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The unofficial grey market shows increased activity with rising share prices. Recent strong IPO listings have boosted investor confidence and expectations for future gains. Several upcoming initial public offerings are experiencing significant grey market premiums. This heightened investor appetite is driven by recent successful stock market debuts. Companies are now pricing their offerings more conservatively to ensure strong subscriptions. View More
Mumbai: The unofficial grey market, where shares are traded ahead of their listing on the main exchanges, is once again abuzz with activity, with prices moving higher following a string of strong listings recently. Higher grey market premiums-the additional price that investors are willing to pay over the IPO price in the grey market before a stock lists-signal rising expectations of better listing gains for mainboard initial public offerings (IPOs). For instance, Behari Lal Engineering's GMP is trading at nearly 44%, or ₹125 a share, above its issue price of ₹285, following 118 times subscription to its IPO. Shiprocket Ltd's GMP is around 38%, or ₹39 a share, above its issue price of ₹97, after the IPO was subscribed around 99 times. Both stocks are scheduled to list on August 19. Investor appetite in the unregulated grey market has also extended to IPOs that are currently open or yet to be launched. Lalithaa Jewellery Mart's GMP is currently around 17% above its issue price of ₹201 a share. The IPO opened on August 17 and is scheduled to close on August 19, with the stock expected to list on August 24. The issue had received over 3x subscription by the end of its second day. Sunshine Pictures' GMP is around 21% above its issue price, while Skyways Air Services is commanding a 24%, or ₹33, premium over the upper end of its ₹138 price band. Tempsens Instruments India, whose IPO opens on August 20, has a GMP of around ₹168, or 56%, above its ₹300 issue price. Live Events Brokers and traders said grey market premiums have picked up to a range of 15-25% lately. Unofficial estimates indicated this was an average of 5-6% for the 39 IPOs that listed between January and July, as against 8-10% in 2025, when 103 IPOs were launched and listed. ET Bureau "The momentum in the grey market is palpable thanks to the strong performance of recent listings, and sets the stage for a robust pipeline, anchored by highly anticipated mega-IPOs like Jio and NSE," said Manan Doshi, co-founder of Unlisted Arena. August has seen strong listing-day gains so far. Technocraft Ventures and MV Electrosystems jumped 47% each on listing day, followed by Dhoot Transmission and Molbio Diagnostics , which gained 36% and 29%, respectively. Milky Mist Dairy Food rose around 30% on its listing day. "The recent listings provided strong listing gains to investors and are driving fear-of-missing-out (FOMO) among retail and high-net-worth investors," said Hitesh Dharawat, owner of Mumbai-based Dharawat Securities, which deals in pre-IPO and unlisted stocks. "This is driving high oversubscription in ongoing IPOs." Around 12 IPOs listed in July delivered average listing gains of around 20%, according to ET calculations. For the 27 stock market debutants between January and June, the average listing-day gains were 9%. This compares with an average listing-day gain of 10% per issue in 2025. The GMPs of some of the upcoming IPOs, Gaja Alternative Asset Management, Shankesh Jewellers and Horizon Industrial Parks are relatively muted. Read more: Anthropic pre-IPO credit facility set to climb past $10 billion Abhishek Ginodia, director at Altius Investech, said GMP is largely a function of IPO pricing. "Issues priced expensively earlier this year saw muted GMPs and modest listing gains. Over the last month, though, companies have been pricing more conservatively to drive stronger subscriptions, which in turn has pushed GMPs and listing-day pops." .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
The comments came after Trump claimed that the Strait of Hormuz was “open and operating” and said a US naval blockade of Iranian ports remained in force. View More
Here's all you need to know about Uttar Pradesh RERA's framework for collection, management, investment, transfer and utilisation of Interest Free Maintenance Security (IFMS) funds collected from homebuyers. View More
Earlier, the Interior Ministry had issued a brief emergency alert warning residents of “potential missile threats” and instructing them to immediately move to a safe location inside the nearest secure building. View More
In a remarkable turn of events, the Bruce family has regained ownership of their century-old beachfront property, unjustly seized from them in the past. Following this victory, they have transferred it back to Los Angeles County for approximately $20 million. This land, a cherished destination for African Americans during segregation, will now be utilized for lifeguard training facilities. View More
TVS Industrial and Logistics Parks will invest Rs 1,000 crore in upcoming Tamil Nadu projects. This significant investment aims to create approximately 1,500 new job opportunities across the state. The company signed an initial pact with the state government at a recent investment conclave. This expansion will strengthen industrial and logistics infrastructure supporting businesses and supply chains. The move aligns with Tamil Nadu's ambition to become a USD 1. View More
