Synopsis: The primary market on Monday, March 16, 2026, presents a mixed bag of sentiment as several new-age and manufacturing IPOs struggle to gain traction in the unofficial market. While the agrochemical player GSP Crop Science opened to a flat grey market response, the Coal India subsidiary CMPDI is commanding a healthy double-digit premium ahead of its launch later this week.

IPO GMP Today Latest: CMPDI Leads, GSP Crop Flat

Dalal Street maintains steady IPO activity despite broader market volatility. Investors show selective interest, favoring state-backed entities and companies with high niche-market dominance.

Meanwhile, Rajputana Stainless has slightly deferred its listing, keeping investors on edge regarding its debut performance.

Mainboard IPOs: Grey Market Premium (GMP) Snapshot

The following table summarizes the unofficial premiums for current and upcoming mainboard public issues as of March 16, 2026.

Analysis of Active IPOs

1. GSP Crop Science (Open): The ₹400 crore issue opened for subscription today but has seen a tepid 0.01x subscription in the morning session. With the GMP trading flat at ₹0, analysts suggest that the agrochemical sector’s current headwinds—including rising freight costs—are weighing on investor appetite.
2. Innovision Ltd (Extended): Following a revision in its price band to ₹494–₹519, the bidding window has been extended until March 17. The modest GMP of ₹17 reflects cautious optimism for this manpower services provider.
3. CMPDI (Upcoming): Set to open on March 20, this Coal India consultancy arm is the current “grey market darling.” With a GMP of ₹19, it signals a potential double-digit listing gain, supported by strong PSU fundamentals and a fair valuation of 18.3x FY25 P/E.

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SME IPO Corner: High Risks, High Premiums

The SME segment continues to attract aggressive retail participation, with premiums significantly higher than mainline offerings.

• Apsis Aerocom: After a strong subscription close (46.7x), the allotment is being finalized today, March 16. The GMP is holding firm at ₹15, indicating a potential 13.6% listing gain on March 18.
• Novus Loyalty: This AI-powered rewards platform opens for subscription tomorrow, March 17, with a price band of ₹139–₹146. Early grey market quotes suggest a moderate premium of ₹10, reflecting interest in its SaaS-based growth model.

Recently Listed & Allotment Updates

• Rajputana Stainless: The allotment date has been officially revised to March 17. Shares are currently commanding a muted GMP of ₹2, suggesting a flat listing at approximately ₹124 later this week.
• Initiation of Refunds: Innovision IPO will begin initiating refunds today, March 16, for investors who were not allotted shares.

Disclaimer: The views expressed are for informational purposes only and do not constitute financial advice. Investing in stocks and IPOs involves significant risk.

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