grey market premium today ipo grey market premium GMP

Grey Market Premium dpbossMarket Undercurrent
compiled by the trusted sources of ChanakyaNiPothi.com, 
India`s The Oldest Investment & IPO website, a legacy of 32 years

Updated on June 17, 2025 @ 7.00 am

HDB Financial IPO 

HDB Financial IPO GMP GMP   Message board
B: 60    
S:     
24-26 June
tentative
  Application
Rates
Sub 2
Price Rs    Retail 920 close
Lot            
Open  .   S HNI 1800 close
Close          
Al         B HNI 8700 Close
List:       S-holder (2L+) 2000  
Premium Trend: Application rates for RII and Big HNIs are now live. The IPO is expected to open on 24 June and will close on 26 June tentatively.
Kalpataru IPO  kalpataru IPO GMP   Message board
Buy Sell    
Rs.1590 Cr.        
IPO Detail Upcoming IPO Subscriptions   Appli Sub2
EoD 1   Rates Rates
Price Rs ? QIB Retail
Lot    ? B-HNI S-HNI  
Open  ?.06.25 S-HNI B-HNI – 
Close  ?.06.25 Retail      
Al        ?.06.25 Total      
List:    ?.06.25 Appli.      
Premium Trend Discussion: 
Looking to the renewed fancy for the real-estate scrips, this IPO may fetch good response.

Global Civil IPO 

global civil projects ipo GMP   Message board
Buy Sell    
Rs.?Cr. 0 0    
IPO Detail Opens on
24 June
Subscriptions   Appli Sub2
EoD 1   Rates Rates
Price Rs ? QIB Retail
Lot    ? B-HNI S-HNI
Open  24.06.25 S-HNI B-HNI
Close  26.06.25 NII      
Al        27.06.25 Retail      
List:    01.07.25 Total      
Premium Trend Discussion: 

AJC Jewells IPO

AJC Jewel Manufacturers IPO GMP Sub2 Message board
0 0  

IPO Detail

Opens on
23 June
  Subscription Status
EoD1
QIB
Size Rs. 15.39 Cr.    
Price Rs 95   HNI
Lot    1200
Open 23.06.2025    Retail
Close 27.06.2025 
Al       30.06.2025   Total
List:    1.07.2025 
Premium Trend:
Premium rates are not seen

Safe Enterprises IPO

safe enterprises ipo GMP Sub2 Message board
0 0  

IPO Detail

Opens on
20 July
  Subscription Status
EoD1
QIB
Size: Rs.161.13 Cr.    
Price Rs 138   HNI
Lot    1000
Open 20.06.2025    Retail
Close 24.06.2025 
Al       25.06.2025   Total
List:    27.06.2025 
Premium Trend:
Premium rates are not seen

Mayasheel IPO 

mayasheel ventures ipo GMP Sub2 Message board
5 11400  
     
Opens on
20 June
  Subscription
EoD 1
 
Price Rs 47   QIB    
Lot    3000   HNI    
Open  20.06.25   Retail    
Close  24.06.25   Total    
Al        25.06.25   Appli.    
List:    27.06.25        
  • Review
  • Subscription
  • Allotment link
  • Listing Estimate
Premium Trend: 

Arisinfra IPO 

arisinfra IPO GMP   Message board
Buy Sell    
Rs.499.60 Cr. 23 27    
IPO Detail Opens on
18 June
Subscriptions   Appli Sub2
EoD 1   Rates Rates
Price Rs 222 QIB Retail 1300
Lot    67 B-HNI S-HNI 18,200
Open  18.06.25 S-HNI B-HNI 18,200
Close  20.06.25 NII      
Al        23.06.25 Retail      
List:    25.06.25 Total      
Premium Trend Discussion: 
Very often the IPO was postponed and now finally, it will enter the market on 18th June

Influx Healthcare IPO 

influx healthcare ipo GMP Sub2 Message board
37 33,700  
     
Opens on
18 June
  Subscription
D 1
 
Price Rs 96   QIB    
Lot    1200   HNI    
Open  18.06.25   Retail    
Close  20.06.25   Total    
Al        23.06.25   Appli.    
List:    25.06.25        
  • Review
  • Subscription
  • Allotment link
  • Listing Estimate
Premium Trend: 
Strong profitability and the players anticipate high activity in premium market. Premium and subject to rate have moved up in the evening session.

Eppletone IPO 

eppletone Engineers IPO GMP Sub2 Message board
63 47,900  
     
  • IPO Detail
Opens 
Today
  Subscription
D 1
 
Price Rs 128   QIB    
Lot    1000   HNI    
Open  17.06.25   Retail    
Close  19.06.25   Total    
Al        20.06.25   Appli.    
List:    24.06.25        
  • Review
  • Subscription
  • Allotment link
  • Listing Estimate
Premium Trend: Premium starts with bang and inched higher soon.

