the upper price band of Rs 375 per share, the required minimum investment is Rs 15,000.
When are these four IPOs scheduled to list on BSE and NSE?
All four mainboard IPOs — Adroit Industries, ArMee Infotech, Swastika Infra, and Elevate Campuses — are tentatively scheduled to list on both the BSE and NSE stock exchanges on September 30, 2026.
Conclusion & Strategic Outlook
The stark contrast in final-day demand highlights a clear trend in primary market behavior: investors are prioritizing competitive pricing, reasonable issue sizes, and higher relative growth profiles over sheer deal scale. Adroit Industries has emerged as the standout candidate for listing gains, whereas Elevate Campuses highlights the challenges large-cap issuances face without strong institutional anchor backing.
As bidding closes, market attention now shifts to institutional final-hour order flows, allotment processing by registrars on September 28, and secondary market liquidity conditions ahead of the tentative debut on September 30, 2026.