IPO GMP, Latest IPO Grey Market Premium & Kostak Rates

The grey market premium aka IPO GMP is information that is calculated based on the demand of a company that is coming up with an IPO. The grey market starts unofficially in the unregulated market after the IPO date and price band announcements. IPO Investors always look at the premium of an IPO before investing in it but it might vary as per the market conditions, demand, and subscription numbers.
IPO Grey Market Premium - IPO GMP

Table of Contents

Current IPO GMP Today

Check the latest IPO analysis and the estimated grey market rates of the Forthcoming IPO with listing gain as given below:


IPO NameIPO TypeIPO GMPIPO PriceListing Gain
Samhi Hotels
14-18 Sep
Mainline2₹1261%
Zaggle Prepaid Ocean Services
14-18 Sep
Mainline15₹1649%
Yatra Online
15-20 Sep
Mainline₹142-%
Sai Silks Kalamandir
20-22 Sep
Mainline12₹2225%
Signature Global
20-22 Sep
Mainline30₹3858%
Manoj Vaibhav Gems
22-26 Sep
Mainline₹215-%
Updater Services
25-27 Sep
Mainline₹300-%
JSW Infrastructure
25-27 Sep
Mainline15₹11913%
Valiant Laboratories
27-3 Oct
Mainline₹140-%
Chavda Infra
12-14 Sep
NSE SME60₹6592%
Kundan Edifice
12-15 Sep
NSE SME15₹9116%
Cellecor Gadgets
15-20 Sep
NSE SME50₹9254%
Kody Technolab
15-20 Sep
NSE SME30₹16019%
Holmarc Opto-Mechatronics
15-20 Sep
NSE SME15₹4038%
Madhusudan Masala
18-21 Sep
NSE SME80₹70114%
Techknowgreen Solutions
18-21 Sep
BSE SME5₹866%
Master Components
18-21 Sep
NSE SME20₹14014%
Hi-Green Carbon
21-25 Sep
NSE SME50₹7567%
Mangalam Alloys
21-25 Sep
NSE SME25₹8031%
Marco Cables & Conductors
21-25 Sep
NSE SME8₹3622%
Organic Recycling Systems
21-26 Sep
BSE SME₹200-%
Saakshi Medtech and Panels
25-27 Sep
NSE SME30₹9731%
Inspire Films
25-27 Sep
NSE SME25₹5942%
Digikore Studios
25-27 Sep
NSE SME105₹17161%
Newjaisa Technologies
25-27 Sep
NSE SME5₹4711%
Arabian Petroleum
25-27 Sep
NSE SME₹70-%
Sunita Tools
26-28 Sep
BSE SME55₹14538%
Goyal Salt
26-29 Sep
NSE SME20₹3852%
E Factor Experiences
27-3 Oct
NSE SME₹--%
Arvind and Company ShippingNSE SME₹--%
Balaji Speciality ChemicalsMainline55₹--%
Committed Cargo CareNSE SME₹--%
EbixCashMainline₹--%
Tata TechnologiesMainline100₹--%


IPO Kostak & Subject to Sauda Rates

IPO NameTypeKostak RatesSubject to Sauda
Samhi HotelsMainline₹-₹-
Zaggle Prepaid Ocean ServicesMainline₹-₹-
Yatra OnlineMainline₹-₹-
Sai Silks KalamandirMainline₹-₹-
Signature GlobalMainline₹-₹-
Manoj Vaibhav GemsMainline₹-₹-
Updater ServicesMainline₹-₹-
JSW InfrastructureMainline₹-₹-
Valiant LaboratoriesMainline₹-₹-
Cellecor GadgetsNSE SME₹-₹50000
Kundan EdificeNSE SME₹-₹20000
Chavda InfraNSE SME₹-₹90000
Madhusudan MasalaNSE SME₹-₹90000
Techknowgreen SolutionsBSE SME₹-₹-
Master ComponentsNSE SME₹-₹-
Kody TechnolabNSE SME₹-₹30000
Holmarc Opto-MechatronicsNSE SME₹-₹-
Hi-Green CarbonNSE SME₹-₹60000
Mangalam AlloysNSE SME₹-₹30000
Marco Cables & ConductorsNSE SME₹-₹-
Organic Recycling SystemsBSE SME₹-₹-
Saakshi Medtech and PanelsNSE SME₹-₹-
Inspire FilmsNSE SME₹-₹30000
Digikore StudiosNSE SME₹-₹60000
Newjaisa TechnologiesNSE SME₹-₹-
Arabian PetroleumNSE SME₹-₹-
Sunita ToolsBSE SME₹-₹-
Goyal SaltNSE SME₹-₹25000
E Factor ExperiencesNSE SME₹-₹-
Arvind and Company ShippingNSE SME₹-₹-
Balaji Speciality ChemicalsMainline₹-₹-
Committed Cargo CareNSE SME₹-₹-
EbixCashMainline₹-₹-
Tata TechnologiesMainline₹1200₹1500

What is IPO GMP?

