Three companies are set to launch their initial public offerings (IPOs) in the Indian stock market during the trading week beginning November 16, 2026. The upcoming issues are from Crystal Crop Protection, Mahanadi Coalfields and Watrana Rentals. Two IPOs will fall under the mainboard category, while one will be launched in the SME segment.
All three IPOs are reportedly trading at positive premiums in the grey market. However, actual listing prices will be determined by market conditions, and grey market premiums do not guarantee listing gains.
Crystal Crop Protection IPO Opens on November 18
Crystal Crop Protection will be the first company to open its IPO next week. The public issue will remain open from November 18 to November 20, 2026.
The IPO has a total issue size of approximately Rs 455.49 crore, with a price band of Rs 259 to Rs 272 per share.
The retail investor lot size has been fixed at 55 shares. At the upper end of the price band, investors will need a minimum of Rs 14,960 to apply for one lot.
The issue includes fresh shares worth approximately Rs 354.77 crore. Additionally, promoter Ankur Agarwal will sell shares worth approximately Rs 100.71 crore through an offer for sale (OFS).
The company plans to utilise the proceeds from the fresh issue towards debt repayment, potential acquisitions and general corporate purposes.
Crystal Crop Protection operates in the agricultural sector and is engaged in the business of crop protection products and seeds.
Crystal Crop Protection Grey Market Premium
According to grey market data available on November 15, Crystal Crop Protection's IPO was reportedly trading at a grey market premium (GMP) of approximately Rs 27.
Adding this premium to the upper price band of Rs 272 indicates an estimated listing price of Rs 299 per share. This represents an indicative premium of approximately 9.9% over the issue price.
However, this estimate is based solely on unofficial grey market activity. The actual listing price may be higher or lower.
The IPO allotment is expected on November 23, while the shares are likely to be listed on November 26, 2026.
Mahanadi Coalfields IPO Opens on November 19
Mahanadi Coalfields, a subsidiary of Coal India, is also preparing to enter the stock market next week.
The company's IPO will open on November 19 and close on November 23, 2026. The issue will be listed under the mainboard category.
Under the proposed offering, promoter Coal India plans to sell approximately 66.18 crore shares through an offer for sale.
Mahanadi Coalfields is among the major companies operating in the coal production sector. The company recorded production of approximately 218.31 million tonnes during the financial year 2025-26.
The company has not yet announced the IPO price band or lot size. Consequently, the minimum application amount for retail investors has not been disclosed.
According to a grey market tracker, Mahanadi Coalfields' IPO is reportedly commanding a GMP of approximately Rs 9.25 per share. However, the estimated listing premium percentage cannot be calculated until the company announces its price band.
Investors are awaiting the final issue terms and price band.
Watrana Rentals SME IPO Opens on November 19
The third IPO scheduled for next week is from Watrana Rentals, which will enter the market through the SME category.
The company's public issue will open on November 19 and close on November 23, 2026. Watrana Rentals plans to raise approximately Rs 120.10 crore through the offering.
The company has fixed the IPO price band at Rs 232 to Rs 245 per share. It will issue approximately 49.02 lakh fresh shares.
The lot size has been set at 600 shares. However, the minimum application requirement for individual investors is two lots, equivalent to 1,200 shares.
At the upper price band of Rs 245, the minimum application amount will be Rs 2.94 lakh.
Watrana Rentals is engaged in renting equipment used for cargo and goods handling operations.
Watrana Rentals Grey Market Premium
According to available grey market data as of November 15, Watrana Rentals' IPO was reportedly trading at a GMP of approximately Rs 22 per share.
Adding this premium to the upper price band of Rs 245 indicates an estimated listing price of Rs 267 per share. This represents an indicative premium of approximately 9% over the issue price.
However, SME IPOs may involve higher volatility and liquidity risks. Grey market premiums alone do not establish the potential listing performance of an issue.
Watrana Rentals' shares are expected to be listed on November 27, 2026.
Key Considerations Regarding IPO Grey Market Premiums
Grey market premium (GMP) is an unofficial indicator of the demand or interest in an IPO in the unregulated market before its official listing.
It does not represent an official stock market price and can fluctuate continuously. In some cases, shares may begin trading below the estimated price on the listing day.
Investors should therefore review a company's financial position, debt, business operations, valuation and proposed utilisation of IPO proceeds before making an application.
The opening dates of all three upcoming IPOs have been announced. However, Mahanadi Coalfields is yet to disclose its price band and lot size.
Investors should also examine the official documents available through the National Stock Exchange (NSE), BSE and Securities and Exchange Board of India (SEBI) before applying. Grey market premiums and estimated listing gains should not be treated as guaranteed returns.
