Data study
Does GMP predict IPO listing gains?
Grey market premium is everywhere before an IPO lists — but how well does it actually track the listing price? We check our own GMP history against real listing outcomes and keep score, honestly.
By the ipostation Research Desk · IPOs listed since 18 Jun 2026 · sample of 184 IPOs
IPOs analysed184
Direction correct71%GMP called gain vs discount right
Avg miss9.5 ptsmean absolute error vs actual
Bias-0.4%Roughly unbiased
Across 184 listed IPOs we have full data for, grey market premium got the direction right (a gain vs a discount) 71% of the time, and its implied listing gain missed the actual gain by 9.5 percentage points on average. GMP was roughly unbiased on average. GMP is a demand signal, not a price — treat it accordingly.
| IPO | Issue | Final GMP | GMP implied | Actual | Miss |
|---|---|---|---|---|---|
| Paramount Syntex | ₹127 | ₹0 | +0.0% | -9.4% | -9.4% |
| TNA Solutions | ₹70 | ₹0 | +0.0% | -20.0% | -20.0% |
| Acme India Industries | ₹196 | ₹43 | +21.9% | +12.8% | -9.2% |
| Dove Soft | ₹111 | ₹0 | +0.0% | -0.6% | -0.6% |
| Sollfege Smart Electronics | ₹55 | ₹10 | +18.2% | +89.8% | +71.6% |
| Nityas Gems & Jewellery | ₹75 | ₹1 | +1.3% | +9.3% | +8.0% |
| Eventions | ₹118 | ₹0 | +0.0% | -5.9% | -5.9% |
| SJP Ultrasonic | ₹67 | ₹0 | +0.0% | +10.8% | +10.8% |
| EverestIMS Technologies | ₹85 | ₹50 | +58.8% | +48.2% | -10.6% |
| Omara Ventures India | ₹311 | ₹0 | +0.0% | +2.6% | +2.6% |
| Vishal Nirmiti | ₹220 | ₹2 | +0.9% | -2.3% | -3.2% |
| Shree TNB Polymers | ₹53 | ₹4 | +7.5% | +13.2% | +5.7% |
| Vans Electroengineerings | ₹118 | ₹103 | +87.3% | +90.0% | +2.7% |
| Black Opal Consultants | ₹197 | ₹9 | +4.6% | +1.5% | -3.0% |
| Green Asia Impex | ₹89 | ₹0 | +0.0% | +0.0% | +0.0% |
| Papadmalji Agro Foods | ₹72 | ₹0 | +0.0% | +0.4% | +0.4% |
| Acme Universal Safezone 9 | ₹71 | ₹15 | +21.1% | +42.3% | +21.1% |
| Shivchem Agro | ₹62 | ₹1.5 | +2.4% | +0.0% | -2.4% |
| SRIT India | ₹130 | ₹62 | +47.7% | +7.5% | -40.2% |
| Pind Hospitality | ₹99 | ₹1 | +1.0% | -20.0% | -21.0% |
| Shah Investor's Home | ₹167 | ₹17 | +10.2% | +2.4% | -7.8% |
| Runwal Enterprises | ₹305 | ₹0 | +0.0% | +0.3% | +0.3% |
| Bench Mark Infotech Services | ₹110 | ₹25 | +22.7% | +0.0% | -22.7% |
| Dudani Retail | ₹29 | ₹0.5 | +1.7% | -13.8% | -15.5% |
| Orient Cables | ₹272 | ₹121 | +44.5% | +64.7% | +20.3% |
| Sai Urja Indo | ₹113 | ₹32 | +28.3% | +18.4% | -9.9% |
| Himalayan Solar | ₹103 | ₹0 | +0.0% | -17.5% | -17.5% |
