IPO GMP Today: NSE vs Hero Motors vs Jindal Supreme — Which Signals the Highest Listing Premium?

The Indian IPO market is unusually busy this week, with NSE, Hero Motors and Jindal Supreme drawing significant attention from investors tracking grey-market premiums and potential listing gains.

As of the morning of September 17, 2026, the three IPOs show very different GMP levels. Jindal Supreme has the highest unofficial premium at around ₹27 a share, followed by Hero Motors at around ₹13 and NSE at around ₹125. In percentage terms, however, the comparison needs to be made against each IPO's upper price band.

On that basis, Jindal Supreme's GMP points to roughly a 29% premium, Hero Motors around 16%, and NSE around 7%.

That makes Jindal Supreme the highest on the current grey-market indicator. But GMP is not the same thing as an expected or guaranteed listing gain, and the three companies have very different businesses, valuations and risk profiles.

IPO GMP Today: NSE vs Hero Motors vs Jindal Supreme

*GMP is unofficial and can change before listing. Indicative listing prices are calculated by adding the reported GMP to the upper end of the IPO price band.

The table shows why simply comparing the rupee value of GMP can be misleading. NSE has a much larger absolute GMP of ₹125, but its premium is only around 7% of the upper issue price. Jindal Supreme's ₹27 GMP represents a much larger percentage premium because its issue price is considerably lower.

Jindal Supreme IPO GMP: Highest Among the Three

Jindal Supreme currently has the strongest grey-market indication among the three IPOs.

Its price band is ₹88–₹93 per share, with a lot size of 161 shares. At the upper band, one retail lot requires ₹14,973.

The reported GMP of ₹27 implies a grey-market price of about ₹120, or approximately 29% above the ₹93 upper price.

The IPO opened on September 16 and closes on September 18. The company plans to use about ₹71 crore of the fresh issue proceeds to repay or prepay borrowings, with the remaining funds intended for general corporate purposes.

Investor demand was already strong on the first day. Exchange-linked data showed the issue subscribed about 7.5 times, with retail demand at more than 11 times and the NII category also strongly oversubscribed.

The business is focused on steel products including black and galvanised pipes. Its risks include raw-material price volatility, customer and supplier concentration and dependence on its manufacturing base in Haryana.

So while the GMP is the highest, investors should still examine whether the premium is supported by the company's earnings, balance sheet and valuation.

Hero Motors IPO GMP: Premium Falls From Earlier Levels

Hero Motors is showing the second-highest GMP among the three.

The company has fixed its IPO price band at ₹79–₹84, with a lot size of 178 shares. The minimum retail application at the upper band is ₹14,952. The issue closes on September 18 and is scheduled to list on September 23.

As of the morning of September 17, the reported GMP was around ₹13, equivalent to approximately 16% of the ₹84 upper price. That gives an indicative grey-market price of around ₹97 if the premium were to hold.

The GMP is notably below earlier levels. Before the issue opened, reports cited GMP levels around ₹19–₹23, showing how quickly grey-market expectations can change during an IPO.

Demand on Day 1 was healthy. The IPO was subscribed 1.39 times overall, with retail investors subscribing 2.23 times their reserved portion and NIIs at 1.25 times. QIB demand excluding anchors was still relatively low at the end of Day 1.

Hero Motors is an automotive technology company supplying powertrain solutions to OEMs across multiple markets. IPO proceeds are earmarked partly for debt repayment, capacity expansion and strategic or inorganic growth.

For investors, customer concentration, overseas exposure, currency movements and raw-material costs are among the factors worth monitoring.

NSE IPO GMP: Lower Percentage Premium, Much Larger IPO

The NSE IPO is in a different league by issue size.

The IPO opened on September 17 and will close on September 21. The price band is ₹1,700–₹1,785, with a lot size of eight shares. A retail investor needs ₹14,280 at the upper band for one lot. The issue size is about ₹22,561.57 crore and consists entirely of an offer for sale, meaning the money raised goes to existing shareholders rather than to NSE itself.

