IPO GMP Today: Urban Company, Dev Accelerator, Shringar House Signal Strong Listings

India’s primary market is buzzing with excitement as three mainboard initial public offerings (IPOs)—Urban Company, Dev Accelerator, and Shringar House of Mangalsutra—opened for subscription on September 10, 2025, and are set to close on September 12, 2025. The grey market premium (GMP) for these IPOs indicates robust investor enthusiasm, with Urban Company leading the pack at a GMP of ₹45, followed by Shringar House of Mangalsutra at ₹31, and Dev Accelerator at ₹10. These premiums suggest listing gains of 43.69%, 18.79%, and 16.39%, respectively, reflecting strong demand in the unregulated grey market ahead of their anticipated listing on September 17, 2025.

Understanding Grey Market Premium (GMP)

The grey market premium (GMP) represents the price at which IPO shares trade in the unregulated grey market before their official listing on stock exchanges. It serves as an indicator of investor sentiment and demand, with a higher GMP suggesting expectations of a strong listing. However, GMP is not an official metric and is subject to fluctuations based on market conditions and investor appetite. For the IPOs of Urban Company, Dev Accelerator, and Shringar House of Mangalsutra, the GMP trends over the past 10–11 sessions show an upward trajectory, signaling optimism for their debut on the BSE and NSE.

Urban Company: Leading with Digital Scale

Urban Company, a Gurugram-based tech-enabled home services platform, is raising ₹1,900 crore through its IPO, comprising a fresh issue of ₹472 crore and an offer-for-sale (OFS) of ₹1,428 crore. With a price band of ₹98–₹103 per share and a minimum lot size of 145 shares (₹14,935 for retail investors), the IPO was subscribed 13.30 times by 10:42 a.m. on September 12, 2025, receiving bids for over 142 crore shares against the 10.67 crore offered. The GMP of ₹45, as reported by investorgain.com, indicates an estimated listing price of ₹148 per share, a 43.69% premium over the upper price band. Over the past 11 sessions, the GMP ranged from ₹10 to ₹45, reflecting growing investor confidence in Urban Company’s digital-first model, which spans 51 cities and offers services like cleaning, plumbing, and beauty.

Analysts, including Kalp Jain of INVasset PMS, highlight Urban Company’s potential for structural growth in India’s gig economy, driven by its tech-driven scalability and expanding addressable market. However, sustaining profitability while scaling remains a key challenge. The company reported ₹1,145 crore in revenue and ₹240 crore in net profit for FY25, though posts on X, such as those under #UrbanCompanyIPO, note that 88% of the profit (₹211 crore) stems from a one-time deferred tax asset, raising concerns about core profitability.

Dev Accelerator: Riding Workspace Trends

Dev Accelerator, a flexible workspace provider, is raising ₹143.35 crore through a fresh issue of 2.35 crore shares, with a price band of ₹56–₹61 and a minimum lot size of 235 shares (₹14,335 for retail investors). The IPO was subscribed 22.36 times by September 12, 2025, receiving bids for over 57 crore shares against the 1.31 crore offered. Its GMP of ₹10 suggests an estimated listing price of ₹71 per share, a 16.39% premium over the upper price band. The GMP has risen from a low of ₹0 to a high of ₹11 over the past 10 sessions, indicating steady investor interest.

Established in 2017, Dev Accelerator operates 28 centers across 11 Indian cities, serving over 250 clients with 14,144 seats. Analysts see the company benefiting from the growing demand for flexible workspaces in Tier 1 and Tier 2 cities, but caution that high fixed costs could pressure margins. The company’s focus on customized office solutions positions it well in a post-pandemic hybrid work environment, though its smaller issue size compared to Urban Company limits its scale.

