IPO GMP Today: Live Grey Market Premium for Mainboard and SME IPOs

Last updated: 15 October 2026, 5:15 PM IST

You are about to approve a UPI mandate, and a Telegram group says the GMP is ₹500. Before you act on that number, you want three things: today’s figures from more than one source, a quick way to read them, and some proof of whether GMP is worth trusting at all. This page gives you all three.

At BusinessMust, we track IPO GMP today across multiple public trackers, show you the range instead of one number, and keep a running record of how often the grey market actually got the listing right.

IPO GMP Today: Mainboard IPOs

IPO	Status	Price Band (₹)	GMP (₹)	Est. Listing Price (₹)	Est. Gain	Profit per Lot (₹)	Trend
Tonbo Imaging India	Open, 15 to 19 Oct	665 to 700	500	1,200	71.4%	10,500	Flat
HD Fire Protect	Closes today (13 to 15 Oct)	258 to 271	89 to 91	360 to 362	32.8% to 33.6%	4,895 to 5,005	Flat
Bonfiglioli Transmissions	Open, 15 to 19 Oct	558 to 586	178 to 180	764 to 766	30.4% to 30.7%	4,450 to 4,500	Flat
Jio Platforms	Upcoming, 21 to 23 Oct	1,119 (upper band)	208 to 212	1,327 to 1,331	18.6% to 18.9%	Lot size awaited	Rising
Zetwerk Manufacturing	Open, 15 to 19 Oct	143 to 151	22 to 23	173 to 174	14.6% to 15.2%	2,178 to 2,277	Mixed
Paras Healthcare	Upcoming, 21 to 23 Oct	693 (upper band)	83 to 85	776 to 778	12.0% to 12.3%	Lot size awaited	Flat
Sahajanand Medical Technologies	Open, 15 to 19 Oct	327 to 344	41 to 42	385 to 386	11.9% to 12.2%	1,763 to 1,806	Flat
Fusion CX	Open, 14 to 16 Oct	275 to 289	33 to 34	322 to 323	11.4% to 11.8%	1,683 to 1,734	Mixed

Where two trackers quote different GMPs, we show the range. “Mixed” means one source shows the GMP slipping while another shows it flat. Price bands, dates and lot sizes should always be confirmed on the NSE or BSE issue page before you bid.

Two numbers deserve a second look. Tonbo Imaging carries a 71% implied gain, which is the kind of figure that pulls in leveraged HNI money and can collapse fast if the subscription mix disappoints. Jio Platforms is the biggest issue on the calendar, so expect its GMP to swing as bidding opens; a rising trend before opening day means very little until institutions start bidding.

SME IPO GMP Today

IPO	Status	Price Band (₹)	GMP (₹)	Est. Listing Price (₹)	Est. Gain	Profit per Lot (₹)	Trend
Ravita Engineering Services	Closes today (13 to 15 Oct)	105 to 112	5 to 7	117 to 119	4.5% to 6.2%	6,000 to 8,400 (1,200 shares)	Falling
Vaibhav Vyapaar	Closes today (13 to 15 Oct)	51 to 54	0	54	0%	0 (2,000 shares)	Flat
Shellz India	Open, 15 to 19 Oct	170 to 179	0	179	0%	0	Flat

SME IPO GMP today needs a different lens. A ₹5 GMP on Ravita Engineering looks tiny, but because SME lots are large, it still works out to several thousand rupees per lot. The flip side is that SME minimum applications often run above ₹2 lakh, so a small price move against you also costs thousands. Two of the three SME issues show zero GMP, which usually means dealers see no clear listing premium yet.

How to Read the IPO GMP Table in 30 Seconds

You only need three formulas, and every column above comes from them:

• Estimated listing price = upper price band + GMP
• Estimated gain % = GMP ÷ upper price band × 100
• Profit per lot = GMP × shares in one lot

Take Fusion CX. The upper band is ₹289 and the GMP is ₹33, so the estimated listing price is ₹322. That is an 11.4% expected gain. One lot has 51 shares, so the grey market is implying about ₹1,683 profit per lot, before tax and charges. Short-term gains on listing are taxed, so check the current income tax rules and run your numbers on the income tax calculator if you plan to sell on day one.

Why do sources show different GMPs? There is no official GMP. Each tracker collects quotes from its own network of dealers at different times of the day, so a ₹2 to ₹10 gap between websites is normal. A wide gap is a warning in itself: it means the grey market has not settled on a price.

If you are applying from a broker app, your bid goes through a UPI mandate, the same rails behind most digital payments in India. Approve it before the cut-off time on the last day, or your application will not count.

How Accurate Is IPO GMP? Our Listing Check

This is the question none of the big GMP trackers answer with data. So we went back to seven mainboard IPOs that listed recently and compared the final GMP before listing with the actual NSE opening price.

IPO	Issue Price (₹)	Final GMP (₹)	Expected Listing (₹)	Actual NSE Open (₹)	GMP Miss
Orient Cables	272	121	393	450	+14.5% (listed higher)
Moneyview	34	15	49	55	+12.2% (listed higher)
A-One Steels	405	46	451	455	+0.9% (almost exact)
Vishal Nirmiti	220	2	222	215	-3.2% (close)
Western Carriers	172	15	187	171	-8.6% (listed lower)
AceVector (Snapdeal)	32	0	32	28.32	-11.5% (listed lower)
SRIT India	130	59	189	148	-21.7% (listed lower)

Here is what the table says in plain words:

• GMP got the exact number right only twice. A-One Steels and Vishal Nirmiti listed within 5% of the GMP estimate. The other five missed by 8% to 22%.
• The direction was usually right. Strong GMPs generally led to premium listings and near-zero GMPs to flat or weak ones. Western Carriers was the clearest exception: a positive GMP, then a listing below the issue price. We broke that case down in our Western Carriers IPO GMP analysis.
• Institutional demand explained the biggest surprises. Orient Cables (QIB portion subscribed about 193 times) and Moneyview (about 231 times) both listed well above their GMP. AceVector, where QIBs bid just 3.38 times, listed below it.
• Hype can still disappoint. SRIT India showed a 45% implied gain but opened only about 14% higher, despite being subscribed over 125 times.