Samay Projects IPO

Samay Project Services IPO GMP Sub2 Message board
0 0  

IPO Detail

IPO is
open
  Subscription Status
EoD1
QIB
Size: Rs.14.69 Cr.    
Price Rs 34   HNI
Lot    4000
Open 16.06.2025    Retail
Close 18.06.2025 
Al       19.06.2025   Total
List:    23.06.2025 
Premium Trend:
Premium rates are not seen

Patil Automation IPO

GMP Sub2 Message board
22 20100  

IPO Detail

IPO is
open
  Subscription Status
EoD1
QIB 0.01
Size: Rs.82.02 Cr.    
Price Rs 120   HNI 1.81
Lot    1200
Open 16.06.2025    Retail 0.62
Close 18.06.2025 
Al       19.06.2025   Total 0.70
List:    23.06.2025 
Premium Trend:
Premium rates are now live and the grey market players anticipate strong rally in the coming hours, for this IPO
Oswal Pumps IPO  oswal pumps ipo GMP   Message board
Buy Sell    
Rs.1387.34 Cr. 50 54    
IPO Detail Closes 
Today
Subscriptions   Appli Sub2
EoD 1   Rates Rates
Price Rs 614 QIB 0.08 Retail 370 1000
Lot    24 B-HNI 0.31 S-HNI Close 14100
Open  13.06.25 S-HNI 0.40 B-HNI 2100 14100
Close  17.06.25 NII 0.34      
Al        18.06.25 Retail 0.18      
List:    20.06.25 Total 0.19      
Premium Trend Discussion: 
Flow of applications on Day 3 has improved marginally. On Thursday, the premium has started downward trend. Declined to Rs. 56, from earlier GMP of Rs. 88.
The premium to IPO price ratio (9%) is not impressive and some players do not expect huge oversubscription. Many a time, when PtoIP ratio is so low, it declines sharply once the IPO closes for subscriptions.
Anchor investment: The company raised Rs. 416.20 crore from the anchor investors.

Aten Papers IPO GMP

aten papers ipo GMP Sub2 Message board
10 9100  
Closes
today
     
Price Rs 96 Lot 1200
Size Rs.  Cr. 31.68
   
Open  13.06.2025 
Close  17.06.2025 
     
Al       18.06.2025
List:    20.06.2025 
     

 

Monolithisch IPO

monolithisch IPO GMP Sub2 Message board
43 32700  
Allotment
Today
  Subscription Status
EoD3
QIB 129.20
Size: Rs.82.02 Cr.    
Price Rs 143   HNI 459.98
Lot    1000
Open  12.06.2025    Retail 94.11
Close  16.06.2025 
Al        17.06.2025  195179 Application Total 182.59
List:     19.06.2025 
Premium Trend:
The size of the IPO is somewhat large. Subscriptions have improved on the last day, yet huge oversubscription difficult. Premium trade-volume weak.

Jainik Power IPO GMP Sub2 Message board
0 0  
IPO Detail Listing
Today
  Subscription Status
EOD3
QIB 1.01
Size: Rs.51.30 Cr.    
Price Rs 110   HNI 1.13
Lot    1200
Open 10.06.2025    Retail 2.08
Close  12.06.2025 
Al        13.06.2025   Total 1.54
List:     17.06.2025 
Premium Trend:
Premium gone, once the subscription is below expectations.

Sacheerome IPO 

sacheerome IPO GMP Allotted Message board
27 25,000  
Listed @ 
Rs. 153
     
Price Rs 102
Lot    1200
   
Open  9.06.2025 
Close  11.06.2025 
     
Al       12.06.2025
List:    16.06.2025 
     

Premium Trend:
As compared to the grey market listing expectations of Rs. 122 to 125, the scrip is listed at Rs. 153, which is quite above the expectations.

Quicklinks

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Important IPO grey market
# Information given on this post/page is only coverage of News related to Grey Market. We do not deal in today grey market premium or Subject to rates, nor we recommend dealing in Grey Market. Movements in the grey market may not be based on any fundamental or other attractiveness of the IPO. 
It is based among other factors, on the estimate of oversubscription, interest-costs of the funds blocked, greediness of the IPO-applicants and also it may be affected by manipulations of the grey market operators/promoters.
# Investment decision based on Grey Market Premium can be faulty.

