Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-20
India's National Stock Exchange (NSE) concluded its massive ₹22,561 crore IPO with a sharp decline in grey market premiums despite strong subscription levels, signaling a cooling retail sentiment. Meanwhile, South Korea saw extreme oversubscription for tech listings, with Wise Planet Company hitting nearly 1,500:1 demand, while Hong Kong's pipeline remains active with new subscriptions for firms like Lian Resources and Nanjing Technology.
Asia and Gulf IPOs: Hong Kong to Tadawul — 2026-09-20
Top developments
NSE IPO GMP Plummets Despite Full Subscription
The National Stock Exchange of India’s (NSE) ₹22,561 crore IPO was fully subscribed by Day 2, raising significant institutional interest. However, the Grey Market Premium (GMP) crashed from ₹192 to ₹43 just before listing, a drop of over 77%, indicating that retail investors are becoming cautious about the valuation despite the exchange's dominance in Indian equity capital markets
Korean Tech Listings See Extreme Oversubscription
In South Korea, Wise Planet Company recorded an extraordinary general subscription ratio of 1,477.65:1, attracting approximately ₩3.5 trillion in bids. This surge highlights the continued fervor for tech-focused IPOs on the KOSDAQ, although analysts warn that such high demand often leads to volatile post-listing performance as initial supply is restricted
Hong Kong New Subscriptions Open for Tech and Nickel Firms
Hong Kong's IPO market continues its robust momentum with new subscriptions opening for Lian Resources, a nickel industry leader, and Nanjing Technology, which secured support from over 20 cornerstone investors. Additionally, Sifang Jingchuang is offering shares at a 40% discount to its A-share price, aiming to attract cross-border investors amid a broader recovery in HK listings
Jindal Supreme IPO Sees 181x Oversubscription
Indian logistics firm Jindal Supreme (India) Limited witnessed intense retail demand, with its ₹124.88 crore IPO oversubscribed 181 times. The GMP for this issue rose by over 5% during the bidding period, suggesting a potential listing gain of around 30% as retail investors chase smaller-cap opportunities in the current market cycle
Local view
In Korea, Etoday notes that while subscription numbers are high, institutional investors are adopting a more conservative pricing strategy, leading to lower valuations for new entrants compared to previous cycles. This "price discipline" is causing a divergence where some stocks like Neo Sapiens face mixed reception based on their final fixed prices. In India, Hindustan reports that the IPO market remains bustling with 19 issues scheduled this week alone, aiming to raise ₹4,169 crore, reflecting deep liquidity but also heightened competition for retail capital.
Context & numbers
- India: NSE IPO size: ₹22,561 crore ($2.7 billion approx.); Final GMP: ₹43 (down from ₹192 peak). Jindal Supreme oversubscription: 181x.
- South Korea: Wise Planet Company subscription ratio: 1,477.65:1; Bids received: ~₩3.5 trillion. Deoksan Neopcores subscription ratio: 665.64:1 (proportional).
- Hong Kong: Lian Resources lot cost: ~HK$10,615 per lot. Nanjing Technology fundraising target: HK$5.67 billion.
On the radar
- Korea: Neo Sapiens and Wise Planet are set to list on KOSDAQ between September 21–23, with investors watching for post-listing volatility given the extreme pre-IPO demand.
- India: Listing of Jindal Supreme is scheduled for September 23, with analysts monitoring if the high oversubscription translates into sustained gains or immediate profit-taking.
- Hong Kong: Watch for allotment results for Nanjing Technology and Sifang Jingchuang, which will indicate the strength of cornerstone investor backing in the current tech sector rally.
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