Recent Trends in India’s IPO Grey Market Premiums
As of November 4, 2025, India’s Initial Public Offering (IPO) landscape has exhibited varied investor sentiments, particularly reflected in the Grey Market Premiums (GMPs) associated with recent and upcoming listings.
Orkla India IPO: Cautious Market Response
Orkla India’s IPO allotment was finalized on November 3, 2025. The GMP has experienced a significant decline, currently standing at approximately 10%. This suggests a potential listing price of ₹803 per share, a modest 10% increase over the upper price band of ₹730. The IPO, entirely an Offer for Sale (OFS) amounting to ₹1,667 crore, has raised concerns among investors regarding the absence of fresh capital infusion into the company.
Ganesh Consumer Products IPO: Tepid Investor Interest
Ganesh Consumer Products, a packaged food company based in East India, concluded its IPO subscription on September 24, 2025. By the end of Day 2, the issue was subscribed 41%, with Qualified Institutional Buyers (QIBs) and retail investors leading the demand. The GMP for this IPO is a modest 2.5% above the issue price of ₹322, indicating cautious market sentiment ahead of its listing.
Midwest IPO: Strong Market Anticipation
Midwest, India’s leading exporter of Black Galaxy Granite, recently completed its IPO allotment process. The company’s revenue has shown a Compound Annual Growth Rate (CAGR) of 12%, increasing from ₹502 crore in FY22 to ₹626 crore in FY25. The GMP for Midwest’s IPO suggests a robust market anticipation for its shares, reflecting confidence in the company’s growth trajectory and market position.
Monolithisch India IPO: Overwhelming Subscription and Positive GMP
Monolithisch India, a manufacturer of specialized ramming mass for the iron and steel sector, closed its IPO subscription on June 16, 2025. The issue was oversubscribed by 62.91 times, indicating strong investor interest. The GMP stood at ₹46, suggesting an estimated listing price of ₹189 per share, a 32.17% premium over the upper IPO price of ₹143.
These varying GMPs highlight the diverse investor sentiments in India’s IPO market, influenced by company fundamentals, market conditions, and the nature of the offerings.
