IPO GMP Today: NSE vs Hero Motors vs Jindal Supreme — Comparing Potential Listing Premiums

Three closely watched mainboard IPOs — NSE, Hero Motors and Jindal Supreme — are drawing investor attention this week as their grey market premiums (GMPs) point to different levels of potential listing premiums.

As of the latest available GMP data on September 17, 2026, Jindal Supreme was indicating the highest percentage premium at around 26.9%, followed by Hero Motors at about 15.5% and NSE at around 7%. These figures are based on unofficial grey-market indications and should not be treated as guaranteed listing prices.

The comparison is particularly interesting because the three companies have very different businesses, valuations and IPO structures. Jindal Supreme is a steel-pipe manufacturer, Hero Motors operates in automotive components and powertrain solutions, while NSE is India's leading stock exchange.

IPO GMP Today: NSE vs Hero Motors vs Jindal Supreme

*GMP is unofficial and can change before listing. Implied listing prices are calculated by adding the reported GMP to the upper IPO price band. Latest figures are indicative snapshots, not exchange prices.

On a percentage basis, Jindal Supreme currently has the highest implied premium among these three IPOs. But the higher GMP does not automatically mean the IPO has the strongest fundamentals or that investors will actually receive the indicated listing price.

Jindal Supreme GMP: Highest Implied Premium

Jindal Supreme's IPO is priced between ₹88 and ₹93 per share, with a lot size of 161 shares. At the upper price, one retail lot requires ₹14,973.

The issue size is approximately ₹124.88 crore, consisting of a fresh issue of about ₹99.89 crore and an offer for sale of roughly ₹24.99 crore. The company plans to use the fresh proceeds primarily for repayment or prepayment of outstanding borrowings and general corporate purposes.

The latest GMP around ₹25 implies a potential listing price of about ₹118, or roughly 26.9% above the upper end of the price band.

Subscription demand has also been strong. By the morning of September 17, the issue had received about 7.55 times subscription, according to live IPO data, with retail demand at more than 11 times the reserved portion.

Jindal Supreme therefore has both strong subscription momentum and a relatively high GMP. However, the company operates in a steel-related business where margins can be influenced by raw-material costs, steel prices and infrastructure demand.

Hero Motors GMP: Around 15.5% Potential Premium

Hero Motors has a significantly larger IPO than Jindal Supreme, with an issue size of ₹1,000 crore.

The price band is ₹79–₹84, while the lot size is 178 shares. Investors applying at the upper end need ₹14,952 for one lot. The issue consists of a ₹600 crore fresh issue and ₹400 crore offer for sale.

The latest GMP is around ₹13, implying a listing price near ₹97 and an indicative premium of approximately 15.5% over the ₹84 upper price band.

Hero Motors' IPO was already fully subscribed on its first day, according to exchange data reported by Reuters.

The company is an automotive-component and powertrain manufacturer, supplying products for conventional and electrified vehicles. The IPO proceeds include funds for debt repayment, expansion of the Gautam Budh Nagar facility, acquisitions and strategic initiatives.

That makes the IPO more dependent on manufacturing growth, automotive demand and execution than on short-term market sentiment.

There are also concentration risks. More than 70% of Hero Motors' revenue comes from its top 10 customers, according to its IPO disclosures as reported by Financial Express.

NSE GMP: Lower Percentage, Much Larger IPO

The NSE IPO is in a completely different category in terms of size.

The issue is valued at about ₹22,561.57 crore, with a price band of ₹1,700–₹1,785 and a lot size of eight shares. A retail investor needs ₹14,280 at the upper end of the price band.

Importantly, this is a pure offer for sale. NSE itself will not receive the IPO proceeds; existing shareholders are selling their shares.

The latest GMP of around ₹125 implies a potential price of approximately ₹1,910, equivalent to about a 7% premium over the ₹1,785 upper price band.

That percentage is much lower than Jindal Supreme's implied GMP premium, despite NSE's GMP being substantially larger in absolute rupee terms.

This is a useful reminder that GMP should be compared as a percentage of the IPO price, not simply by the rupee premium.

NSE also comes with a different earnings profile. Its FY2026 revenue declined 3.1% and profit fell 15.5%, with derivatives-related regulatory changes affecting trading activity. Reuters reported that options volumes had declined from their previous peak, although NSE has been expanding into additional products and market segments.

Why GMP Alone Is Not Enough

GMP is often used by IPO investors to estimate the possible listing price, but it has important limitations.

Grey-market transactions occur outside the formal exchange mechanism and GMP is not an official market price. It can change quickly depending on sentiment, subscription demand, broader market conditions and expectations before listing.

For example, the NSE GMP has already moved sharply from earlier levels. India Today reported that the premium had fallen to ₹125 from ₹218 on September 11, a decline of roughly 43%.

That change occurred even before the IPO opened for public bidding.

Therefore, an IPO showing a high GMP today can have a substantially different GMP by the time shares are allotted and listed.

Subscription Demand Adds Another Layer

The three IPOs also differ considerably in their subscription status.

Jindal Supreme had attracted about 7.55 times overall subscription by September 17, while Hero Motors was around 1.48 times. NSE had only just opened for subscription on September 17, so its final subscription level was not yet known.

This means comparing their GMPs without considering the stage of bidding can give an incomplete picture.

NSE has several more days of subscription remaining, while Jindal Supreme and Hero Motors are already in the middle of their bidding periods.

What Investors Should Compare Before Looking at Listing Gains

For investors evaluating these IPOs, the more useful comparison goes beyond GMP.

Jindal Supreme: Investors should monitor subscription momentum, debt reduction and the company's ability to protect margins in a steel-linked business.

Hero Motors: Key factors include automotive demand, EV-related growth, customer concentration, profitability and how effectively fresh IPO capital is deployed.

NSE: Investors need to focus on trading volumes, derivatives-related revenue, regulatory changes, valuation and the exchange's ability to diversify its revenue base.

The IPO structures also matter. Jindal Supreme and Hero Motors are raising fresh capital that can be used by the businesses, whereas NSE's issue is entirely an OFS, meaning the proceeds go to selling shareholders rather than the exchange.

So, Which IPO Shows the Highest Listing-Gain Indication?

Based strictly on the latest GMP percentage available on September 17, 2026, Jindal Supreme shows the highest implied listing premium of the three at around 26.9%, compared with approximately 15.5% for Hero Motors and 7% for NSE.

But this is a GMP comparison, not a prediction of actual listing performance.

The eventual listing price can differ substantially from the grey-market indication. More importantly, a strong listing does not by itself determine the long-term investment outcome.

For investors studying these IPOs, the key question is not simply which GMP is highest, but whether the company's earnings, growth prospects, valuation and risks justify the price investors may have to pay after listing.

The three IPOs represent three very different businesses, so their GMP percentages should be treated as one data point rather than a standalone investment decision.

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.