The latest reported GMP of around ₹125 translates into an indicative premium of about 7% over the ₹1,785 upper band, implying a grey-market price near ₹1,910.

That is considerably lower in percentage terms than Jindal Supreme and Hero Motors.

There is an important reason investors are examining NSE more closely than GMP alone.

NSE's FY2026 revenue declined 3.1%, while profit fell 15.5%, according to Reuters. Its business is heavily linked to trading activity, particularly derivatives, and regulatory changes have affected options volumes.

At the same time, the exchange has a dominant position in India's capital markets and is attempting to diversify through new products and businesses.

That creates a different investment question from the smaller IPOs: investors are weighing a highly established financial-market platform against valuation, regulatory and trading-volume risks.

Does the Highest GMP Mean the Biggest Listing Gain?

Not necessarily.

GMP is an unofficial grey-market indicator. It is not discovered through the stock exchange's normal price-discovery mechanism and can change rapidly.

For example, Hero Motors' GMP moved down from levels reported before the IPO opened, while NSE's premium has also softened from earlier expectations.

There is another limitation: GMP assumes that the grey-market premium remains intact until listing. That may not happen.

The actual listing price is determined by market demand when trading begins. Broader market conditions, subscription levels, institutional participation and investor sentiment can all influence the opening price.

Therefore, the current ranking should be understood as a snapshot of grey-market sentiment, not a prediction of actual listing returns.

Subscription Data Adds Another Layer

Subscription figures can provide a more transparent measure of demand because they come from the IPO bidding process rather than an unofficial market.

Jindal Supreme had already attracted heavy demand on Day 1, with the issue subscribed multiple times over and retail demand particularly strong.

Hero Motors was also fully subscribed on its opening day, although its QIB demand excluding anchors was much weaker than retail demand.

NSE's IPO only opened on September 17, so its subscription figures are at an earlier stage and are not directly comparable with the completed first-day data for the other two issues. Early exchange data showed the issue had received bids shortly after opening.

This timing difference matters when comparing the three.

What Investors Should Compare Beyond GMP

Investors looking at these IPOs should consider at least five factors:

1. Valuation: A high GMP does not automatically mean the IPO is reasonably valued.

2. Business quality: NSE, Hero Motors and Jindal Supreme operate in completely different industries, so their earnings drivers and risks cannot be compared only through GMP.

3. Use of funds: Investors should distinguish between fresh capital going into the business and an OFS, where existing shareholders sell shares.

4. Subscription quality: Retail oversubscription can create strong headline demand, but institutional participation and the composition of bids also matter.

5. Post-listing prospects: A listing premium is a short-term event. Long-term returns depend on earnings, cash flow, competitive position and valuation after listing.

Which IPO Has the Strongest GMP Signal Today?

Based strictly on the reported GMP percentage on the morning of September 17, 2026, the order is:

• Jindal Supreme: ~29%

• Hero Motors: ~16%

• NSE: ~7%

So Jindal Supreme currently has the highest grey-market premium relative to its IPO price.

But that does not establish which IPO will actually deliver the biggest listing gain. GMP can change before the listing, and the eventual market price can differ substantially from the grey-market indication.

The three IPOs also offer very different investment propositions: Jindal Supreme is a smaller steel-products company, Hero Motors is an automotive technology and component business, while NSE is India's major stock-exchange platform.

Bottom Line

The latest GMP snapshot puts Jindal Supreme ahead of Hero Motors and NSE in percentage terms, with a reported premium of about 29% against 16% for Hero Motors and around 7% for NSE.

However, investors should treat these numbers as unofficial sentiment indicators rather than guaranteed listing gains. The more important comparison is between GMP, valuation, subscription quality, financial performance and the underlying business.

With all three IPOs still in the subscription window, the GMP and subscription numbers can change before the final bidding deadline. Investors tracking potential listing gains should therefore monitor the final-day demand and the GMP trend rather than relying on a single snapshot.

Follow the blog for more IPO GMP updates, subscription data, listing news and Indian stock-market analysis.

This article is for informational and educational purposes only and should not be considered investment advice.