The IPO GMP (IPO Grey Market Premium) refers to the difference between the IPO’s issue price and its trading price in the grey market. Before an IPO officially hits the stock exchanges for public trading, there is a period during which unofficial trading of the IPO shares takes place in the grey market. The grey market is an over-the-counter market where buying and selling of shares happen without the involvement of the stock exchanges.

An IPO grey market premium (IPO GMP) is the difference between the price at which shares of an Initial Public Offering (IPO) are traded in the grey market and the issue price set by the company. The grey market is an unofficial market where shares can be bought and sold before they are listed on a stock exchange. GMP can be used as a gauge of investor sentiment toward an IPO. A high GMP suggests that investors are bullish on the company and expect the share price to rise when it lists on the stock exchange. A low GMP suggests that investors are bearish on the company and expect the share price to fall when it lists.

It is important to note that the GMP is not always an accurate predictor of how the share price will perform when the IPO lists on the stock exchange. There are a number of factors that can affect the share price on the listing, such as the level of demand from institutional investors and the overall market conditions. The GMP is simply a reflection of investor sentiment at a particular point in time. The actual performance of the shares will depend on a number of factors, including the company’s performance, general market conditions, and other factors. One key aspect that captures the interest of potential investors is the IPO Grey Market Premium (GMP). This article aims to provide a comprehensive understanding of IPO GMP, IPOs, and their significance in the IPO grey market.

The IPO GMP gives an indication of market sentiment towards the IPO. If the GMP is positive, it means that the shares are being traded at a higher price than the issue price, indicating strong demand for the IPO. Conversely, a negative GMP means the shares are being traded below the issue price, suggesting weak demand.

Let’s see how to calculate the estimated listing price after adding a premium. If the grey market shows the rate of an IPO is ₹100 and the IPO price is around ₹200 then the estimated listing price will be around ₹300. Based on the calculation the listing gain will be 50% against the IPO price.

The listing of an IPO might vary against the estimated listing price suggested by the grey market due to the bull/bear market or the demand for the company shares. We have witnessed that some of the IPOs had lower grey markets but listed with higher gains while a few IPOs in 2021 were a grey market was on the higher side but the listing was at the lower levels. As the grey market is always one of the strong factors for the IPO listing gain calculation but we highly recommend investors use the grey market rates for just information, do not trade based on the numbers.

Important Points to Consider about IPO GMP:

  • The grey market transactions are unofficial and that is an involvement of IPO investors and the stockbrokers. It depends on the trust between both parties.
  • Read our IPO analysis before applying for an IPO.
  • The grey market rates are calculated and provided or sourced from market research or experts.
  • We do not recommend trading in the Grey Market as it’s illegal.
  • Kostak Rate is the premium one gets by selling his/her IPO application (in an off-market transaction) to someone else even before allotment or listing of the issue.
  • Do not subscribe to the IPO on the premium given above. It may change anytime before listing.
  • Subscribe only considering the Fundamentals of the companies.

Past IPO Grey Market Premium of IPO 2022-2023:

