Gray Market IPO List
Company Name: ARC Insulation
Status: Upcoming
IPO GMP: N/A
Price: ₹125
Estimated Price: N/A
Profit/Loss: 0%
IPO Size: ₹39.13 Cr
Lot Size: 1000 Shares
Open Date: 21-August-2025
Close Date: 25-August-2025
BoA Date: 26-August-2025
Listing Date: 29-August-2025
Type: NSE SME
Company Name: Classic Electrodes
Status: Upcoming
IPO GMP: ₹22
Price: ₹87
Estimated Price: ₹109
Profit/Loss: 25.29%
IPO Size: ₹39.09 Cr
Lot Size: 1600 Shares
Open Date: 22-August-2025
Close Date: 26-August-2025
BoA Date: 28-August-2025
Listing Date: 01-September-2025
Type: NSE SME
Company Name: Current Infraprojects
Status: Upcoming
IPO GMP: N/A
Price: N/A
Estimated Price: N/A
Profit/Loss: 0%
IPO Size: ₹0.49 Cr
Lot Size: N/A Shares
Open Date: 26-August-2025
Close Date: 29-August-2025
BoA Date: 01-September-2025
Listing Date: 03-September-2025
Type: NSE SME
Company Name: Gem Aromatics
Status: Upcoming
IPO GMP: ₹41
Price: ₹325
Estimated Price: ₹366
Profit/Loss: 12.62%
IPO Size: ₹451.25 Cr
Lot Size: 46 Shares
Open Date: 19-August-2025
Close Date: 21-August-2025
BoA Date: 22-August-2025
Listing Date: 26-August-2025
Type: Mainboard
Company Name: Infraprime Logistics
Status: Upcoming
IPO GMP: N/A
Price: N/A
Estimated Price: N/A
Profit/Loss: 0%
IPO Size: ₹0.40 Cr
Lot Size: N/A Shares
Open Date: N/A
Close Date: N/A
BoA Date: N/A
Listing Date: N/A
Type: BSE SME
Company Name: LGT Business Connextions
Status: Upcoming
IPO GMP: N/A
Price: ₹107
Estimated Price: N/A
Profit/Loss: 0%
IPO Size: ₹26.68 Cr
Lot Size: 1200 Shares
Open Date: 19-August-2025
Close Date: 21-August-2025
BoA Date: 22-August-2025
Listing Date: 26-August-2025
Type: BSE SME
Company Name: Mangal Electrical
Status: Upcoming
IPO GMP: N/A
Price: ₹561
Estimated Price: N/A
Profit/Loss: 0%
IPO Size: ₹400.00 Cr
Lot Size: 26 Shares
Open Date: 20-August-2025
Close Date: 22-August-2025
BoA Date: 25-August-2025
Listing Date: 28-August-2025
Type: Mainboard
Company Name: Patel Retail
Status: Upcoming
IPO GMP: ₹35
Price: ₹255
Estimated Price: ₹290
Profit/Loss: 13.73%
IPO Size: ₹241.46 Cr
Lot Size: 58 Shares
Open Date: 19-August-2025
Close Date: 21-August-2025
BoA Date: 22-August-2025
Listing Date: 26-August-2025
Type: Mainboard
Company Name: Shreeji Shipping Global
Status: Upcoming
IPO GMP: ₹26
Price: ₹252
Estimated Price: ₹278
Profit/Loss: 10.32%
IPO Size: ₹410.71 Cr
Lot Size: 58 Shares
Open Date: 19-August-2025
Close Date: 21-August-2025
BoA Date: 22-August-2025
Listing Date: 26-August-2025
Type: Mainboard
Company Name: Vikram Solar
Status: Upcoming
IPO GMP: ₹60.5
Price: ₹332
Estimated Price: ₹392.5
Profit/Loss: 18.22%
IPO Size: ₹2079.37 Cr
Lot Size: 45 Shares
Open Date: 19-August-2025
Close Date: 21-August-2025
BoA Date: 22-August-2025
Listing Date: 26-August-2025
Type: Mainboard
Company Name: Studio LSD
Status: Open
IPO GMP: N/A
Price: ₹54
Estimated Price: N/A
Profit/Loss: 0%
IPO Size: ₹70.53 Cr
Lot Size: 2000 Shares
