Indian Primary Market Heats Up With Multiple IPO Launches and NSE Speculation

The Indian primary market is witnessing a flurry of activity this week, headlined by the launch of two major initial public offerings (IPOs) and intense speculation surrounding the highly anticipated National Stock Exchange (NSE) public issue. Glass Wall Systems and Kanohar Electricals both opened their subscription windows on September 8, 2026, drawing significant attention from investors as grey market premiums (GMP) signal strong potential for listing gains. Meanwhile, the market is bracing for the NSE IPO, with analysts closely monitoring price band expectations following the commencement of a six-month lock-in period for pre-IPO investors.

Glass Wall Systems, a premium façade and fenestration solutions provider, opened its IPO with a price band of ₹172–182 per share. The issue, which concludes on September 10, has seen a grey market premium of +51, suggesting a potential listing pop of approximately 28%. Analysts at Swastika Investmart have issued a 'Subscribe' rating, highlighting the company’s 64% revenue growth in FY26 and a robust order book valued at ₹846 crore. The company plans to utilize ₹50 crore of the fresh issue proceeds to establish a new glass-processing unit in Maharashtra, a move aimed at enhancing its backward integration capabilities.

Simultaneously, Kanohar Electricals has launched its IPO with a price band of ₹601–632 per share. The company, which specializes in power transmission and distribution equipment, has attracted substantial interest, with a grey market premium of +196, indicating a potential 31% listing gain. The IPO, which also closes on September 10, has already secured ₹316.72 crore from 42 anchor investors, including major institutions like HDFC Life Insurance and HSBC Global Investment Funds.

Brokerages have largely responded with optimism, though they remain mindful of sector-specific risks. Anand Rathi noted that while the company’s valuation at 38.6x FY26 P/E is at a premium to peers like Transformers & Rectifiers (India), it is justified by Kanohar’s stronger recent growth and profitability metrics. The company reported a 45% increase in FY26 revenue to ₹653.8 crore, with profit after tax nearly doubling to ₹129.7 crore. Its order book of ₹1,818 crore provides significant revenue visibility, covering 2.8 times its FY26 operating revenue.

Adding to the week's momentum, Deepa Jewellers is set to list on the bourses today, September 8, following a successful IPO process. The stock is expected to open at approximately ₹202.5, reflecting a 14.41% premium over its issue price of ₹177. The company, which serves major retail chains including Joyalukkas and Kalyan Jewellers, has been lauded for its asset-light, machine-led manufacturing model.

Analysts at Kantilal Chhaganlal Securities have pointed to the company’s impressive financial trajectory, noting that revenue, EBITDA, and profit after tax recorded CAGRs of 37%, 102.3%, and 107.5%, respectively, between FY24 and FY26. While the listing is expected to be positive, experts have advised investors to consider booking partial gains while retaining the remainder for the long term, pending the performance of the company's new Hyderabad manufacturing facility, which is slated to become operational in the first half of FY27.

Beyond the current active issues, the market is fixated on the upcoming NSE IPO. With the lock-in period for pre-IPO investors beginning on September 8, market experts are refining their estimates for the price band. Arun Kejriwal, Founder of Kejriwal Research and Investment Services, stated, "The upper NSE IPO price band can't be above ₹1,750 (₹2,050 - ₹300). In other words, the NSE IPO price band would be below ₹1750 per equity share." This calculation is based on the unlisted market price of ₹2,050 and a grey market premium of approximately ₹300.

Avinash Gorakshkar, Founder of Avinash Mentor Research, emphasized that because the NSE IPO is a 100% offer-for-sale (OFS), investors should be particularly discerning regarding valuations. "A smart investor doesn't look at the face value and brand value of the company only. They look at other angles as well, such as the type of public offering, valuations, etc.," Gorakshkar noted. The NSE is reportedly targeting a listing date between September 21 and September 25, 2026, making the official announcement of the price band a critical milestone for the coming days.

While the current IPO pipeline reflects a robust appetite for new listings, analysts continue to urge caution regarding execution risks and market volatility. For companies like Glass Wall Systems and Kanohar Electricals, the focus remains on their ability to manage order books and maintain margins in a competitive landscape. The reliance on government and utility-sector orders for companies like Kanohar, in particular, necessitates a long-term investment perspective.

As the market digests these new offerings, the broader sentiment remains positive, supported by strong financial performance across the board. Investors are advised to monitor the allotment status for the ongoing IPOs, which is expected to be finalized by September 11, and to keep a close watch on the grey market trends that continue to serve as a barometer for listing-day performance.