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The primary market is witnessing a busy week with multiple IPOs opening simultaneously, including Amir Chand Jagdish Kumar (Exports) Ltd, Powerica Ltd, and Sai Parenteral's Ltd, along with the ongoing Central Mine Planning and Design Institute Ltd (CMPDI) issue.

The Amir Chand IPO, a ₹440 crore fresh issue, opened on March 24 and will close on March 27, reflecting moderate investor interest amid muted grey market signals. Sai Parenteral’s IPO, also open during the same period, is a pharma offering with a price band of ₹372– ₹392 per share.

Powerica IPO has also opened for subscription with limited grey market traction. Meanwhile, CMPDI IPO, which opened on March 20 and closes on March 24, has seen steady interest, supported by its strong parentage and sector positioning.

Overall, the clustered IPO activity reflects active primary market participation, though sentiment remains cautious.

IPO GMPs

Market sentiment in the grey market remains largely subdued. Amir Chand Jagdish Kumar IPO is commanding a modest GMP of around ₹6, indicating a mild listing premium of about 3%. Powerica’s GMP has weakened sharply to near zero (earlier ₹6– ₹7 range), reflecting soft investor appetite, while Sai Parenteral’s IPO is also trading at a flat GMP of ₹0, signaling muted expectations. Meanwhile, CMPDI IPO is quoting at just around Re 1 premium (~0.6%), indicating limited listing gains.

Central Mine Planning IPO subscription status was 27% on day 3, so far. The retail portion is subscribed 19%, and NII portion has been booked 10%, QIBs portion received 62% bids.

The company has received bids for 2,17,13,760 shares against 7,97,89,500 shares on offer, at 10:45 IST, according to data on BSE.

“Recent IPO subscription numbers reflect both market turbulence and structural issues in how companies are coming to market. When 60-70% of an issue is an offer for sale, there is simply no growth capital being deployed; it’s an exit for early investors, not a value creation event for new ones. Retail participation has weakened considerably, and rightly so. In volatile conditions, weak hands step back, and the incentive to hunt for value diminishes.

What’s interesting is the quiet outperformance of low-subscription names like ICICI Prudential AMC — near-certain allotment, little fanfare, and a stock that has held its ground vs a host of other heavily oversubscribed, hyped names have corrected sharply with no institutional support to cushion the fall. This is classic retail behaviour playing out in real time.

The market is telling us something important: good businesses don’t need aggressive marketing to get listed. If the IPO pipeline continues to be dominated by OFS-heavy issues at stretched valuations, subscription fatigue will only deepen. Quality will find its buyers; just not at any price," said Mohit Gulati, CIO and managing partner of ITI Growth Opportunities Fund.

Amir Chand Jagdish Kumar’s ₹440 crore issue is observing a modest grey market premium (GMP) of about ₹6, indicating limited potential listing gains of approximately 3%.

In contrast, Powerica’s ₹1,100 crore IPO has seen its GMP decline to nearly ₹0 from previously higher levels, reflecting poor investor sentiment. Likewise, Sai Parenteral’s ₹409 crore issue is trading with a flat GMP of ₹0, suggesting subdued expectations.

CMPDI’s IPO also reveals a lackluster grey market traction, signaling cautious investor participation amidst volatile market conditions and ongoing geopolitical uncertainties.Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players.

At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors.

Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation.

Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.

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