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IPO GMP Today — Live Grey Market Premium

Latest grey market premium for every active mainboard and SME IPO in India, with price bands, lot sizes and the estimated listing gain each GMP implies.

Data as of: 16 Sep 2026, 14:43 IST

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IPO GMP today: what the grey market is signalling

Checking IPO GMP today is the quickest way to read pre-listing sentiment for current Indian IPOs. As of 16 Sep 2026, 9 issues are accepting bids — 4 on the main board and 5 on the SME platforms, with 13 more scheduled.

The strongest grey-market premium on our board is Robokidz Eduventures at Rs 45 (42.45% of its upper band). GMP is unofficial, unregulated and can move within hours, so treat it as sentiment, not a forecast.

Use the two tables below — mainboard first, then SME. How to read these numbers is covered in the explainer further down and in our What is GMP? guide.

Looking for one IPO? Every issue has its own page with GMP, dates, allotment and listing details — browse all IPO pages.

Mainboard IPO GMP today

IPO Calendar →

Open on the main board now: Manika Plastech, Jindal Supreme and SS Retail.

IPOStatusOpen – ClosePrice BandLot SizeGMP (Rs)Est. GainExchange
Jindal Supremeopen16 Sep 2026 – 18 Sep 2026Rs 88–93161 shares2425.81% of upper bandNSE
SS Retailopen16 Sep 2026 – 18 Sep 2026Rs 403–42435 shares10524.76% of upper bandNSE
Hero Motorsopen16 Sep 2026 – 18 Sep 2026Rs 79–84178 shares55.95% of upper bandNSE
Manika Plastechopen11 Sep 2026 – 16 Sep 2026Rs 40–43348 shares511.63% of upper bandNSE
A-One Steelsupcoming24 Sep 2026 – 28 Sep 2026——0——
NSEupcoming18-22 Sept (T) – 21 Sep 2026Rs 1785—1608.96% of upper band—
Sonaselection Indiaupcoming17 Sep 2026 – 21 Sep 2026Rs 94–99150 shares88.08% of upper bandNSE
Paras Healthcareupcoming— – ——————
Zeptoupcoming— – —— (not announced)————
Veegaland Developersclosed10 Sep 2026 – 15 Sep 2026Rs 130–140107 shares64.29% of upper bandNSE
Asset Reconstructionclosed9 Sep 2026 – 11 Sep 2026Rs 132–139107 shares107.19% of upper bandNSE
LCC Projectsclosed9 Sep 2026 – 11 Sep 2026Rs 139–146102 shares4430.14% of upper bandNSE
Karamtara Engineeringclosed9 Sep 2026 – 11 Sep 2026Rs 241–25459 shares4015.75% of upper bandNSE
Manipal Paymentclosed9 Sep 2026 – 11 Sep 2026Rs 322–33944 shares0—NSE
Rentomojoclosed9 Sep 2026 – 11 Sep 2026Rs 384–40437 shares10726.49% of upper bandNSE
Steamhouse Indiaclosed9 Sep 2026 – 11 Sep 2026Rs 77–81185 shares1619.75% of upper bandNSE
Prasol Chemicalsclosed8 Sep 2026 – 10 Sep 2026Rs 643–67622 shares0—NSE
Glass Wall Systemsclosed8 Sep 2026 – 10 Sep 2026Rs 172–18282 shares4122.53% of upper bandNSE
Kanohar Electricalsclosed8 Sep 2026 – 10 Sep 2026Rs 601–63223 shares19230.38% of upper bandNSE
Rays of Beliefclosed1 Sep 2026 – 3 Sep 2026Rs 227–23962 shares208.37% of upper bandNSE
Cube Highways Trust InvITclosed22 Jul 2026 – 24 Jul 2026Rs 152—01.32% of upper band—
Pranav Constructionslisted7 Sep 2026 – 9 Sep 2026Rs 118–124120 shares5040.32% of upper bandNSE
Deepa Jewellerslisted1 Sep 2026 – 3 Sep 2026Rs 168–17784 shares2212.43% of upper bandNSE
Purple Style Labslisted31 Aug 2026 – 2 Sep 2026Rs 546–57526 shares0—NSE
Skyways Air Serviceslisted24 Aug 2026 – 27 Aug 2026Rs 131–138100 shares—21.74% of upper bandNSE
