The grey market premium is the price at which an IPO's shares change hands off-exchange before they list, quoted as rupees over the issue price. Rupix records the quote for every mainboard and SME issue once a day while the issue is on the board, from the first announcement until listing, so the table shows not just today's figure but which way it has moved. The quote is unofficial and unregulated;
it is read as a measure of sentiment, not as the listing price.
57 issues are on the board today and 15 carry a grey market quote. The highest is Tonbo Imaging India IPO at ₹450 (64%). Quotes last recorded 2 November 2026. Each issue's page carries the day-by-day history; the change column compares today's quote with the previous recorded day.
| IPO | Board | Issue price | GMP | GMP % | Expected listing | Change | Bidding dates | Status |
|---|---|---|---|---|---|---|---|---|
| HGS (India) SME IPO | SME | ₹120 | ₹18 | 15% | ₹138 | — | 30 October 2026 to 3 November 2026 | Open |
| Maxwell Engineering Solutions SME IPO | SME | ₹158 | ₹50 | 32% | ₹208 | up ₹5 | 30 October 2026 to 3 November 2026 | Open |
| Bombay Coated Special Steels IPO | Mainboard | ₹82 | ₹7 to ₹8 | 9% | ₹89 | down ₹1 | 29 October 2026 to 2 November 2026 | Open |
| M.K.Sons Fine Jewels IPO | Mainboard | ₹162 | ₹5 | 3% | ₹167 | unchanged | 28 October 2026 to 30 October 2026 | Closed, awaiting listing |
| BLS Polymers IPO | Mainboard | ₹150 | ₹62 | 41% | ₹212 | down ₹2 | 27 October 2026 to 29 October 2026 | Closed, awaiting listing |
| SFC Environmental Technologies IPO | Mainboard | ₹330 | ₹22 | 7% | ₹352 | down ₹7 | 27 October 2026 to 29 October 2026 | Closed, awaiting listing |
| Sri Priyanka Geo Commex Limited-Issue Withdrawn SME IPO | SME | ₹212 | — | — | — | up ₹5 | 24 June 2026 to 29 June 2026 | Closed, awaiting listing |
| Rajputana Stainless Limited-Special Withdrawal Option IPO | Mainboard | ₹122 | — | — | — | unchanged | 12 March 2026 to 16 March 2026 | Closed, awaiting listing |
| EAAA India Alternatives IPO | Mainboard | ₹1,665 | ₹54 | 3% | — | down ₹11 | 26 October 2026 to 28 October 2026 | Listed |
| Jio Platforms IPO | Mainboard | ₹1,119 | ₹248 | 22% | — | unchanged | 21 October 2026 to 23 October 2026 | Listed |
| Paras Healthcare IPO | Mainboard | ₹693 | ₹14 | 2% | — | down ₹2 | 21 October 2026 to 23 October 2026 | Listed |
| Tonbo Imaging India IPO | Mainboard | ₹700 | ₹450 | 64% | ₹1,150 | up ₹10 | 15 October 2026 to 19 October 2026 | Listed |
| Zetwerk Manufacturing Business IPO | Mainboard | ₹151 | ₹1 | 1% | ₹152 | unchanged | 15 October 2026 to 19 October 2026 | Listed |
| Bonfiglioli Transmissions IPO | Mainboard | ₹586 | ₹66 | 11% | ₹652 | up ₹6 | 15 October 2026 to 19 October 2026 | Listed |
| Sahajanand Medical Technologies IPO | Mainboard | ₹344 | ₹17 | 5% | ₹361 | unchanged | 15 October 2026 to 19 October 2026 | Listed |
| Fusion CX IPO | Mainboard | ₹289 | ₹14 | 5% | ₹303 | down ₹1 | 14 October 2026 to 16 October 2026 | Listed |
| HD Fire Protect IPO | Mainboard | ₹271 | ₹68 | 25% | ₹339 | unchanged | 13 October 2026 to 15 October 2026 | Listed |
The GMP is an unofficial, unregulated quote recorded once a day; the expected listing price is the issue price plus the premium. Neither is a forecast of the listing price.
Each row is one issue. The premium is the latest recorded quote in rupees per share; the percentage is that premium over the top of the price band; the expected listing price is the two added together. The change column compares today's quote with the previous recorded day, which is the number that tells you whether interest is building or fading as the close approaches.
An issue stays in the table from the day its dates are announced until twenty days after it closes, so a listed issue can be compared with the premium it carried: the listing gain column on the IPO page shows how close the grey market came. The premium on the last day before listing is often close to the listing gain and sometimes on the wrong side of zero;
the IPO pages keep both figures so you can judge the record yourself.
Three prices circulate in the grey market. The premium is per share, for shares that have been allotted. The kostak rate is per application, paid to buy an application outright whether or not it is allotted, and is what a seller receives for giving up their chance. Subject to sauda is also per application but is paid only if the application is allotted, so it is higher than kostak and lower than the premium times the lot size.
Rupix records the per-share premium; where the source publishes a subject-to-sauda rate, it appears on the IPO page.
None of these trades is enforceable. The grey market is a word-of-mouth market among brokers and dealers in a few cities, and a quote is a dealer's indication, not a transaction you can verify.
Three things, in roughly this order: the subscription figures, especially the institutional book on the last day; the broader market in the week before listing; and the issue size, because a small SME issue with a few crore of float moves on a handful of trades. A premium that rises through the bidding days and holds after the close has usually been followed by a positive listing;
a premium that falls after the close is the market revising its view, and is the single most useful reading in this table.
A premium of zero or below does not mean the shares will list at a discount, and a large premium does not promise a gain: the quote is thin, it is quoted by people with a position, and listing day depends on that morning's market. Treat it as one input beside the subscription, the valuation against listed peers, and the company's own numbers.
GMP, the grey market premium, is the price above the issue price at which an IPO's shares are traded informally before listing. A premium of ₹50 on a ₹500 issue means buyers are paying ₹550 per share off-exchange. It is unofficial, unregulated, and recorded here as sentiment, not as a forecast.
Yes. Rupix records each issue's quote once a day while it is on the board, and the table shows the latest figure with the change since the previous recorded day. The IPO's own page carries the full day-by-day history.
The top of the price band plus the premium. For an issue priced at ₹500 with a ₹50 premium, the expected listing price is ₹550, a 10 percent gain. The actual listing price is discovered in the pre-open session on listing morning and can differ by a wide margin.
Neither. Allotment depends on subscription, by lottery for retail once the category is oversubscribed; the listing price depends on the market that morning. A high premium usually comes with heavy subscription, which lowers the odds of an allotment while raising the gain for those who get one.
SME issues are small, often under ₹50 crore, so the grey market in them is thin and a few trades move the quote a long way. Percentages above 50 are common in SME issues and rare on the mainboard. Read an SME premium with the subscription figures and the lot size, which is one to two lakh rupees per application.
It is not a market Rupix or any regulated intermediary can take you into, and a grey market trade is a private agreement with no exchange or clearing house behind it. The figures here are published for information only.