Mumbai: Warehousing developer TVS Industrial & Logistics Parks on Tuesday said it plans to invest Rs 1,000 crore in upcoming projects across Tamil Nadu. The proposed investment, for which the company signed an initial pact with the state government at the VETTRI Tamil Nadu Investment Conclave 2026, is expected to create around 1,500 job opportunities and strengthen the industrial and logistics infrastructure supporting businesses and supply chains across the state, the company, a corporate Grade-A warehousing developer, said in a statement. The conclave brought together investment commitments across key sectors and districts, underscoring the state's focus on accelerating industrial development and employment generation. The continued expansion of industrial activity across Tamil Nadu is driving demand for modern, strategically located infrastructure that can support businesses across different stages of their growth, the company said. As the state advances its ambition of becoming a USD 1.5 trillion economy by 2036, the availability of Grade-A industrial and logistics parks will be important for enabling new capacity, improving supply-chain efficiency and supporting businesses across emerging growth centres, it said. Live Events Tamil Nadu has been a key market for Industrial & Logistics Parks (TVS ILP), with 10 industrial and logistics parks already established in the state, serving leading brands across e-commerce, automobile, FMCG and FMCD, said the company's Joint Managing Director, Ramnath Subramaniam. The investment further supports TVS ILP's presence in Tamil Nadu and aligns with its broader strategy of expanding its portfolio across high-growth industrial markets, the company said. "Our Rs 1,000 crore investment reflects the opportunities we see emerging across the state and our intent to be a tech-enabled infrastructure partner to businesses expanding their operations here," he said. The company will continue to focus on developing assets that meet global standards while remaining responsive to the evolving requirements of occupiers, Subramaniam said, adding, "through this approach, we aim to support businesses as they expand and contribute to the next phase of industrial growth across the state." PTI IAS MR .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
India Exposition Mart has filed draft IPO papers with Sebi, comprising a fresh issue of up to 75 lakh shares and an offer for sale of 2.3 crore shares. The company plans to use Rs 63.8 crore for capital expenditure at India Expo Centre. View More
New Delhi-based India Exposition Mart, which operates India Expo Centre and Mart in Greater Noida, has filed draft papers with Sebi to raise funds through an initial public offering. The IPO comprises a fresh issue of up to 75 lakh equity shares and an offer for sale of up to 2.3 crore equity shares by existing shareholders. The shares have a face value of Rs 5 each. The offer for sale will be made by individual shareholders including Rakesh Kumar Sharma, Ravinder Kumar Passi and Meenakshi Passi, Vivek Vikas and Asha Ahlawat, Dinesh Kumar Aggarwal, Navratan Samdaria, Asha Goel, Esh Sharma and Raj Kumar Malhotra. Corporate selling shareholders include Vectra Investments and MIL Vehicles and Technologies. The company plans to use Rs 63.8 crore from the fresh issue for capital expenditure at India Expo Centre and Mart. This will include upgrading air handling units, chillers, cooling towers, lifts and escalators, variable frequency drives and other ancillary works. Another Rs 30.8 crore will be used for renovation of exhibition halls 4 and 6, and for the build-up of exhibition hall 18 at India Expo Centre and Mart. The remaining proceeds will be used for general corporate purposes. Live Events The issue will be made through the book-building route. Up to 50% of the issue will be reserved for qualified institutional buyers, at least 15% for non-institutional investors and at least 35% for retail individual investors. Incorporated in 2001, India Exposition Mart is among the top four exhibition and convention venues in India by total area, according to the Crisil report cited in the draft papers. The company was set up to build infrastructure for exhibitions, trade shows, conferences, promotional events and business events in India. The company operates India Expo Centre and Mart, an integrated exhibition and convention centre in Greater Noida, Uttar Pradesh, on a leasehold basis. The venue covers 57 acres and provides services across the meetings, incentives, conferences and exhibitions, or MICE, ecosystem. The foundation stone of India Expo Centre and Mart was laid in 2003 by the then Deputy Prime Minister of India. The centre was inaugurated in 2006 by the then Prime Minister of India and has since developed into one of the country’s largest integrated exhibition and convention centres, according to the Crisil report. The company also operates hospitality assets around the venue. These include ExpoInn, a guest-house located within the same land parcel as India Expo Centre and Mart and certified as a 5-star property by the Ministry of Tourism. It also operates Plume, a hotel adjacent to the convention centre, on a leasehold basis, and Mor Stays, which is operated on a managed basis under a monthly revenue-share arrangement. In terms of total exhibition space, India Exposition Mart is one of the largest exhibition venue providers in the country and the largest privately owned exhibition and convention venue in India, according to the Crisil report cited by the company. The company has managed and organised 156 events and exhibitions over the last three financial years. As of June 30, 2026, it had more than 45 confirmed bookings for forthcoming events and exhibitions. The company’s revenue from operations rose to Rs 290.6 crore in FY26 from Rs 194.7 crore in FY24. Net profit increased to Rs 31.1 crore in FY26 from Rs 23.3 crore in FY24. Choice Capital Advisors is the book-running lead manager to the issue, while KFin Technologies is the registrar. The shares are proposed to be listed on BSE and NSE. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)
