Overview
- On September 30, 2026, the four listings split outcomes sharply: Adroit Industries jumped by roughly 75–86% on debut, Swastika Infra opened about 8% higher, ArMee Infotech listed around its issue price, and Elevate Campuses opened below its upper band.
- Adroit’s IPO was massively oversubscribed at about 176.85 times and delivered the largest per-lot payoff, while Swastika’s 7.6x subscription produced a modest per-lot gain near Rs 1,215 for the minimum lot.
- ArMee’s roughly 2.4x overall subscription translated into a flat listing that left early holders roughly at issue price, and Elevate’s weak 1.8x subscription led to first-day losses for retail investors by per-lot calculations.
- Reports ahead of the listings cited grey market premiums as signals of expected gains but those informal GMPs did not reliably match the actual opening moves for each stock.
- The episode shows how issue size, allocation between retail, NII and QIB investors, price bands and lot sizes determine concrete investor payoffs and suggests traders should treat pre-listing demand and GMPs as imperfect indicators of listing returns.