Open Date: 18-August-2025
Close Date: 20-August-2025
BoA Date: 21-August-2025
Listing Date: 25-August-2025
Type: NSE SME
Company Name: BlueStone Jewellery
Status: Close Allotted
IPO GMP: ₹2
Price: ₹517
Estimated Price: ₹519
Profit/Loss: 0.39%
IPO Size: ₹1540.65 Cr
Lot Size: 29 Shares
Open Date: 11-August-2025
Close Date: 13-August-2025
BoA Date: 14-August-2025
Listing Date: 19-August-2025
Type: Mainboard
Company Name: Icodex Publishing Solutions
Status: Close Allotted
IPO GMP: N/A
Price: ₹102
Estimated Price: N/A
Profit/Loss: 0%
IPO Size: ₹39.93 Cr
Lot Size: 1200 Shares
Open Date: 11-August-2025
Close Date: 13-August-2025
BoA Date: 14-August-2025
Listing Date: 19-August-2025
Type: BSE SME
Company Name: Mahendra Realtors
Status: Close
IPO GMP: N/A
Price: ₹85
Estimated Price: N/A
Profit/Loss: 0%
IPO Size: ₹46.97 Cr
Lot Size: 1600 Shares
Open Date: 12-August-2025
Close Date: 14-August-2025
BoA Date: 18-August-2025
Listing Date: 20-August-2025
Type: NSE SME
Company Name: Regaal Resources
Status: Close
IPO GMP: ₹25
Price: ₹102
Estimated Price: ₹127
Profit/Loss: 24.51%
IPO Size: ₹306.00 Cr
Lot Size: 144 Shares
Open Date: 12-August-2025
Close Date: 14-August-2025
BoA Date: 18-August-2025
Listing Date: 20-August-2025
Type: Mainboard
Company Name: Aaradhya Disposal
Status: Listed
IPO GMP: N/A
Price: ₹116
Listed Price: ₹111
Profit/Loss: -4.31%
IPO Size: ₹42.85 Cr
Lot Size: 1200 Shares
Open Date: 04-August-2025
Close Date: 06-August-2025
BoA Date: 07-August-2025
Listing Date: 11-August-2025
Type: NSE SME
Company Name: All Time Plastics
Status: Listed
IPO GMP: ₹20
Price: ₹275
Listed Price: ₹311.3
Profit/Loss: 13.2%
IPO Size: ₹400.60 Cr
Lot Size: 54 Shares
Open Date: 07-August-2025
Close Date: 11-August-2025
BoA Date: 12-August-2025
Listing Date: 14-August-2025
Type: Mainboard
Company Name: ANB Metal Cast
Status: Listed
IPO GMP: N/A
Price: ₹156
Listed Price: N/A
Profit/Loss: 0%
IPO Size: ₹46.80 Cr
Lot Size: 800 Shares
Open Date: 08-August-2025
Close Date: 12-August-2025
BoA Date: 13-August-2025
Listing Date: 18-August-2025
Type: NSE SME
Company Name: Bhadora Industries
Status: Listed
IPO GMP: N/A
Price: ₹103
Listed Price: ₹101
Profit/Loss: -1.94%
IPO Size: ₹52.80 Cr
Lot Size: 1200 Shares
Open Date: 04-August-2025
Close Date: 06-August-2025
BoA Date: 07-August-2025
Listing Date: 11-August-2025
Type: NSE SME
Company Name: BLT Logistics
Status: Listed
IPO GMP: ₹25
Price: ₹75
Listed Price: ₹90.95
Profit/Loss: 21.27%
IPO Size: ₹9.01 Cr
Lot Size: 1600 Shares
Open Date: 04-August-2025
Close Date: 06-August-2025
BoA Date: 07-August-2025
Listing Date: 11-August-2025
Type: BSE SME
Company Name: Cash Ur Drive Marketing
Status: Listed
IPO GMP: ₹40
Price: ₹130
Listed Price: ₹155
Profit/Loss: 19.23%
IPO Size: ₹57.42 Cr
Lot Size: 1000 Shares
Open Date: 31-July-2025
Close Date: 04-August-2025
BoA Date: 05-August-2025
Listing Date: 07-August-2025
Type: NSE SME
Company Name: Connplex Cinemas
