Six new listings!
Six mainboard IPOs listed on Thursday, September 17, with the day clearly split between strong debuts and weak-to-flat listings. LCC Projects, Karamtara Engineering, Rentomojo and Steamhouse India opened at healthy premiums, while ARCIL listed flat and Manipal Payment & Identity Solutions opened below its issue price.
The strongest listing came from LCC Projects, which opened at Rs. 189 on the NSE against its issue price of Rs. 146, a 29.45% premium, and Rs. 191.90 on the BSE, a 31.44% premium. Karamtara Engineering followed with a 26% premium, listing at Rs. 320 on both exchanges against its Rs. 254 issue price. Rentomojo listed at Rs. 482.45 on the NSE and Rs. 480 on the BSE against its Rs. 404 issue price, while Steamhouse India opened at Rs. 94.50 on the NSE and Rs. 93 on the BSE against its Rs. 81 issue price.
| Company | IPO Price (Rs.) | Listing Price (Rs.) | Listing Gain/Loss | Subscription | SPTulsian IPO View |
| LCC Projects | 146 | 189 NSE /191.90 BSE | +30-31% | Total 48.5x, QIB 79x, HNI 63x, Retail 26x | Apply in IPO |
| Karamtara Engineering | 254 | 320 NSE / BSE | +26% | Total 62.6x, QIB 160x, HNI 49x, Retail 13x | Apply in IPO |
| Rentomojo | 404 | 482.45 NSE / 480 BSE | +19% | Total 72.9x, QIB 177x, HNI 68x, Retail 16x | Apply in IPO |
| Steamhouse India | 81 | 94.50 NSE / 93 BSE | +15-16% | Total 30.5x, QIB 44x, HNI 44x, Retail 17x | Good for LT only |
| Asset Reconstruction Co. India | 139 | 139 NSE / BSE | Flat | Total 20.1x, QIB 53x, HNI 16x, Retail 3x | Best Avoided |
| Manipal Payment | 339 | 330 NSE / 332 BSE | -2-3% | Total 1.42x, QIB 1.3x, HNI 1.2x, Retail 2.2x | Not Recommended |
The listing pattern broadly followed subscription strength. Rentomojo saw the highest overall subscription at 72.88 times, led by QIB demand of 177.29 times. Karamtara Engineering also saw strong institutional demand, with QIB subscription at 159.59 times and overall subscription at 62.63 times. LCC Projects and Steamhouse India also saw healthy demand across QIB, HNI and retail categories.
ARCIL had a quiet debut, listing flat at Rs. 139 on both exchanges despite being subscribed 20.10 times. The issue was entirely an OFS, which meant the company did not receive fresh proceeds from the IPO. Manipal Payment & Identity Solutions was the weakest listing, opening at Rs. 330 on the NSE and Rs. 332 on the BSE against its issue price of Rs. 339.
The key takeaway from today’s six listings is that the market rewarded IPOs where institutional demand, pricing comfort and business visibility appeared stronger. However, subscription alone did not guarantee listing strength, as seen in ARCIL’s flat debut. Manipal Payment’s weak listing also shows that low subscription and valuation concerns can quickly reflect in opening price discovery.
20th Sep 2026 at 11:07 am