| Acevector | ₹32 | ₹1 | +3.1% | -11.6% | -14.7% |
| German Green Steel | ₹139 | ₹9.5 | +6.8% | +3.2% | -3.6% |
| A-One Steels | ₹405 | ₹47 | +11.6% | +14.1% | +2.5% |
| Moneyview | ₹34 | ₹14.6 | +42.9% | +63.6% | +20.6% |
| Roopa Screen | ₹64 | ₹42 | +65.6% | +90.0% | +24.4% |
| Peshwa Wheat | ₹101 | ₹0 | +0.0% | -0.9% | -0.9% |
| Unitec Fibres | ₹88 | ₹0 | +0.0% | +2.3% | +2.3% |
| Adroit Industries | ₹134 | ₹55 | +41.0% | +86.6% | +45.5% |
| Swastika Infra | ₹185 | ₹7 | +3.8% | +8.1% | +4.3% |
| ArMee Infotech | ₹375 | ₹6 | +1.6% | -1.6% | -3.2% |
| Core Integra Consulting | ₹78 | ₹0 | +0.0% | +0.1% | +0.1% |
| Pooja Logistics | ₹115 | ₹0 | +0.0% | +2.6% | +2.6% |
| Liqvd Digital | ₹54 | ₹0 | +0.0% | -0.5% | -0.5% |
| S.K.Offset | ₹125 | ₹0 | +0.0% | +0.8% | +0.8% |
| Elevate Campuses | ₹362 | ₹6.5 | +1.8% | -1.5% | -3.3% |
| Anand Seamless | ₹72 | ₹0 | +0.0% | +0.1% | +0.1% |
| Varmora Granito | ₹148 | ₹1 | +0.7% | +2.7% | +2.0% |
| Himalaya Nutravedics | ₹106 | ₹0 | +0.0% | +11.3% | +11.3% |
| Vivekanand Cotspin | ₹37 | ₹0 | +0.0% | +2.7% | +2.7% |
| FX Multitech | ₹116 | ₹6.5 | +5.6% | +6.1% | +0.5% |
| Robokidz Eduventures | ₹106 | ₹86 | +81.1% | +90.0% | +8.9% |
| Axiom Gas Engineering | ₹54 | ₹0 | +0.0% | +1.4% | +1.4% |
| Kheria Autocomp | ₹101 | ₹3 | +3.0% | +3.9% | +0.9% |
| Sonaselection India | ₹99 | ₹0 | +0.0% | +3.0% | +3.0% |
| SpectraA Technology Solutions | ₹118 | ₹81 | +68.6% | +90.0% | +21.4% |
| SS Retail | ₹424 | ₹160 | +37.7% | +50.7% | +13.0% |
| Hero Motors | ₹84 | ₹-3 | -3.6% | -2.3% | +1.3% |
| Jindal Supreme | ₹93 | ₹29 | +31.2% | +31.1% | -0.1% |
| Shakti Polytarp | ₹59 | ₹10 | +16.9% | -0.2% | -17.1% |
| Quanto Agroworld | ₹67 | ₹0 | +0.0% | -0.0% | -0.0% |
| Vama Wovenfab | ₹341 | ₹3 | +0.9% | +0.0% | -0.9% |
| Injecto Polymers | ₹100 | ₹0 | +0.0% | -1.0% | -1.0% |
| Manika Plastech | ₹43 | ₹1 | +2.3% | +0.0% | -2.3% |
| Century Business Media | ₹74 | ₹0 | +0.0% | +0.0% | +0.0% |
| Om Galaxy | ₹90 | ₹0 | +0.0% | +0.2% | +0.2% |
| Maharaja & Speedex India | ₹186 | ₹28 | +15.1% | +34.4% | +19.4% |
| Panchatv Bharat | ₹140 | ₹3 | +2.1% | -7.9% | -10.0% |
| Raksan Transformers | ₹273 | ₹11 | +4.0% | +0.0% | -4.0% |
| Veegaland Developers | ₹140 | ₹8.5 | +6.1% | +7.9% | +1.8% |
| Asset Reconstruction | ₹139 | ₹12 | +8.6% | +0.0% | -8.6% |
| LCC Projects | ₹146 | ₹36 | +24.7% | +31.4% | +6.8% |
| Steamhouse | ₹81 | ₹13.5 | +16.7% | +14.8% | -1.9% |
| Vinod Texworld | ₹94 | ₹1 | +1.1% | +0.0% | -1.1% |
