In March 2026, a total of 21 IPOs got listed, out of which 10 IPOs belong to mainboard and 11 IPOs belong to SME section.
This report analyses all the IPOs which were listed in March 2026 with respect to their GMPs vs listing gain or loss.
For investors seeking to track the latest GMPs of live, upcoming and even closed IPOs, can check our IPO GMP Today page which is updated daily.
You can also track GMP vs listing performance of all the IPOs listed in 2026 in our detailed GMP vs Listing Accuracy Study 2026 which gets updated regularly.
*GMP is highly dynamic, unofficial and is not regulated by either SEBI/NSE/BSE. This should not be treated as any investment advice.
GMP Vs Listing Performance March 2026 IPOs. Details
Check the detailed list of IPOs listed in march 2026 with their corresponding GMPs.
GMP accuracy distribution March 2026: Mainboard IPOs.
Mainboard IPO- 10
Listed Above GMP expectation: 4
Listed Below GMP expectation: 5
Listed in line with GMP expectation: 1
Mainboard IPO: Avg GMP % vs Avg listing % March 2026 IPOs
| Avg GMP % | -4.2 |
| Avg Listing % | -5.586 |
Mainboard IPOs (March 2026): Avg GMP -4.2%, Avg Listing -5.59% — weak sentiment, weaker listings.
GMP accuracy distribution March 2026: SME IPOs
SME IPOs: 11
Listed Above GMP expectation: 3
Listed Below GMP expectation: 4
Listed in line with GMP expectation: 4
SME IPOs (Mar 2026): GMP accuracy was mixed — 3 beat expectations, 3 missed, and 4 listed right on target.
SME IPOs- Avg GMP % Vs Avg Listing % March 2026 IPOs
| Avg GMP % | 3.31 |
| Avg Listing % | 1.12 |
SME IPOs (Mar 2026): GMP optimism (3.31%) didn’t fully translate — actual listing gains lagged at just 1.12%.
IPO-wise Detailed Commentary ON IPO GMP March 2026
1. Clean Max Enviro Energy Solutions Limited GMP Vs Listing
Clean Max Enviro Energy Solutions Limited finally got listed at ₹960, or ₹93 below the issue price of ₹1,053, which is a 8.83% discount to the issue price.The GMP was ₹-35, or -3.32% below the issue price. The issue listed below GMP expectations.
The GMP movement during the period showed a steady and sharp decline, starting from a strong ₹29 premium and gradually slipping into deep negative territory at ₹-35, indicating weakening sentiment well before listing day.
2. Shree Ram Twistex Limited GMP Vs Listing
Shree Ram Twistex Limited finally got listed at ₹68, or ₹36 below the issue price of ₹104, which is a 34.62% discount to the issue price.The last reported GMP was ₹-28, or -26.92% below the issue price.The issue listed below GMP expectations.The GMP movement showed a dramatic reversal (₹0→4→5→7→9→12→13.5→16→18→10→(-5)→(-6)→(-11)→(-20)→(-23)→(-30)→(-28)), starting with strong positive sentiment, peaking at ₹18, and then collapsing deep into negative territory before listing.
3. Mobilise App Lab Limited GMP Vs Listing
Mobilise App Lab Limited finally got listed at ₹64.10, or ₹15.90 below the issue price of ₹80, which is a 19.88% discount to the issue price.The GMP was ₹4, or 5.00% above the issue price. The issue listed below GMP expectations.
The GMP movement during the period remained volatile but largely positive (₹11→13→7→5→16→11→8→11→7→5→4), indicating early optimism that gradually cooled before listing.
However, despite a positive grey market trend, the stock debuted at a sharp discount.
4. Accord Transformer & Switchgear Limited GMP Vs Listing
Accord Transformer & Switchgear Ltd finally got listed at ₹50, or ₹4 above the issue price of ₹46, which is a 8.70% premium to the issue price.
The last reported GMP was ₹4 (from the declining trend), or 8.70% above the issue price.
The issue listed in line with GMP expectations. The GMP movement during the period remained largely positive but volatile (₹8→12→10→12→10→12→17→13→8→16→12→8→6→4), showing strong early grey market optimism with a peak at ₹17 before cooling sharply closer to listing.
5. PNGS Reva Diamond Jewellery Limited GMP Vs Listing
PNGS Reva Diamond Jewellery Limited finally got listed at ₹375, or ₹11 below the issue price of ₹386, which is a 2.85% discount to the issue price.The last reported GMP was ₹-20, or -5.18% below the issue price.
The issue listed above GMP expectations.
The GMP movement during the period showed a strong early premium followed by a prolonged decline (₹20→30→20→10→30→20→18→20→21→14→19.5→20.5→18→17→16→17→14→10→9→3→1.5→(-4)→(-3)→(-1)→(-2)→(-11)→(-18)→(-17)→(-21)→(-15)→(-20)), reflecting a clear deterioration in grey market sentiment ahead of listing.