Status: Listed
IPO GMP: ₹12
Price: ₹177
Listed Price: ₹195
Profit/Loss: 10.17%
IPO Size: ₹85.74 Cr
Lot Size: 800 Shares
Open Date: 07-August-2025
Close Date: 11-August-2025
BoA Date: 12-August-2025
Listing Date: 14-August-2025
Type: NSE SME
Company Name: Essex Marine
Status: Listed
IPO GMP: N/A
Price: ₹54
Listed Price: ₹43.20
Profit/Loss: -20%
IPO Size: ₹21.86 Cr
Lot Size: 2000 Shares
Open Date: 04-August-2025
Close Date: 06-August-2025
BoA Date: 07-August-2025
Listing Date: 11-August-2025
Type: BSE SME
Company Name: Flysbs Aviation
Status: Listed
IPO GMP: ₹240
Price: ₹225
Listed Price: ₹427.50
Profit/Loss: 90%
IPO Size: ₹97.36 Cr
Lot Size: 600 Shares
Open Date: 01-August-2025
Close Date: 05-August-2025
BoA Date: 06-August-2025
Listing Date: 08-August-2025
Type: NSE SME
Company Name: Highway Infrastructure
Status: Listed
IPO GMP: ₹24
Price: ₹70
Listed Price: ₹115
Profit/Loss: 64.29%
IPO Size: ₹130.00 Cr
Lot Size: 211 Shares
Open Date: 05-August-2025
Close Date: 07-August-2025
BoA Date: 08-August-2025
Listing Date: 12-August-2025
Type: Mainboard
Company Name: JSW Cement
Status: Listed
IPO GMP: ₹4.8
Price: ₹147
Listed Price: ₹153.5
Profit/Loss: 4.42%
IPO Size: ₹3600.00 Cr
Lot Size: 102 Shares
Open Date: 07-August-2025
Close Date: 11-August-2025
BoA Date: 12-August-2025
Listing Date: 14-August-2025
Type: Mainboard
Company Name: Jyoti Global Plast
Status: Listed
IPO GMP: N/A
Price: ₹66
Listed Price: ₹65.90
Profit/Loss: -0.15%
IPO Size: ₹33.66 Cr
Lot Size: 2000 Shares
Open Date: 04-August-2025
Close Date: 06-August-2025
BoA Date: 07-August-2025
Listing Date: 11-August-2025
Type: NSE SME
Company Name: Knowledge Realty Trust REIT
Status: Listed
IPO GMP: ₹2
Price: ₹100
Listed Price: N/A
Profit/Loss: 0%
IPO Size: ₹4800.00 Cr
Lot Size: 150 Shares
Open Date: 05-August-2025
Close Date: 07-August-2025
BoA Date: 12-August-2025
Listing Date: 18-August-2025
Type: Mainboard
Company Name: M&B Engineering
Status: Listed
IPO GMP: ₹55
Price: ₹385
Listed Price: ₹385
Profit/Loss: 0%
IPO Size: ₹650.00 Cr
Lot Size: 38 Shares
Open Date: 30-July-2025
Close Date: 01-August-2025
BoA Date: 04-August-2025
Listing Date: 06-August-2025
Type: Mainboard
Company Name: Medistep Healthcare
Status: Listed
IPO GMP: ₹8
Price: ₹43
Listed Price: N/A
Profit/Loss: 0%
IPO Size: ₹15.29 Cr
Lot Size: 3000 Shares
Open Date: 08-August-2025
Close Date: 12-August-2025
BoA Date: 13-August-2025
Listing Date: 18-August-2025
Type: NSE SME
Company Name: NSDL
Status: Listed
IPO GMP: ₹125
Price: ₹800
Listed Price: ₹880
Profit/Loss: 10%
IPO Size: ₹4010.95 Cr
Lot Size: 18 Shares
Open Date: 30-July-2025
Close Date: 01-August-2025
BoA Date: 04-August-2025
Listing Date: 06-August-2025
Type: Mainboard
Company Name: Parth Electricals
Status: Listed
IPO GMP: ₹6
Price: ₹170
Listed Price: ₹174
Profit/Loss: 2.35%
IPO Size: ₹47.23 Cr
Lot Size: 800 Shares
Open Date: 04-August-2025
Close Date: 06-August-2025
