When TruAlt Bioenergy Limited and Jinkushal Industries hit the trading floor on Friday, October 3, 2025, the Bombay Stock Exchange and National Stock Exchange saw two fresh listings that quickly sparked debate among investors. TruAlt opened at ₹545.40, a 9.96 % premium over its issue price of ₹496, while Jinkushal debuted at ₹125, a modest 3.3 % rise on the BSE before slipping back to around ₹121.50. The numbers mattered because they diverged sharply from grey‑market premium (GMP) expectations that had hinted at double‑digit pops for both issues.
IPO Overview and Pricing
Both companies ran their book‑building windows from September 25 to September 29, 2025. TruAlt’s price band lay between ₹472 and ₹496 per share, and it raised a total of ₹839.28 crore – a fresh issue of ₹750 crore plus an offer‑for‑sale (OFS) worth ₹89.28 crore. Jinkushal, on the other hand, priced its shares between ₹115 and ₹121, collecting ₹116.15 crore, comprised of a fresh issue of 8.6 million shares and an OFS of 1 million shares. The IPOs were heavily oversubscribed: TruAlt at 71.92 times, with bids topping ₹44,000 crore, and Jinkushal at 65.11 times, according to data collated by Business Today on the morning of October 3.
Listing Day IPO performance
Retail investors who grabbed a lot of 30 TruAlt shares walked away with a profit of roughly ₹1,482 per lot, a figure reported by a Threads.com post on the same day. Jinkushal’s initial 3.3 % premium felt underwhelming, especially after the grey market pushed its unlisted price to around ₹141 – a premium of about 16.5 % over the issue price. Within a few trading sessions the Jinkushal stock slipped back to ₹121.50, erasing most of the modest pop.
Here's the thing: the gap between GMP and actual listing pop matters because many retail participants gauge their appetite on those early market signals. When the GMP for TruAlt fell from ₹110‑₹115 during the bidding phase to ₹90‑₹95 at listing, investors saw a softer landing. Jinkushal’s GMP, meanwhile, remained stubbornly high, making the post‑listing dip feel like a disappointment.
Grey Market Premium vs. Reality
Grey market trading is a murky arena where unlisted shares change hands before the official debut. For TruAlt, the GMP of ₹90‑₹95 suggested an 18‑19 % pop, yet the actual premium settled at just under 10 %. Jinkushal’s GMP of ₹20 (about 16.5 %) turned into a 3 % rise at best – a shortfall of more than 13 %.
But wait, the story isn’t just about two companies. Across the broader October 2025 IPO window, eight of the twelve main‑board issues listed below their issue price, according to a report by The Economic Times. Notable laggards included Om Freight Forwarders (‑27 %), Glottis (‑40 %) and BMW Ventures (‑35 %). The few bright spots – Advance Agrolife, TruAlt and Jain Resource Recycling (nearly 50 % gain) – seemed more like islands in a sea of caution.
Market Context and Investor Sentiment
India’s primary market has been on a tear this year, having raised roughly $11.2 billion from January to September 2025, as per data cited by Bloomberg. October alone was projected to bring in over $5 billion, keeping the momentum alive. Yet the “aggressive pricing” of many IPOs, coupled with waning retail participation, appears to be tempering post‑listing enthusiasm.
According to Rajat Sharma, senior analyst at Motilal Oswal, “the premium chatter in the grey market set unrealistic expectations. When the shares opened, the market corrected itself quickly, especially for companies that priced on the higher side of the band.”
Interestingly, the subdued performance also reflected a broader shift: investors are now more cautious after a year of heavy primary market activity, preferring to wait for clearer fundamentals rather than bet on hype.
Analyst Takeaways and Future Outlook
For TruAlt, the modest yet positive listing pop reinforced its standing as one of the few stories that beat the October malaise. Its focus on renewable bioenergy aligns with the government’s push for greener fuels, giving it a strategic tailwind.
Jinkushal, a diversified industrial player, will need to win back confidence. Its management hinted at a post‑listing capital raise to fund expansion into high‑margin segments – a move that could stabilize the share price if executed well.
Looking ahead, the pipeline remains robust. Over a dozen firms are slated to list before the year ends, ranging from fintech startups to mid‑cap manufacturers. Market watchers suggest that pricing discipline and realistic GMP expectations will be the key determinants of whether future IPOs ride the wave or sink.
Key Facts
- Listing date: Friday, October 3, 2025 (9:30 AM IST)
- TruAlt Bioenergy Limited premium: 9.96 % (₹545.40 vs ₹496)
- Jinkushal Industries premium: 3.3 % (₹125 vs ₹121) – fell to ₹121.50
- Total funds raised: TruAlt ₹839.28 crore; Jinkushal ₹116.15 crore
- GMP expectations vs actual: TruAlt 18‑19 % vs 10 %; Jinkushal 16.5 % vs ~3 %
Frequently Asked Questions
Why did TruAlt Bioenergy's listing premium fall short of grey‑market expectations?
The grey‑market premium for TruAlt dropped from ₹110‑₹115 during bidding to ₹90‑₹95 by listing day, reflecting shrinking investor optimism. Combined with a price band that leaned toward the higher end, the market corrected itself, delivering a 9.96 % premium instead of the anticipated 18‑19 %.
How does Jinkushal Industries' post‑listing performance compare to its peers?
While Jinkushal opened with a 3.3 % premium, it quickly slipped to below‑issue levels, mirroring the broader October trend where eight of twelve mainboard IPOs traded beneath their issue price. Only a handful, like Jain Resource Recycling, posted strong gains.
What impact does the October IPO environment have on future listings?
Analysts say pricing discipline will be crucial. With $5 billion expected to be raised in October, firms that set realistic issue prices and manage GMP expectations are more likely to see sustainable post‑listing performance.
Which sectors showed the strongest IPO performance in October 2025?
Renewable energy (TruAlt Bioenergy) and waste‑recycling (Jain Resource Recycling) outperformed the market, while traditional logistics and tech‑hardware companies struggled, posting double‑digit declines.
What does the grey‑market premium indicate for retail investors?
GMP offers a snapshot of unmet demand before listing. A high GMP can lure retail investors, but if the actual pop falls short, it may erode confidence and lead to quick sell‑offs, as seen with Jinkushal.
