In February 2026, a total of 17 IPOs got listed, out of which 3 IPOs belong to mainboard and 14 IPOs belong to SME section.
This report analyses how the Mainboard and SME IPOs got listed in comparison to their reported GMPs (grey market premiums).
For current live IPOs, check our dedicated GMP section which is updated regularly.
*GMP is unofficial and is not regulated by either SEBI/NSE/BSE.
GMP Vs Listing Performance February 2026 IPOs.
| SL No | IPO NAME | Mainboard/SME | PRICE | Final GMP | Listing Price | % Gain/loss | GMP Outcome |
|---|---|---|---|---|---|---|---|
| 1 | Gaudium IVF and Women Health Limited | Mainboard | ₹75 – ₹79 | 0 | 83 | 5.06 | Listed above GMP expectations. |
| 2 | Manilam Industries India Limited | NSE SME | ₹65 – ₹69 | 0 | 55.2 | -20 | Listed below GMP expectations |
| 3 | Yashhtej Industries (India) Limited | BSE SME | ₹110 | 0 | 88 | -20 | Listed below GMP expectations |
| 4 | Fractal Industries Limited | BSE SME | ₹205 – ₹216 | 8 | 229 | 6.02 | Listed above GMP expectations |
| 5 | Marushika Technology Limited | NSE SME | ₹111 – ₹117 | 2 | 120 | 2.56 | Listed above GMP expectations |
| 6 | Fractal Analytics Limited | Mainboard | ₹857 – ₹900 | -28 | 876 | -2.7 | Listed above GMP expectations |
| 7 | Aye Finance Limited | Mainboard | ₹122 – ₹129 | -2 | 129 | 0 | Listed above GMP expectations |
| 8 | Biopol Chemicals Limited | NSE SME | ₹102 – ₹108 | 1 | 111 | 2.78 | Listed above GMP expectations |
| 9 | PAN HR Solution Limited | BSE SME | ₹74 – ₹78 | 0 | 78.35 | 0.45 | Listed above GMP expectations |
| 10 | Brandman Retail Limited | NSE SME | ₹167 – ₹176 | 17 | 183 | 3.98 | Listed below GMP expectations |
| 11 | Grover Jewells Limited | NSE SME | ₹83 – ₹88 | 0 | 96 | 9.09 | Listed above GMP expectations |
| 12 | C K K Retail Mart Limited | NSE SME | ₹155 – ₹163 | 0 | 163 | 0 | Listed in line with GMP expectation. |
| 13 | Msafe Equipments Limited | BSE SME | ₹116 – ₹123 | 21 | 144 | 17.07 | Listed in line with GMP expectations |
| 14 | Kanishk Aluminium India Limited | BSE SME | ₹73 | 0 | 58.4 | -20 | Listed below GMP expectations |
| 15 | Accretion Nutraveda Limited | BSE SME | ₹122 – ₹129 | 68 | 191 | 48.06 | Listed below GMP expectations |
| 16 | Kasturi Metal Composite Limited | BSE SME | ₹61 – ₹64 | 2 | 64 | 0 | Listed below GMP expectations |
| 17 | Hannah Joseph Hospital Limited (HJHL) | BSE SME | ₹67 – ₹70 | 2 | 65 | -7.1 | Listed below expectations |
GMP accuracy distribution February 2026: mainboard IPOs.
Mainboard IPO- 3
Listed Above GMP expectation: 3
Listed Below GMP expectation: 0
Listed in line with GMP expectation: 0
Mainboard IPO: Avg GMP % vs Avg listing % February 2026 IPOs
Avg GMP of mainboard IPOs is -1.55% while avg listing gain is only 0.786%, indicating weak grey market sentiment and muted listing performance.
GMP accuracy distribution February 2026: SME IPOs
SME IPOs: 14
Listed Above GMP expectation: 5
Listed Below GMP expectation: 7
Listed in line with GMP expectation: 2
SME IPOs- Avg GMP % Vs Avg Listing %
February 2026 IPOs
Avg GMP% of SME IPOs- 6.6%
Avg listing % of SME IPOs- 1.64%
SME IPOs show strong grey market optimism with avg GMP at 6.6%, but actual listing gains average only 1.64%.