A registered sale deed records the transaction, but buyers must check title history, encumbrances and other records before claiming clear ownership View More
Three mainboard IPOs from 2026, Omnitech Engineering, SEDEMAC Mechatronics and Shadowfax Technologies, have emerged as multibaggers, gaining over 100% from issue prices. With 44 mainboard debuts raising Rs 67,185.6 crore so far, analysts say sustained momentum will depend on earnings execution and broader secondary market performance. View More
The primary (IPO) market has delivered some outsized winners in 2026, with three mainboard initial public offerings (IPOs) emerging as clear multibaggers for investors who held on after listing. Omnitech Engineering , SEDEMAC Mechatronics and Shadowfax Technologies have more than doubled from their respective IPO issue prices, delivering returns of over 100 per cent this year. So far in CY26, 44 companies from the mainboard segment have made their stock-market debut, raising an estimated Rs 67,185.6 crore collectively. The broader IPO performance has also remained encouraging. Of the 44 mainboard IPOs that listed in 2026, 34 stocks are currently trading above their issue prices, while 10 are in the red. Collectively, the stocks have delivered an average gain of 28.44 per cent from their IPO issue prices. Listing-day Performance Remains Positive Investor appetite for newly listed stocks was also visible on debut day. Of the 44 mainboard IPOs, 30 stocks opened above their issue prices, while 14 opened below the issue price. The average listing gain stood at 7.30 per cent. By the end of the listing session, 28 stocks were trading in the green, while 16 closed below their issue prices. The average gain at the listing-day close stood at 7.41 per cent. Live Events However, a select group of stocks has continued to rally well beyond their initial listing gains. The Multibaggers of 2026 Omnitech Engineering has emerged as the biggest winner among the IPOs in the data. Listed on March 5, 2026, the stock had an LTP of Rs 586.5, compared with its IPO issue price of Rs 227. This translates into a 158.4 per cent gain from the issue price. SEDEMAC Mechatronics, which listed on March 11, 2026, comes next. Its shares were issued at Rs 1,352 apiece and have since climbed to Rs 3,059.8, delivering a 126.3 per cent return from the issue price. Shadowfax Technologies, which made its debut on January 28, 2026, completes the multibagger trio. The stock was issued at Rs 124 and was trading at Rs 248.3, representing a 100.2 per cent gain from the IPO price. For investors, the bigger question now is whether these multibagger gains can be sustained or whether the stocks have already priced in much of their future growth. Harshal Dasani, business head at INVasset PMS, believes that the gains can sustain only if earnings now catch up with the price, because once a stock has more than doubled from its IPO level, the issue price stops being a useful valuation anchor. The encouraging part, Dasani said, is that Omnitech Engineering, SEDEMAC Mechatronics and Shadowfax have all shown strong growth momentum, so the rerating is not purely liquidity-driven. "But a large part of the future growth is now embedded in valuations. From here, execution becomes the real test," said Dasani. Among the three, Dasani prefers Omnitech on risk-reward, followed by SEDEMAC on business quality. "Omnitech currently offers the most balanced risk-reward, while SEDEMAC remains the stronger business on quality. Omnitech's recent growth has come with margin expansion and operating leverage, giving it a cleaner earnings trajectory after the IPO rerating," said Dasani. From a technical point of view, Ravi Singh, Chief Research Officer at MasterTrust, said that Shadowfax Technologies and SEDEMAC Mechatronics both remain firmly bullish, consistently forming higher highs and higher lows. This indicates sustained buying interest and strong price structure. "While sharp gains warrant monitoring of valuations, the combination of earnings growth, sectoral tailwinds and resilient charts keeps the medium-term outlook positive," said Singh. Market Braces For A Busy IPO Run The IPO pipeline remains strong, with 171 companies, including Hero FinCorp, Zepto, Indira IVF Hospital and InCred Holdings, having received Sebi approval to launch their public issues. Collectively, these companies are estimated to raise Rs 1.08 lakh crore from the markets, according to Prime Database. Another 71 companies have filed their draft papers with Sebi to raise Rs 1,91,590 crore through their IPOs. Some of the marquee names in the pipeline include Jio Platforms, National Stock Exchange of India, PhonePe and Muthoot FinCorp. Analysts suggest that the pace of fundraising in the primary market will largely depend on the performance of the secondary markets over the next few months. Sustained gains in equities and the potential for strong listing gains in IPOs, they believe, could support investor appetite for new issues. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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