Grey Market Premium (GMP) is the unofficial price premium at which IPO shares trade in over-the-counter (OTC) dealing circles before their formal listing on the BSE and NSE.
Because the grey market reflects real-time cash bids from institutional operators, high-net-worth investors (HNIs), and retail participants, tracking daily GMP movements provides an early read on expected listing-day performance.
IPO GMP Today
Grey Market Premium, Kostak & Estimated Listing Price
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GMP (₹)
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Company Name
Price Band: ₹0 | Lot Size: 0 shares
Factors That Can Shift an IPO’s GMP Before Listing Day
Overall Market Momentum: If the benchmark indices (Nifty 50 and Sensex) suffer a sharp 300–400 point drop during the 3-day gap between bidding and listing day, even strong GMPs can erode rapidly.
Day 3 QIB Subscription Numbers: Retail and employee quotas often subscribe fully on Day 1. However, institutional investors (Mutual Funds, FPIs, and Banks) typically commit their capital in the final 2 hours of Day 3. A sharp uptick in Day 3 QIB bidding almost always strengthens the listing-day premium.
Anchor Investor Lock-In Expiry: For larger issues, keep an eye on when anchor investor lock-ins expire (30 days for 50% of the quota; 90 days for the remainder), as supply spikes can cause short-term price dips post-listing.
Frequently Asked Questions
Can an IPO list below issue price despite a positive GMP today?
Yes. The grey market is unregulated and sentiment-driven. If broader stock markets turn bearish or if institutional interest fades between issue close and listing morning, a stock with a high GMP can still list flat or at a discount.
When does GMP update during market hours?
Grey market quotes are updated twice daily: first in the morning (around 10:00 AM IST) as physical market dealers establish opening quotes, and again in the late afternoon (around 5:00 PM IST) after the day’s official NSE/BSE subscription numbers are released.
What does a negative or discount GMP mean?
A negative GMP indicates that buyers in the OTC market are unwilling to pay the official issue price, signaling that the stock may open below its offer price on listing day.