| Amtech Esters | ₹75 | ₹16 | +21.3% | +33.3% | +12.0% |
| Karamtara Engineering | ₹254 | ₹48 | +18.9% | +26.0% | +7.1% |
| Infrax Renewable | ₹104 | ₹0 | +0.0% | +0.0% | +0.0% |
| Manipal Payment and Identity Solutions | ₹339 | ₹-6 | -1.8% | -2.1% | -0.3% |
| Rentomojo | ₹404 | ₹86 | +21.3% | +18.8% | -2.5% |
| Glass Wall Systems | ₹182 | ₹41 | +22.5% | +4.5% | -18.1% |
| Prasol Chemicals | ₹676 | ₹-13 | -1.9% | -9.6% | -7.7% |
| Kanohar Electricals | ₹632 | ₹192 | +30.4% | +6.3% | -24.0% |
| Apana Logistics | ₹60 | ₹0 | +0.0% | +0.0% | +0.0% |
| Pranav Constructions | ₹124 | ₹45 | +36.3% | +30.6% | -5.6% |
| Qualiance International | ₹127 | ₹81 | +63.8% | +77.1% | +13.3% |
| Deepa Jewellers | ₹177 | ₹25 | +14.1% | +24.9% | +10.8% |
| Rays of Belief | ₹239 | ₹15 | +6.3% | +0.0% | -6.3% |
| Fly-Hi Maritime | ₹102 | ₹1 | +1.0% | -20.0% | -21.0% |
| Farm Peace | ₹59 | ₹59 | +100.0% | +90.0% | -10.0% |
| Phychem Technologies | ₹54 | ₹1 | +1.9% | +3.7% | +1.8% |
| Purple Style Labs | ₹575 | ₹-10 | -1.7% | -6.3% | -4.5% |
| Ashutosh Fibre | ₹92 | ₹56 | +60.9% | +52.2% | -8.7% |
| Shanti Inorganics | ₹83 | ₹54 | +65.1% | +90.0% | +24.9% |
| Complete Sports and Management | ₹135 | ₹0 | +0.0% | +3.0% | +3.0% |
| ESDS Software Solution | ₹429 | ₹247 | +57.6% | +74.0% | +16.4% |
| Paluck Technologies | ₹48 | ₹9 | +18.8% | -2.5% | -21.3% |
| Priority Jewels | ₹200 | ₹28 | +14.0% | +12.6% | -1.4% |
| Lumino Industries | ₹82 | ₹39.5 | +48.2% | +32.9% | -15.2% |
| Kwick Forensic Solutions | ₹90 | ₹78 | +86.7% | +66.7% | -20.0% |
| Annu Projects | ₹99 | ₹-7 | -7.1% | -24.2% | -17.2% |
| Sumax Engineering | ₹101 | ₹22 | +21.8% | +9.9% | -11.9% |
| Hy-Tech Engineers | ₹53 | ₹35 | +66.0% | +35.9% | -30.2% |
| Madhur Knit | ₹100 | ₹2 | +2.0% | +0.0% | -2.0% |
| Symbiotec Pharmalab | ₹988 | ₹185 | +18.7% | -1.0% | -19.7% |
| ABH Healthcare | ₹102 | ₹0 | +0.0% | -2.9% | -2.9% |
| Skyways Air | ₹138 | ₹32 | +23.2% | -9.8% | -33.0% |
| Augmont Enterprises | ₹788 | ₹290 | +36.8% | +21.3% | -15.5% |
| Tempsens Instruments (India) | ₹300 | ₹330 | +110.0% | +110.4% | +0.4% |
| Gaja Alternative Asset Management | ₹160 | ₹18.5 | +11.6% | +15.8% | +4.2% |
| Dhanwel Hybrid Seeds | ₹99 | ₹1 | +1.0% | +0.0% | -1.0% |
| Mopshop Distribution | ₹138 | ₹1 | +0.7% | -0.7% | -1.4% |
| Sunshine Pictures | ₹360 | ₹50 | +13.9% | +9.4% | -4.4% |
| Shankesh Jewellers | ₹93 | ₹2.75 | +3.0% | +9.9% | +6.9% |
| Fascinate Textiles | ₹151 | ₹0 | +0.0% | -20.0% | -20.0% |
| Horizon Industrial Parks | ₹60 | ₹1.5 | +2.5% | -0.6% | -3.1% |
