The Indian SME IPO market is set for another active session as three companies — Ashutosh Fibre, Shanti Inorganics and Phychem Technologies — are scheduled to list on the SME platforms today, Monday, September 7, 2026.
Investor interest is particularly strong in the two NSE SME issues, with Ashutosh Fibre and Shanti Inorganics commanding healthy grey market premiums (GMPs) ahead of their listings. Ashutosh Fibre is currently trading at a GMP of around 61%, while Shanti Inorganics is commanding a premium of approximately 65%. Meanwhile, Phychem Technologies, which is set to list on the BSE SME platform, is seeing a much lower GMP of around 2%, indicating relatively modest potential listing gains.
GMP trends are often used as an indicator of investor sentiment ahead of a listing. However, they are unofficial market indicators and can fluctuate before shares begin trading on the exchanges.
Ashutosh Fibre raised Rs 56.35 crore through its SME IPO, comprising an entirely fresh issue of 61.25 lakh shares. The shares will be listed on the NSE SME platform. The IPO was open for subscription from August 31 to September 2, 2026.
The company had fixed the IPO price band at Rs 87–Rs 92 per share, with a lot size of 1,200 shares. At the upper end of the price band, the minimum retail investment stood at Rs 2,20,800 for 2,400 shares.
Mefcom Capital Markets Ltd. acted as the book-running lead manager, while KFin Technologies Ltd. served as the registrar.
With the stock commanding a GMP of around Rs 56, or 61%, the estimated listing price works out to approximately Rs 148 per share, based on the upper IPO price of Rs 92.
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Shanti Inorganics raised Rs 47.24 crore through its SME IPO, which comprised an entirely fresh issue of approximately 57 lakh shares. The issue was open from August 31 to September 2.
The company had set a price band of Rs 79–Rs 83 per share, with a lot size of 1,600 shares. Retail investors were required to apply for a minimum of 3,200 shares, translating into an investment of Rs 2,65,600 at the upper end of the price band.
Vivro Financial Services Pvt. Ltd. was the book-running lead manager, while KFin Technologies Ltd. acted as the registrar.
Shanti Inorganics is currently commanding a GMP of approximately Rs 54, or 65%, over the upper issue price of Rs 83. Based on the prevailing GMP, the estimated listing price stands at around Rs 137 per share.
Phychem Technologies took the BSE SME route with a comparatively smaller IPO worth Rs 14.58 crore. The issue comprised an entirely fresh issue of 27 lakh shares and was open for subscription from August 31 to September 2.
The company fixed the IPO price band at Rs 51–Rs 54 per share, with a lot size of 2,000 shares. Retail investors were required to apply for at least 4,000 shares, involving an investment of Rs 2,16,000 at the upper end of the price band.
Hem Securities Ltd. served as the book-running lead manager, while MUFG Intime India Pvt. Ltd. was appointed as the registrar. Hem Finlease Pvt. Ltd. will act as the market maker.
Phychem Technologies is currently commanding a GMP of around Rs 1, or approximately 2%, over the upper issue price of Rs 54. Based on the prevailing GMP, the estimated listing price is around Rs 56 per share, pointing to a relatively muted listing premium.
