Grey market premium
Unofficial premium per share for IPOs that have not listed yet, with Kostak and Subject-to-Sauda application rates. Estimated listing price is the upper band plus GMP.
Updated 10 Sept 2026, 10:08 am IST
| Company | Status | Dates | Issue price | GMP · Expected gain | Est. listing | Change | Subscription | Trend | Last quote |
|---|---|---|---|---|---|---|---|---|---|
| Kanohar Electricals Limited Mainboard NSE, BSE | Open | 8 Sept – 10 Sept Lists 16 Sept | ₹632 | Not yet quoted | — | — | — | — | — |
| Glass Wall Systems (india) Limited Mainboard NSE, BSE | Open | 8 Sept – 10 Sept Lists 16 Sept | ₹182 | ₹66+36.3% | ₹248 | +₹6 | — | 10 Sept | |
| Prasol Chemicals Limited Mainboard NSE, BSE | Open | 8 Sept – 10 Sept Lists 16 Sept | ₹676 | Not yet quoted | — | — | — | — | — |
| LCC Projects Limited Mainboard NSE, BSE | Open | 9 Sept – 11 Sept Lists 17 Sept | ₹146 | Not yet quoted | — | — | — | — | — |
| Asset Reconstruction Company (india) Limited Mainboard NSE, BSE | Open | 9 Sept – 11 Sept Lists 17 Sept | ₹139 | Not yet quoted | — | — | — | — | — |
| Rentomojo Limited Mainboard NSE, BSE | Open | 9 Sept – 11 Sept Lists 17 Sept | ₹404 | Not yet quoted | — | — | — | — | — |
| Manipal Payment And Identity Solutions Limited Mainboard NSE, BSE | Open | 9 Sept – 11 Sept Lists 17 Sept | ₹339 | Not yet quoted | — | — | — | — | — |
| Steamhouse India Limited Mainboard NSE, BSE | Open | 9 Sept – 11 Sept Lists 17 Sept | ₹81 | Not yet quoted | — | — | — | — | — |
| Karamtara Engineering Limited Mainboard NSE, BSE | Open | 9 Sept – 11 Sept Lists 17 Sept | ₹254 | Not yet quoted | — | — | — | — | — |
| Vinod Texworld Limited SME NSE Emerge | Open | 9 Sept – 11 Sept Lists 17 Sept | ₹94 | Not yet quoted | — | — | — | — | — |
| Amtech Esters Limited SME BSE SME | Open | 9 Sept – 11 Sept Lists 17 Sept | ₹75 | Not yet quoted | — | — | — | — | — |
| Veegaland Developers Limited Mainboard NSE, BSE | Open | 10 Sept – 15 Sept Lists 18 Sept | ₹140 | Not yet quoted | — | — | — | — | — |
| Raksan Transformers Limited SME BSE SME | Open | 10 Sept – 15 Sept Lists 18 Sept | ₹273 | Not yet quoted | — | — | — | — | — |
| Om Galaxy Limited SME BSE SME | Open | 10 Sept – 15 Sept Lists 18 Sept | ₹90 | Not yet quoted | — | — | — | — | — |
| Maharaja & Speedex India Limited SME BSE SME | Open | 10 Sept – 15 Sept Lists 18 Sept | ₹186 | Not yet quoted | — | — | — | — | — |
| Qualiance International Limited SME NSE Emerge | Allotment out | 4 Sept – 8 Sept Lists 11 Sept | ₹120 | ₹55+45.8% | ₹175 | — | 68.2× | 7 Sept | |
| Pranav Constructions Limited Mainboard NSE, BSE | Allotment out | 7 Sept – 9 Sept Lists 15 Sept | ₹124 | ₹44+35.5% | ₹168 | +₹2 | 4.30× | 7 Sept |
Grey market premium, Kostak and Subject-to-Sauda rates are unofficial, unregulated indications collected from market sources. They are not endorsed by SEBI, NSE or BSE and are no guarantee of the listing price. IPOKhazana does not deal in, facilitate or recommend grey market transactions.
How accurate has GMP been?
For each listed issue in this dataset: the last grey market estimate before listing against the price it actually listed at.
Listings tracked
0
Direction called correctly
0 of 0
Average gap, estimate vs actual
—
| Company | Listed | Issue price | Last GMP | GMP estimate | Actual listing | Expected gain | Actual gain | Direction |
|---|
What grey market premium is, and is not
GMP is the premium per share that dealers in the informal grey market quote for an IPO before it lists. It moves with subscription momentum, anchor-book quality and the broader market. Two related quotes concern whole applications rather than shares: the Kostak rate is paid for an application regardless of allotment, and Subject to Sauda is paid only if the application is allotted, which is why Sauda rates run higher.
None of this is regulated or settled through an exchange. Quotes can be thin, especially for SME issues, and can be moved by a handful of deals. Use the table as a read on sentiment, check it against the subscription data, and look at the accuracy tracker above to see how often the estimate has matched the actual listing.
Common questions
How is the estimated listing price calculated?
Upper end of the price band plus the latest grey market premium. Expected gain is GMP divided by the upper band. Both are arithmetic, not forecasts.
What is the difference between Kostak and Subject to Sauda?
Kostak is a fixed sum paid for an IPO application whether or not shares are allotted. Subject to Sauda is paid only if the application is allotted; because the buyer carries less risk, Sauda rates are higher.
How often is GMP updated?
Whenever sources report a changed quote during the issue period, typically several times a day for active mainboard issues and less often for SME issues. Each row shows the date of its last quote.
Can GMP be negative?
Yes. A negative premium means dealers expect the shares to list below the issue price. A premium that fades toward zero during the bidding window is a common warning sign.
Does IPOKhazana buy or sell in the grey market?
No. IPOKhazana reports quotes for information only and does not deal in, arrange or promote grey market transactions.