June 17, 2025

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Market 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		GMP		Message board
		B: 60
		S:
IPO Detail	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
Review Subscription Allotment link Listing Estimate
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		GMP			Message board
		Buy	Sell
	Rs.1590 Cr.
IPO Detail	Upcoming IPO	Subscriptions		Appli	Sub2
IPO Detail	Upcoming IPO	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.	–
Review Subscription Allotment link Listing Estimate
Premium Trend Discussion: Looking to the renewed fancy for the real-estate scrips, this IPO may fetch good response.

Global Civil IPO		GMP			Message board
		Buy	Sell
	Rs.?Cr.	0	0
IPO Detail	Opens on 24 June	Subscriptions		Appli	Sub2
IPO Detail	Opens on 24 June	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	–
Review Subscription Allotment link Listing Estimate
Premium Trend Discussion:

AJC Jewells 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
Review Subscription Allotment link Listing Estimate
Premium Trend: Premium rates are not seen

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
Review Subscription Allotment link Listing Estimate
Premium Trend: Premium rates are not seen

Mayasheel IPO		GMP	Sub2	Message board
		5	11400

IPO Detail	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		GMP			Message board
		Buy	Sell
	Rs.499.60 Cr.	23	27
IPO Detail	Opens on 18 June	Subscriptions		Appli	Sub2
IPO Detail	Opens on 18 June	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	–
Review Subscription Allotment link Listing Estimate
Premium Trend Discussion: Very often the IPO was postponed and now finally, it will enter the market on 18th June

Influx Healthcare IPO		GMP	Sub2	Message board
		37	33,700

IPO Detail	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		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		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
Review Subscription Allotment link Listing Estimate
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
Review Subscription Allotment lin0.70 Listing Estimate
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		GMP			Message board
		Buy	Sell
	Rs.1387.34 Cr.	50	54
IPO Detail	Closes Today	Subscriptions		Appli	Sub2
IPO Detail	Closes Today	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
Review Subscription Allotment link Listing Estimate
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		GMP	Sub2	Message board
Aten Papers IPO GMP		10	9100
IPO Detail	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
Review Subscription Allotment link Listing Estimate

Monolithisch IPO		GMP	Sub2	Message board
		43	32700
IPO Detail	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
Review Subscription Allotment link Listing Estimate
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
Review Subscription Allotment link Listing Estimate
Premium Trend: Premium gone, once the subscription is below expectations.

Sacheerome IPO		GMP	Allotted	Message board
Sacheerome IPO		27	25,000
IPO Detail	Listed @ Rs. 153
Price Rs 102 Lot 1200			–
Open 9.06.2025 Close 11.06.2025
Al 12.06.2025 List: 16.06.2025
Review Subscription Allotment link Listing Estimate 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

Important
# 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)

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).

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.

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.

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.

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.

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

Grey Market Premium

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