Augmont Enterpriseslisted21 Aug 2026 – 25 Aug 2026Rs 750 to Rs 78819 shares——NSE
Tempsens Instrumentslisted20 Aug 2026 – 24 Aug 2026Rs 285–30050 shares—45.00% of upper bandNSE
Gaja Alternative Asset Managementlisted19 Aug 2026 – 21 Aug 2026Rs 152–16093 shares—6.25% of upper bandNSE
Sunshine Pictureslisted18 Aug 2026 – 20 Aug 2026Rs 342–36041 shares—15.00% of upper bandNSE
Shankesh Jewellerslisted18 Aug 2026 – 20 Aug 2026Rs 88–93160 shares—5.38% of upper bandNSE
Lalithaa Jewellery Martlisted17 Aug 2026 – 19 Aug 2026Rs 190–20174 shares—14.92% of upper bandNSE
Horizon Industrial Parkslisted17 Aug 2026 – 19 Aug 2026Rs 57–60250 shares—6.67% of upper bandNSE
Behari Lal Engineeringlisted12 Aug 2026 – 14 Aug 2026Rs 271–28552 shares—29.82% of upper bandNSE
Shiprocketlisted12 Aug 2026 – 14 Aug 2026Rs 92–97154 shares—34.02% of upper bandNSE
Milky Mistlisted11 Aug 2026 – 13 Aug 2026Rs 133–140107 shares—14.29% of upper bandNSE
Molbio Diagnosticslisted10 Aug 2026 – 12 Aug 2026Rs 768–80718 shares—14.87% of upper bandNSE
Dhoot Transmissionlisted10 Aug 2026 – 12 Aug 2026Rs 829–87117 shares—30.08% of upper bandNSE
Technocraft Ventureslisted7 Aug 2026 – 11 Aug 2026Rs 200–21270 shares—17.45% of upper bandNSE
Ardee Industrieslisted5 Aug 2026 – 7 Aug 2026Rs 50–53281 shares—32.08% of upper bandNSE
Juniper Green Energylisted30 Jul 2026 – 3 Aug 2026Rs 214–22566 shares—4.00% of upper bandNSE
MV Electrosystemslisted30 Jul 2026 – 3 Aug 2026Rs 400–42534 shares—23.53% of upper bandNSE
Manipal Healthlisted29 Jul 2026 – 31 Jul 2026Rs 560–59025 shares—1.02% of upper bandNSE
Lohia Corplisted23 Jul 2026 – 27 Jul 2026Rs 404–42535 shares04.00% of upper bandNSE
Indo-MIMlisted23 Jul 2026 – 27 Jul 2026Rs 461–48530 shares—38.76% of upper bandNSE
Xtranet Technologieslisted23 Jul 2026 – 27 Jul 2026Rs 120–127110 shares—11.02% of upper bandNSE
Caliber Mininglisted17 Jul 2026 – 21 Jul 2026Rs 402–42435 shares10015.09% of upper bandNSE
SBI Funds Managementlisted14 Jul 2026 – 16 Jul 2026Rs 545–57426 shares9516.72% of upper bandNSE
Alpine Texworldlisted14 Jul 2026 – 16 Jul 2026Rs 100–105142 shares0—NSE
Laser Power & Infralisted9 Jul 2026 – 13 Jul 2026Rs 203–21470 shares4320.09% of upper bandNSE
Kusumgarlisted8 Jul 2026 – 10 Jul 2026Rs 398–41935 shares16138.42% of upper bandNSE
Knack Packaginglisted1 Jul 2026 – 3 Jul 2026Rs 161–17088 shares95.29% of upper bandNSE
Aastha Spintexlisted29 Jun 2026 – 1 Jul 2026Rs 125–136110 shares42.94% of upper bandNSE
CSM Technologieslisted24 Jun 2026 – 29 Jun 2026Rs 107–113132 shares0—NSE
Advit Jewelslisted23 Jun 2026 – 25 Jun 2026Rs 326-343100 shares5036.23% of upper bandNSE
Waterways Leisurelisted23 Jun 2026 – 25 Jun 2026Rs 769–80818 shares0—NSE
Turtlemint Fintech Solutionslisted19 Jun 2026 – 23 Jun 2026— (TBA)— (TBA)0—— (mainboard)
Hexagon Nutritionlisted5 Jun 2026 – 9 Jun 2026Rs 42-45333 shares48.89% of upper bandBSE, NSE
CMR Green Technologieslisted3 Jun 2026 – 5 Jun 2026Rs 182-19278 shares67 (pre-listing)~34.9% of Rs 192 upper bandBSE, NSE
Bagmane Prime Office REIT (Bagmane REIT)listed5 May 2026 – 7 May 2026Rs 95-100———BSE, NSE
OnEMI Technology Solutions (Kissht)listed30 Apr 2026 – 5 May 2026Rs 162-17187 shares——BSE, NSE

Data as of: 16 Sep 2026, 14:43 IST. GMP is unofficial grey-market data; "Est. Gain" is GMP as a percentage of the upper price band, not a prediction of the listing price.