IPO NamePriceGMPListed
EMS IPO₹211₹100₹282
RR Kabel₹1035₹95₹1140
Jupiter Life Line Hospitals₹735₹230₹973
Rishabh Instruments₹441₹65₹460
Ratnaveer Precision Engineering₹98₹50₹128
Vishnu Prakash R Punglia₹99₹60₹165
Aeroflex Industries₹108₹65₹197
Pyramid Technoplast₹166₹20₹187
TVS Supply Chain Solutions₹197₹-₹207
Concord Biotech₹741₹110₹900
SBFC Finance₹57₹30₹82
Yatharth Hospital₹300₹80₹306
Netweb Technologies₹500₹400₹947
Utkarsh Small Finance Bank₹25₹15₹40
Senco Gold₹317₹100₹430
Cyient DLM₹265₹150₹402
IdeaForge₹672₹510₹1300
HMA Agro₹585₹-₹625
IKIO Lighting₹285₹100₹391
Nexus Select Trust₹100₹5₹103
Mankind Pharma₹1080₹100₹1300
Avalon Technologies₹436₹10₹436
Udayshivakumar Infra₹35₹5₹30
Global Surfaces₹140₹15₹164
Divgi TorqTransfer Systems₹590₹40₹620
Sah Polymers₹65₹10₹85
Radiant Cash Management₹99₹3₹103
Elin Electronics₹247Disc₹244
KFin Technologies₹366Disc₹267
Abans Holdings₹270Disc₹273
Landmark Cars₹506Disc₹471
Sula Vineyards₹357Disc₹361
Uniparts India₹577₹40₹575
Dharmaj Crop Guard₹237₹55₹266
Keystone Realtors₹541₹5₹555
Inox Green Energy₹65Disc₹60
Kaynes Technology₹587₹220₹778
Five Star Business Finance₹474Disc₹468
Archeran Chemicals₹407₹120₹450
Global Health₹336₹20₹401
Bikaji Foods₹300₹25₹322
Fusion Micro Finance₹368₹5₹360
DCX Systems₹207₹85₹207
Tracxn₹80₹4₹84
Electronics Mart₹59₹30₹90
Harsha Engineers₹330₹130₹450
Tamilnad Mercantile Bank₹510₹15₹495
Dreamfolks Services₹326₹120₹508
Syrma SGS₹220₹55₹260
Aether Industries₹642₹15₹704
eMudhra IPO₹256+-₹10₹270
Ethos IPO₹878+-₹10₹825
Paradeep Phosphates₹42₹0.50₹44
Venus Pipes₹326₹30₹337
Delhivery₹487+-₹10₹495
Prudent Corporate₹630+-₹10₹650
LIC IPO₹949+-₹12₹872
Rainbow Hospital₹542₹10₹510
Campus Activewear₹292₹50₹360
Hariom Pipe₹153₹15₹220
Veranda Learning₹137₹15₹157
Uma Exports₹68₹-₹76
Ruchi Soya₹650₹60₹855
Vedant Fashions₹866₹10₹935
Adani Wilmar₹230₹30₹227
AGS Transact₹175₹5₹175
CMS Info Systems₹216₹5₹220
Supriya Lifescience₹274₹130₹421
HP Adhesives₹274₹90₹315
Data Patterns₹585₹300₹856
Medplus₹796₹180₹1040
Metro Brands₹500₹-₹437
MapmyIndia₹1022₹700₹1565
Shriram Properties₹118₹-₹90
RateGain₹425₹35₹360
Anand Rathi Wealth₹550₹50₹600
Tega Industries₹453₹300₹760
Star Health₹900-₹50₹845
Go Fashion₹690₹450₹1310
Tarsons Products₹662₹180₹682
LatentView Analytics₹197₹300₹512
Sapphire Foods₹1150₹150₹1350
Paytm₹2150₹30₹1950
Sigachi Industries₹163₹230₹570
SJS Enterprises₹542₹60₹542
Policybazaar₹980₹150₹1150
Nykaa₹1125₹750₹2018
Aditya Birla AMC₹712₹25₹715
Paras Defence₹175₹220₹469
Sansera Engineering₹744₹65₹811
Vijaya Diagnostic₹531₹0₹540
Ami Organics₹610₹150₹910
Aptus Value Housing₹353₹0₹333
Chemplast Sanmar₹541₹0₹550
Nuvoco Vistas₹570₹0₹485
CarTrade₹1618₹150₹1505
Windlas Biotech₹460₹85₹437
Devyani International₹90₹55₹141
Exxaro Tiles₹120₹15₹126
Krsnaa Diagnostics₹954₹320₹1005
Rolex Rings₹900₹450₹1250
Glenmark Life Sciences₹720₹90₹750
Tatva Chintan Pharma₹1083₹1100₹2111
Zomato₹76₹25₹126
GR Infraprojects₹837₹560₹1716
Clean Science₹900₹620₹1784
India Pesticides₹296₹65₹350
Dodla Dairy₹428₹95₹550
KIMS Hospital₹825₹110₹1009
Shyam Metalics₹306₹135₹380
Sona BLW Precision₹291₹5₹301
Lodha Developers₹486₹0₹436
Barbeque Nation₹500₹0₹482
Suryoday Small Bank₹305₹0₹293
Kalyan Jewellers₹87₹0₹74
Anupam Rasayan₹555₹70₹520
Laxmi Organic₹130₹45₹155
Craftsman Automation₹1490₹32₹1359
Nazara Technologies₹1101₹700₹1990
Easy Trip Planners₹187₹140₹212
MTAR Technologies₹575₹500₹1050
Heranba Industries₹627₹270₹900
Nureca Limited₹400₹80₹615
Brookfield India REIT₹275₹0₹281
Stove Kraft₹385₹65₹298
Home First Finance₹518₹150₹618
Indigo Paints₹1490₹900₹2607
RailTel₹94₹15₹109
IRFC₹26₹0.50₹25
Antony Waste₹315₹105₹436

IPO Grey Market FAQs:

What is Grey Market Premium?

The IPO Grey Market Premium (IPO GMP) refers to the premium or additional price at which IPO shares are traded unofficially before their official listing on a stock exchange. It represents the market’s perception of the potential value and demand for the shares.

The “grey market premium” aka “IPO GMP” is a term people use in the IPO market to check what is the estimated price the IPO might list. It is unofficial, but investors look at an IPO’s grey market price to get the stock’s fixed gain. It works before the IPO listing and during the days from the IPO start date to the allotment date. The grey market premium indicates how the IPO might react on a listing day with an estimated price.

