Crash Week IPO Guide: 20 Issues Open as Sensex Plunges 1,124 Points — How to Decide Before You Apply

On Monday, the Sensex crashed 1,124 points — the worst single day in months, with the Nifty sinking below 22,800 on its seventh straight weekly decline. On the very same Dalal Street, the primary market is throwing a party: 20 IPOs are open for subscription between September 28 and October 5, including four mainboard issues and sixteen SME offerings (NDTV Profit). Red screens and a crowded IPO calendar. Should the crash change your apply button? Here is everything open, closing, and listing this week — and a calm, educational framework for deciding.

The 4 Mainboard IPOs Open Right Now

SRIT India — a Bengaluru IT solutions company. Price band ₹123–130; issue size ₹218.40 crore, entirely a fresh issue. Lot size is 115 shares, so the minimum investment is ₹14,950 at the top of the band. It opened September 28 and closes September 30; allotment is expected October 1 and listing on October 6. On Day 1 the retail portion was already 1.58× subscribed. Grey-market trackers report a premium of roughly ₹30 (~23%) — treat that as mood music, not a forecast. (NDTV Profit, Angel One) Shah Investor's Home — an Ahmedabad retail broking firm. Price band ₹159–167; issue size ₹90.17 crore, all fresh issue, with an anchor book of ₹27.05 crore at ₹167. Opened September 28, closes September 30, with listing expected around October 6. Trackers report a grey-market premium of roughly ₹10–12. The flag worth reading twice: ET Now reported that the company's FY26 profit fell 43.5% to ₹13.2 crore while revenue dropped 24.2% — a broking business is itself cyclical, and a falling market is literally its headwind. Read the RHP before anything else. (Financial Express, ET Now, NDTV Profit) Vishal Nirmiti — a civil engineering company that manufactures pre-stressed concrete (PSC) sleepers for the railways and executes EPC infrastructure projects. Price band ₹208–220; issue size ₹178 crore (₹145 crore fresh issue + ₹33 crore offer-for-sale). It opens September 30 and closes October 5. Minimum lot is 68 shares — ₹14,960 at the top of the band. Listing is expected October 8. (Outlook Money, NDTV Profit) Nityas Gems & Jewellery — designs, manufactures and sells lab-grown diamond-studded gold jewellery, serving B2B clients and running a D2C omnichannel brand called Ayaani. Price band ₹70–75; issue size ₹108.35 crore, entirely fresh issue. It opens September 30 and closes October 5; minimum lot is 200 shares (₹15,000). Listing expected October 8. (Outlook Money, NDTV Profit)

Closing Today, Listing Tomorrow: The Rest of the Calendar

Beyond the four above, the calendar is packed: Closing today, September 29: Runwal Enterprises, German Green Steel & Power, AceVector (the Snapdeal parent) and Orient Cables — all mainboard issues. (Outlook Money) Already closed September 28: A-One Steels India and Moneyview. (Outlook Money) Listings to watch: Varmora Granito lists today (September 29); Adroit Industries (India), Elevate Campuses, ArMee Infotech and Swastika Infra list on September 30; A-One Steels India and Moneyview on October 1. (Outlook Money) One diary note: the market is closed on October 2 for Gandhi Jayanti, so subscription and listing timelines skip that day.

Yesterday's Listing Drama: From +99% to the Lower Circuit

Monday was a study in listing extremes: Robokidz Eduventures (BSE SME) debuted at ₹201.40 against its ₹106 issue price — a 90% pop — then hit the 5% upper circuit at ₹211.45, ending the day up 99.48%. (BusinessToday) At the other end, Hero Motors hit the 10% lower circuit on September 28, after having earlier rallied 55.7% above its ₹82 listing price. (FPJ) Even the exchange business wasn't spared: NSE's own unlisted shares slipped below their ₹1,785 IPO price to ₹1,767, more than 6% off the ₹1,878 peak. (IANS) The lesson is boring but valuable: a hot debut doesn't guarantee the trend continues, and a weak listing doesn't doom the business. Listings are volatile by design — especially SME listings with circuit filters.

Should You Apply in a Falling Market? A Decision Framework

A crash feels like it should change the answer. Logically, it mostly shouldn't — the IPO price was fixed weeks ago, and what you're buying is a slice of a business, not a day's sentiment. Here's how investors often think about it: 1. GMP is not a buy signal. The grey-market premium is unofficial, unregulated, and varies between trackers. It reflects short-term sentiment, not value, and it is not a promise of listing gains. Never apply because "GMP is high." 2. Fresh issue vs offer-for-sale matters. Money from a fresh issue funds the company's growth — expansion, debt repayment, working capital. Money from an OFS goes to existing shareholders cashing out. Vishal Nirmiti is mostly fresh issue with a small OFS; Nityas Gems is fully fresh. Neither structure is automatically good or bad, but you should know which one you're funding. 3. Read the RHP's risk section, not tip channels. The red herring prospectus lists the actual risks — customer concentration, regulatory exposure, promoter history. Shah Investor's Home's falling profits were visible in its filings before any headline. 4. Check the anchor and QIB response as signals, not guarantees. Strong institutional interest suggests professionals found the pricing reasonable. It doesn't make the issue safe. 5. Size your application honestly. Investors often consider applying only for lots they can afford to hold, never with borrowed money, and never from an emergency fund. A falling market is a reminder that even "safe" IPOs can list flat or down. 6. Decide your plan before applying. Are you applying for potential listing gains (with an exit plan) or to hold the business long-term? Both approaches carry risk; having no plan is the riskiest of all.

IPO Application Refresher

Applying is straightforward: most investors use their broker's app via UPI-based ASBA — you bid, approve the UPI mandate, and the amount is blocked (not debited) until allotment. Key rules: one PAN gets one application per category (multiple applications get rejected); in oversubscribed retail portions, allotment is lottery-based, not first-come-first-served; and if you don't get shares, the blocked amount is simply released. Timing matters this week: issues closing September 30 need your UPI mandate approved before the cutoff on the closing day — don't leave it to the last hour. Disclaimer: This article is for educational purposes only and is not financial advice. Please consult a SEBI-registered investment adviser for personalized guidance. Investments are subject to market risk.