Updated on 04.06.2026
GMP Vs Listing Gains of May 2026 report covers all the 14 IPOs listed during May 2026, out of which 12 IPOs were from the SME segment and 2 IPOs were from the Mainboard segment.
The purpose of this report is to study how these IPOs actually listed on the stock exchanges compared to the GMP values that were being discussed in the grey market before listing.
The report highlights whether the GMP was able to indicate the final listing performance or not.
If you are interested in a broader study, you can also check our 2026 GMP Vs Listing Analysis, where we track the listing behaviour of all IPOs of 2026 against their respective GMP movements.
For GMP updates of upcoming IPOs, live IPOs, and recently closed IPOs, you can visit our daily updated GMP section, which is regularly updated with the latest available data.GMP Vs Listing Performance May 2026 IPOs.
GMP accuracy distribution May 2026: Mainboard
Total Mainboard IPOs: 2
IPOs listed above GMP expectation: 0
IPOs listed below GMP expectation: 2
IPOs listed in line with GMP expectation: 0
Mainboard IPO: Avg listing % vs Avg GMP % May 2026 IPOs
Avg GMP % | 8.4 |
Avg Listing % | 7.3 |
Mainboard IPOs listed at an average gain of 7.3% against an average GMP of 8.4%, with GMP slightly overestimating the final listing performance.
GMP accuracy distribution May 2026: SME IPOs
Total SME IPOs: 12
Listed above GMP expectation: 5
Listed below GMP expectation:7
Listed in line with GMP expectation:0
For SME IPOs in May 2026, GMP underestimated 5 listings and overestimated 7 listings, with no IPO listing exactly as projected.
SME IPOs- Avg Listing % Vs Avg GMP % May 2026 IPOs
Avg GMP% | 10.8 |
Avg Listing % | 10.99 |
For May 2026 SME IPOs, the average listing gain (10.99%) closely matched the average GMP (10.8%)
Detailed GMP Commentary On May 2026 IPOs
1. Amba Auto Sales and Services Limited GMP Vs Listing
Amba Auto Sales and Services Limited finally got listed at ₹134.50, or ₹0.5 below the issue price of ₹135, which is a 0.37% discount to the issue price.The GMP was ₹0, or 0% above the issue price.The issue listed below 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. OnEMI Technology Solutions Limited Kissht GMP Vs Listing
OnEMI Technology Solutions Limited (Kissht) finally got listed at ₹190, or ₹19 above the issue price of ₹171, which is a 11.11% premium to the issue price.The GMP was ₹22, or 12.87% above the issue price.The issue listed below GMP expectations.The GMP movement showed a strong upward trend after initial volatility: The GMP movement: ₹0 → ₹5 → ₹6 → ₹5 → ₹8 → ₹7 → ₹6 → ₹8 → ₹6 → ₹1 → ₹4 → ₹9 → ₹14 → ₹15 → ₹17 → ₹19 → ₹24 → ₹26 → ₹23 → ₹25 → ₹26 → ₹22.
3. Recode Studios Limited GMP Vs Listing
Recode Studios Limited finally got listed at ₹213.10, or ₹55.10 above the issue price of ₹158.00, which is a 34.87% premium to the issue price.The GMP was ₹50, or 31.65% above the issue price.The issue listed above GMP expectations.The GMP movement showed a strong and sustained bullish trend throughout the period:₹0 → ₹8 → ₹9 → ₹12 → ₹15 → ₹30 → ₹28 → ₹26 → ₹36 → ₹32 → ₹35 → ₹37 → ₹36 → ₹38 → ₹40 → ₹41 → ₹44 → ₹46 → ₹48 → ₹50 → ₹45 → ₹41 → ₹44 → ₹43 → ₹42 → ₹44 → ₹52 → ₹51 → ₹50 → ₹45 → ₹43 → ₹50.
4. Value 360 Communications Limited GMP Vs Listing
Value 360 Communications Limited finally got listed at ₹78.4, or ₹19.6 below the issue price of ₹98, which is a 20% discount to the issue price.The GMP was ₹1, or 1.02% above the issue price.The issue listed below GMP expectations.
The GMP movement remained weak and volatile at low levels: ₹0 → ₹5 → ₹1 → ₹0 → ₹1.5 → ₹2 → ₹1, indicating limited grey market confidence ahead of listing.
5. Bagmane Prime Office REIT GMP Vs Listing
Bagmane Prime Office REIT finally got listed at ₹103.5, or ₹3.5 above the issue price of ₹100, which is a 3.5% premium to the issue price. The GMP was ₹4, or 4% above the issue price. The issue listed slightly below GMP expectations.
The GMP movement remained stable with mild positive sentiment: ₹0 → ₹4 → ₹4.5 → ₹5 → ₹4.
6. Simca Advertising Limited GMP Vs Listing
Simca Advertising Limited finally got listed at ₹156, or ₹27 below the issue price of ₹183, which is a 14.75% discount to the issue price. The GMP was ₹2, or 1.09% above the issue price. The issue listed below GMP expectations.
The GMP movement showed strong initial optimism before a sharp decline closer to listing: ₹0 → ₹8 → ₹10 → ₹11 → ₹13 → ₹11 → ₹14 → ₹17 → ₹21 → ₹30 → ₹34 → ₹28 → ₹10 → ₹9 → ₹5 → ₹2.
