Grey Market Premium (GMP) is an unofficial indicator originating from the grey market. It is unregulated and largely driven by short-term demand and market sentiment.
In this January 2026 IPO GMP Review, we analyse how IPOs actually listed compared to their grey market premiums, highlighting instances where GMP aligned with listing performance—and where it clearly failed.
For daily and live GMP movements, refer to our IPO GMP Today Hub Page.
Month-at-a-Glance
Table: Janauary 2026 IPO GMP vs Listing Snapshot
| SL No | IPO Name | Segment | Issue Price at upper band | GMP | GMP % | Listing Price | Listing % | GMP Outcome |
| 1 | Gabion Technologies India Limited (SME) | SME | 81 | 31 | 38.3 | 89 | 9.88 | Listed far below expectation |
| 2 | Victory Electric Vehicles (SME) | SME | 41 | 0 | 0.0 | 34.45 | -15.98 | Listed below expectation |
| 3 | Yajur Fibres Limited (SME) | SME | 174 | 0 | 0.0 | 139.2 | -20.00 | Listed below expectation |
| 4 | Bharat Coking Coal Limited (Mainboard) | Mainboard | 23 | 18.5 | 80.4 | 45 | 95.65 | Listed above expectations |
| 5 | Defrail Technologies Limited (SME) | SME | 74 | 17 | 23.0 | 95 | 28.38 | Listed above expectation |
| 6 | Avana Electrosystems (SME) . | SME | 59 | 10.5 | 17.8 | 77.5 | 31.36 | Listed above expectation |
| 7 | Narmadesh Brass Industries | SME | 515 | 0 | 0.0 | 495 | -3.88 | Listed below expectation |
| 8 | Indo SMC Limited (SME) | SME | 149 | 10 | 6.7 | 149 | 0.00 | Listed below expectation |
| 9 | Amagi Media Labs (Mainboard) | Mainboard | 361 | -1 | -0.3 | 318 | -11.91 | Listed below expectation |
| 10 | GRE Renew Enertech(SME) | SME | 105 | 1 | 1.0 | 96 | -8.57 | Listed below expectation |
| 11 | Armour Security (India) Limited | SME | 57 | 0 | 0.0 | 45.6 | -20.00 | Listed below expectations |
| 12 | Aritas Vinyl Limited (SME) | SME | 47 | 0 | 0.0 | 47 | 0.00 | Listed in line with expectations |
| 13 | KRM Ayurveda Limited SME | SME | 135 | 22.5 | 16.7 | 172.1 | 27.48 | Listed above expectations |
| 14 | Digilogic Systems Limited | SME | 104 | 0 | 0.0 | 83.2 | -20.00 | Listed below expectation |
| 15 | Shadowfax Technologies Limited | Mainboard | 124 | -3.5 | -2.8 | 112.6 | -9.19 | Listed below expectations |
| 16 | Shayona Engineering Limited (SEL) SME | SME | 144 | 4 | 2.8 | 144 | 0.00 | Listed below expectations |
| 17 | E to E Transportation Infrastructure Limited (ETIL) SME | SME | 174 | 162 | 93.1 | 330.6 | 90.00 | Listed close to expectations |
| 18 | Modern Diagnostic & Research Centre (SME) | SME | 90 | 14 | 15.6 | 99.5 | 10.56 | Listed below expectation |
GMP is an unofficial indicator and is not regularised by NSE, BSE, SEBI or any market regulators. GMP should not be treated as recommendation. This is only for informational purpose.
Average GMP % vs Average Listing %
IPO-wise Detailed Commentary ON IPO GMP January 2026
1. Gabion Technologies India Limited – GMP vs Listing
Segment: SME
Issue Price: ₹81
Final GMP Before Listing: ₹31
GMP-Implied Premium: 38.3%
Listing Price: ₹89
Actual Listing Gain/Loss: 9.88%
Commentary:
Despite a strong GMP indicating high pre-listing optimism, the stock delivered a much lower listing gain. This sharp divergence suggests GMP significantly overestimated demand, likely influenced by speculative activity rather than sustainable buying interest.
Verdict: Underperformed GMP
2. Victory Electric Vehicles Limited – GMP vs Listing
Segment: SME
Issue Price: ₹41
Final GMP Before Listing: ₹0
GMP-Implied Premium: 0.0%
Listing Price: ₹34.45
Actual Listing Gain/Loss: −15.98%
Commentary:
A neutral GMP failed to protect investors from downside risk, as the IPO listed at a steep discount. This highlights that a zero GMP does not necessarily indicate listing stability.
Verdict: Underperformed GMP
3. Yajur Fibres Limited – GMP vs Listing
Segment: SME
Issue Price: ₹174
Final GMP Before Listing: ₹0
GMP-Implied Premium: 0.0%
Listing Price: ₹139.20
Actual Listing Gain/Loss: −20.00%
Commentary:
With no grey market premium, the IPO still witnessed heavy selling pressure on listing. The outcome reflects weak underlying demand despite neutral GMP signals.
Verdict: Underperformed GMP
4. Bharat Coking Coal Limited – GMP vs Listing
Segment: Mainboard
Issue Price: ₹23
Final GMP Before Listing: ₹18.5
GMP-Implied Premium: 80.4%
Listing Price: ₹45
Actual Listing Gain/Loss: 95.65%
Commentary:
The stock exceeded already strong GMP expectations, supported by robust investor interest. This was one of the rare cases where GMP understated the actual listing enthusiasm.
Verdict: Outperformed GMP
5. Defrail Technologies Limited – GMP vs Listing
Segment: SME
Issue Price: ₹74
Final GMP Before Listing: ₹17
GMP-Implied Premium: 23.0%
Listing Price: ₹95
Actual Listing Gain/Loss: 28.38%
Commentary:
The IPO listed above GMP expectations, reflecting stronger-than-anticipated demand on listing day. Market participation translated positively into price discovery.