Frequently Asked Questions:

What should be that Winning Strategy in the Grey Market (Pre-IPO or Securities)

  1. Information is Power
  • Get early and accurate info about the companies being traded—financials, promoter credibility, growth potential.
  • Join reliable investor groups, forums, or get access to insider buzz (Telegram groups, Discord, or specific investment circles often help).
  1. Understand GMP (Grey Market Premium)
  • The Grey Market Premium is an indicator of demand, but not a guarantee.
  • Compare GMP with fundamentals and valuation—don’t go in just because the premium is high.
  1. Timing is Everything
  • Many traders book profits before the official listing, especially if the listing is expected to be volatile.
  • Don’t get greedy. If you’re making a decent return pre-listing, exit with discipline.
  1. Diversify Bets
  • Don’t put all your capital into one IPO or one opportunity. Grey market is volatile and often illiquid.
  • Treat it like swing trading—small, quick, and spread out.
  1. Stay Legal & Ethical
  • Avoid any trades that could breach regulatory norms. SEBI (India), SEC (US), etc., can penalize if you cross into insider trading or illegal securities dealing.
  • Documentation and proof of trades can be blurry in grey markets. Know your counterparty.
  1. Network with Dealers
  • If you’re serious, you need strong relationships with grey market dealers—they often control access to pre-IPO shares or unofficial allocations.

Extra Pro Tips

  • Track past IPOs: Study how previous high GMP shares performed on listing day. Patterns emerge.
  • Watch anchor investor response: If institutions are biting, that’s usually a good sign.
  • Avoid the hype trap: Sometimes, grey market interest is artificially inflated to lure retail investors.

What is Grey market?

A Grey Market also know as a parallel market, is an unofficial stock and applications market.

In this market, the investors trade for shares or applications before the shares are officially listed for trading in the stock exchange. Trading in grey market stocks in India is done in cash and in person.

No third-party firms such as Stock Exchanges or SEBI back this transaction. Kostak and Grey Market Premium are the two well-known terms in the Initial Public Offering (IPO) Grey Market.

Grey markets in India have existed as a parallel market for stocks for a long time, and traders and investors verify their authenticity.

What is Grey market Premium?

Grey Market Premiu is popularly known as GMP. The amount at which the IPO shares are traded is known as grey market premium. The company’s stock that will come up with the IPO is bought and sold outside the stock market. The live grey market premium is believed to reflect how the IPO will react on its listing day.

Lets understand with an example

Let’s assume that the issue price of Stock WIN is Rs. 100. And the grey market premium is Rs. 300. This suggests that investors are ready to purchase the shares of Company WIN for Rs.400 (100+300).

What is Subject to rate in an IPO?

Subject to Sauda price is an extension to the IPO Kostak rate. In subject to sauda, the buyer of the application agrees to pay a fixed price against the IPO application only if the seller of the IPO application receives allotment in the IPO. The subject-to-Sauda rates are generally higher than the Kostak rates.

Considering the above example, the buyer of the applicant agrees to pay an additional Rs 4,000 for the entire application provided the IPO applicant receives the allotment.

In this case, if the applicant secures no allotment, the deal gets cancelled. However, if the IPO applicant receives the allotment the buyer of the IPO application pays Rs 4,000 as the premium. The seller of the applicant either passes the listing gains to the seller or shares to the buyer of the IPO application for Rs 11,500 (7,500 + 4,000).

Note: Rs 7,500 is the amount for 15 shares bought at Rs 500. Rs 4000 is the premium buyer paid for the entire application.

What is Kostak & Sauda rates?

The IPO Kostak price is an agreed-upon price at which IPO applications are sold and purchased, regardless of their allotment status. The Kostak Price is the fixed price paid by the buyer of the IPO Application to the seller of the IPO Application.

The Kostak rate is the price for the entire IPO application and not per share. It is a price mutually agreed between the buyer and seller.

For example, an investor has applied for 15 shares at Rs 500 in an IPO amounting to Rs 7500. Now there is another investor who is bullish about this upcoming IPO and agrees to pay Rs 1,000 as the premium to purchase the entire IPO application. In this case, the seller of the IPO application secures a fixed profit of Rs 1,000 irrespective of whether he secures an allotment or not.

If the seller receives allotment and the listing happens at a premium, the seller is required to pass the listing gains to the buyer or credit the shares to the purchaser against Rs 8,500 (7,500 +1,000).

If the seller does not receive the allotment, still the buyer of the IPO application needs to pay Rs 1,000 to the seller of the IPO application.

How GMP is calculated?

There are many variables which determine the price of an IPO on the grey market.
The Grey market Premium (GMP) over an above the IPO issue price is determined by demand and supply statistics, similar to stock prices. I expect the grey market pricing to be lower. The players in the grey market estimate the listing price for an IPO and the difference between the estimated listing price and the issue price is considered as GMP.
The profitability of an Issuer company and the valuation as which the shares are offered also affect the estimate of listing price.