IPO-wise Detailed Commentary ON IPO GMP February 2026
1. Hannah Joseph Hospital Limited (HJHL) GMP Vs Listing
Hannah Joseph Hospital Limited (HJHL) had a GMP of ₹0 and now it has gone up to 2, indicating positive sentiment in the grey market. Let us see how this unfolds over time.
Hannah Joseph Hospital Limited (HJHL) finally got listed at ₹65, or ₹5 below the issue price of ₹70, which is a 7.14% discount to the issue price. The GMP was ₹2, or 2.86% above the issue price. The issue listed below GMP expectations.
2. Accretion Nutraveda Limited GMP Vs Listing
Accretion Nutraveda Limited had 0 GMP which moved to 3 Rs and then to 4 Rs and then from 4 Rs to 6 Rs and then to 10 and then from 10 to 17 indicating positive sentiment in the grey market. (0→3→4→6→10→17→32→55→68).
Accretion Nutraveda Limited finally got listed at ₹191, or ₹62 above the issue price of ₹129, translating into a 48.06% listing premium.The GMP was ₹68, indicating an expected premium of around 52.71%. The issue listed largely in line with GMP expectations.
3. Kasturi Metal Composite Limited GMP Vs Listing
Kasturi Metal Composite Limited had no reported GMP but now the GMP has moved to 2 indicating postive sentiment in the grey market. Kasturi Metal Composite Limited upper band issue price was ₹64, and the stock finally got listed at ₹64, resulting in no listing gain over the issue price (a 0% premium). It got listed below GMP expectations.
4. NFP Sampoorna Foods Limited GMP Vs Listing
NFP Sampoorna Foods Limited has no reported GMP indicating neutral sentiment in the grey market. (withdrawn).
5. Msafe Equipments Limited GMP Vs Listing
Msafe Equipments Limited finally got listed at ₹144, or ₹21 above the issue price of ₹123, translating into a 17.07% premium to the issue price.The GMP was ₹21, indicating an expected premium of around 17.07%.The issue listed in line with GMP expectations.
6. C K K Retail Mart Limited GMP Vs Listing
C K K Retail Mart Limited has no reported GMP indicating neutral sentiment in the grey market.
C K K Retail Mart Limited finally got listed at ₹163, in line with the issue price of ₹163, implying a 0% listing premium.
The GMP was ₹0, or 0% above the issue price, and the issue listed in line with GMP expectations.
7. Kanishk Aluminium India Limited GMP Vs Listing
Kanishk Aluminium India Limited had GMP of 3 indicating positive sentiment in the grey market but it had gone down to 0 showing now neutral market sentiment. Kanishk Aluminium India Limited finally got listed at ₹58.40, or ₹14.60 below the issue price of ₹73, translating into a 19.99% discount to the issue price.The GMP was ₹0, indicating expectations of a flat listing.The issue listed below GMP expectations.
8. Grover Jewells Limited GMP Vs Listing
Grover Jewells Limited finally got listed at ₹96, or ₹8 above the issue price of ₹88, which is a 9.09% premium to the issue price.
The GMP was ₹0, or 0% above the issue price.The issue listed above GMP expectations.
09. Brandman Retail Limited GMP Vs Listing
Brandman Retail Limited finally got listed at ₹183, or ₹7 above the issue price of ₹176, which is a 3.98% premium to the issue price. The GMP was ₹17, or 9.66% above the issue price.The issue listed below GMP expectations.
10. PAN HR Solution Limited GMP Vs Listing
PAN HR Solution Limited finally got listed at ₹78.35, or ₹0.35 above the issue price of ₹78, which is a 0.45% premium to the issue price. The GMP was ₹0, or 0% above the issue price. The issue listed above GMP expectations.
11. Fractal Analytics Limited GMP Vs Listing
Fractal Analytics Limited finally got listed at ₹876, or ₹24 below the issue price of ₹900, which is a 2.67% discount to the issue price. The GMP was ₹-28, or -3.11% below the issue price. The issue listed above GMP expectations.
