Five IPOs worth a combined Rs 3,584 crore will open for subscription next week, with Vikram Solar leading the Grey Market Premium charts and promising
the highest potential listing gains. While Patel Retail and Shreeji Shipping Global trail with moderate upside, analysts caution that these premiums reflect market sentiment rather than company fundamentals. On 19–21 August 2025, India will witness five new IPOs hitting the market:
- Vikram Solar — Rs 2,079 crore
- Patel Retail — Rs 243 crore
- Gem Aromatics — Rs 451 crore
- Shreeji Shipping Global — Rs 411 crore
- Mangal Electrical — Rs 400 crore
Combined, they seek to raise approximately Rs 3,584 crore.
GMP Snapshot: Expected Listing Gains
| Company | GMP (Rs ) | Estimated Gain |
|---|---|---|
| Vikram Solar | ~60–70 | ~19.6–21 per cent |
| Patel Retail | ~34 | ~13–14 per cent |
| Shreeji Shipping | ~29–30 | ~11.9–12 per cent |
| Gem Aromatics | N/A | — |
| Mangal Electrical | N/A | — |
Patel Retail, operating under the brand ‘Patel’s R Mart’, offers general merchandise in tier-III and suburban Maharashtrian markets.
Shreeji Shipping Global seeks funds for dry-bulk carrier acquisitions and debt reduction.
Analyst View: Approach with Caution
Market tracking sources and brokers note that IPOs are currently driven more by sentiment and GMP hype than company fundamentals. As one brokerage warned, retail investor enthusiasm is often fueled by the expectation of easy gains, rather than deep analysis.Vikram Solar appears the most promising based on GMP indicators, suggesting the highest short-term listing gain. Patel Retail and Shreeji Shipping offer modest but favourable potential. However, with Gem Aromatics and Mangal Electrical lacking GMP data, all investors, even retail, should analyse companies’ core fundamentals, business models, and sectoral outlook before applying.
