Chanakya Grey Market Intelligence – 8.00 PM Edition
Frequency: Updated at 8.00 pm 11 November 2025
Points covered in this News Report:
✅ Why GMP is rising today
✅ Why GMP is falling
✅ Operator behaviour in GMP
✅ Listing day expectation
✅ Fresh subscription data → GMP reaction
✅ CAPILLARY TECHNOLOGIES – Mainboard | Price Rs. 577 | IPO Size Rs. 877 cr
GMP stayed at zero throughout the day and no deals were recorded in any major center. Since the IPO has not yet opened, operators are avoiding early positions. Subscription trend will decide the first real move in GMP.
Indicative Listing Price: Rs. 577
Chanakya View: Neutral tone; wait for subscription cues.
✅ FUJIYAMA POWER SYSTEMS – Mainboard | Price Rs. 228 | IPO Size Rs. 828 cr
Grey market remained inactive from morning to evening with zero premiums through all sessions. Operator sentiment is mild, and only moderate oversubscription is expected once the issue opens.
Indicative Listing Price: Rs. 228
Chanakya View: Lukewarm trend; limited action until subscription picks up.
✅ TENNECO INDIA – Mainboard | Price Rs. 397 | IPO Size Rs. 300 cr
GMP surged from Rs. 50 (2 PM) to Rs. 67 by evening, led by strong demand in Mumbai, Rajkot, Delhi and Gandhidham. Operators are extremely bullish and expecting a bumper response when the IPO opens.
Indicative Listing Price: Rs. 464 (397 + 67)
Chanakya View: Strongest mainboard sentiment today; upward trend intact.
✅ PHYSICS WALLAH – Mainboard | Price Rs. 109 | IPO Size Rs. 3480 cr
GMP moving around Rs. 1.5. Delhi operators report renewed interest.
Indicative Listing Price: Rs. 110.5
Chanakya View: Apply with long term perspective
✅ EMMVEE PHOTOVOLTAIC – Mainboard | Price Rs. 217 | IPO Size Rs. 2900 cr
GMP cooled sharply from Rs. 20 in the morning to Rs. 5 by evening as traders booked profits. Despite lower GMP, demand continues in Delhi and Jaipur. Subscription at 0.09x is slow but listing sentiment remains positive.
Indicative Listing Price: Rs. 222
Chanakya View: Mildly positive bias; GMP likely to stabilise near Rs. 5–8.
✅ PINELAB – Mainboard | Price Rs. 221 | IPO Size Rs. 3899.91 cr
No GMP movement across sessions, though operator enquiries were reported in Delhi. Strong subscription of 2.48x is keeping sentiment firm.
Indicative Listing Price: Rs. 221 (flat to marginal premium)
Chanakya View: Positive listing expected; strong post-listing gains anticipated.
✅ GROWW LTD – Mainboard | Price Rs. 100 | IPO Size Rs. 6632.3 cr
GMP firmed up from Rs. 2–3 range early morning to Rs. 5 by evening. Strong demand reported in Mumbai, Rajkot, Jaipur circles. Heavy subscription at 9.43x has boosted bullish sentiment.
Indicative Listing Price: Rs. 105
Chanakya View: Strong listing and post-listing rally expected.
SME Segment (Short Notes)
✅ Workmates (SME) – Price Rs. 206 | GMP Rs. 36
GMP stayed firm at Rs. 36 across Rajkot, Gandhidham and Jaipur. Subscription strong at 1.63x.
Trend: Positive.
✅ Mahamaya Lifesciences (SME) – Price Rs. 114 | GMP 0
No GMP and slow subscription at 0.11x.
Trend: Soft.
✅ Shining Tools (SME) – Price Rs. 114 | GMP 0
Despite zero GMP, subscription remains healthy at 1.15x.
Trend: Stable.
✅ Curis Lifesciences (SME) – Price Rs. 128 | GMP Rs. 6
GMP stable at Rs. 6 after minor intra-day cooling. Outstanding subscription at 74.39x.
Trend: Extremely strong.
✅ Finbud (SME) – Price Rs. 142 | GMP 0
No grey market activity; subscription at 4.43x indicates growing interest.
Trend: Improving.
✅ Shreeji (SME) – Price Rs. 125 | GMP 0
No GMP recorded; subscription at 3.27x.
Trend: Neutral