| Lalithaa Jewellery Mart | ₹201 | ₹75 | +37.3% | +32.0% | -5.3% |
| Skytech Infinite Platform | ₹77 | ₹1 | +1.3% | -3.9% | -5.2% |
| Technocrats Plasma Systems | ₹132 | ₹70 | +53.0% | +74.2% | +21.2% |
| ENS Enterprises | ₹92 | ₹5 | +5.4% | +4.3% | -1.1% |
| Credent Connect | ₹189 | ₹92 | +48.7% | +90.0% | +41.3% |
| Q&T Foods | ₹115 | ₹1 | +0.9% | +0.0% | -0.9% |
| Behari Lal Engineering | ₹285 | ₹133 | +46.7% | +60.7% | +14.0% |
| Pramodini Medicare | ₹118 | ₹0 | +0.0% | +1.7% | +1.7% |
| Shiprocket | ₹97 | ₹36 | +37.1% | +33.5% | -3.6% |
| Sham Foam | ₹130 | ₹1.5 | +1.2% | -20.0% | -21.2% |
| Milky Mist Dairy Food | ₹140 | ₹19.7 | +14.1% | +17.9% | +3.8% |
| Molbio Diagnostics | ₹807 | ₹120 | +14.9% | +21.4% | +6.6% |
| Dhoot Transmission | ₹871 | ₹262 | +30.1% | +37.1% | +7.0% |
| LEAP India | ₹159 | ₹13 | +8.2% | +4.4% | -3.8% |
| Optimystix Entertainment | ₹175 | ₹0 | +0.0% | +2.9% | +2.9% |
| Technocraft Ventures | ₹212 | ₹42 | +19.8% | +34.4% | +14.6% |
| LAPL Automotive | ₹94 | ₹50 | +53.2% | +43.6% | -9.6% |
| Ardee Industries | ₹53 | ₹17 | +32.1% | +38.9% | +6.8% |
| G.V. Electricals | ₹130 | ₹25 | +19.2% | +21.5% | +2.3% |
| Aegeus Technologies | ₹105 | ₹12 | +11.4% | +18.6% | +7.1% |
| Anawil Wire & Engineering | ₹270 | ₹58 | +21.5% | +22.1% | +0.6% |
| Fusion Klassroom Edutech | ₹159 | ₹0 | +0.0% | +6.9% | +6.9% |
| Oneindig Technologies | ₹96 | ₹7 | +7.3% | +25.0% | +17.7% |
| Dhaval Packaging | ₹97 | ₹12 | +12.4% | +13.4% | +1.0% |
| MV Electrosystems | ₹425 | ₹106 | +24.9% | +22.1% | -2.8% |
| Juniper Green Energy | ₹225 | ₹22.5 | +10.0% | +7.6% | -2.4% |
| H.R. Hygiene Products | ₹88 | ₹1 | +1.1% | +2.3% | +1.1% |
| Manipal Health Enterprises | ₹590 | ₹3 | +0.5% | +11.0% | +10.5% |
| Poojaa Precision Engg. | ₹301 | ₹235 | +78.1% | +56.1% | -21.9% |
| Propshop Events & Exhibitions | ₹69 | ₹0 | +0.0% | -20.0% | -20.0% |
| Advance Technoforge | ₹95 | ₹8 | +8.4% | -1.1% | -9.5% |
| Cube Highways Trust InvIT | ₹152 | ₹1.75 | +1.2% | +2.0% | +0.8% |
| Silverstorm Parks & Resorts | ₹133 | ₹0 | +0.0% | -0.1% | -0.1% |
| Xtranet Technologies | ₹127 | ₹12.5 | +9.8% | +2.4% | -7.4% |
| Lohia Corp | ₹425 | ₹16.5 | +3.9% | +8.2% | +4.4% |
| Indo-MIM | ₹485 | ₹190 | +39.2% | +45.0% | +5.8% |
| Shree Balaji Mala | ₹70 | ₹55 | +78.6% | +90.0% | +11.4% |
| Metalic Technoforge | ₹77 | ₹6 | +7.8% | +13.0% | +5.2% |
| Gulf Lloyds | ₹100 | ₹1 | +1.0% | +0.0% | -1.0% |
| Caliber Mining | ₹424 | ₹64 | +15.1% | +18.9% | +3.8% |