7. RFBL Flexi Pack Limited GMP Vs Listing
RFBL Flexi Pack Limited finally got listed at ₹52.5, or ₹2.5 above the issue price of ₹50, which is a 5% premium to the issue price. The GMP was ₹2, or 4% above the issue price. The issue listed above GMP expectations.
The GMP movement remained volatile at low levels: ₹0 → ₹5 → ₹2 → ₹0 → ₹2, indicating mixed but mildly positive grey market sentiment.
8. Goldline Pharmaceutical Limited GMP Vs Listing
Goldline Pharmaceutical Limited finally got listed at ₹59.75, or ₹16.75 above the issue price of ₹43, which is a 38.95% premium to the issue price. The GMP was ₹17, or 39.53% above the issue price. The issue listed slightly below GMP expectations.The GMP movement showed strong bullish sentiment with some volatility near listing: ₹0 → ₹7 → ₹8 → ₹15 → ₹17 → ₹20 → ₹18 → ₹26 → ₹27 → ₹20 → ₹18 → ₹14 → ₹15 → ₹20 → ₹15 → ₹17.
9. TeamTech Formwork Solutions Limited GMP Vs Listing
TeamTech Formwork Solutions Limited finally got listed at ₹75, or ₹12 above the issue price of ₹63, which is a 19.05% premium to the issue price. The GMP was ₹5, or 7.94% above the issue price. The issue listed above GMP expectations. The GMP movement showed a gradual positive trend:₹0 → ₹2 → ₹3 → ₹5, indicating improving grey market sentiment ahead of listing.
10. NFP Sampoorna Foods Limited GMP Vs Listing
NFP Sampoorna Foods finally got listed at ₹54.5, or ₹0.5 below the issue price of ₹55, which is a 0.91% 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 positive sentiment before cooling down to neutral levels:₹0 → ₹7 → ₹8 → ₹5 → ₹1 → ₹0.
11. Vegorama Punjabi Angithi Limited GMP Vs Listing
Vegorama Punjabi Angithi Limited finally got listed at ₹118.1, or ₹41.1 above the issue price of ₹77, which is a 53.38% premium to the issue price. The GMP was ₹9, or 11.69% above the issue price. The issue listed above GMP expectations.
The GMP movement showed strong early momentum with moderate fluctuations later:₹0 → ₹6 → ₹7.5 → ₹10 → ₹15 → ₹10 → ₹8 → ₹5 → ₹3 → ₹5 → ₹4 → ₹5 → ₹7 → ₹9.
12. Autofurnish Limited GMP Vs Listing
Autofurnish Limited finally got listed at ₹43, or ₹2 above the issue price of ₹41, which is a 4.88% 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 ahead of listing.
13. Bio Medica Laboratories Limited GMP Vs Listing
Bio Medica Laboratories Limited finally got listed at ₹111.2, or ₹27.8 below the issue price of ₹139, which is a 20.00% discount to the issue price.The GMP was ₹-5, or -3.60% below the issue price.The issue listed below GMP expectations.The GMP movement showed weakening sentiment over time, eventually turning negative before listing:₹0 → ₹4 → ₹3 → ₹2 → ₹1 → ₹3 → ₹0 → ₹-5.
14. Q-Line Biotech Limited GMP Vs Listing
Q-Line Biotech Limited finally got listed at ₹452, or ₹109 above the issue price of ₹343, which is a 31.78% premium to the issue price. The GMP was ₹125, or 36.44% above the issue price. The issue listed below GMP expectations.
The GMP movement showed very strong bullish sentiment throughout the period, with sustained triple-digit premiums: ₹45 → ₹50 → ₹60 → ₹69 → ₹75 → ₹84 → ₹80 → ₹95 → ₹105 → ₹110 → ₹130 → ₹143 → ₹135 → ₹125 → ₹113 → ₹117 → ₹128 → ₹125 → ₹122 → ₹120 → ₹125 → ₹128 → ₹127 → ₹124 → ₹100 → ₹103 → ₹115 → ₹110 → ₹112 → ₹109 → ₹103 → ₹108 → ₹112 → ₹114 → ₹118 → ₹122 → ₹120 → ₹118 → ₹125.
Important IPO Resources:
1. Details of latest IPOs of 2026
2. IPO Research and Data Analysis
3. Latest GMP updates on all the IPOs
4. IPO glossary of 100+key IPO terms
5. GMP vs Listing Gains April 2026 IPOs: A Data Analysis of 12 IPOs
6. May 2026 IPO Subscription Review
Key Insights for Investors:
- May 2026 once again showed that GMP is only an indication, not a guarantee. Even among the 14 listed IPOs, several IPOs failed to match the expectations created by their GMP.
- In the Mainboard segment, both IPOs listed below their GMP expectations. While investors still got positive listing gains on average, GMP proved to be slightly optimistic.
- SME IPOs told a different story. The average GMP (10.8%) and average listing gain (10.99%) were almost identical, suggesting that GMP was fairly accurate at the segment level.
- However, looking at individual SME IPOs paints a different picture. Out of 12 SME IPOs, 7 listed below GMP expectations and 5 listed above them, showing that GMP can be close on average while still being unreliable for predicting the outcome of a specific IPO.
