Live grey-market premium, price band, lot size and key dates for open and upcoming IPOs — plus a lot-size & listing-gain calculator. GMP is an unofficial estimate, not advice.
What IPO GMP actually tells you (and what it doesn't)
Grey Market Premium (GMP) is the unofficial price at which IPO shares — or the right to receive them — change hands in the grey market before they list on the stock exchange. If a share priced at ₹105 has a GMP of ₹28, dealers expect it to open near ₹133 on listing day. It is a real-time gauge of demand set by a small network of dealers, with no regulator and no settlement guarantee.
Because there's no official exchange behind it, GMP can be noisy and manipulated. It moves on rumour and subscription buzz, often spiking on the last day of the issue and then collapsing — or surging — at listing. Plenty of IPOs with a healthy GMP have listed flat or at a discount, and a few with modest GMP have popped. Use it as one sentiment input alongside the company's fundamentals, valuation and the subscription figures, never as a forecast.
How IPO allotment works
When you apply, your money isn't debited — it's blocked via UPI mandate or ASBA. After the issue closes, the registrar finalises the basis of allotment. If the retail portion is oversubscribed (most popular IPOs are), allotment is done by a computerised lottery at the lot level: every valid applicant has an equal chance per lot, so applying for one lot or applying with multiple family PANs both have a place. If you're allotted shares the blocked amount is debited; if not, the block is released within a day or two. You can confirm the outcome in our IPO allotment status guide.
Mainboard vs SME IPOs
Not all IPOs are the same animal. Mainboard IPOs list on the main NSE and BSE boards — larger, better-covered companies with a retail minimum near ₹14,000–₹15,000 and deeper post-listing liquidity. SME IPOs list on the NSE Emerge / BSE SME platforms — smaller companies with far larger lot sizes (often a ₹1–1.5 lakh minimum), thinner trading and sharper price swings. The "type" column in the table above flags which is which; size your application and your risk accordingly.
How to apply via UPI in five steps
- Open the IPO section in your broker app (Zerodha, Groww, Angel One, etc.).
- Select the IPO, choose your number of lots, and bid at the cut-off price (recommended for retail).
- Enter your UPI ID and submit the application.
- Approve the mandate request in your UPI app — the amount is now blocked, not debited.
- Wait for allotment. Shares are credited to your demat under the T+3 timeline, usually a day before listing.
Worked example
Take a ₹105 share with a 142-share lot and a GMP of ₹28. One lot costs ₹14,910 for 142 shares. At the implied listing price of ₹133, the estimated listing-day profit is ₹3,976 — about 26.7% on your money, if it lists at the GMP (it may not). Plug your own IPO's numbers into the calculator above to see the same maths for your application.
Got your listing gains? Money you don't redeploy immediately can compound — see our SIP calculator or lumpsum calculator to model it.
Frequently Asked Questions
What is GMP (Grey Market Premium) in an IPO?
GMP is the extra price IPO shares are unofficially trading at in the grey market before they list on the exchange. A GMP of ₹28 on a ₹105 share suggests the market expects it to list around ₹133. It is an informal demand signal set by dealers — not an official price and not a guarantee. As of 2026-10-02, the figures on this page are the latest grey-market estimates we have.
Is IPO GMP reliable for predicting listing gains?
Only loosely. GMP reflects sentiment days before listing and can swing sharply right up to listing day; many IPOs list far from their last GMP, and some list at a discount despite a positive premium. Treat it as one input, not a forecast — read the company fundamentals, valuations and subscription numbers too. It is an unofficial estimate, never investment advice.
How do I check my IPO allotment status?
After the basis of allotment is finalised (usually 1–2 days after the issue closes), check on the
registrar's website (Link Intime / KFin / Bigshare), or on the
BSE/NSE IPO pages, or inside your broker app. You need your PAN or application/DP number. Our
IPO allotment status guide walks through each method.
What is the difference between mainboard and SME IPOs?
Mainboard IPOs are larger companies listing on the main NSE/BSE boards with a minimum retail lot near ₹14,000–₹15,000. SME IPOs are smaller companies on the NSE Emerge / BSE SME platforms — lot sizes are far bigger (often ₹1–1.5 lakh minimum), liquidity is thinner and risk is higher. The lot size and minimum investment differ a lot, so always confirm before applying.
When do IPO shares get credited to my demat account?
Under the T+3 timeline, shares are typically credited to your demat a day before listing — usually the day after allotment is finalised. If you were allotted shares you will see them in your holdings before the listing date; if not, your blocked UPI/ASBA funds are released back.
What does "lot size" mean and how many lots can I apply for?
A lot is the minimum number of shares you can apply for in one application. If the lot size is 142 shares at ₹105, one lot costs about ₹14,910. Retail investors can apply for up to ₹2,00,000 worth (multiple lots within that cap); apply for more and you move into the HNI/NII category.
How do I apply for an IPO using UPI?
Open the IPO section in your broker app, pick the IPO, choose your number of lots and bid price (usually the cut-off), enter your UPI ID and submit. You then get a mandate request in your UPI app — approve it, and the application amount is blocked (not debited) until allotment. If you get shares the money is debited; if not, the block is released.
IPO data and GMP here are unofficial, refreshed daily and may be delayed — not an official listing price, not a forecast, and not investment advice. IPO investing carries risk of capital loss; many IPOs list below their GMP. Read the company RHP, do your own research and consult a SEBI-registered adviser before applying.