| Sotefin Bharat | ₹187 | ₹2.5 | +1.3% | +9.6% | +8.3% |
| Alpine Texworld | ₹105 | ₹1 | +1.0% | +0.0% | -1.0% |
| Millworks Technologies | ₹331 | ₹395 | +119.3% | +90.0% | -29.3% |
| SBI Funds Management | ₹574 | ₹95.5 | +16.6% | +6.3% | -10.4% |
| Devson Catalyst | ₹118 | ₹49 | +41.5% | +66.2% | +24.7% |
| Happy Steels | ₹66 | ₹10 | +15.2% | +3.0% | -12.1% |
| Laser Power & Infra | ₹214 | ₹40 | +18.7% | +25.7% | +7.0% |
| Kusumgar | ₹419 | ₹161 | +38.4% | +37.0% | -1.4% |
| IC Electricals | ₹99 | ₹47 | +47.5% | +67.7% | +20.2% |
| Knack Packaging | ₹170 | ₹8.5 | +5.0% | +9.4% | +4.4% |
| Atharva Polyplast | ₹60 | ₹10 | +16.7% | +15.0% | -1.7% |
| Vinit Mobile | ₹158 | ₹0 | +0.0% | -1.9% | -1.9% |
| Kratikal Tech | ₹135 | ₹78 | +57.8% | +42.2% | -15.6% |
| Sampark India Logistics | ₹84 | ₹2.5 | +3.0% | +6.0% | +3.0% |
| Teja Engineering Industries | ₹220 | ₹36 | +16.4% | +90.0% | +73.6% |
| Seemax Resources | ₹141 | ₹0 | +0.0% | -20.0% | -20.0% |
| Aastha Spintex | ₹136 | ₹5 | +3.7% | -4.4% | -8.1% |
| Adon Agro Commodities | ₹70 | ₹0 | +0.0% | +11.8% | +11.8% |
| Crazy Snacks | ₹42 | ₹0 | +0.0% | +4.8% | +4.8% |
| CSM Technologies | ₹113 | ₹0 | +0.0% | +0.0% | +0.0% |
| Riyaasat Lifestyle | ₹106 | ₹0 | +0.0% | -20.0% | -20.0% |
| Jivial Industries | ₹196 | ₹0 | +0.0% | -20.0% | -20.0% |
| Advit Jewels | ₹138 | ₹49.5 | +35.9% | +35.5% | -0.4% |
| Shreedhar Spinners | ₹53 | ₹0 | +0.0% | +2.6% | +2.6% |
| Waterways Leisure Tourism | ₹808 | ₹-51 | -6.3% | -14.6% | -8.3% |
| Turtlemint Fintech Solutions | ₹152 | ₹-5 | -3.3% | -10.4% | -7.1% |
| Anubhav Plast | ₹80 | ₹0 | +0.0% | +0.0% | +0.0% |
| Avience Biomedicals | ₹208 | ₹145 | +69.7% | +90.0% | +20.3% |
| Diksha Polymers | ₹112 | ₹0 | +0.0% | +2.2% | +2.2% |
| Clay Craft | ₹203 | ₹35 | +17.2% | +3.9% | -13.3% |
| Leapfrog Engineering | ₹23 | ₹0 | +0.0% | -4.3% | -4.3% |
| Liotech Industries | ₹321 | ₹0 | +0.0% | -19.9% | -19.9% |
| Susan Electricals India | ₹127 | ₹43 | +33.9% | +46.5% | +12.6% |
Method. For each IPO that has listed, we take the last grey market premium we recorded before listing and express it as a percentage of the issue price (the GMP-implied listing gain). We compare that with the actual listing-day gain, using the official BSE listing price. Only IPOs with both a recorded pre-listing GMP and a real listing outcome are included. Full sourcing is in our methodology; GMP’s limits are in the disclaimer. GMP is unofficial and not a guarantee of any listing price.