IPO GMP vs Listing Price 2026: GMP Accuracy Tracker
How close does the grey market premium get to the real listing price? This IPO GMP vs listing price tracker compares the last unofficial GMP before each listing with the actual opening price and day-1 close. It covers every IPO listing we reported on from 21 October 2026. We add each new IPO on its listing day.
IPO GMP vs listing price table (October 2026)
Each row shows one IPO. The key column is “Open vs GMP-implied”. It tells you how far the actual opening price landed from the price the grey market pointed to.
October 2026 listings
| IPO | Board | Listed | Issue price | Last GMP (unofficial) | GMP-implied price | Listing open | Open vs GMP-implied | Day-1 close |
|---|---|---|---|---|---|---|---|---|
| HD Fire Protect IPO | Mainboard | 21 Oct | ₹271 | ₹~80 (15 Oct) | ₹~351 (+29.5%) | ₹335 (+23.6%) | −4.6% | ₹306.75 (+13.2%) |
| Vaibhav Vyapaar IPO | NSE SME | 21 Oct | ₹54 | ₹~2 (16 Oct) | ₹~56 (+3.7%) | ₹52.90 (−2.0%) | −5.5% | — |
| Fusion CX IPO | Mainboard | 22 Oct | ₹289 | ₹~10 to 12 (17 Oct) | ₹~299 to 301 (+3.5% to +4.2%) | ₹305 (+5.5%) | +1.7% | ₹289.65 (+0.2%) |
| Ravita Engineering Services IPO | NSE SME | 22 Oct | ₹112 | ₹~2 (16 Oct) | ₹~114 (+1.8%) | ₹112 (0.0%) | −1.8% | ₹113.70 (+1.5%) |
| Tonbo Imaging IPO | Mainboard | 23 Oct | ₹700 | ₹~500 (16 Oct) | ₹~1,200 (+71.4%) | ₹1,160 (+65.7%) | −3.3% | ₹1,133.80 (+62.0%) |
| Bonfiglioli Transmissions IPO | Mainboard | 23 Oct | ₹586 | ₹~133 to 143 (16 Oct) | ₹~719 to 729 (+22.7% to +24.4%) | ₹586 (0.0%) | −19.1% | ₹574.50 (−2.0%) |
| Sahajanand Medical Technologies IPO | Mainboard | 23 Oct | ₹344 | ₹~35 to 41 (16 Oct, during bidding) | ₹~379 to 385 (+10.2% to +11.9%) | ₹371.15 (+7.9%) | −2.8% | ₹377.65 (+9.8%) |
| Zetwerk IPO | Mainboard | 23 Oct | ₹151 | ₹~7 (16 Oct) | ₹~158 (+4.6%) | ₹159.25 (+5.5%) | +0.8% | ₹138.25 (−8.4%) |
| Shellz India IPO | BSE SME | 23 Oct | ₹179 | ₹0 (16 Oct) | ₹179 (0.0%) | ₹179 (0.0%) | 0.0% | ₹170.05 (−5.0%) |
| Jio Platforms IPO | Mainboard | 28 Oct | ₹1,119 | ₹~240 (23 Oct) | ₹~1,359 (+21.4%) | ₹1,358 (+21.4%) | −0.1% | ₹~1,419 (+26.8%, reported) |
| Paras Healthcare IPO | Mainboard | 28 Oct | ₹693 | ₹~10 (23 Oct) | ₹~703 (+1.4%) | ₹720 (+3.9%) | +2.4% | — |
| Core4 Engineers IPO | BSE SME | 30 Oct | ₹93 | ₹0 (24 Oct) | ₹93 (0.0%) | ₹74.40 (−20.0%) | −20.0% | — |
November 2026 listings (2 to 5 November)
| IPO | Board | Listed | Issue price | Last GMP (unofficial) | GMP-implied price | Listing open | Open vs GMP-implied | Day-1 close |
|---|---|---|---|---|---|---|---|---|
| EAAA India Alternatives IPO | Mainboard | 2 Nov | ₹1,665 | Conflicting (₹~10 to ₹65 quoted, 28 Oct) | n/a | ₹1,675.50 (+0.6%) | n/a (excluded) | ₹1,727.80 (+3.8%) |
| BLS Polymers IPO | Mainboard | 3 Nov | ₹150 | ₹~47 to 51 (29 Oct to 3 Nov) | ₹~197 to 201 (+31.3% to +34.0%) | ₹248 (+65.3%) | +23.4% to +25.9% | ₹268.80 (+79.2%) |
| SFC Environmental Technologies IPO | Mainboard | 3 Nov | ₹330 | ₹~15 to 18 (2 Nov) | ₹~345 to 348 (+4.5% to +5.5%) | ₹355.10 (+7.6%) | +2.0% to +2.9% | ₹426.10 (+29.1%) |
| Wiscon Industries IPO | BSE SME | 3 Nov | ₹204 | ₹0 (24 Oct) | ₹204 (0.0%) | ₹204 (0.0%) | 0.0% | ₹203.55 (−0.2%) |
