Investors are closely tracking Lumino Industries, Priority Jewels and ESDS Software Solution IPOs as all three issues are attracting attention in the grey market. With their subscription windows overlapping, the latest Grey Market Premium (GMP) has become an important indicator for investors looking at potential listing gains.

As of August 31, 2026, ESDS Software Solution IPO is leading the three in terms of implied listing gain, followed by Lumino Industries, while Priority Jewels is showing a lower premium.

IPO GMP Today: Which IPO Is Leading?

The latest reported GMP comparison is:

IPO implied listing gain comparison

These figures are based on the latest grey-market data reported on August 31 and can change during the day.

Winner: ESDS Software Solution IPO

Based purely on the current GMP, ESDS Software Solution is offering the highest implied listing gain among these three IPOs.

However, GMP is an unofficial indicator and should not be treated as a guaranteed listing price or investment recommendation.

ESDS Software IPO GMP Today

ESDS Software Solution IPO is currently commanding the strongest GMP among the three issues.

The latest NDTV Profit comparison puts the GMP at around ₹323 per share, implying a potential listing gain of approximately 75.29% over the upper end of its ₹429 price band.

Another August 31 report said the GMP was around 78%, highlighting how quickly grey-market prices can move.

The IPO has a price band of ₹408–₹429 per share and is open for subscription from August 28 to September 1, 2026. The issue size is approximately ₹720 crore.

ESDS Software IPO Key Details

• IPO Price: ₹408–₹429
• Latest GMP: Around ₹323
• Implied Listing Price: Around ₹752
• Implied Gain: Around 75.29%
• Issue Size: ₹720 crore
• Subscription: August 28–September 1
• Tentative Listing: September 4

The implied listing price is calculated by adding the reported GMP to the upper IPO price of ₹429.

₹429 + ₹323 = ₹752

Again, this is only a GMP-based estimate.

Lumino Industries IPO GMP Today

Lumino Industries IPO is the second strongest in this comparison based on GMP.

The latest reported GMP is around ₹57, against an IPO price of ₹82, giving an estimated listing price of approximately ₹139 and an implied premium of 69.51%.

The ₹700-crore IPO opened on August 27 and August 31 is the final day of bidding. Its tentative listing date is September 3.

The issue had already attracted strong demand, with Moneycontrol reporting subscription of 6.4 times by 10:10 AM on August 31.

Lumino Industries IPO Key Details

• IPO Price: ₹82
• Latest GMP: ₹57
• Implied Listing Price: ₹139
• Implied Gain: 69.51%
• Issue Size: ₹700 crore
• IPO Closing: August 31
• Tentative Listing: September 3

The company is raising funds through a combination of fresh issue and offer for sale.

Priority Jewels IPO GMP Today

Priority Jewels IPO currently has the lowest GMP among the three compared issues.

The latest available reports put the GMP at around ₹45, implying a potential listing premium of approximately 22.50%.

The IPO has a price band of ₹190–₹200 per share and is scheduled to close on September 1, 2026.

Priority Jewels IPO Key Details

• IPO Price: ₹190–₹200
• Latest GMP: Around ₹45
• Implied Listing Price: Around ₹245
• Implied Gain: 22.50%
• Issue Size: Around ₹91.50 crore
• IPO Closing: September 1

Priority Jewels received strong demand on the first day, with the issue fully booked, according to Outlook Money.

Lumino Industries vs ESDS Software vs Priority Jewels

If the only criterion is potential listing gain based on GMP, the ranking is straightforward:

 1. ESDS Software Solution

Implied gain: ~75.29%

2. Lumino Industries

Implied gain: ~69.51%

3. Priority Jewels

Implied gain: ~22.50%

So, based purely on today's GMP:

ESDS Software Solution IPO is currently the leader.

But the difference between ESDS and Lumino is relatively small compared with their difference from Priority Jewels.

Why Is ESDS Software IPO GMP So High?

ESDS Software Solution operates in the cloud and technology solutions space, and its IPO has attracted significant attention from investors.

The company is backed by investor Mukul Agrawal, another factor that has contributed to market interest. Its ₹720-crore IPO consists entirely of a fresh issue.

