The Indian SME IPO market is set for another busy week as three companies — Ashutosh Fibre, Shanti Inorganics and Phychem Technologies — open their initial public offerings for subscription today, Monday, August 31, 2026. The three-day bidding window will remain open until September 2.

Investor interest is particularly strong in the two NSE SME issues, with Ashutosh Fibre and Shanti Inorganics commanding robust grey market premiums (GMPs) ahead of their listings. Ashutosh Fibre is currently trading at a GMP of around 40%, while Shanti Inorganics is commanding a premium of about 37%.

In contrast, BSE SME-bound Phychem Technologies is seeing a more modest GMP of around 5%, suggesting relatively limited listing gains. While GMP trends can indicate market sentiment ahead of listing, they are unofficial and can change before the shares begin trading.

35 crore through its SME IPO. 25 lakh shares and will be listed on the NSE SME platform.

The IPO will remain open from August 31 to September 2, 2026, with the allotment expected to be finalized on September 3. The tentative listing date is September 7, 2026.

The price band has been fixed at Rs 87–Rs 92 per share, with a lot size of 1,200 shares. Based on the upper price band, the minimum retail investment is Rs 2,20,800 for 2,400 shares.

For HNI investors, the minimum application is three lots, or 3,600 shares, requiring an investment of Rs 3,31,200. Mefcom Capital Markets Ltd.

is the book-running lead manager, while KFin Technologies Ltd. is the registrar.

22%, Ashutosh Fibre's estimated listing price stands at approximately Rs 129 per share, based on the upper end of the issue price. 24 crore SME IPO, comprising an entirely fresh issue of approximately 57 lakh shares.

The issue opens on August 31 and closes on September 2, with the basis of allotment expected on September 3. Shares are proposed to be listed on the NSE SME platform on September 7.

Shanti Inorganics has set a price band of Rs 79–Rs 83 per share, while the lot size is 1,600 shares. Retail investors need to apply for a minimum of 3,200 shares, translating into an investment of Rs 2,65,600 at the upper price band.

HNI investors must apply for at least three lots, or 4,800 shares, requiring Rs 3,98,400. Vivro Financial Services Pvt.