Let’s see how the IPO GMP calculation goes on. If the company comes up with an IPO of ₹100 and the grey market premium is around ₹20 then we can assume that the IPO might list at around ₹120 on its listing day. But the fact is, there is no reliability. In most cases, IPO GMP works but in some cases, it’s not. We have observed that if the IPO is in demand and the estimated HNI and QIB subscription is on the higher side, the IPO list around the given price with an estimated IPO GMP.

What Factors are Influencing IPO GMP?

Several factors contribute to the IPO Grey Market Premium, including:

  • Company Fundamentals: Strong financials, growth prospects, and a reputable management team can positively impact the GMP.
  • Market Conditions: Overall market sentiment, sector performance, and economic factors influence investor appetite for IPOs.
  • Demand and Supply Dynamics: The number of shares available and the level of investor interest play a crucial role in determining the GMP.

What is Kostak Rate?

The Kostak rate is the amount that one investor pays to the seller of an IPO application before the IPO listing. As the grey market reacts the Kostak rates also react that way. One can buy and sell their full IPO application on Kostak rates outside the market and fix their profit. The Kostak rates apply whether the investor gets the IPO allotment or not, the buyer should pay the Kostak rates for the IPO.

If one did 5 applications for one IPO and sold the same at ₹1000 per application it means he or she secured the IPO profit at ₹5000 rupees. If he gets the allotment in 2 applications still his profit will be ₹5000. Now if he sells the stock and gets a profit of around ₹10000 then he or she needs to give the remaining profit of ₹5000 to the investor who bought the application. This is the secure way to sell your application in the IPO grey market.

What is Subject to Sauda?

As per the Kostak rate, the Subject to Sauda on the application is the amount decided when the investors get the firm allotment on their IPO Application. If one buys or sells the IPO application on the subject to sauda it means one can get the said amount if one gets the allotment otherwise sauda will be canceled. In this one can not fix their profit as it depends on the allotment. Again if one gets an allotment and he or she sold the application for around ₹10000 and the profit goes high on listing day around ₹15000 then one should pay ₹5000 to the guy who bought the application.

How to Calculate Grey Market Premium?

The IPO GMP aka grey market premium is a price that is traded in the grey market before the IPO listing process. The calculation is done based on the company’s performance, its demand in the grey market, and the probability of the subscription. Let’s assume that if the X IPO price is fixed at ₹200 and the grey market is showing the rate of ₹100 it means the IPO might list at ₹300 (ie: ₹200+₹100). Still, this is an assumption but the actual listing might vary from the grey market price.

Are Grey Market Stocks Safe?

It depends on the broker or the trading person and We suggest it is not safe. If you are trading in the grey market it will be at your own risk. There might be fluctuations on a higher side so one needs to do it with precautions. As we suggest just refer to the IPO GMP for the listing gain purpose. Be wise and trade in the primary market after listing only.

How Do I Buy / Sell IPO Application in Grey Market?

There are no official people or businesses associated with the grey market. Some brokers buy and sell IPO applications on Kostak Rates or Subject to Sauda Rates based on the IPO GMP. One should find local brokers who stay between buyers and sellers and do the grey market trading of IPO applications. Be aware of the rates and then do the buying or selling.

Significance of IPO GMP

The IPO Grey Market Premium serves as an indicator of market sentiment and the perceived value of the IPO shares. It allows potential investors to gauge the level of demand and the premium they may have to pay if they wish to purchase shares during the IPO. However, it’s essential to note that the GMP doesn’t guarantee future performance and is subject to change.

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38 Responses

  1. Nice information. Keep it up. I always check Ipowatch for the grey market update and most of accurate. Keep the thing upto the mark always.

  2. The great results we have seen via IPO GMP Page. Each time you post the rates and the IPO settles around the rate. Keep updating.

        1. Good SME IPO getting highest subscription and due to that the basis of allotment is on a higher side. Lucky one will get the allotment. Try to apply in multiple accounts to get the allotment. 1 Allotment in the year will give a good profit for sure.

  3. Please rectify the link for Kaynes Technology. It is pointing to wrong company!!!.

    also other sites indicate GMP of 75 but here it is shown as 15.. Kindly check.

    Thanks

  4. upto date information and almost all the IPOs are listing near to the grey market premium suggested by IPO Watch GMP page.

  5. Very informative and good guide. Most of GMP forecast comes true. Keep updating the price. Thanks a lot

  6. Accurate IPO GMP Rates. Keep updating on daily basis help us to decide to apply an IPO or not. Super Thanks.

  7. Maine itna baar padh liya kostak rates aur subject to sauda rates merko samhj hi nahi aa raha ye dono, koi samjha do yaar please??

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