IPO Grey Market Premium, Latest IPO GMP & Kostak Rates

The grey market premium aka IPO GMP is information that is calculated based on the demand of a company that is coming up with an IPO. The grey market starts unofficially in the unregulated market after the IPO date and price band announcements. IPO Investors always look at the premium of an IPO before investing it but it might vary as per the market conditions, demand, and subscription numbers.

Current IPO GMP Rates

Check the latest IPO analysis and the estimated grey market rates with listing gain as given below:
(Note: Currently No Main-line IPO are active. Stay tuned for latest GMP updates)
IPO Name IPO GMP IPO Price Listing Gain
AGS Transact ₹21 ₹175 10%
Adani Wilmar ₹170 ₹- -
ESDS Software ₹- ₹- -
GoAir ₹- ₹- -
Skanray Technologies ₹- ₹- -
GPT Healthcare ₹- ₹- -
Delhivery ₹- ₹- -
Mobikwik ₹- ₹- -
Ruchi Soya ₹- - -

IPO Kostak & Subject to Sauda Rates

IPO Name Kostak Subject
AGS Transact ₹200 ₹700
Adani Wilmar ₹700 ₹2100
ESDS Software ₹- ₹-
GoAir ₹- ₹-
Skanray Technologies ₹- ₹-
GPT Healthcare ₹- ₹-
Delhivery ₹- ₹-
Mobikwik ₹- ₹-
Ruchi Soya ₹- ₹-

Let's see how to calculate the estimated listing price after adding a premium. If the grey market shows the rate of an IPO is ₹100 and the IPO price is around ₹200 then the estimated listing price will be around ₹300. Based on the calculation the listing gain will be 50% against the IPO price. 


Read Also:
Upcoming IPOs Calendar with Detailed Information
Upcoming SME IPOs with Detailed Information
IPO Allotment Status & Listing Details
IPO Subscription Status & Numbers

The listing of an IPO might vary against the estimated listing price suggested by the grey market due to the bull/bear market or the demand of the company shares. We have witnessed that some of the IPOs had lower grey market but listing with higher gain while few IPOs in 2021 where the grey market was on a higher side but the listing was at the lower levels. As the grey market is always one of the strong factors for the IPO listing gain calculation but we highly recommend investors to use the grey market rates for just information, do not trade based on the numbers.



Important Points to Consider about IPO GMP:
  • The grey market transactions are unofficial and that is an involvement of IPO investors and the stockbrokers. It depends on the trust between both parties.
  • Read our IPO analysis before applying for an IPO.
  • The grey market rates are calculated and provided or sourced from the market research or the experts.
  • We do not recommend trading in the Grey Market as it's illegal.
  • Kostak Rate is the premium one gets by selling his/her IPO application (in an off-market transaction) to someone else even before allotment or listing of the issue.
  • Do not subscribe to the IPO on the premium given above. It may change anytime before listing.
  • Subscribe only considering Fundamentals of the companies.

Past IPO Grey Market Premium of IPO 2021:

IPO Name Price
GMP Listed
CMS Info Systems
₹216 ₹5 ₹220
Supriya Lifescience
₹274 ₹130 ₹421
HP Adhesives
₹274 ₹90 ₹315
Data Patterns
₹585 ₹300 ₹856
Medplus
₹796 ₹180 ₹1040
Metro Brands
₹500 ₹- ₹437
MapmyIndia
₹1022 ₹700 ₹1565
Shriram Properties
₹118 ₹- ₹90
RateGain
₹425 ₹35 ₹360
Anand Rathi Wealth
₹550 ₹50 ₹600
Tega Industries
₹453 ₹300 ₹760
Star Health
₹900 -₹50 ₹845
Go Fashion
₹690 ₹450 ₹1310
Tarsons Products
₹662 ₹180 ₹682
LatentView Analytics
₹197 ₹300 ₹512
Sapphire Foods
₹1150 ₹150 ₹1350
Paytm
₹2150 ₹30 ₹1950
Sigachi Industries
₹163 ₹230 ₹570
SJS Enterprises
₹542 ₹60 ₹542
Policybazaar
₹980 ₹150 ₹1150
Nykaa
₹1125 ₹750 ₹2018
Aditya Birla AMC
₹712 ₹25 ₹715
Paras Defence
₹175 ₹220 ₹469
Sansera Engineering ₹744 ₹65 ₹811
Vijaya Diagnostic ₹531 ₹0 ₹540
Ami Organics ₹610 ₹150 ₹910
Aptus Value Housing ₹353 ₹0 ₹333
Chemplast Sanmar ₹541 ₹0 ₹550
Nuvoco Vistas ₹570 ₹0 ₹485
CarTrade ₹1618 ₹150 ₹1505
Windlas Biotech ₹460 ₹85 ₹437
Devyani International ₹90 ₹55 ₹141
Exxaro Tiles ₹120 ₹15 ₹126
Krsnaa Diagnostics ₹954 ₹320 ₹1005
Rolex Rings ₹900 ₹450 ₹1250
Glenmark Life Sciences ₹720 ₹90 ₹750
Tatva Chintan Pharma ₹1083 ₹1100 ₹2111
Zomato ₹76 ₹25 ₹126
GR Infraprojects ₹837 ₹560 ₹1716
Clean Science ₹900 ₹620 ₹1784
India Pesticides ₹296 ₹65 ₹350
Dodla Dairy ₹428 ₹95 ₹550
KIMS Hospital ₹825 ₹110 ₹1009
Shyam Metalics ₹306 ₹135 ₹380
Sona BLW Precision ₹291 ₹5 ₹301
Lodha Developers ₹486 ₹0 ₹436
Barbeque Nation ₹500 ₹0 ₹482
Suryoday Small Bank ₹305 ₹0 ₹293
Kalyan Jewellers ₹87 ₹0 ₹74
Anupam Rasayan ₹555 ₹70 ₹520
Laxmi Organic ₹130 ₹45 ₹155
Craftsman Automation ₹1490 ₹32 ₹1359
Nazara Technologies ₹1101 ₹700 ₹1990
Easy Trip Planners ₹187 ₹140 ₹212
MTAR Technologies ₹575 ₹500 ₹1050
Heranba Industries ₹627 ₹270 ₹900
Nureca Limited ₹400 ₹80 ₹615
Brookfield India REIT ₹275 ₹0 ₹281
Stove Kraft ₹385 ₹65 ₹298
Home First Finance ₹518 ₹150 ₹618
Indigo Paints ₹1490 ₹900 ₹2607
RailTel ₹94 ₹15 ₹109
IRFC ₹26 ₹0.50 ₹25
Antony Waste ₹315 ₹105 ₹436

