April 2026 saw 12 IPO listings, with 7 from the SME segment and 5 from the mainboard.
This analysis breaks down the relationship between GMP (Grey Market Premium) and actual listing performance—testing whether GMP truly drives listing gains or merely reflects market sentiment.
For live GMP updates, visit our GMP Today page.
You can also track our ongoing GMP vs Listing analysis for all 2026 IPOs.
Note: GMP is highly dynamic, unregulated, and can change multiple times a day. It should not be relied upon as a standalone investment indicator.
GMP Vs Listing Performance April 2026 IPOs. Details
GMP accuracy distribution April 2026: Mainboard IPOs.
Mainboard IPO- 5
Listed Above GMP expectation: 3
Listed Below GMP expectation: 2
Listed in line with GMP expectation: 0
Out of 5 mainboard IPOs, 60% listed above GMP expectations, while 40% underperformed, showing mixed reliability of grey market signals.
Mainboard IPO: Avg GMP % vs Avg listing % April 2026 IPOs
Mainboard IPO: Avg GMP % vs Avg listing % April 2026 IPOs | |
Avg GMP % | 1.424 |
Avg Listing % | -0.016 |
Mainboard IPOs (April 2026): Despite an average GMP of 1.424%, actual listings delivered a marginal loss (-0.016%), highlighting poor conversion of grey market sentiment into real listing gains.
GMP accuracy distribution April 2026: SME IPOs
SME IPOs: 07
Listed Above GMP expectation: 6
Listed Below GMP expectation: 1
Listed in line with GMP expectation: 0
SME IPOs (April 2026): 6 out of 7 listings (86%) exceeded GMP expectations, while 1 underperformed and none matched exactly—indicating strong directional accuracy but low precision of GMP signals.
SME IPOs- Avg GMP % Vs Avg Listing % April 2026 IPOs
Avg GMP% | 5.3 |
Avg Listing % | 7.06 |
SME IPOs (April 2026): Average listing gains (7.06%) outpaced average GMP (5.3%), indicating that grey market signals modestly underestimated actual listing performance.
IPO-wise Detailed Commentary ON IPO GMP April 2026
1. Tipco Engineering India Limited GMP Vs Listing
Tipco Engineering India Limited finally got listed at ₹89.25, or ₹0.25 above the issue price of ₹89, which is a 0.28% premium to the issue price.The GMP was ₹0, or 0% above the issue price.The issue listed above GMP expectations.
There was no movement in the grey market premium, with the GMP remaining flat at ₹0 throughout the period, indicating neutral sentiment.
2. Sai Parenteral’s Limited GMP Vs Listing
Sai Parenteral’s Limited finally got listed at ₹400, or ₹8 above the issue price of ₹392, which is a 2.04% premium to the issue price.
The GMP was ₹0, or 0% above the issue price.The issue listed above GMP expectations.
There was no movement in the grey market premium, with the GMP remaining flat at ₹0 throughout the period, indicating neutral sentiment.
3. Powerica Limited GMP Vs Listing
Powerica Limited finally got listed at ₹366, or ₹29 below the issue price of ₹395, which is a 7.34% discount to the issue price.The GMP was ₹0, or 0% above the issue price.
The issue listed below GMP expectations.
The GMP movement showed early strength followed by gradual cooling to neutral levels:
₹0 → ₹12 → ₹8 → ₹6 → ₹4 → ₹5 → ₹3 → ₹2 → ₹1 → ₹1.5 → ₹2.5 → ₹4 → ₹5 → ₹6 → ₹5 → ₹3 → ₹4 → ₹1 → ₹3 → ₹4 → ₹6 → ₹5 → ₹8 → ₹9 → ₹4 → ₹0.
4. Amir Chand Jagdish Kumar (Exports) Limited GMP Vs Listing
Amir Chand Jagdish Kumar (Exports) Limited finally got listed at ₹200, or ₹12 below the issue price of ₹212, which is a 5.66% discount to the issue price.
The GMP was ₹2, or 0.94% above the issue price.
The issue listed below GMP expectations.
The GMP movement showed mild volatility with a brief dip into negative territory before recovery:
₹0 → ₹8 → ₹6 → ₹7 → ₹8 → ₹5 → ₹3 → ₹4 → ₹2 → ₹3 → ₹0 → ₹-4 → ₹0 → ₹2 → ₹3 → ₹5 → ₹6 → ₹2.
5. Highness Microelectronics Limited GMP Vs Listing
Highness Microelectronics Limited finally got listed at ₹125, or ₹5 above the issue price of ₹120, which is a 4.17% premium to the issue price.
The GMP was ₹25, or 20.83% above the issue price.
