11 Sep 2026 , 12:00 PM
The Asset Reconstruction Company India Ltd IPO has moved into positive subscription territory, with the issue subscribed 1.16 times as of 11:10 AM on September 11, 2026.
Retail and non-institutional investors are driving the demand so far, while the Qualified Institutional Buyer (QIB) portion remains below full subscription.
The grey market premium has, however, cooled sharply from the levels seen earlier this week. Asset Reconstruction Company India IPO GMP stood at ₹14 on September 11, unchanged from the previous session. With the IPO price fixed at ₹139 per share, the current GMP points to an estimated listing price of ₹153.
That indicates a potential listing premium of 10.07% over the issue price, assuming the GMP remains unchanged.
The latest GMP for Asset Reconstruction Company India Ltd is ₹14 as of 10:29 AM on September 11.
The grey market trend has been quite volatile. GMP was at zero until September 6 before moving to ₹27 on September 7. It climbed further to ₹30 on September 8, marking the highest level in the supplied trend.
The premium then started falling. It dropped to ₹24 on September 9 and further to ₹14 on September 10, where it has remained on September 11.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Gain |
|---|---|---|---|---|
| 11 Sep 2026 | ₹139 | ₹14 | ₹153 | 10.07% |
| 10 Sep 2026 | ₹139 | ₹14 | ₹153 | 10.07% |
| 9 Sep 2026 | ₹139 | ₹24 | ₹163 | 17.27% |
| 8 Sep 2026 | ₹139 | ₹30 | ₹169 | 21.58% |
| 7 Sep 2026 | ₹139 | ₹27 | ₹166 | 19.42% |
| 6 Sep 2026 | ₹139 | ₹0 | ₹139 | 0.00% |
| 5 Sep 2026 | ₹139 | ₹0 | ₹139 | 0.00% |
| 4 Sep 2026 | ₹139 | ₹0 | ₹139 | 0.00% |
| 3 Sep 2026 | ₹139 | ₹0 | ₹139 | 0.00% |
The latest ₹14 GMP is well below the ₹30 recorded on September 8. Based on the current grey-market indication, the estimated listing premium has consequently fallen from 21.58% to 10.07%.
Investor demand has picked up enough to push the overall subscription above the one-time mark.
As of 11:10 AM on September 11, the issue had received bids for 3,69,12,363 shares, taking overall subscription to 1.16 times.
The NII category has been subscribed 1.50 times, while retail investors have subscribed 1.58 times.
QIB participation remains comparatively weak, with the institutional portion subscribed only 0.17 times.
| Investor Category | Subscription |
|---|---|
| QIB | 0.17x |
| NII | 1.50x |
| S-NII | 2.45x |
| B-NII | 1.02x |
| Retail | 1.58x |
| Overall | 1.16x |
The numbers show a clear difference between institutional and non-institutional demand at the current stage.
Retail investors are currently the biggest contributors to the overall subscription.
The RII portion stands at 1.58x, with bids received for 1,84,56,181 shares.
NII investors are close behind at 1.50x. Within the category, small NII investors have subscribed 2.45 times, making S-NII the strongest segment in the latest data.
B-NII subscription is at 1.02x, just above full subscription.
The QIB portion, on the other hand, remains at 0.17x, indicating that institutional participation has not yet picked up meaningfully.
The grey market has seen a notable reversal over the past few sessions.
There was no GMP recorded from September 3 to September 6. The premium then appeared at ₹27 on September 7 and rose to ₹30 on September 8.
Since then, the direction has changed.
GMP slipped to ₹24 on September 9 and then fell to ₹14 on September 10. It has remained at ₹14 on September 11.
As a result, the estimated listing price has come down from ₹169 on September 8 to ₹153 now.
That is a ₹16 decline in the estimated listing price based purely on the change in GMP.
At the latest GMP of ₹14, the estimated listing price works out to ₹153.
The calculation is:
IPO price: ₹139
Current GMP: ₹14
Estimated listing price: ₹153
The implied premium over the IPO price is 10.07%.
The supplied GMP data indicates an estimated profit of ₹1,498 for one lot at the current premium.
This remains only an indicative calculation. GMP is unofficial and the actual listing price can differ significantly.
The subscription numbers are mixed.
Overall demand has crossed one time, but that has been largely supported by retail and NII investors. Retail subscription is at 1.58x and NII subscription at 1.50x.
The S-NII segment has attracted particularly strong demand at 2.45x.
QIB investors, however, have subscribed just 0.17x so far. This means the institutional portion is still far from being fully subscribed.
With the issue still in progress, the QIB response will be one of the key figures to track alongside the final overall subscription.
The two indicators are currently telling different stories.
Subscription has improved from 0.87x on September 10 to 1.16x on September 11, pushing the issue into oversubscription territory.
The GMP, meanwhile, has remained at ₹14 after falling sharply from ₹30 earlier in the week.
So while actual IPO demand has improved, the grey-market premium has weakened.
Investors should also remember that GMP is an unofficial indicator. It can change based on market sentiment and should not be treated as a guaranteed indication of the listing price.
Disclaimer – The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.
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