IPO Grey Market FAQs:


What is Grey Market Premium?

The "grey market premium" aka "IPO GMP" is a term people use in the IPO market to check what is the estimated price the IPO might list on. The grey market is unofficial but investors look at the grey market price of an IPO to get the fixed gain of the stock. The grey market works before the IPO listing and during the days from the IPO start date to the allotment date. The grey market premium indicates how the IPO might react on a listing day with an estimated price. Let's see how the calculation goes on. If the company comes up with an IPO of ₹100 and the grey market premium is around ₹20 then we can assume that the IPO might list around ₹120 on its listing day. But the fact is, there is no reliability. In most cases, IPO GMP works but in some cases it's not. We have observed that if the IPO is in demand and the estimated HNI and QIB subscription is on a higher side, the IPO list around the given price with estimated IPO GMP.

What is Kostak Rate?

The Kostak rate is the amount that one investor pays to the seller of an IPO application before the IPO listing. As the grey market reacts the Kostak rates also react that way. One can buy and sell their full IPO application on Kostak rates outside the market and fix their profit. The Kostak rates apply the investor gets the IPO allotment or not, the buyer should pay the Kostak rates for the IPO. If one did 5 applications for one IPO and sold the same at ₹1000 per application it means he or she secured the IPO profit at ₹5000 rupees. If he gets the allotment in 2 applications still his profit will be ₹5000. Now if he sells the stock and gets a profit of around ₹10000 then he or she needs to give the remaining profit of ₹5000 to the investor who bought the application. This is the secure way to sell your application in the IPO grey market.

What is Subject to Sauda?

As per the Kostak rate, the Subject to Sauda on the application is the amount decided when the investors get the firm allotment on their IPO Application. If one buys or sells the IPO application on the subject to sauda it means one can get the said amount if one will get the allotment otherwise sauda will be canceled. In this one can not fix their profit as it depends on the allotment. Again if one gets an allotment and he or she sold the application around ₹10000 and the profit goes high on listing day around ₹15000 then one should pay ₹5000 to the guy who bought the application.

How to Calculate Grey Market Premium?

The IPO GMP aka grey market premium is a price that is traded in the grey market before the IPO listing process. The calculation is done based on the company's performance, its demand in the grey market, and the probability of the subscription. Let's assume that if the X IPO price is fixed at ₹200 and the grey market is showing the rate of ₹100 it means the IPO might list at ₹300 (ie: ₹200+₹100). Still, this is an assumption but the actual listing might vary from the grey market price.

Are Grey Market Stocks Safe?

It depends on the broker or the trading person and We suggest it is not safe. If you are trading in the grey market it will be at your own risk. There might be fluctuations on a higher side so one needs to do it with precautions. As we suggest just refer to the IPO GMP for the listing gain purpose. Be wise and trade in the primary market after listing only.

How Do I Buy / Sell IPO Application in Grey Market?

There are no official people or businesses associated with the grey market. Some brokers buy and sell IPO applications on Kostak Rates or Subject to Sauda Rates based on the IPO GMP. One should find local brokers who stay between buyers and sellers and do the grey market trading of IPO applications. Be aware of the rates and then do the buying or selling.

Open FREE Demat Account