July 2026 IPO GMP & Subscription Status: SBI MF, Kusumgar, Laser Power, and More

The Indian primary market is exceptionally active in July 2026, with a robust lineup of both Mainboard and SME IPOs hitting the exchanges. Elevated subscription numbers and firm grey market premiums (GMP) point to healthy investor appetite across the board. This roundup breaks down the ongoing and upcoming public offerings so you can compare them at a glance.

As always, the figures below are compiled from the latest available exchange and registrar data and are intended for information only. Grey market premiums are unofficial and should be read as sentiment rather than a promise of listing-day returns.

Kusumgar (Mainboard) ran from Jul 8 to Jul 10, 2026 — a ₹650 Cr issue priced at ₹398-419 with a 35-share lot that drew a massive 135.76x subscription and an expected premium of roughly ₹158-160 (38%), with allotment awaited. Laser Power & Infra, open Jul 9 to Jul 13, is a ₹742 Cr issue at ₹203-214 (lot 70), subscribed about 1.05x with a ₹33-35 (15%) expected premium.

SBI Mutual Fund headlines the pipeline for Jul 14 to Jul 16, priced at ₹545-574 with a 26-share lot. After raising ₹1,880 Cr in pre-IPO placements, the issue size was trimmed to ₹9,795.31 Cr; it carries a dedicated shareholder quota and a ₹107-110 (19%) expected premium. Alpine Texworld, also Jul 14 to Jul 16, is a ₹126.25 Cr issue at ₹100-105 (lot 142) with a slim ₹2 (2%) expected premium.

On the SME side, Happy Steels (NSE SME) and Devson Catalyst (BSE SME) were both open Jul 9 to Jul 13. Happy Steels is a ₹25 Cr issue at ₹62-66 (lot 2000, 3.18x subscribed, GMP ₹4-5), while Devson Catalyst is a ₹42.34 Cr issue at ₹112-118 (lot 1200) that saw a strong 30.15x subscription and a GMP of ₹30-32.

Looking ahead, Millworks Technologies (BSE SME) is slated for Jul 14 to Jul 16 at ₹315-331 (lot 400, ₹160.34 Cr issue, GMP ₹295-297), and Lohia Corp (Mainboard) has dates and pricing still to be announced. Track live subscription and GMP for each of these on their respective IPO pages before the windows close.

The standout theme this July is the wide dispersion in demand: heavily oversubscribed issues like Kusumgar and Devson Catalyst sit alongside thinly covered ones like Laser Power and Alpine Texworld. That contrast is a useful reminder that a busy IPO calendar does not mean every issue is worth chasing — the market is clearly discriminating between them.

Before applying to any of these, pair the GMP with the day-wise subscription trend and the company's fundamentals from its prospectus. Grey market premiums here range from a token ₹2 to nearly ₹300, but a high premium is sentiment, not a guarantee; size your applications accordingly and treat this roundup as information rather than advice.