Mainline IPO GMP Tracker

IPO	Type	Status	Band	GMP	Gain %	Est. listing
Zetwerk	Mainline	Open	₹143–₹151	₹15	9.93%	₹166
Bonfiglioli Transmissions	Mainline	Open	₹557–₹586	₹160	27.30%	₹746
Tonbo Imaging	Mainline	Open	₹665–₹700	₹500	71.43%	₹1,200
Sahajanand Medical	Mainline	Open	₹327–₹344	₹45	13.08%	₹389
Fusion CX	Mainline	Open	₹275–₹289	₹20	6.92%	₹309
Jio Platforms	Mainline	Upcoming	₹1,063–₹1,119	₹230	20.55%	₹1,349
Paras Healthcare	Mainline	Upcoming	₹658–₹693	₹115	16.59%	₹808
HD Fire Protect	Mainline	Allotment Out	₹257–₹271	₹85	31.37%	₹356

How to read this GMP tracker

Grey-market premium is an unofficial quotation. Dealers in the unofficial market talk about a price for shares that are not listed yet. The premium is the gap between that chatter and the upper end of the IPO price band. If a company is offered at ₹95 to ₹100 and the quote is ₹18, people are talking about an unofficial price near ₹118. The gain percentage on this page is that premium divided by the upper band. The estimated listing price is the same sum: upper band plus the stored premium. It is a calculator. It is not a promise from the company, the exchange, or IPOWATCH.

The quote can move more than once in a day. It can rise because a subscription file looks strong in the afternoon and fall the next morning because the broader market is weak. Two people can report two different premiums for the same IPO on the same day, because there is no official order book. A blank or zero GMP usually means we do not have a fresh quote, not that the unofficial market has carefully decided the premium is zero. Treat a missing quote as missing, and open the IPO page before you assume anything.

What a positive or negative number does not prove

A positive premium means some dealers are quoting above the band. It does not mean the share will list at that price. Listing is an auction on NSE or BSE. The opening print can be far from yesterday’s chatter if overnight global markets move, if the final subscription file looks different from the midday file, or if the people who were quoting never intended to trade in size. A negative premium means the chatter is below the upper band. That is a warning light about sentiment. It is still not a research report, and it does not measure the company’s profit, debt, or the use of IPO proceeds.

Mainline and SME rows should not be compared as if the premium means the same thing. An SME issue often has a larger minimum application, fewer potential sellers after listing, and a thinner secondary market. A large SME premium can be a few lots changing hands in an unofficial quote, not a deep market. Use the Mainline and SME filters on this page so you are looking at one market at a time. The mainboard versus SME guide goes through the structural differences.

A worked example, marked as an illustration

Suppose the band is ₹200–₹210, the lot is 70 shares, and the tracker shows a GMP of ₹30. The estimated listing price on the page would be ₹240, and the gain column would show about 14.3% against the upper band. The minimum application at the upper band would be 70 × ₹210 = ₹14,700, blocked under UPI or ASBA. None of those figures tells you the chance of allotment. Allotment in an oversubscribed retail book is a lottery. None of them tells you whether ₹210 is a full price for the business. That question sits in the prospectus: profit, cash flow, and the basis for the issue price.

If that same illustration listed at ₹215, everyone who treated ₹240 as a target would have been wrong even though the page’s arithmetic was right. Keep the GMP column in that role: a mood reading that you put beside subscription, not instead of it. The subscription tracker shows whether demand is coming from qualified institutional buyers, non-institutional investors, or retail. A pretty premium with an empty retail book, or a huge total that is only institutional, is a different story from a balanced book.

A sensible way to use the board

Start with status. An open issue can still be applied for. A closed issue cannot. Upcoming means the dates are ahead and the quote, if any, is early.
Read the price band and lot before the premium. You need to know the rupees that will be blocked.
Open the IPO page for the GMP history. A premium that appeared this morning is not the same as one that has held for a week.
Then read the offer document. Objects of the issue, risk factors, and related-party transactions are not on a GMP board.

Deeper reading: what grey-market premium is, using GMP without chasing it, and the disclaimer. GMP on this site is not an invitation to trade unlisted shares. Those deals can be illegal. When you apply, use your own broker and the official UPI or ASBA route described in how to apply.