- Key IPO Details
- Subscription Breakdown
- GMP Trend
- Peer Comparison
- Conclusion
Om Power Transmission IPO saw a decent response on Day 1 with 0.40x subscription, led by QIB participation at 0.78x. On Day 2, GMP has dropped to ₹3.5 from ₹7, indicating expected listing gains have reduced to around 2%. This suggests sentiment has softened slightly despite early institutional interest.
Day 1 saw early traction mainly from institutional investors, while retail and NII participation remained moderate. The drop in GMP on Day 2 reflects cooling grey market sentiment, even as the IPO continues to build subscriptions. Investors are now watching whether broader participation improves.
Key IPO Details
| Issue Size | ₹150.06 crore |
| Price Band | ₹166 to ₹175 per share |
| Lot Size | 85 shares |
| IPO Dates | 9 Apr to 13 Apr 2026 |
| Listing Date | 17 Apr 2026 |
Subscription Breakdown
| Category | Subscription | Signal |
| Retail | 0.31x | Moderate early participation |
| NII | 0.12x | Limited interest so far |
| QIB | 0.78x | Strong institutional traction |
| Total | 0.40x | Decent Day 1 start |
Demand on Day 1 was driven largely by QIB participation, while retail and NII segments showed gradual interest.
GMP Trend
| Date | GMP (₹) | Trend | Signal |
| Apr 08 (Pre-IPO) | 7 | Stable | Positive sentiment |
| Apr 09 (Day 1) | 7 → 3.5 | Declining | Cooling expectations |
| Apr 10 (Day 2) | 3.5 | Flat | Lower listing hopes |
GMP has declined from ₹7 to ₹3.5, indicating reduced listing gain expectations.
Disclaimer: GMP is not regulated or endorsed by stock exchanges or SEBI. INDmoney does not support grey market trading. It is only an informal indicator and may change quickly. Investors should do their own research before investing.
Peer Comparison
| Metrics | Om Power Transmission | Rajesh Power Services | Advait Energy Transitions | Viviana Power Tech |
| Revenue from Operations (₹ Cr) | 279.4 | 1107.4 | 399.1 | 219.0 |
| Gross Profit Margin | 24.92% | 19.11% | 21.90% | 38.13% |
| Profit (₹ Cr) | 22.1 | 93.4 | 32.1 | 20.7 |
| P/E Ratio | 19.23 | 16.38 | 57.52 | 25.15 |
Source: RHP, internal calculation | FY25 Financial Numbers
Compared to peers, the IPO appears reasonably priced with better margins than most, which supports its positioning despite a smaller scale.
Also Read: Om Power Transmission IPO Review: Strong Growth Story, One Big Risk You Cannot Ignore
Conclusion
The IPO has shown a stable start with strong QIB interest, but the drop in GMP indicates some cooling in listing expectations. Retail participation is still building. Investors should watch Day 3 subscription trends, especially in retail and NII segments, to assess whether demand becomes more broad-based before taking a final call.
For detailed information, visit Om Power Transmission’s official IPO page at INDmoney.
Disclaimer
Source: Om Power Transmission's RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.