| M.K. Sons Fine Jewels IPO | Mainboard | 4 Nov | ₹162 | ₹10 to ₹12 (3 Nov) | ₹172 to ₹174 (+6.2% to +7.4%) | ₹171 (+5.6%) | −1.7% to −0.6% | ₹162.20 (+0.1%, reported) |
| Carver Roboweld IPO | BSE SME | 4 Nov | ₹80 | ₹0 (30 Oct) | ₹80 (0.0%) | ₹90 (+12.5%) | +12.5% | — |
| Ajwa Projects IPO | BSE SME | 4 Nov | ₹203 | ₹2 to ₹5 (30 Oct) | ₹205 to ₹208 (+1.0% to +2.5%) | ₹203 (0.0%) | −2.4% to −1.0% | — |
| Bombay Coated and Special Steels IPO | Mainboard | 5 Nov | ₹82 | ₹8.50 (4 Nov) | ₹90.50 (+10.4%) | ₹91 (+11.0%) | +0.6% | — |
November 2026 listings (6 to 11 November)
| IPO | Board | Listed | Issue price | Last GMP (unofficial) | GMP-implied price | Listing open | Open vs GMP-implied | Day-1 close |
|---|---|---|---|---|---|---|---|---|
| Maxwell Engineering Solutions IPO | NSE SME | 6 Nov | ₹158 | ₹~100 to 105 (5 to 6 Nov) | ₹~258 to 263 (+63.3% to +66.5%) | ₹300.20 (+90.0%) | +14.1% to +16.4% | — |
| HGS (India) IPO | NSE SME | 6 Nov | ₹120 | ₹~28 to 31 (5 to 6 Nov) | ₹~148 to 151 (+23.3% to +25.8%) | ₹160 (+33.3%) | +6.0% to +8.1% | — |
| Johnsoncab Electricals IPO | BSE SME | 6 Nov | ₹200 | ₹~5 to 8 (31 Oct to 6 Nov) | ₹~205 to 208 (+2.5% to +4.0%) | ₹238.50 (+19.3%) | +14.7% to +16.3% | — |
| Vectras Enprocon IPO | BSE SME | 6 Nov | ₹105 | ₹0 (6 Nov) | ₹105 (0.0%) | ₹106 (+1.0%) | +1.0% | — |
| Vedant Poly Fabs IPO | NSE SME | 9 Nov | ₹94 | ₹~1 to 2 (4 Nov) | ₹~95 to 96 (+1.1% to +2.1%) | ₹94 (0.0%) | −2.1% to −1.1% | ₹89.30 (−5.0%) |
| Antala Industries IPO | BSE SME | 11 Nov | ₹66 | ₹0 (9 Nov) | ₹66 (0.0%) | ₹52.80 (−20.0%) | −20.0% | ₹50.16 (−24.0%) |
Percentages in brackets are against the issue price. Listing open and day-1 close come from NSE quote pages, BSE SME for Shellz India and NSE SME for Ravita and Vaibhav Vyapaar. “—” means we did not record that figure. All percentages are calculated by IPO Scouter.
What the GMP vs listing price data shows
Update, 12 November 2026: six SME listings added (opening prices from NSE and BSE data as recorded on our IPO pages). Maxwell Engineering Solutions opened at ₹300.20, the 90% cap for an SME debut, about 14% to 16% above the ₹258 to ₹263 its last unofficial GMP implied. HGS (India) opened 6% to 8% above its GMP-implied price. Johnsoncab Electricals opened at ₹238.50 on BSE SME, about 15% above a small ₹5 to ₹8 GMP, while Vectras Enprocon opened ₹1 above its issue price on a nil GMP. Vedant Poly Fabs opened flat at ₹94, slightly below its ₹1 to ₹2 GMP, then hit its 5% lower band. Antala Industries repeated the Core4 Engineers pattern: a nil GMP, then an opening 20% below the issue price.
Earlier listing updates
Update, 5 November 2026: four listings added (opening prices as reported from exchange data by Business Standard, Upstox, Business Today and HDFC Sky). Bombay Coated and Special Steels opened at ₹91 on NSE, 0.6% above the price its last unofficial GMP of ₹8.50 implied. M.K. Sons Fine Jewels opened 0.6% to 1.7% below its GMP-implied price and gave up almost all of its listing gain by the close. On BSE SME, Carver Roboweld opened 12.5% above its issue price despite a nil GMP, while Ajwa Projects opened flat at its ₹203 fixed price, slightly below the ₹2 to ₹5 premium quoted on 30 October. Day-1 closes for the three newest rows will be added once confirmed.