How Subject to & Kostak rate is calculated?

Types of Trading in Grey market?

Types of Trading in Grey Market
There are two types of trading in the grey market-

1.Trading of Applications, i.e., selling or buying IPO applications at a particular rate or premium.
2. Trading of Allotted Shares, i.e., selling or buying the allocated IPO shares before they get listed in the stock exchanges.

How do you calculate listing price from GMP?

GMP or Grey market Premium is rough indication of the premium/discount over the IPO-issue-price. At this juncture, we shall not go into the nitty gritty of how GMP is arrived at or quoted in the Grey market. The players add up GMP to the IPO-Issue-price and estimate the IPO listing price.
Let’s understand:
The GMP of an IPO of company SUCCESS is Rs. 25 and the shares are offered at Rs. 50. Then the shares are estimated to get listed at Rs 75 (Rs. 50+ Rs. 25 GMP)

Is trading in grey market illegal?

Yes, in simple words, the trading in the grey market is not legal and disapproved by the market regulator SEBI. Under normal circumstances, market factors determine the GMP, so the chances of fraud are not high in such IPOs. However, many a times, the grey market operator in connivance with the IPO-promoter/its lead manager manipulates the GMP, to attract the gullible and innocent investors to apply for the IPO and the investors incur losses.  To prevent such frauds, the market regulator discourages grey market trading.

Who should you contact to trade in Grey Market?

As we know trading in a grey market is not legal, the trading in the grey market is often carried out over phone calls. There are no such official registered persons or traders for grey market trading. An investor willing to trade in the grey market needs to find a local dealer who will help find the buyers and sellers.

IPO GMP

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grey market discussion

18 Comments on “GMP & Subject to Rates at a Glance

  1. CA Suresh Doshi, Satara

    Qiality of the comments were very high at this platform. No nonsence discussion just like other sites. Congratulations to the Admin.

    Reply
  2. Nilanjal Goyal, Pune

    @Sevaklal,

    Aten may not bring good listing gains. No buyers in grey market. Apply with full force in Sacheerome.

    Reply
  3. V.P Unnad, Bangalore

    Admin sir, Happy that you have activated this discussion platform. The readers were awaiting to be active on your site. All the best
    Do provide IPO guidance by Sonam Singh, Delhi. Her opinions were upto the mark.

    Reply
  4. Ajajy Singh, Chandigadh

    Sacheerome premium buying has been impressive. Tomorrow on the last day of subscription hige oversubscription expected. Even Chanakya expert has recommended this IPO strongly. Must apply IPO. Premium to move up

    Reply
  5. Anurag Prakash, Kolkatta

    No fancy or buyers seen in grey market for Monolithisch IPO. Hem SEcurities may not bring good subscription this time. Even during last 2/3 issues, there performance has been unimpressive.
    Premium to issue price ratio is good. May avoid

    Reply
  6. Uttam Singh, Delhi

    What is your observation about Aten Papers. Earlier the IPO was postponed. No premium as of now. What to do?

    Reply
  7. Resham Kush, Udaipur

    Sacheeram has strong business and large profits. The premium and subject to rates are justified. I expect bumper subscription on Wednesday.
    All the best to premium-buyers in this IPO.

    Reply
  8. Rajiv Ghana, Jaipur

    Most of the business of Oswal Pumps is from government schemes and if such business goes, then the company is in soup. May not generate good profits. Risky
    Not recommended.

    Reply
  9. Vikas Patel, Anand

    No, Sujal,

    You are wrong. There is no short sell caught. It is gimmick of the operator, sice the price of this IPO is very high, the chance of oversubscription is very low and hence it is gimmick to attract the investors. Negative listing is expected by me

    Reply
  10. Sujal Shah, Mumbai

    sir, Welcome decision to activate this group. I used to get useful information and guidance on grey market through your platform.
    Oswal pumps, the premium is not large but short selling is caught and strong buying at this counter is seen since Tuesday morning. Premiuma and subject to rates to move up

    Reply
  11. Raj

    Can someone tell me local dealer means
    Offline office of online discount brokers or other thing??

    Plz reply

    Reply
  12. Resham Kush, Udaipur

    GMP of Virtula is expected to decline. The IPO has no fundamental attraction and profits are highly inflated. Already before the IPO opens, the subject to rates are down.

    Reply
  13. Rajvir Ghana, Mumbai

    Admin Sir,
    Good that you have started discussion platform hear. It will be very interesting and informative.
    Congratulation. I invite all the GMP players to actively participate

    Reply

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