BoA Date: 07-August-2025
Listing Date: 11-August-2025
Type: NSE SME
Company Name: Renol Polychem
Status: Listed
IPO GMP: ₹3
Price: ₹105
Listed Price: ₹105
Profit/Loss: 0%
IPO Size: ₹24.20 Cr
Lot Size: 1200 Shares
Open Date: 31-July-2025
Close Date: 04-August-2025
BoA Date: 05-August-2025
Listing Date: 07-August-2025
Type: NSE SME
Company Name: Sawaliya Foods Products
Status: Listed
IPO GMP: ₹30
Price: ₹120
Listed Price: ₹228
Profit/Loss: 90%
IPO Size: ₹33.08 Cr
Lot Size: 1200 Shares
Open Date: 07-August-2025
Close Date: 11-August-2025
BoA Date: 12-August-2025
Listing Date: 14-August-2025
Type: NSE SME
Company Name: Star Imaging
Status: Listed
IPO GMP: ₹6
Price: ₹142
Listed Price: N/A
Profit/Loss: 0%
IPO Size: ₹62.65 Cr
Lot Size: 1000 Shares
Open Date: 08-August-2025
Close Date: 12-August-2025
BoA Date: 13-August-2025
Listing Date: 18-August-2025
Type: BSE SME
Company Name: Takyon Networks
Status: Listed
IPO GMP: N/A
Price: ₹54
Listed Price: ₹55.85
Profit/Loss: 3.43%
IPO Size: ₹19.44 Cr
Lot Size: 2000 Shares
Open Date: 30-July-2025
Close Date: 01-August-2025
BoA Date: 04-August-2025
Listing Date: 06-August-2025
Type: BSE SME
Company Name: Aditya Infotech
Status: Listed
IPO GMP: ₹305
Price: ₹675
Listed Price: ₹1015
Profit/Loss: 50.37%
IPO Size: ₹1300.59 Cr
Lot Size: 22 Shares
Open Date: 29-July-2025
Close Date: 31-July-2025
BoA Date: 01-August-2025
Listing Date: 05-August-2025
Type: Mainboard
Company Name: B.D.Industries
Status: Listed
IPO GMP: N/A
Price: ₹108
Listed Price: ₹108.90
Profit/Loss: 0.83%
IPO Size: ₹43.03 Cr
Lot Size: 1200 Shares
Open Date: 30-July-2025
Close Date: 01-August-2025
BoA Date: 04-August-2025
Listing Date: 06-August-2025
Type: BSE SME
Company Name: Kaytex Fabrics
Status: Listed
IPO GMP: ₹15
Price: ₹180
Listed Price: ₹144
Profit/Loss: -20%
IPO Size: ₹66.31 Cr
Lot Size: 800 Shares
Open Date: 29-July-2025
Close Date: 31-July-2025
BoA Date: 01-August-2025
Listing Date: 05-August-2025
Type: NSE SME
Company Name: Mehul Colours
Status: Listed
IPO GMP: ₹11
Price: ₹72
Listed Price: ₹85
Profit/Loss: 18.06%
IPO Size: ₹20.56 Cr
Lot Size: 1600 Shares
Open Date: 30-July-2025
Close Date: 01-August-2025
BoA Date: 04-August-2025
Listing Date: 06-August-2025
Type: BSE SME
Company Name: Sri Lotus Developers
Status: Listed
IPO GMP: ₹27
Price: ₹150
Listed Price: ₹178
Profit/Loss: 18.67%
IPO Size: ₹792.21 Cr
Lot Size: 100 Shares
Open Date: 30-July-2025
Close Date: 01-August-2025
BoA Date: 04-August-2025
Listing Date: 06-August-2025
Type: Mainboard
Gray Market IPO Mystery: What Every IPO Investor Should Really Know About GMP
Let’s be honest—IPOs can feel like a roller coaster. Especially when everyones talking about this mysterious thing called “Grey Market Premium” or GMP or “Gray Market IPO”. You’ve probably heard friends say “Oh the GMP is really high on this one!” and wondered what the heck they’re talking about. Trust me I’ve been there too.