Shringar House of Mangalsutra: Cultural Demand Play

Shringar House of Mangalsutra, a leading mangalsutra manufacturer, is raising ₹400.95 crore through a fresh issue of 2.43 crore shares, with a price band of ₹155–₹165 and a minimum lot size of 90 shares (₹14,850 for retail investors). The IPO was subscribed 12.50 times by 10:42 a.m. on September 12, 2025, with bids for over 21 crore shares against the 1.70 crore offered. Its GMP of ₹31 points to an estimated listing price of ₹196 per share, an 18.79% premium. The GMP has climbed from ₹0 to ₹32 over 11 sessions, signaling a strong debut.

The company, which holds a 6% share of India’s organized mangalsutra market, serves B2B clients like Titan and Reliance Retail across 24 states and exports to countries like the UK and USA. Its revenue grew 29.8% to ₹1,429.8 crore, and profit after tax doubled to ₹61.1 crore in FY25. Analysts note that the company’s niche focus on mangalsutras, a culturally significant jewelry item, ensures steady demand, but long-term growth depends on product diversification and margin stability amidst fluctuating gold prices.

Unique Analysis: Impact on India’s IPO Ecosystem

The strong GMPs and subscription rates for Urban Company, Dev Accelerator, and Shringar House of Mangalsutra underscore the vibrancy of India’s IPO market in 2025, particularly for retail investors. With over 15 crore demat accounts in India as of August 2025 (per CDSL and NSDL data), retail participation has surged, driven by digital platforms and increased financial literacy. These IPOs, representing diverse sectors—consumer tech, workspaces, and jewelry—highlight India’s multifaceted economic growth, attracting both domestic and foreign institutional investors (FIIs).

Urban Company’s high GMP reflects India’s growing gig economy, valued at ₹2.5 lakh crore in 2025, per a NITI Aayog report, with potential to create 90 million jobs by 2030. Dev Accelerator taps into the coworking market, projected to grow at a 15% CAGR through 2028, driven by hybrid work trends. Shringar House benefits from India’s jewelry market, expected to reach ₹7.5 lakh crore by 2027, per a CareEdge report. However, the unregulated nature of the grey market poses risks, as seen in past IPOs where high GMPs did not guarantee sustained post-listing gains. SEBI’s proposed “when-listed” platform, announced in early 2025, aims to curb grey market volatility by enabling regulated pre-listing trading, potentially stabilizing investor returns.

The success of these IPOs could further boost cities like Mumbai and Gurugram, key hubs for finance and tech. Mumbai’s BSE and NSE, which will list these stocks, are likely to see increased trading volumes, while Gurugram-based Urban Company reinforces the city’s status as a startup hub. Investors should remain cautious of global risks, such as proposed US tariffs under the 2025 Trade Act, which could impact export-driven companies like Shringar House.

Timeline of Key IPO Events

• September 9, 2025: Urban Company opens anchor investor bidding, raising ₹854 crore.
• September 10, 2025: Urban Company, Dev Accelerator, and Shringar House of Mangalsutra IPOs open for public subscription.
• September 12, 2025: IPOs close, with subscription rates of 13.30x (Urban Company), 22.36x (Dev Accelerator), and 12.50x (Shringar House).
• September 15, 2025: Share allotment expected to be finalized for all three IPOs.
• September 17, 2025: Tentative listing date on BSE and NSE for all three companies.

What This Means for Investors

The GMPs for these IPOs offer valuable insights for investors:

• High Listing Gains Potential: Urban Company’s 43.69% GMP suggests significant short-term gains, ideal for investors seeking listing pops.
• Sectoral Diversification: The IPOs span consumer tech, workspaces, and jewelry, allowing investors to diversify across growth-oriented and traditional sectors.
• Risk Considerations: Grey market trends are unregulated and volatile; investors should focus on company fundamentals, such as Urban Company’s profitability challenges or Shringar House’s reliance on gold prices.

Retail investors, driving much of the subscription momentum, should consult certified financial advisors before investing, as GMPs do not guarantee post-listing performance. Social media sentiment on X, under hashtags like #IPO2025 and #UrbanCompanyIPO, reflects optimism but also caution due to past IPOs with high GMPs underperforming after listing.