6. Kiaasa Retail Limited GMP Vs Listing
Kiaasa Retail Limited finally got listed at ₹123, or ₹4 below the issue price of ₹127, which is a 3.15% discount to the issue price.
The last reported GMP was ₹0, or 0% above the issue price.The issue listed below GMP expectations.The GMP movement (₹25→26→0) reflects a sharp collapse in grey market sentiment just before listing.
After indicating a strong premium of up to ₹26, enthusiasm completely faded, eventually settling at zero.
7. Yaap Digital Limited GMP Vs Listing
Yaap Digital Limited finally got listed at ₹127, or ₹18 below the issue price of ₹145, which is a 12.41% discount to the issue price.
The GMP was ₹0, or 0% above the issue price.The issue listed below GMP expectations.
The GMP movement during the period remained weak at ₹3 → ₹4 → ₹3 → ₹0, indicating fading grey market sentiment ahead of listing.
8. Omnitech Engineering Limited GMP Vs Listing
Omnitech Engineering Limited finally got listed at ₹202, or ₹25 below the issue price of ₹227, which is a 11.01% discount to the issue price.
The GMP was ₹-10, or -4.41% below the issue price.
The issue listed above GMP expectations.
The GMP movement during the period showed a sharp decline from positive to negative levels at ₹13 → ₹14 → ₹15 → ₹16 → ₹15 → ₹14.5 → ₹15 → ₹7 → ₹4 → ₹0 → ₹2.5 → ₹3 → ₹4 → ₹5 → ₹0 → ₹-5 → ₹-10, reflecting weakening grey market sentiment closer to listing.
9. Striders Impex Limited GMP Vs Listing
Striders Impex Limited finally got listed at ₹70, or ₹2 below the issue price of ₹72, which is a -2.78% discount to the issue price.
The GMP was ₹0, or 0% above the issue price.The issue listed below GMP expectations.
10. Acetech E-Commerce Limited GMP Vs Listing
Acetech E-Commerce Limited finally got listed at ₹112, or ₹0 above the issue price of ₹112, which is a 0% premium to the issue price.
The GMP was ₹0, or 0% above the issue price. The issue listed in line with GMP expectations.
11. Sedemac Mechatronics Limited GMP Vs Listing
Sedemac Mechatronics Limited finally got listed at ₹1,535, or ₹183 above the issue price of ₹1,352, which is a 13.54% premium to the issue price.The GMP was ₹0, or 0% above the issue price.The issue listed above GMP expectations.
The GMP movement during the period was highly volatile, starting strong at ₹130, then gradually declining and even turning negative before recovering again and finally cooling down near listing:
₹130 → ₹50 → ₹53 → ₹20 → ₹5 → ₹12 → ₹11 → ₹10 → ₹8 → ₹6 → ₹4 → ₹9 → ₹5 → ₹4 → ₹3 → ₹2 → ₹-15 → ₹-17 → ₹-13 → ₹35 → ₹55 → ₹60 → ₹65 → ₹20 → ₹5 → ₹2 → ₹-1 → ₹-5 → ₹3 → ₹-1.5 → ₹-11 → ₹-20 → ₹-12 → ₹-10 → ₹-30 → ₹-23 → ₹-19 → ₹-23 → ₹13 → ₹0 → ₹15 → ₹28 → ₹46 → ₹70 → ₹78 → ₹85 → ₹35 → ₹32 → ₹12 → ₹5 → ₹0.
12. Elfin Agro India Limited GMS Vs Listing
Elfin Agro India Limited finally got listed at ₹47.3, or ₹0.3 above the issue price of ₹47, which is a 0.64% 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 grey market sentiment ahead of listing.
13. Srinibas Pradhan Constructions Limited (SPCL) GMP Vs Listing
Srinibas Pradhan Constructions Limited (SPCL) finally got listed at ₹100.05, or ₹2.05 above the issue price of ₹98, which is a 2.09% 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 grey market sentiment ahead of listing.
14. Rajputana Stainless Limited GMP Vs Listing
Rajputana Stainless Limited finally got listed at ₹122, or ₹0 above the issue price of ₹122, which is a 0% premium to the issue price.
The GMP was ₹3, or 2.46% above the issue price.
The issue listed below GMP expectations.
The GMP movement remained mildly positive but volatile:
₹0 → ₹2 → ₹1.5 → ₹1 → ₹3 → ₹2.5 → ₹2 → ₹3, indicating limited grey market confidence ahead of listing.
15. Raajmarg Infra Investment Trust (RIIT) GMP Vs Listing
Raajmarg Infra Investment Trust (RIIT) finally got listed at ₹107, or ₹7 above the issue price of ₹100, which is a 7% premium to the issue price.