SME IPO GMP today

SME vs Mainboard guide →
IPOStatusOpen – ClosePrice BandLot SizeGMP (Rs)Est. GainExchange
Shakti Polytarpopen15 Sep 2026 – 17 Sep 2026Rs 56–592,000 shares0—BSE SME
Quanto Agroworldopen15 Sep 2026 – 17 Sep 2026Rs 672,000 shares0—BSE SME
Vama Wovenfabopen15 Sep 2026 – 17 Sep 2026Rs 324–341400 shares7020.53% of upper bandBSE SME
Century Business Mediaopen11 Sep 2026 – 16 Sep 2026Rs 70–741,600 shares0—BSE SME
Injecto Polymersopen11 Sep 2026 – 16 Sep 2026Rs 98–1001,200 shares0—BSE SME
S.K.Offsetupcoming23 Sep 2026 – 25 Sep 2026Rs 125—0—SME
Himalaya Nutravedicsupcoming22 Sep 2026 – 24 Sep 2026Rs 106—0—SME
Robokidz Eduventuresupcoming21 Sep 2026 – 23 Sep 2026Rs 106—4542.45% of upper bandSME
FX Multitechupcoming21 Sep 2026 – 23 Sep 2026——0—SME
Vivekanand Cotspinupcoming21 Sep 2026 – 23 Sep 2026Rs 37—0—SME
Axiom Gas Engineeringupcoming18 Sep 2026 – 22 Sep 2026Rs 53—0—SME
Kheria Autocompupcoming17 Sep 2026 – 21 Sep 2026Rs 96–1011,200 shares109.90% of upper bandNSE SME (Emerge)
SpectraA Technologyupcoming17 Sep 2026 – 21 Sep 2026Rs 112–1181,200 shares5042.37% of upper bandNSE SME (Emerge)
Panchatv Bharatclosed10 Sep 2026 – 15 Sep 2026Rs 1401,000 shares32.14% of upper bandBSE SME
Maharaja & Speedexclosed10 Sep 2026 – 15 Sep 2026Rs 177–186600 shares2815.05% of upper bandBSE SME
Om Galaxyclosed10 Sep 2026 – 15 Sep 2026Rs 85–901,600 shares0—BSE SME
Raksan Transformersclosed10 Sep 2026 – 15 Sep 2026Rs 258–273400 shares5018.32% of upper bandBSE SME
Vinod Texworldclosed9 Sep 2026 – 11 Sep 2026Rs 941,200 shares11.06% of upper bandNSE SME (Emerge)
Infrax Renewableclosed9 Sep 2026 – 11 Sep 2026Rs 1041,200 shares0—BSE SME
Amtech Estersclosed9 Sep 2026 – 11 Sep 2026Rs 71–751,600 shares1317.33% of upper bandBSE SME
Apana Logisticsclosed7 Sep 2026 – 9 Sep 2026Rs 602,000 shares0—BSE SME
Fly-Hi Maritimeclosed1 Sep 2026 – 3 Sep 2026Rs 1021,200 shares11.00% of upper bandBSE SME
Farm Peaceclosed1 Sep 2026 – 3 Sep 2026Rs 592,000 shares5084.75% of upper bandBSE SME
Phychem Technologiesclosed31 Aug 2026 – 2 Sep 2026Rs 51–542,000 shares11.85% of upper bandBSE SME
Dhanwel Hybrid Seedsclosed19 Aug 2026 – 21 Aug 2026Rs 95–991,200 shares0—BSE SME
Mopshop Distributionclosed19 Aug 2026 – 21 Aug 2026Rs 1381,000 shares—10.14% of upper bandBSE SME
ENS Enterprisesclosed14 Aug 2026 – 18 Aug 2026Rs 92———BSE SME
Q&T Foodsclosed12 Aug 2026 – 14 Aug 2026Rs 115——5.22% of upper bandBSE SME