Update, 3 November 2026: three mainboard listings and one SME listing added. Wiscon Industries (nil GMP) opened exactly at its issue price. BLS Polymers (241x subscribed) opened at ₹248, far above the ₹197 to ₹201 its last unofficial GMP implied, and SFC Environmental Technologies opened 2% to 3% above its GMP-implied price before closing day one 29.1% above its issue price. EAAA India Alternatives opened 0.6% above its issue price; grey-market quotes for it ranged from about ₹10 to ₹65, so we leave it out of the gap figures. The pattern now: GMP tends to run a little hot for average issues but can badly underestimate the most heavily subscribed ones.
What the full sample shows
The grey market usually ran a little hot. In the first twelve listings (to 30 October), eight stocks opened below their GMP-implied price, though Jio Platforms missed by only about ₹1 (−0.1%). Fusion CX (+1.7%), Zetwerk (+0.8%) and Paras Healthcare (+2.4%) opened above it. Shellz India matched exactly, because both its GMP and its listing gain were zero.
However, GMP got the direction right more often than the size. Every IPO with a meaningful positive GMP opened at or above its issue price. Bonfiglioli was the weakest case: it opened exactly at its issue price. In addition, the two zero-GMP issues split: Shellz India opened flat, but Core4 Engineers opened 20% below its issue price. Vaibhav Vyapaar is the edge case: a GMP of about ₹2 still came with a 2% discount at the open.
Among issues with a positive GMP, the largest miss was Bonfiglioli Transmissions. Trackers quoted about ₹133 to ₹143 on 16 October, which implied a listing near ₹724. Instead, the stock opened at its ₹586 issue price and closed day 1 at ₹574.50.
The biggest GMP held up reasonably well. Tonbo Imaging carried about ₹500, or roughly 71% over its ₹700 issue price. Its ₹1,160 open fell 3.3% short of the implied ₹1,200, a slightly wider gap than the median.
Day 1 told a different story from the open. Six of the nine stocks with a recorded close finished below their opening price. Zetwerk swung the most: it opened 5.5% above its issue price, fell 20% from the open to its lower price band, and closed 8.4% below the issue price.
How to read the GMP accuracy tracker
- Last GMP (unofficial): the last grey market premium our IPO coverage tracked before listing, with its date.
- GMP-implied price: issue price plus that GMP. This is the listing price the grey market pointed to.
- Listing open: the first traded price on listing day, from the exchange.
- Open vs GMP-implied: the gap between the two. A negative figure means the stock opened below what GMP suggested.
- Day-1 close: the closing price on listing day, from the exchange.
Method and sources
GMP figures are unofficial quotes from grey-market trackers, as recorded in our coverage of each IPO. Where trackers quoted a range, we show the range and use its midpoint to calculate the gap. For Sahajanand Medical Technologies, we could not confirm a post-close GMP from two trackers, so the row uses the reading taken during bidding.
Listing-day prices come from NSE and BSE quote pages. Each IPO name links to our full review, which carries the subscription, Scouter Reading and listing-day detail. If you spot an error, please tell us through our contact page, and we will correct the row and note the change.
Why GMP and listing price differ
The grey market is informal and thinly traded. A handful of dealers can move the quote, and no exchange or regulator checks it. Our guide on what IPO GMP means and how it works explains the mechanics.
In addition, a lot can change between the last GMP reading and the listing. Broad market moves, final subscription data and allotment results all land in between. Therefore, treat GMP as one signal among several, never as a promise.
For live numbers, see today’s IPO GMP tracker, the listed IPOs list and our guide on how to check IPO allotment status.
IPO GMP vs listing price: FAQ
How accurate is IPO GMP at predicting the listing price?
In our sample of 25 listings with a usable GMP (21 October to 11 November 2026), the opening price came within 5% of the GMP-implied price 16 times. The nine misses were Vaibhav Vyapaar (−5.5%), Bonfiglioli Transmissions (−19.1%), Core4 Engineers (−20.0%), Antala Industries (−20.0%), BLS Polymers (about +25%, opening far above its GMP), Maxwell Engineering Solutions and Johnsoncab Electricals (about +15% each), Carver Roboweld (+12.5% against a nil GMP) and HGS (India) (about +7%). GMP pointed the right way more often than it got the size right.
Does a high GMP guarantee listing gains?
No. GMP is an unofficial grey-market quote with no exchange, broker or SEBI oversight. Bonfiglioli Transmissions carried a GMP of about 23% to 24% yet opened flat at its ₹586 issue price.
What is the GMP-implied listing price?
It is the issue price plus the last grey market premium. For example, an IPO priced at ₹700 with a GMP of ₹500 implies a listing near ₹1,200. Where trackers quoted a range, we use the midpoint to calculate the gap.
Does the day-1 close follow the GMP?
Often not. Six of the nine listings with a recorded day-1 close ended below their opening price. Zetwerk opened 5.5% above its issue price but closed 8.4% below it.
How often is this GMP vs listing price tracker updated?
We add a new row on each listing day, after the exchange publishes the opening price, and add the day-1 close the same evening.