Rentomojo, Karamtara, LCC - 6 IPO Listings Today: Gains, Losses & Key Highlights

September 17, 2026, turned out to be one of the busiest mornings for India’s IPO market.

Six companies - Rentomojo, Karamtara Engineering, Steamhouse India, LCC Projects, Asset Reconstruction Company (India) (ARCIL), and Manipal Payment & Identity Solutions - made their stock market debuts on the same day.

Together, these companies had raised around ₹4,510 crore through IPOs that were open for subscription between September 9 and 11.

But sharing a listing date didn’t mean sharing the same outcome.

LCC Projects emerged with the biggest listing gain, followed by Karamtara Engineering, Rentomojo and Steamhouse India. ARCIL listed at its issue price, while Manipal Payment & Identity Solutions opened at a discount.  

Here’s how the six IPO listings played out  and what investors can learn from them. 

The range - from a gain of more than 31% to a discount of nearly 3% - shows how differently the market can price new listings, even on the same day.  

LCC Projects delivered the strongest debut among the six IPOs.

The stock opened at ₹191.90 on the NSE against its issue price of ₹146, translating into a listing gain of 31.44%. On the BSE, it opened at ₹189, a premium of 29.45%.  

LCC Projects operates in the engineering, procurement and construction (EPC) space, with a focus on irrigation and water-supply infrastructure.

The ₹427.14-crore IPO had attracted strong investor interest before listing.

For an investor allotted one lot of 102 shares, the difference between the issue price and NSE opening price worked out to approximately ₹4,682.

The listing also exceeded the grey market expectations seen immediately before the debut, reinforcing an important point: GMP can indicate sentiment, but the actual listing price can still surprise in either direction. 

Karamtara Engineering also made a strong stock market debut.

The stock listed at ₹320 on both the NSE and BSE, compared with its IPO issue price of ₹254 - a premium of approximately 26%.  

Its ₹875-crore IPO consisted of a ₹675-crore fresh issue and ₹200-crore offer for sale (OFS).  

Karamtara manufactures products used in the renewable energy and power transmission sectors, including solar mounting structures, transmission-line hardware and fasteners.  

The final GMP ahead of listing was around ₹48 per share, or 18.9% over the issue price. The actual listing premium of nearly 26% therefore came in higher than that indication.  

For one lot of 59 shares, the difference between the issue and listing prices amounted to approximately ₹3,894. 

Rentomojo was among the most closely watched IPO listings of the day.

The stock opened at ₹482.45 on the NSE against an issue price of ₹404, delivering a listing premium of 19.42%. On the BSE, it opened at ₹480.  

The IPO raised approximately ₹1,255.57 crore, comprising a ₹150-crore fresh issue and an OFS of roughly ₹1,105.57 crore.  

Rentomojo operates a furniture and appliance rental subscription business, managing much of the product lifecycle from procurement and delivery to refurbishment and redeployment.

Its IPO was subscribed nearly 73 times, indicating significant demand during the subscription period.  

Yet the listing illustrates why investors should be careful about relying too heavily on grey market premiums. GMP is unofficial and can change substantially before listing. 

Steamhouse India also started its stock market journey in positive territory.

The stock opened at ₹94.50 on the NSE against an issue price of ₹81, translating into a listing premium of approximately 16.7%.  

The company operates in industrial gases and centralised steam supply.

Compared with some of the other listings of the day, Steamhouse India’s debut was relatively straightforward: the stock opened comfortably above its issue price without the large gap seen in LCC Projects or Karamtara Engineering. 

Not every well-subscribed IPO delivered a listing gain.

Asset Reconstruction Company (India), or ARCIL, opened at ₹139 per share, exactly the same as its IPO issue price.  

The ₹732.97-crore IPO was subscribed around 20 times, yet investors who received shares saw no listing gain at the opening price.  

Another important detail was the issue structure: ARCIL’s IPO was entirely an Offer for Sale (OFS). This means the IPO proceeds went to the selling shareholders rather than being raised as fresh capital by the company.  

A pure OFS does not by itself determine whether an IPO is attractive or unattractive, but understanding where the IPO proceeds are going is an important part of evaluating an issue. 

Manipal Payment & Identity Solutions was the only one of the six companies to open below its issue price.

The stock listed at ₹330 on the NSE, compared with its issue price of ₹339, representing a discount of approximately 2.7%. Its BSE opening was ₹332.  

For an investor allotted one lot of 44 shares, the difference between the issue price and NSE listing price amounted to approximately ₹396.

Its weaker debut stood in contrast to the premiums recorded by four of the other IPOs listing on the same morning. 

There are three useful takeaways from September 17’s IPO listings.

First, IPO GMP is sentiment - not a guaranteed listing price.

Grey market premium is an unofficial indicator of demand before listing. The six listings showed that actual market prices can differ meaningfully from GMP expectations. LCC Projects and Karamtara Engineering exceeded some pre-listing indications, while ARCIL listed flat despite positive GMP expectations.

Second, IPO subscription numbers matter, but they don't tell the whole story.

Strong subscription can indicate demand for an issue, but it does not guarantee listing gains. ARCIL is a good example: despite being subscribed around 20 times, it opened at its issue price.  

Investors should therefore look beyond headline subscription figures and consider valuation, business fundamentals, issue structure, use of proceeds and risks.

Third, the IPO market remains selective.

Having six companies debut on a single morning highlights the level of activity in India’s primary market. But the wide gap in their listing performances also shows that investors aren't treating every new issue alike. 

September 17 delivered almost every possible IPO listing outcome in a single morning - a 31%+ debut, several double-digit premiums, a flat listing and a discounted opening.

LCC Projects recorded the largest opening gain of the six, while Karamtara Engineering, Rentomojo and Steamhouse India also debuted above their issue prices. ARCIL opened flat, and Manipal Payment & Identity Solutions listed below its issue price.  

For investors, the broader lesson is simple: GMP and subscription numbers can provide useful signals, but neither should replace a closer look at the company, valuation, issue structure and fundamentals. Every IPO still needs to be evaluated on its own merits.

Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.