IPO GMP Today – Grey Market Premium Trends for Mainboard & SME
Track grey market premium, expected listing gains, closing dates and listing dates for live and upcoming IPOs. Open now: Pind Hospitality Ltd. IPO, SRIT India Ltd. IPO, Shivchem Agro Ltd. IPO, Acme Universal Safezone 9 Ltd. IPO, Shah Investor's Home Ltd. IPO.
Live IPO GMP Trends and Listing Gain Expectations
Grey market Premium (GMP) is an unofficial, unregulated price quoted by dealers outside the exchanges. It reflects sentiment on a given day, not the listing price. GMP can swing sharply or vanish before listing, and a high premium has no bearing on the company's fundamentals.
Mainboard IPO GMP
| IPO Name | IPO GMP | GMP Trend | Price Band | Expected Gain | Open — Closing Date | Listing Date | Status | Sentiment | Updated On |
|---|---|---|---|---|---|---|---|---|---|
 SRIT India Ltd. | ₹40.00 | +₹9.00 | ₹123 — ₹130 | +30.77% | Sep 28 — Sep 30, 2026 | Oct 06, 2026 | Closing today | GMP increasing, total subscribed 4.16x |
What is IPO GMP (Grey Market Premium)?
Grey Market Premium (GMP) is the unofficial premium at which an IPO's shares change hands before they list on the stock exchange. This trading happens outside NSE and BSE, in an informal market where buyers and sellers strike deals through private dealers in the days between the IPO opening and its listing.
GMP is added to the issue price to arrive at an implied listing price:
Implied listing price ≈ Issue price + GMP
If an IPO is priced at ₹100 and its GMP is ₹25, the grey market is signalling a listing around ₹125, an estimated gain of 25%. A GMP of zero suggests a flat listing, while a negative GMP points to a possible listing below the issue price.
GMP is a sentiment gauge rather than a valuation. It tends to move with subscription levels, especially demand from qualified institutional buyers (QIBs) and non-institutional investors (NIIs), along with the company's fundamentals, its sector outlook and the overall mood of the market. Because it can shift sharply in the final days before listing, the trend across the issue period says more than any single reading.
It is also worth being clear about what GMP is not. It is not an official price, it is not regulated by SEBI or the stock exchanges, and it does not guarantee listing gains. IPOs with strong premiums have listed flat or lower, and the reverse has happened too. Multibagg tracks GMP for information only and does not trade in the grey market.
How to use GMP when evaluating an IPO?
GMP reflects what the grey market expects on listing day, but it is only one of many factors worth weighing before you apply. GMP says little about whether the company is worth owning: a high premium can reflect short-term hype, and a low one can overlook a solid business. The checks below give you a quick starting point.
- Read the offer documents. Every Mainboard IPO files a Draft Red Herring Prospectus (DRHP) with SEBI, while SME IPO's DRHP can be found at NSE and BSE, followed by a Red Herring Prospectus (RHP) closer to the issue, which adds the price band and final details. Together they cover the business model, risk factors, promoter background and how the money raised will be used. Our IPO articles provide you with critical points, while Iris can help you get complete summary of these information dense documents.
- Check the financials. Look at revenue and profit growth over the last three years, margins, debt levels and cash flow. Compare the IPO valuation (P/E or price-to-book) with listed peers to judge whether the price band is reasonable.
- Understand the issue structure. A fresh issue brings new capital into the company, while an offer for sale (OFS) lets existing shareholders sell their stake. A large OFS portion is worth questioning.
- Track subscription demand. Strong bids from QIBs and NIIs usually carry more weight than retail enthusiasm. Follow the day-wise numbers as they are published during the issue.
- Weigh your own goals. Decide whether you are applying for listing gains or long-term holding, and whether the lot size fits your risk appetite.
IPO GMP Performance
IPOs that closed in the last three weeks: what the listing price actually was on the listing date and how closely GMP tracked it. Rows awaiting listing show their latest GMP with no listing price yet.
| IPO Name | Type | Listing Date | IPO Price | Listing Price | IPO GMP | Listing Gain |
|---|---|---|---|---|---|---|
 Himalayan Solar Ltd. | SME | Oct 05, 2026 | ₹103.00 | — | ₹0.00 | — |
 German Green Steel & Power Ltd. | Mainboard | Oct 05, 2026 | ₹139.00 | — | ₹13.00 |
Frequently Asked Questions about IPO GMP
IPO GMP is the premium at which an IPO's shares trade in the unofficial grey market before they list on the exchanges. A GMP of ₹50 on a ₹200 issue means grey market dealers expect the share to list around ₹250. It is quoted by private dealers, is not regulated by SEBI, and carries no settlement guarantee.
Expected listing gain is the latest GMP divided by the upper end of the price band, expressed as a percentage. For an issue priced at ₹200 with a GMP of ₹50, the expected listing gain is 25%. It is an estimate of sentiment, not a forecast of the listing price.
GMP is directional at best. It comes from a thin, opaque market where a handful of trades can move the quote, and it often changes in the final days before listing. Historical data shows GMP gets the direction right more often than the magnitude, so use it alongside fundamentals, valuation and subscription data rather than on its own.
GMP figures are refreshed daily as fresh quotes come in from grey market sources. Every row carries its own 'Updated On' date so you can see how recent the number is before acting on it.
Mainboard IPOs are larger issues listed on the NSE and BSE main platforms, with deeper grey market activity and more consistent GMP quotes. SME IPOs are smaller issues on the NSE Emerge and BSE SME platforms, where lot sizes are larger, liquidity is thinner and GMP can move far more erratically.
Grey market deals are private, off-exchange arrangements settled on trust between dealers. They are neither recognised nor regulated by SEBI or the exchanges, which means there is no investor protection, no clearing corporation and no recourse if a counterparty defaults. Tracking GMP as information is perfectly fine; participating in grey market trades is not protected in any way.