Before your next bid: if the GMP looks exciting but QIB subscription is weak, assume the listing could come in lower than the grey market says. For more real cases, see how the numbers moved for the BCCL IPO GMP and Metro Brands IPO GMP.

Kostak Rate and Subject to Sauda Explained

GMP gets all the attention, but dealers quote two more prices that tell you how confident they really are.

Kostak rate is a flat amount a dealer pays you for your whole application, before allotment is decided. You get paid even if you don’t get shares, so the dealer carries all the allotment risk. Example: if the kostak on a hot IPO is ₹800, you sell your application for ₹800 and walk away, win or lose.

Subject to sauda is a price agreed for your application that is paid only if you actually receive an allotment. Say the subject to sauda rate is ₹3,000 and you get one lot. The dealer pays you ₹3,000 and takes the shares’ listing-day upside or downside.

What these tell you: when dealers quote a healthy kostak, they are confident enough to pay for applications that may never get shares. When kostak disappears and only subject to sauda is quoted, they want to pay only for confirmed shares, which is a quieter sign of caution. When neither is quoted, the GMP itself is usually thin and unreliable.

5 Proven Checks Before You Trust Any GMP

1. Watch the last two days, not the peak. A GMP that keeps rising through the final day is a stronger sign than a high number on day one. A GMP that drops after bidding closes is often the earliest warning of a weak listing.

2. Match GMP against QIB subscription. Institutions do research before bidding. As the accuracy table shows, heavy QIB demand often pushes the listing above the GMP, while weak QIB interest drags it below.

3. Be extra careful with SME GMPs. SME issues trade in small volumes with a handful of dealers, so a few large orders can move the GMP sharply. A big SME GMP deserves more skepticism, not less.

4. Read a zero or negative GMP correctly. Zero GMP means dealers see no premium, so a flat listing is the base case. A negative GMP means they expect the stock to open below the issue price, and you should think twice before applying for listing gains.

5. Check the market mood on listing day. GMP is set days before listing. If the Nifty or Sensex falls sharply in between, even a strong GMP can shrink overnight, because listing-day buyers react to the whole market, not just the IPO.

SME vs Mainboard GMP: Why the Same Number Means Different Things

A ₹10 GMP on a mainboard IPO and a ₹10 GMP on an SME IPO are not the same signal.

Factor	Mainboard IPO	SME IPO
Typical retail ticket	About ₹14,000 to ₹15,000	Often above ₹2 lakh
Grey market depth	Wider, more dealers	Thin, few dealers
Manipulation risk	Lower	Higher
Price limits on listing day	Standard pre-open discovery	Tighter circuit limits on SME platforms
Exit after listing	Usually easy	Can be hard to sell in size

Because SME lots are large and liquidity is thin, an SME GMP can look attractive on paper and still leave you stuck with shares you cannot sell easily. Always size SME applications as a portion you can afford to hold, and keep IPO bets in proportion to your overall finances with a quick net worth calculation.

Is IPO GMP Legal? What SEBI Says About the Grey Market

The grey market sits completely outside the stock exchanges. SEBI does not recognise or regulate it, there is no written contract, and no clearing house guarantees payment. If a dealer refuses to pay after you hand over your allotment, you have no formal way to recover the money.

That is why we treat GMP as market sentiment only and never as a reason to sell your application or shares off-market. SEBI’s investor education portal is a good place to understand the official IPO process, from bidding to allotment.

How BusinessMust Tracks IPO GMP

You should know where these numbers come from, so here is our method:

• Sources: we compare GMP from at least two public IPO trackers and show the range when they disagree.
• Verification: price bands, dates and lot sizes are cross-checked against exchange notices and company offer documents.
• Update schedule: the tables are refreshed on every IPO’s opening day, closing day and listing day, and the timestamp at the top changes each time.
• Accuracy check: final GMP is the last figure recorded before listing, confirmed with listing-day news reports where available, and compared with the NSE opening price. We add new listings to the accuracy table every month.

We do not buy, sell or broker IPO applications in the grey market.

Frequently Asked Questions

Check This Page Before Every IPO Bid

The IPO GMP today number is a starting point, not a verdict. Before your next application, look at the GMP range, the trend over the last two days and the QIB subscription, then read the full analysis of that IPO.

Bookmark this page and explore more IPO and investment guides on BusinessMust so every bid you place is based on data, not a forwarded message.

Data sources: GMP figures compiled from public IPO trackers (IPOWatch and GMPWatch), price bands and dates verified with exchange notices and company documents, and listing prices from NSE data and listing-day news reports.

Disclaimer

This page is for educational and informational purposes only and is not investment, tax or legal advice. BusinessMust is not a SEBI-registered investment adviser and does not trade in the grey market. GMP figures are unofficial, unregulated and can change within hours. Always read the official offer documents and consult a SEBI-registered adviser before investing.