IPO SaathiGuide
What Is IPO GMP and Is It Reliable?
In short
GMP, or grey market premium, is the extra amount people are willing to pay for an IPO's shares in an informal market before the shares list. It is unofficial: no exchange or regulator issues it. It hints at demand, but it can differ a lot from the real listing price.
What GMP means
If the upper price band is ₹100 and the GMP is ₹20, people in the grey market are pricing the share at ₹120. That is a GMP of 20% of the upper price band, and an indicative listing price of ₹120. (These numbers are an example, not a real IPO.)
IPO Saathi works out the percentage the same way for every IPO: the GMP divided by the upper price band. The indicative listing price is the upper price band plus the GMP.
Where GMP comes from
The grey market is informal. The trades are not made on a stock exchange and no regulator publishes a price. GMP figures come from public trackers that collect what dealers say. Two trackers can show different numbers for the same IPO on the same day, and a number can be hours old.
IPO Saathi shows GMP from public grey-market trackers. We check about every hour and keep a new reading only when the value changes, so each IPO page shows when it last changed. See Data sources.
How reliable is it?
GMP is not a forecast. It moves with demand until the day the shares list, and it can be wrong in either direction.
We keep our own record. For every IPO we have both a last GMP and a listing price for, this page sets the last GMP before listing against what the listing actually did, and shows the gap. It is a record of what happened, with a small sample that began in September 2026.
What GMP cannot tell you
- Whether you will be allotted shares. That depends on how many people applied. See how to check allotment.
- What the share will be worth after the first day.
- Whether the company is a good business. The offer document is the place for that.
IPO Saathi shows public information only and never tells you which IPO to apply for.