Sham Foamclosed11 Aug 2026 – 13 Aug 2026Rs 130———BSE SME
Leapfrog Engineeringclosed7 Aug 2026 – 11 Aug 2026Rs 21-23—08.18% of upper bandBSE SME
LAPL Automotiveclosed6 Aug 2026 – 10 Aug 2026Rs 94——53.19% of upper bandBSE SME
Aegeus Technologiesclosed4 Aug 2026 – 6 Aug 2026Rs 105——11.43% of upper bandBSE SME
Fusion Klassroomclosed31 Jul 2026 – 4 Aug 2026Rs 159——2.52% of upper bandBSE SME
G.V. Electricalsclosed31 Jul 2026 – 4 Aug 2026Rs 130——20.00% of upper bandBSE SME
Dhaval Packagingclosed30 Jul 2026 – 3 Aug 2026Rs 97——8.25% of upper bandBSE SME
Oneindig Technologiesclosed30 Jul 2026 – 3 Aug 2026Rs 96———BSE SME
H.R. Hygiene Productsclosed29 Jul 2026 – 31 Jul 2026Rs 88——2.27% of upper bandBSE SME
Poojaa Precisionclosed28 Jul 2026 – 30 Jul 2026Rs 301——78.07% of upper bandBSE SME
Advance Technoforgeclosed27 Jul 2026 – 29 Jul 2026Rs 95——5.26% of upper bandBSE SME
Silverstorm Parksclosed24 Jul 2026 – 28 Jul 2026Rs 133——3.76% of upper bandBSE SME
Shree Balaji (Mala) Textilesclosed22 Jul 2026 – 24 Jul 2026Rs 70—080.00% of upper bandBSE SME
Gulf Lloydsclosed20 Jul 2026 – 22 Jul 2026Rs 100—61.00% of upper bandBSE SME
Sotefin Bharatclosed16 Jul 2026 – 20 Jul 2026Rs 187—221.06% of upper bandBSE SME
Millworks Technologiesclosed14 Jul 2026 – 16 Jul 2026Rs 331—400119.33% of upper bandBSE SME
Devson Catalystclosed9 Jul 2026 – 13 Jul 2026Rs 118—4941.53% of upper bandBSE SME
Kratikal Techclosed30 Jun 2026 – 2 Jul 2026Rs 135—7857.78% of upper bandBSE SME
Sampark India Logisticsclosed30 Jun 2026 – 2 Jul 2026Rs 84—0—BSE SME
Atharva Polyplastclosed30 Jun 2026 – 2 Jul 2026Rs 60—1016.67% of upper bandBSE SME
Seemax Resourcesclosed30 Jun 2026 – 2 Jul 2026Rs 141—0—BSE SME
Adon Agro Commoditiesclosed29 Jun 2026 – 1 Jul 2026Rs 70—0—BSE SME
Twinkle Papersclosed29 Jun 2026 – 1 Jul 2026Rs 69—22.90% of upper bandBSE SME
Crazy Snacksclosed25 Jun 2026 – 30 Jun 2026Rs 42—0—BSE SME
Sri Priyanka Geo Commexclosed24 Jun 2026 – 29 Jun 2026Rs 207–212600 shares0—NSE SME
Jivial Industriesclosed23 Jun 2026 – 25 Jun 2026Rs 196—0—BSE SME
Anubhav Plastclosed19 Jun 2026 – 23 Jun 2026Rs 80—0—BSE SME
Riyaasat Lifestyleclosed18 Jun 2026 – 22 Jun 2026Rs 108—0—BSE SME
Liotech Industriesclosed17 Jun 2026 – 19 Jun 2026Rs 321—0—BSE SME
Diksha Polymersclosed17 Jun 2026 – 19 Jun 2026Rs 112—0—BSE SME
Horizon Reclaim (India)closed12 Jun 2026 – 16 Jun 2026Rs 98-1032,400 shares6361.17% of upper bandBSE SME