The issue listed below GMP expectations.The GMP movement showed strong and sustained positive sentiment throughout:
₹0 → ₹3 → ₹6 → ₹7 → ₹12 → ₹13 → ₹10 → ₹18 → ₹20 → ₹18 → ₹22 → ₹26 → ₹28 → ₹30 → ₹29 → ₹25 → ₹22 → ₹25 → ₹20 → ₹22 → ₹20 → ₹22 → ₹20 → ₹22 → ₹25.
6. Vivid Electromech Limited GMP Vs Listing
Vivid Electromech Limited finally got listed at ₹565, or ₹10 above the issue price of ₹555, which is a 1.80% premium to the issue price.
The GMP was ₹0, or 0% above the issue price.
The issue listed above GMP expectations.
There was no movement in the grey market premium, with the GMP remaining flat at ₹0 throughout the period, indicating neutral sentiment.
7. Emiac Technologies Limited GMP Vs Listing
Emiac Technologies Limited finally got listed at ₹107.8, or ₹9.8 above the issue price of ₹98, which is a 10% premium to the issue price.
The GMP was ₹0, or 0% above the issue price.
The issue listed above GMP expectations.
There was no movement in the grey market premium, with the GMP remaining flat at ₹0 throughout the period, indicating neutral sentiment.
8. Safety Controls & Devices Limited GMP Vs Listing
Safety Controls & Devices Limited finally got listed at ₹83, or ₹3 above the issue price of ₹80, which is a 3.75% premium to the issue price.
The GMP was ₹0, or 0% above the issue price.
The issue listed above GMP expectations.
There was no movement in the grey market premium, with the GMP remaining flat at ₹0 throughout the period, indicating neutral sentiment.
9. Om Power Transmission Limited GMP Vs Listing
Om Power Transmission Limited finally got listed at ₹186, or ₹11 above the issue price of ₹175, which is a 6.29% premium to the issue price.
The GMP was ₹4, or 2.29% above the issue price.The issue listed above GMP expectations.
The GMP movement showed mild fluctuations with a generally positive trend:
₹0 → ₹1 → ₹5 → ₹6 → ₹5 → ₹5.5 → ₹4 → ₹2 → ₹2.5 → ₹2 → ₹2.5 → ₹1 → ₹2 → ₹2.5 → ₹4 → ₹5 → ₹4 → ₹3 → ₹2 → ₹4.
10. Mehul Telecom Limited GMP Vs Listing
Mehul Telecom finally got listed at ₹108, or ₹10 above the issue price of ₹98, which is a 10.20% premium to the issue price.
The GMP was ₹4, or 4.08% above the issue price.The issue listed above GMP expectations.
The GMP movement showed steady positive sentiment with minor fluctuations:
₹0 → ₹2 → ₹4 → ₹5 → ₹4 → ₹5 → ₹3 → ₹4.
11. Citius TransNet Investment Trust GMP Vs Listing
Citius TransNet InvIT finally got listed at ₹104.6, or ₹4.6 above the issue price of ₹100, which is a 4.60% premium to the issue price.
The GMP was ₹4, or 4% above the issue price.The issue listed above GMP expectations.
The GMP movement showed a simple upward trend: ₹0 → ₹3 → ₹4, indicating gradually improving grey market sentiment.
12. Adisoft Technologies Limited GMP Vs Listing
Adisoft Technologies Limited finally got listed at ₹205, or ₹33 above the issue price of ₹172, which is a 19.19% premium to the issue price.
The GMP was ₹21, or 12.21% above the issue price.
The issue listed above GMP expectations.
The GMP movement showed a strong and consistent upward trend:
₹0 → ₹4 → ₹5 → ₹7 → ₹8 → ₹11 → ₹9 → ₹10 → ₹13 → ₹14 → ₹15 → ₹14 → ₹16 → ₹19 → ₹18 → ₹20 → ₹21, indicating improving investor sentiment throughout the period.
Key Insights (April 2026 IPOs – GMP vs Listing):
SME IPOs showed higher GMP reliability 6 out of 7 SME IPOs (≈86%) listed above GMP expectations, indicating stronger alignment between GMP and actual listing performance.
Mainboard IPOs delivered mixed outcomes Out of 5 IPOs, 3 (60%) listed above GMP while 2 (40%) underperformed, reflecting inconsistent reliability of GMP in mainboard issues.
Mainboard GMP failed to convert into returns Despite an average GMP of 1.42%, the average listing return was -0.02%, showing weak translation of grey market sentiment into actual gains.
No IPO listed exactly in line with GMP Across all 12 IPOs, zero listings matched GMP expectations precisely, confirming that GMP acts only as a directional indicator, not an exact predictor.
Important Resources:
1. For upcoming and ongoing issues, explore our IPO Calendar.
2. For IPO research and analysis check our detailed IPO market analytic page.
3. Check the 100+key IPO terms in our IPO glossary.
4. Also check: GMP vs Listing Gains March 2026 IPOs: A Data Analysis of 21 IPOs