The GMP was ₹3.5, or 3.5% above the issue price.The issue listed above GMP expectations.
The GMP movement remained stable with mild fluctuations:₹0 → ₹2 → ₹4 → ₹5 → ₹4 → ₹3.5, indicating steady but moderate grey market sentiment ahead of listing.
16. Innovision Limited GMP Vs Listing
Innovision Limited finally got listed at ₹467.7, or ₹80.3 below the issue price of ₹548, which is a 14.65% discount to the issue price.
The GMP was ₹-85, or -15.51% below the issue price.
The issue listed in line with GMP expectations.
The GMP movement showed a sharp deterioration over time, starting strong in the positive zone and then turning deeply negative:
₹0 → ₹50 → ₹53 → ₹57 → ₹64 → ₹62 → ₹55 → ₹5 → ₹2 → ₹0 → ₹-7.5 → ₹-6 → ₹-5 → ₹-4 → ₹-5 → ₹-6 → ₹-2 → ₹-1 → ₹-5 → ₹-12 → ₹-22 → ₹-25 → ₹-32 → ₹-38 → ₹-82 → ₹-80 → ₹-90 → ₹-98 → ₹-90 → ₹-88 → ₹-85 → ₹-90 → ₹-86 → ₹-80 → ₹-78 → ₹-85 → ₹-95 → ₹-85, reflecting a clear loss of grey market confidence ahead of listing.
17. Apsis Aerocom Limited GMP Vs Listing
Apsis Aerocom Limited finally got listed at ₹153, or ₹43 above the issue price of ₹110, which is a 39.09% premium to the issue price.
The GMP was ₹25, or 22.73% above the issue price.
The issue listed above GMP expectations.
The GMP movement showed a strong and consistent upward trend, indicating improving sentiment throughout the period:₹0 → ₹6 → ₹9 → ₹13 → ₹15 → ₹23 → ₹20 → ₹18 → ₹16 → ₹15 → ₹16 → ₹17 → ₹18 → ₹20 → ₹22 → ₹25.
18. Novus Loyalty Limited GMP Vs Listing
Novus Loyalty Limited finally got listed at ₹146, or ₹0 above the issue price of ₹146, which is a 0% premium to the issue price.
The GMP was ₹0, or 0% above the issue price.
The issue listed in line with GMP expectations.
There was no movement in the grey market premium, with the GMP remaining flat at ₹0 throughout the period, indicating completely neutral grey market sentiment.
19. GSP Crop Science Limited GMP Vs Listing
GSP Crop Science Limited finally got listed at ₹328, or ₹8 above the issue price of ₹320, which is a 2.5% premium to the issue price.
The GMP was ₹2, or 0.63% above the issue price.The issue listed above GMP expectations.
The GMP movement remained minimal and stable:₹0 → ₹2, indicating low but positive grey market sentiment.
20. Speciality Medicines Limited GMP Vs Listing
Speciality Medicines Limited finally got listed at ₹124, or ₹0 above the issue price of ₹124, which is a 0% premium to the issue price.
The GMP was ₹0, or 0% above the issue price.
The issue listed in line with GMP expectations.
There was no movement in the grey market premium, with the GMP remaining flat at ₹0 throughout the period, indicating completely neutral sentiment.
21. Central Mine Planning & Design Institute Limited (CMPDIL) GMP Vs Listing
Central Mine Planning & Design Institute Limited (CMPDIL) finally got listed at ₹160, or ₹12 below the issue price of ₹172, which is a 6.98% discount to the issue price.
The GMP was ₹4, or 2.33% above the issue price.
The issue listed below GMP expectations.
The GMP movement showed a gradual decline from strong levels to near-zero before slight recovery:
₹16 → ₹18 → ₹20 → ₹21 → ₹22 → ₹18 → ₹16 → ₹14 → ₹12 → ₹6 → ₹4 → ₹1.5 → ₹1 → ₹0 → ₹1 → ₹6 → ₹8 → ₹9 → ₹7 → ₹8 → ₹7 → ₹6 → ₹4, indicating weakening sentiment closer to listing.
Conclusion:
March 2026 shows weak GMP reliability across both segments.
Mainboard IPOs: Negative bias persisted — GMP (-4.2%) slightly underestimated losses, but accuracy was poor with 5/10 IPOs missing expectations and only 1 aligning.
SME IPOs: Despite positive GMP (3.31%), actual gains were sharply lower (1.12%), highlighting over-optimism in grey market signals, with results evenly split across outcomes.
Important IPO Resources:
1. Track all the latest IPOs in our upcoming and live IPO section.
2. Track how IPOs are performing overall in our IPO market analytic page.
3. Check how GMPs vs listing performance analysis in our IPO GMP vs Listing Accuracy Study 2026 which covers all the IPOs of 2026.
4. If you're unsure to various IPO terms, check out our 100+ IPO items glossary and improve your IPO information.
