IPO GMP Today: What is Grey Market Premium and How to Use It
The Grey Market Premium (GMP) is one of the most searched metrics by IPO investors in India. Before an IPO officially lists on NSE or BSE, shares are bought and sold informally in what is called the "grey market." The GMP tells you how much premium these shares are fetching over the IPO issue price — giving you a rough forecast of the expected listing price.
For example, if an IPO has an issue price of ₹200 and the GMP is ₹50, the expected listing price is approximately ₹250 — a 25% listing gain. However, this is not guaranteed and grey market data can be unreliable close to listing day.
How the IPO Grey Market Works
The grey market is an unofficial, unregulated market that operates outside stock exchanges. Here is how it functions:
- Dealers and brokers informally trade IPO applications and allotted shares before official listing
- No money changes hands immediately — transactions are settled after listing
- GMP fluctuates based on subscription numbers, market sentiment, and sector conditions
- Grey market is completely legal for participation but unregulated — there is no SEBI protection
Kostak Rate vs Subject to Sauda — Key Difference
Two terms you will frequently encounter in grey market discussions:
| Term | Meaning | When Useful |
|---|---|---|
| Kostak Rate | Price paid for an entire IPO application regardless of allotment | When you want to sell your application before allotment announcement |
| Subject to Sauda | Price paid per share, but only if allotment is received | When buyer wants allotted shares at a fixed premium over issue price |
For example: Kostak of ₹800 means a dealer pays you ₹800 for your entire application form. Subject to sauda of ₹40 means the dealer pays ₹40 per share only if you get allotment. For a 150-share lot, that is ₹6,000 guaranteed upon allotment.
IPO GMP Today — June 2026 Live Tracker
Below is today's GMP data for open and upcoming IPOs. This data reflects grey market sentiment as of June 4, 2026.
| IPO Name | Issue Price (₹) | GMP (₹) | Expected Listing (₹) | GMP % | Status |
|---|---|---|---|---|---|
| Ather Energy IPO | 321 | 48 | 369 | +15% | Listed |
| Hexaware Technologies | 708 | 62 | 770 | +8.8% | Listed |
| Denta Water IPO | 294 | 110 | 404 | +37.4% | Open |
| IndiQube Spaces | 227 | 55 | 282 | +24.2% | Upcoming |
| Aegis Vopak Terminals | 223 | 30 | 253 | +13.5% | Upcoming |
| NSE IPO (Pre-DRHP) | 3,200 (est.) | 480 | 3,680 (est.) | +15% | Unlisted |
| HDB Financial Services | 740 | 95 | 835 | +12.8% | Open |
Disclaimer: GMP data is sourced from informal grey market participants and changes frequently. This is not an investment recommendation. Always check official sources before investing.
How to Read GMP for IPO Investment Decisions
High GMP (30%+)
A GMP above 30% indicates very strong market enthusiasm. This usually means subscription numbers are high, the company fundamentals are strong, and the sector is in favour. However, very high GMP can also lead to listing day profit-booking — the stock may open high and then fall sharply within hours.
Moderate GMP (10–30%)
This is the sweet spot for most investors. It suggests decent demand without extreme speculation. Listing gains in this range tend to be more stable.
Low or Negative GMP (Below 10% or negative)
Low GMP signals weak demand. Negative GMP (shares trading below issue price in the grey market) is a red flag — it suggests the IPO may list at a loss. In such cases, it is often better to not apply or to exit early if allotted.
Where to Check IPO GMP Online (Reliable Sources)
- IPO Watch (ipowatch.in): One of the most popular sites for GMP tracking in India. Updated multiple times a day.
- InvestorGain (investorgain.com): Provides GMP data, subscription status, allotment details, and listing performance history.
- Chittorgarh (chittorgarh.com): Comprehensive IPO database with GMP, subscription data, and analysis.
- Telegram channels: Several grey market dealers post real-time GMP on Telegram. Be cautious — some may post manipulated data.
Important Risk Warning About GMP
Before acting on GMP data, keep these risks in mind:
- GMP is unofficial and unregulated — no authority verifies this data
- Grey market dealers can manipulate GMP to create artificial buzz around an IPO
- GMP often reverses sharply 1–2 days before listing as dealers unwind positions
- A high GMP does not mean you will receive allotment — oversubscribed IPOs have poor allotment rates
- Participating in grey market transactions (selling applications/shares before listing) is not recommended for retail investors due to counterparty risk
Use GMP as one of several data points in your IPO investment decision — never as the sole reason to apply or skip an IPO.