GMP movement during the period remained highly volatile, trending down from strong positive levels of ₹180–₹197 in the early phase to negative territory near listing, eventually closing at ₹-28 before debut. GMP Trend (180→182→197→105→78→57→80→61→43→40→46→28→20→10→13→21→10→8→4→7→5→(-2)→1→2→0→(-5)→(-10)→(-23)→(-13)→(-17)→(14)→(-12)→(-11)→(-28)).
12. Aye Finance Limited GMP Vs Listing
Aye Finance Limited finally got listed at ₹129, which is at par with the upper band issue price of ₹129, reflecting a 0% listing premium to the issue price. The GMP was ₹-2, or approximately 1.55% below the issue price. The issue listed above GMP expectations. GMP trend (5→4→1→0→0.35→(-3)→(-2)).
13. Biopol Chemicals Limited GMP Vs Listing
Biopol Chemicals Limited finally got listed at ₹111, or ₹3 above the issue price of ₹108, which is a 2.78% premium to the issue price. The GMP was ₹1, or 0.93% above the issue price. The issue listed above GMP expectations. GMP movement during the period remained volatile at ₹0 → ₹3 → ₹4 → ₹1, indicating mild grey market interest ahead of listing.
14. Fractal Industries Limited GMP Vs Listing
Fractal Industries Limited finally got listed at ₹229, or ₹13 above the issue price of ₹216, which is a 6.02% premium to the issue price. The GMP was ₹8, or 3.70% above the issue price.The issue listed above GMP expectations. GMP movement during the period remained volatile at ₹7→₹5→₹4→₹0→₹5→₹8.
15. Yashhtej Industries (India) Limited GMP Vs Listing
Yashhtej Industries (India) Limited finally got listed at ₹88, or ₹22 below the issue price of ₹110, which is a 20% discount to the issue price.The GMP had cooled down to ₹0 (neutral) before listing. Earlier, GMP movement showed a sharp decline (₹23 → ₹15 → ₹1 → ₹0), indicating weakening sentiment in the grey market ahead of debut. Since the GMP was neutral and the stock listed at a significant discount, the issue listed below GMP expectations.
16. Marushika Technology Limited GMP Vs Listing
Marushika Technology Limited finally got listed at ₹120, or ₹3 above the issue price of ₹117, which is a 2.56% premium to the issue price. The GMP was ₹2, or 1.71% above the issue price. The issue listed above GMP expectations.
17. Gaudium IVF and Women Health Limited GMP Vs Listing
Gaudium IVF and Women Health Limited finally got listed at ₹83, or ₹4 above the issue price of ₹79, which is a 5.06% premium to the issue price.The GMP moved from ₹4 → ₹13 → ₹15 → ₹12 → ₹10 → ₹8.5 → ₹8 → ₹7.5 → ₹5 → ₹0 → (-₹4) → (-₹2) → ₹0 during the period, showing a sharp rise initially followed by a steady decline into negative territory before turning neutral. At listing, the effective GMP was near ₹0, while the stock debuted at a ₹4 premium.The issue listed above GMP expectations.
18. Manilam Industries India Limited GMP Vs Listing
Manilam Industries Limited finally got listed at ₹55.2, or ₹13.8 below the issue price of ₹69, which is a 20.00% discount to the issue price.The GMP was ₹0 (neutral), or 0% above the issue price.The issue listed below GMP expectations.
Conclusion:
The February 2026 IPO data shows a clear gap between GMP expectations and actual listing performance.
Mainboard IPOs showed weak grey market sentiment (Avg GMP -1.55%) and muted listing gains (0.78%), despite all three listings exceeding GMP expectations.
In contrast, SME IPOs reflected stronger GMP optimism (6.6%), but actual listing gains averaged only 1.64%, with half of the IPOs listing below GMP expectations.
Overall, the data suggests that GMP was not a consistently reliable predictor of listing gains, particularly in the SME segment.
Important IPO Resources:
1. IPO Calendar (Live & Upcoming Issues)-
Track all current and upcoming IPOs with key dates, issue sizes, and subscription timelines.
2. IPO Analytics & Research- Check how IPOs perform post listing with trends and studies.
3. GMP vs Listing Accuracy Study 2026-A detailed study comparing Grey Market Premium (GMP) vs actual listing performance across IPOs.
4. IPO Glossary-Understand all IPO terms like GMP, DRHP, QIB, RII, Oversubscription in simple language.