The strong GMP suggests that grey-market participants currently expect a substantial premium over the IPO price.

However, investors should remember that:

High GMP ≠ guaranteed high listing gain.

GMP can change sharply before listing and is not regulated in the same way as the official stock market.

Why Is Lumino Industries IPO Attracting Strong Interest?

Lumino Industries has also witnessed strong subscription demand.

Its ₹700-crore IPO includes a ₹500-crore fresh issue and an offer for sale of approximately ₹200 crore.

On the final bidding day, the issue was seeing particularly strong participation from non-institutional and retail investors.

Its GMP has also remained elevated, making it one of the strongest IPOs in the current primary-market cycle.

Priority Jewels IPO: Why Is GMP Lower?

Priority Jewels is also seeing healthy investor interest, but its current GMP is significantly lower than the other two IPOs.

The reported GMP of around ₹45 against the ₹200 upper price band translates into an estimated 22.50% listing premium.

This does not necessarily mean the company will perform worse after listing.

It simply means that, at the current grey-market price, expectations for immediate listing gains are lower than for ESDS Software and Lumino Industries.

IPO GMP vs Actual Listing Price

One important point investors should understand before comparing these IPOs is that GMP is not an official market price.

The grey market operates outside the formal stock exchanges, and GMP can:

• Rise before listing
• Fall before listing
• Change based on demand
• Differ from the actual listing price
• Become misleading during volatile markets

Therefore, a GMP-based expected listing price should be considered an estimate, not a guarantee.

Which IPO Offers the Highest Listing Gain?

Based on the latest GMP available on August 31, 2026:

ESDS Software Solution currently offers the highest GMP-based listing gain.

Lumino Industries is close behind, while Priority Jewels is significantly lower on this particular metric.

Important: GMP Should Not Be the Only Factor

Investors should not select an IPO solely because its GMP is high.

Before applying, it is important to consider:

• Company's financial performance
• Revenue growth
• Profitability
• Debt
• Valuation
• IPO price
• Issue structure
• Promoter holding
• Use of IPO proceeds
• Industry outlook
• Subscription numbers
• Market conditions

GMP is useful as a sentiment indicator, but it does not tell the complete story.

Final Verdict

As of August 31, 2026, ESDS Software Solution IPO is leading the Lumino Industries and Priority Jewels IPOs in terms of GMP-based expected listing gain.

With a reported GMP of around ₹323, ESDS Software indicates an implied listing premium of roughly 75.29%. Lumino Industries follows with an estimated 69.51%, while Priority Jewels is around 22.50%.

Current Ranking

1️⃣ ESDS Software Solution — ~75.29%
2️⃣ Lumino Industries — ~69.51%
3️⃣ Priority Jewels — ~22.50%

However, these are GMP-based estimates, not guaranteed listing returns. Grey-market premiums can change before the actual listing.

For investors specifically looking at potential listing gains, ESDS Software currently has the strongest signal among the three.

FAQs

Which IPO has the highest GMP today?

As of August 31, 2026, ESDS Software Solution IPO has the highest reported GMP among ESDS Software, Lumino Industries and Priority Jewels.

What is ESDS Software IPO GMP today?

The latest reported GMP is around ₹323, although grey-market prices can change during the day.

What is Lumino Industries IPO GMP today?

Lumino Industries IPO GMP is around ₹57 in the latest available report.

What is Priority Jewels IPO GMP today?

Priority Jewels IPO GMP is around ₹45 in the latest available report.

Which IPO offers the highest expected listing gain?

Based purely on the latest GMP, ESDS Software Solution currently has the highest implied listing gain at around 75.29%.

Is GMP the actual listing price?

No. GMP is an unofficial grey-market indicator and the actual listing price can be significantly different.

When does Lumino Industries IPO close?

August 31, 2026 is the final day of subscription for Lumino Industries IPO.

When does ESDS Software IPO close?

ESDS Software Solution IPO is scheduled to close on September 1, 2026.

When does Priority Jewels IPO close?

Priority Jewels IPO is scheduled to close on September 1, 2026.