What Exactly Is This Grey Market Thing?
Think of the grey market as the unofficial hangout spot for stock traders before an IPO goes live. It’s not illegal but its also not officially recognized by SEBI or the stock exchanges. Picture it like this: you and your friends agreeing to trade baseball cards before the official card shop opens. Everything runs on trust handshake deals and a lot of hope.
The grey market kicks into gear the moment a company announces it’s IPO price band—usually 10-15 days before the actual subscription opens. Its where people buy and sell IPO shares (or even just applications) based on what they think the stock will be worth once it hits the real market.
Breaking Down Grey Market Premium (GMP)
Heres where it gets interesting. GMP is simply the extra amount people are willing to pay above the IPO issue price in this unofficial market.
Lets say XYZ Company prices their IPO at ₹100 per share. But in the grey market people are trading it for ₹150. That ₹50 difference? Thats your GMP. Its basically the markets way of saying “We think this stock is going to list higher than the issue price.”
The math is pretty straightforward:
Expected Listing Price = IPO Issue Price + GMP
The Players and The Game
The grey market isn’t run by some shadowy organization (though it sounds like it right?). Its mostly operated by dealers and brokers who know each other and have built trust over years of trading. They match buyers with sellers take their cut and everyone hopes for the best.
What makes this interesting is that these arent just random people—often you’ll find institutional investors HNIs (High Net Worth Individuals) and even retail investors who know the ropes.
Beyond GMP: Kostak Rate and Subject to Sauda
Now heres where things get a bit more complex (but stick with me—its actually pretty clever). There are two other ways people trade in the grey market:
Kostak Rate: This is when someone buys your entire IPO application—whether you get shares or not. Say you applied for an IPO someone offers you ₹1,000 for your application. Win or lose you get that ₹1,000 but you give up any potential gains.
Subject to Sauda: This is like Kostaks cautious cousin. The buyer only pays you if you actually get the share allotment. No allotment? No deal. Its safer for the buyer which is why these rates are usually higher than Kostak rates.
The Reality Check: Can You Trust GMP?
Here’s the thing—and this is where I need to be completely honest with you—GMP is basically educated guesswork with a fancy name. Sure it can give you a sense of market sentiment but its not some crystal ball that predicts the future.
Ive seen IPOs with sky-high GMPs crash on listing day and others with modest GMPs surprise everyone with stellar debuts. The grey market runs on speculation and speculation can be wrong—really wrong.
The Risks Nobody Talks About Enough
Lets address the elephant in the room. Trading in the grey market is risky business:
No Legal Protection: If someone backs out of a deal you cant run to SEBI or the courts. Its all based on trust.
Price Manipulation: Since theres no official price discovery dealers can pretty much quote whatever they want.
Volatility: GMP can swing wildly based on rumors market sentiment or even what someone had for breakfast.
No Transparency: Unlike official stock exchanges where you can see order books and trading volumes the grey market is like playing poker with your cards face down.
How to Use GMP Wisely (If At All)
Look Im not going to tell you to completely ignore GMP—it does reflect investor sentiment to some degree. But if youre going to pay attention to it heres how to be smart about it:
Use It as One Indicator Among Many: Dont let GMP be your only deciding factor. Look at the companys fundamentals the market conditions and the sector outlook.
Watch the Trend Not Just the Number: Is the GMP rising or falling? Are people getting more excited or cooling off?
Remember Its Unofficial: Treat GMP numbers like you would gossip—interesting possibly useful but not necessarily true.
The Bottom Line
The grey market and GMP are fascinating parts of Indias IPO ecosystem. They give us a peek into what people think before the official show begins. But remember—this is all happening in the shadows without rules or referees.
If youre new to IPO investing my advice? Learn about GMP understand what it means but dont let it drive your investment decisions. Focus on the companys business model growth prospects and whether it fits your investment goals.
And if you do decide to dabble in grey market trading? Go in with your eyes wide open never invest more than you can afford to lose and remember that trust is the only currency that matters in this unofficial world.
The grey market will probably always be part of Indias IPO story—its too ingrained in our investing culture to disappear. Just make sure you understand the game before you decide to play.
Happy investing and remember—sometimes the best trade is the one you dont make!