IPO GMPs: Amir Chand IPO vs Powerica IPO vs Sai Parenteral's IPO - what grey market hints ahead of launch next week

The recent public offering of Central Mine Planning & Design Institute Limited hasn't garnered much enthusiasm from investors. With global markets declining and geopolitical tensions rising, alongside significant foreign institutional investment outflows, a depreciating Rupee, and increasing crude oil prices, investors appear to be hesitant about participating in IPOs.

Upcoming IPOs, such as Amir Chand Jagdish Kumar (Exports), Powerica, and Sai Parenteral, are set to launch next week, starting on Tuesday, March 24. Observing the grey market may provide insights into investor sentiment and interest.

Discussing the trends in initial public offerings, Mohit Gulati, CIO and managing partner of ITI Growth Opportunities Fund, noted that the recent subscription figures indicate both market instability and fundamental problems in the way companies are entering the market.

Gulati explained that when 60-70% of an offering consists of an offer for sale, there is essentially no growth capital being utilized; it's merely a way for early investors to exit, rather than a value-generating event for new investors. Retail involvement has significantly declined, which is understandable. In times of volatility, weaker investors tend to withdraw, and the motivation to search for value lessens.

“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,” added Gulati.

Let's take a look at the grey market premium (GMP) trends for the upcoming IPOs:

Amir Chand Jagdish Kumar IPO GMP today

Amir Chand Jagdish Kumar IPO GMP is ₹6. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Amir Chand Jagdish Kumar shares is indicated as ₹218 apiece, which is 2.83% higher than the IPO price of ₹212.

Considering the grey market trends over the past eight sessions, today's IPO GMP is showing an upward trajectory, indicating a promising listing. Experts report that the lowest GMP stands at ₹0.00, whereas the highest is ₹6.

Basmati rice exporter Amir Chand Jagdish Kumar (Exports) has set a price band of ₹201-212 per share for its upcoming IPO, giving the company a valuation of ₹2,200 crore.

The IPO, which is based in Haryana, will consist entirely of new equity shares, with no component for selling previously held shares (OFS).

Recognized for its "Aeroplane" brand of basmati rice, the company intends to use the net proceeds from this offering to meet its working capital needs and for general corporate purposes.

Amir Chand Jagdish Kumar (Exports) Ltd is involved in processing and exporting basmati rice from India. The firm promotes its offerings under the prominent brand name "Aeroplane". It faces competition from several major basmati rice firms such as KRBL Ltd, LT Foods, and Sarveshwar Foods, as well as numerous unorganised processors.

Powerica IPO GMP today

Powerica IPO GMP is ₹7.5. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Powerica shares is indicated as ₹402.5 apiece, which is 1.90% higher than the IPO price of ₹395.

Based on the grey market activities observed over the last four sessions, today's IPO GMP is trending positively and is anticipated to have a strong listing. The GMP ranges from a low of ₹0.00 to a high of ₹13, as stated by experts.

Power solutions provider Powerica has set its IPO price band between ₹375 and ₹395 per share, which places the company's valuation at almost ₹5,000 crore.

The IPO comprises a fresh issuance of shares amounting to ₹700 crore, along with a promoters' OFS of shares valued at ₹300 crore, as indicated in the red herring prospectus (RHP).

The size of the OFS has been reduced from ₹700 crore previously, resulting in a total IPO size of ₹1,000 crore, down from the ₹1,400 crore that was initially proposed in the draft documents submitted in August 2025.

Sai Parenteral's IPO GMP today

Sai Parenteral's IPO GMP today is ₹0, which means shares are trading at their issue price of ₹392 with no premium or discount in the grey market, according to investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Sai Parenteral's Ltd, a company engaged in diverse pharmaceutical formulations, announced on Tuesday that it has set the price band for its upcoming IPO at ₹372-392 per share.

The IPO includes a new issue of up to ₹285 crore and a sell-off of nearly 32 lakh equity shares.

The funds raised from the IPO will aid in the next stage of the company's growth, especially in enhancing its global formulations division and expanding its Contract Development and Manufacturing Organization capabilities for both injectable products and oral solid dosage formulations, stated Anil KK, Chairman & Managing Director of SAI Parenteral's Ltd.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.