Overview

• Patel Retail delivered the strongest listing gain at about Rs 305 on BSE, up roughly 19.6% versus its Rs 255 issue price, while Shreeji Shipping opened near Rs 271.85 for a gain of about 7.9%.
• Vikram Solar made a muted debut around Rs 338–340, or about 2% above its Rs 332 issue price, and Gem Aromatics listed at Rs 333 on NSE (about 2.5% above Rs 325) with BSE near the issue price.
• All four IPOs had heavy demand at subscription: Patel Retail 95.70x, Shreeji Shipping 58.1x, Vikram Solar 54.63x and Gem Aromatics 30.27x.
• Actual listing prices diverged from pre-listing grey market premiums reported by InvestorGain, which had indicated higher double-digit pops for most issues and remain speculative signals rather than official pricing.
• Commentary tied Vikram Solar’s softer start to perceived U.S. tariff exposure despite strong QIB interest, while differences in fresh issue versus offer-for-sale mix and planned uses of proceeds, including fleet purchases or debt reduction, shaped investor reception across the four offerings.