Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-13

Top developments

NSE IPO Subscription Opens with Volatile Grey Market Premiums

The National Stock Exchange of India’s (NSE) highly anticipated IPO, targeting a raise of approximately ₹30,000 crore, officially opened for subscription on September 14, 2026, with bidding available until September 21. The price band was set at ₹1,700–₹1,785 per share, but grey market premiums (GMP) have shown significant volatility, swinging from ₹310 down to ₹188 before stabilizing around ₹217–₹285 in recent days. Brokerages like SAMCO have recommended subscribing to the issue, citing NSE's position as the world's largest multi-asset-class exchange, though retail investors are urged to monitor the GMP fluctuations closely before bidding.

Korea Sees Five IPO Subscriptions and Two Demand Forecasts This Week

South Korea's KOSDAQ market is experiencing a busy week with five companies launching public subscriptions for retail investors, including Wise Planet Company, Big Wave Robotics, Deoksan Nepcores, Global Technology, and Brils. Additionally, two firms, Jin Costech and Melcon, are undergoing institutional investor demand forecasts during the same period. This surge follows a period of subdued activity, with Deoksan Nepcores drawing particular attention as the first company approved under new regulations prohibiting duplicate listings.

Hong Kong Regulator Scrutinizes Allocation Rules After Excelland Robotics Surge

Hong Kong’s Securities and Futures Commission (SFC) is investigating "rigged" IPO practices after Excelland Robotics Wuxi Co. surged 177% on its debut, despite nearly 94% of shares being allocated to institutional investors due to existing allocation rules. The incident has highlighted a "quirk" in HKEX rules that can leave strong retail demand unmet, prompting calls for potential reforms in how shares are distributed between institutional and retail segments. Separately, the SFC suspended shares of Cloudbreak Pharma, citing serious concerns about an "artificial impression of demand" in its US$78 million listing from 2025.

Korean New Entrants Struggle to Hold Listing Prices

Despite some high-profile debuts, the broader performance of newly listed Korean stocks remains weak, with approximately 80% of new entrants trading below their offering prices as of September 11, 2026. Companies that priced their offerings at the top end of the desired range in August, such as Delicious and K&S Inc., have seen their shares drop by up to 54% below the offering price. This trend suggests that investor sentiment toward new listings is cooling, even as subscription volumes remain high for select names.

Local view

In India, Hindi-language financial media outlets like Hindustan and Moneycontrol are actively guiding retail investors through the NSE IPO process, emphasizing the importance of checking grey market premiums before bidding. AajTak has published detailed guides on the NSE price band and issue dates, reflecting the massive retail interest in this landmark exchange listing.

In South Korea, Edaily and Yonhap News Agency are tracking the weekly IPO calendar closely, highlighting the specific subscription dates for the five new entrants and noting the regulatory significance of Deoksan Nepcores' approval under the new duplicate listing ban. Financial News is reporting on the poor post-listing performance of August debuts, warning investors about the risks of chasing high-priced new issues.

Context & numbers

• NSE IPO Size: The NSE IPO aims to raise approximately ₹30,000 crore (approx. $3.6 billion), making it one of the largest exchange listings globally.
• Price Band: The NSE IPO price band is set at ₹1,700–₹1,785 per share.
• Korean Subscription Schedule: Retail subscriptions for Wise Planet run September 14–15, Big Wave Robotics September 15–16, Deoksan Nepcores and Global Technology September 16–17, and Brils September 17–18.
• Hong Kong Performance: Excelland Robotics Wuxi Co. rose 177% on its debut on Wednesday, September 10, 2026.
• Korean Underperformance: About 80% of new listings in Korea in 2026 are trading below their offering prices as of mid-September.

On the radar

• NSE Allotment: Investors are awaiting the allotment results for the NSE IPO, expected shortly after the September 21 closing date, which will determine the final oversubscription ratio.
• Korean Institutional Forecasts: Results from the institutional demand forecasts for Jin Costech and Melcon will be closely watched as indicators of whether institutional appetite is returning to the KOSDAQ IPO market.
• HKEX Rule Changes: Market participants are monitoring for any official statements from HKEX or the SFC regarding potential adjustments to IPO allocation rules following the Excelland Robotics controversy.