Welcome back to EliteBulletin’s Daily IPO GMP Roundup, your ultimate destination for unvarnished, real-time insights into the primary market. As we approach the final stretch of the current bidding window closing on October 5, 2026, market sentiment has turned surprisingly cautious. Volatility is rearing its head, and grey market premiums (GMP) are telling a tale of two very different stories—one of brief flashes of brilliance followed by a sudden freeze, and another of steady stagnation.
If you are planning to deploy your hard-earned capital into any of the active mainboard or SME issues right now, you need to look closely at these numbers before hitting that bid button. Let’s dive straight into the numbers, uncover where the momentum actually lies, and see who is winning—or crashing—in the grey market today.
Market Sentiment Overview: The Chill in the Air
The overall mood in the unlisted market can best be described as wait-and-watch bordering on cold. Subscription figures across active counters are hovering on the lower side, reflecting investor hesitation. With key issues like Vishal Nirmiti Limited and Nityas Gems and Jewellery Limited wrapping up soon, the grey market is showing dramatic cooling effects over the last 48 hours, flashing Rs. 0 GMP across almost all active counters as of October 3, 2026.
1. Vishal Nirmiti Limited (VNL) – The Rollercoaster Ride
- Issue Type: Mainboard
- Price Band: Rs. 208 to Rs. 220
- Lot Size: 68 Shares
- Bidding Dates: Sep 30, 2026 – Oct 5, 2026
- Total Subscription: ~0.44x
- Current Real GMP: Rs. 0
The Story: Vishal Nirmiti Limited has easily been the most dramatic stock to track this week. It held the crown for the highest GMP spike, briefly touching a promising Rs. 35 on October 1, 2026, up from a modest Rs. 2 on launch day. However, momentum screeched to a sudden halt. By October 2 and 3, the GMP completely crashed back down to Rs. 0. Coupled with a sluggish total subscription of roughly 0.44x, investors are clearly stepping back, turning this once-exciting prospect into a cautious play.
2. Nityas Gems and Jewellery Limited – Steady Fading
- Issue Type: Mainboard
- Price Band: Rs. 70 to Rs. 75
- Lot Size: 200 Shares
- Bidding Dates: Sep 30, 2026 – Oct 5, 2026
- Total Subscription: ~0.43x
- Current Real GMP: Rs. 0
The Story: Nityas Gems and Jewellery opened with steady, albeit unexciting, expectations, pulling in an early GMP of Rs. 9. Unfortunately, it failed to sustain any upward trajectory. The premium slowly trickled down to Rs. 5 before flatlining completely to Rs. 0 over the last two sessions. With subscription numbers lagging near 0.43x, retail and institutional interest appears muted.
3. Eventions Limited – The SME Wildcard
- Issue Type: SME IPO
- Bidding Dates: Sep 30, 2026 – Oct 5, 2026
- Total Subscription: 1.75x
- Current Real GMP: Rs. 0
The Story: While the mainboard issues are seeing their grey market premiums dry up, Eventions Limited—an SME offering—is quietly putting up respectable subscription numbers. Sitting comfortably at 1.75x total subscription, it proves that appetite for smaller-cap SME plays hasn’t completely died out, even though its tracked GMP remains quiet at Rs. 0 for now.
EliteBulletin Verdict: Where is the Momentum Today?
To put it bluntly: The momentum has hit a speed bump.
If you were banking on Vishal Nirmiti’s brief Rs. 35 peak to guarantee a stellar listing day pop, the current crash to a zero GMP is your wake-up call. Both mainboard offerings are struggling to clear full subscription levels with just a couple of days left before the deadline on October 5.
Pro-Tip for Investors: Never rely on GMP alone, especially when numbers experience extreme volatility like Vishal Nirmiti’s recent slide. Always cross-check the fundamental valuations, your risk appetite, and the final subscription data on day three before making your final move.
Stay tuned to EliteBulletin for real-time updates as bidding closes and allotment results draw near!