Susan Electricals Indiaclosed11 Jun 2026 – 15 Jun 2026Rs 120-1272,000 shares6047.24% of upper bandBSE SME
Qualiance Internationallisted4 Sep 2026 – 8 Sep 2026Rs 120–1271,000 shares7659.84% of upper bandNSE SME (Emerge)
Ashutosh Fibrelisted31 Aug 2026 – 2 Sep 2026Rs 87–921,200 shares5660.87% of upper bandNSE SME (Emerge)
Shanti Inorganicslisted31 Aug 2026 – 2 Sep 2026Rs 79–831,600 shares5465.06% of upper bandNSE SME (Emerge)
ABH Healthcarelisted24 Aug 2026 – 27 Aug 2026Rs 96–1021,200 shares——NSE SME
Fascinate Textileslisted11 Aug 2026 – 19 Aug 2026Rs 142–151800 shares——NSE SME
Technocrats Plasma Systemslisted14 Aug 2026 – 18 Aug 2026Rs 132——24.24% of upper bandBSE SME
Skytech Infinite Platformlisted14 Aug 2026 – 18 Aug 2026Rs 73–771,600 shares—9.09% of upper bandNSE SME
Credent Connect N Carelisted13 Aug 2026 – 17 Aug 2026Rs 179–189600 shares—29.10% of upper bandNSE SME
Pramodini Medicarelisted12 Aug 2026 – 14 Aug 2026Rs 110–1181,200 shares——NSE SME
Optimystix Entertainmentlisted7 Aug 2026 – 11 Aug 2026Rs 166–175800 shares—2.86% of upper bandNSE SME
Anawil Wire & Engineeringlisted3 Aug 2026 – 5 Aug 2026Rs 257–270400 shares—21.48% of upper bandNSE SME
Propshop Eventslisted27 Jul 2026 – 29 Jul 2026Rs 65–692,000 shares——NSE SME
Metalic Technoforgelisted21 Jul 2026 – 23 Jul 2026Rs 72–771,600 shares010.38% of upper bandNSE SME
Happy Steelslisted9 Jul 2026 – 13 Jul 2026Rs 62–662,000 shares1015.15% of upper bandNSE SME
IC Electricalslisted3 Jul 2026 – 7 Jul 2026Rs 94–991,200 shares4747.47% of upper bandNSE SME
Teja Engineeringlisted30 Jun 2026 – 2 Jul 2026Rs 220600 shares3616.36% of upper bandNSE SME
Vinit Mobilelisted30 Jun 2026 – 2 Jul 2026Rs 150–158800 shares0—NSE SME
Shreedhar Spinnerslisted23 Jun 2026 – 25 Jun 2026Rs 51–532,000 shares0—NSE SME
Avience Biomedicalslisted18 Jun 2026 – 22 Jun 2026Rs 196–208600 shares14569.71% of upper bandNSE SME
Clay Craftlisted17 Jun 2026 – 19 Jun 2026Rs 193–203600 shares4522.17% of upper bandNSE SME
Utkal Speciality Industries Indialisted10 Jun 2026 – 12 Jun 2026Rs 62-664,000 shares11.51% of upper bandNSE SME
GenXAI Analyticslisted5 Jun 2026 – 9 Jun 2026Rs 110-1161,200 shares21.72% of upper bandNSE SME
Vahh Chemicalslisted4 Jun 2026 – 8 Jun 2026Rs 60 (fixed price)—58.33% of Rs 60BSE SME
Q-Line Biotechlisted21 May 2026 – 25 May 2026Rs 326-343 (issue price Rs 343)800 shares (min investment Rs 2,74,400)——NSE SME

Data as of: 16 Sep 2026, 14:43 IST. SME counters trade thinly in the grey market — their GMP quotes are even less reliable than mainboard GMP. Minimum SME application sizes typically run Rs 2.4–2.7 lakh per lot at the upper band.

How GMP is calculated

1

Dealers quote the premium

GMP is not derived from a formula — it is the price grey-market dealers (an informal OTC network, historically concentrated in hubs like Ahmedabad, Mumbai and Rajkot) quote over the issue price for shares of an IPO that has not yet listed. Trackers poll these dealers and publish a consensus figure.

2

Estimated listing price

Estimated listing price = upper price band + GMP. For Susan Electricals India: Rs 127 (upper band) + Rs 41 (GMP) ≈ Rs 168 implied listing price.

3

Estimated listing gain %

Estimated gain % = GMP ÷ upper band × 100. For Susan Electricals: 41 ÷ 127 × 100 ≈ 32.28%. On its 2,000-share lot (Rs 2,54,000 at the upper band; SME applications are a minimum of two lots), that implies a notional, unofficial gain of about Rs 82,000 per lot — if the listing matches the grey market, which it often does not.

Worked example

Fixed illustration using one past issue, so the arithmetic stays checkable. These are not today’s numbers — for those, read the tables above.

InputSusan Electricals India (BSE SME)
Upper price bandRs 127
GMP (as tracked on 11 Jun 2026)Rs 41
Estimated listing priceRs 127 + Rs 41 = Rs 168
Estimated listing gain41 ÷ 127 × 100 = 32.28%
Lot size / min. investment2,000 shares ≈ Rs 2,54,000 per lot at the upper band (SME minimum application is two lots since July 2025)
Notional gain per lot (unofficial)2,000 × Rs 41 = Rs 82,000 — indicative only

Data as of: 16 Sep 2026, 14:43 IST

What moves GMP up or down

  • Subscription numbers — heavy QIB and HNI bidding usually lifts GMP. It is common for an issue's premium to double or halve between the first bidding day and listing day as institutional and retail demand becomes visible.
  • Overall market mood — GMP across the board softens when indices fall. A weak Nifty or Sensex session tends to pull premiums down across the board, and a strong one lifts them, regardless of the issue itself.
  • Valuation vs listed peers — a richly priced issue leaves less implied upside, capping the premium dealers will pay.
  • Flipping demand — interest from investors who plan to sell on listing day inflates GMP for "hot" issues; thin SME floats exaggerate this in both directions.

Why GMP is not the listing price

Grey-market volumes are tiny relative to the actual issue, quotes are unaudited, and small SME counters can be talked up by interested parties. The recent record shows both kinds of misses: CMR Green Technologies listed at Rs 275.40 on BSE (+43.44%) against a GMP-implied ~35%, and Vahh Chemicals listed at +16.67% against a GMP-implied 8.33% — both better than GMP suggested — while other issues routinely list below their grey-market estimates. Treat every number on this page as sentiment, not a forecast. For the full background, read What is GMP?

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IPO GMP today — Frequently Asked Questions

What is IPO GMP today and how often does it change?

IPO GMP (grey market premium) is the extra amount, over the issue price, that unofficial grey-market buyers are willing to pay for IPO shares before listing. It changes throughout the day — sometimes several times — as subscription figures, market mood and dealer demand shift. The tables on this page reflect our latest data update (see the "Data as of" stamp); GMP shown for any IPO may already have moved since then.

How is GMP calculated for an IPO?

GMP itself is not calculated by a formula — it is the premium quoted by grey-market dealers. From it, two derived numbers are computed: estimated listing price = upper price band + GMP, and estimated listing gain % = GMP ÷ upper price band × 100. Example: Susan Electricals India has an upper band of Rs 127 and a GMP of Rs 41 (11 Jun 2026), so the implied listing price is about Rs 168 and the implied gain is 32.28%. These are unofficial estimates, not predictions.

Which IPO has the highest GMP today?

The highest-GMP issue changes daily, so we do not freeze a name here — the live answer is in the two tables on this page. Read the GMP (Rs) column for the absolute premium and Est. Gain for that premium as a percentage of the upper price band, which is the fairer comparison between issues with very different price bands. SME issues often show larger percentage premiums than mainboard issues because grey-market volumes in them are thinner. GMP is unofficial, unregulated and can move within hours.

Does a high GMP mean an IPO will definitely list at a profit?

No. GMP is an unofficial sentiment signal, not a commitment by anyone to a listing price. It can undershoot — CMR Green Technologies carried a GMP of about Rs 67 (roughly 35%) and listed 43.44% up on BSE — and it can overshoot, with issues listing flat or below the price GMP implied. Thinly traded SME counters are especially prone to exaggerated GMP quotes. Always look at fundamentals, valuations and subscription data, not GMP alone.

What are kostak rates and subject-to-sauda deals?

Both are grey-market side deals on IPO applications rather than shares. A kostak rate is a fixed price at which you sell your entire IPO application before allotment — you keep that amount whether or not you are allotted shares. A subject-to-sauda deal pays a (usually higher) agreed amount only if your application actually receives allotment; if you are not allotted, the deal is void. Like GMP, both are informal, unregulated and enforceable only by trust between dealers.

Is the IPO grey market legal and regulated in India?

The grey market is an informal, over-the-counter market that operates outside SEBI's regulatory framework and outside the stock exchanges. Trades are verbal or dealer-mediated, settled in cash after listing, and offer no investor protection, no contract notes and no recourse if a counterparty defaults. We publish GMP purely as information about pre-listing sentiment; we do not facilitate, recommend or participate in grey-market dealing.