Verdict: Outperformed GMP
6. Avana Electrosystems Limited – GMP vs Listing
Segment: SME
Issue Price: ₹59
Final GMP Before Listing: ₹10.5
GMP-Implied Premium: 17.8%
Listing Price: ₹77.5
Actual Listing Gain/Loss: 31.36%
Commentary:
Avana Electrosystems delivered a listing gain significantly higher than GMP indications. The outcome suggests that demand strengthened further closer to listing.
Verdict: Outperformed GMP
7. Narmadesh Brass Industries Limited – GMP vs Listing
Segment: SME
Issue Price: ₹515
Final GMP Before Listing: ₹0
GMP-Implied Premium: 0.0%
Listing Price: ₹495
Actual Listing Gain/Loss: −3.88%
Commentary:
With no GMP support, the IPO listed marginally below issue price. The result aligns with neutral sentiment translating into mild downside.
Verdict: Underperformed GMP
8. Indo SMC Limited – GMP vs Listing
Segment: SME
Issue Price: ₹149
Final GMP Before Listing: ₹10
GMP-Implied Premium: 6.7%
Listing Price: ₹149
Actual Listing Gain/Loss: 0.00%
Commentary:
Despite a positive GMP, the IPO listed flat. This indicates GMP optimism did not convert into actual listing demand.
Verdict: Underperformed GMP
9. Amagi Media Labs Limited – GMP vs Listing
Segment: Mainboard
Issue Price: ₹361
Final GMP Before Listing: ₹−1
GMP-Implied Premium: −0.3%
Listing Price: ₹318
Actual Listing Gain/Loss: −11.91%
Commentary:
Negative GMP correctly indicated weak sentiment, though the listing decline was far steeper. Selling pressure outweighed already cautious expectations.
Verdict: Underperformed GMP
10. GRE Renew Enertech Limited – GMP vs Listing
Segment: SME
Issue Price: ₹105
Final GMP Before Listing: ₹1
GMP-Implied Premium: 1.0%
Listing Price: ₹96
Actual Listing Gain/Loss: −8.57%
Commentary:
A marginally positive GMP failed to translate into listing stability. The IPO faced selling pressure despite near-neutral grey market signals.
Verdict: Underperformed GMP
11. Armour Security (India) Limited – GMP vs Listing
Segment: SME
Issue Price: ₹57
Final GMP Before Listing: ₹0
GMP-Implied Premium: 0.0%
Listing Price: ₹45.60
Actual Listing Gain/Loss: −20.00%
Commentary:
The absence of GMP support coincided with a sharp listing discount, reinforcing that neutral sentiment does not eliminate downside risk.
Verdict: Underperformed GMP
12. Aritas Vinyl Limited – GMP vs Listing
Segment: SME
Issue Price: ₹47
Final GMP Before Listing: ₹0
GMP-Implied Premium: 0.0%
Listing Price: ₹47
Actual Listing Gain/Loss: 0.00%
Commentary:
The IPO listed exactly at issue price, fully aligning with neutral GMP expectations. This is a textbook example of GMP accurately reflecting sentiment.
Verdict: In line with GMP
13. KRM Ayurveda Limited – GMP vs Listing
Segment: SME
Issue Price: ₹135
Final GMP Before Listing: ₹22.5
GMP-Implied Premium: 16.7%
Listing Price: ₹172.10
Actual Listing Gain/Loss: 27.48%
Commentary:
The stock comfortably outperformed GMP expectations, supported by strong investor interest and favourable listing-day demand.
Verdict: Outperformed GMP
14. Digilogic Systems Limited – GMP vs Listing
Segment: SME
Issue Price: ₹104
Final GMP Before Listing: ₹0
GMP-Implied Premium: 0.0%
Listing Price: ₹83.20
Actual Listing Gain/Loss: −20.00%
Commentary:
Despite neutral GMP, the IPO listed at a significant discount. This outcome highlights weak post-issue demand.
Verdict: Underperformed GMP
15. Shadowfax Technologies Limited – GMP vs Listing
Segment: Mainboard
Issue Price: ₹124
Final GMP Before Listing: ₹−3.5
GMP-Implied Premium: −2.8%
Listing Price: ₹112.60
Actual Listing Gain/Loss: −9.19%
Commentary:
Negative GMP accurately signalled downside risk, though the listing decline exceeded expectations, reflecting deeper selling pressure.
Verdict: Underperformed GMP
16. Shayona Engineering Limited – GMP vs Listing
Segment: SME
Issue Price: ₹144
Final GMP Before Listing: ₹4
GMP-Implied Premium: 2.8%
Listing Price: ₹144
Actual Listing Gain/Loss: 0.00%
Commentary:
Although GMP suggested a mild premium, the IPO listed flat. The outcome reflects demand that was weaker than grey market signals.
Verdict: Underperformed GMP
17. E to E Transportation Infrastructure Limited – GMP vs Listing
Segment: SME
Issue Price: ₹174
Final GMP Before Listing: ₹162
GMP-Implied Premium: 93.1%
Listing Price: ₹330.60
Actual Listing Gain/Loss: 90.00%
Commentary:
The IPO listed very close to GMP expectations, validating strong pre-listing sentiment and accurate price discovery.
Verdict: In line with GMP
18. Modern Diagnostic & Research Centre Limited – GMP vs Listing
Segment: SME
Issue Price: ₹90
Final GMP Before Listing: ₹14
GMP-Implied Premium: 15.6%
Listing Price: ₹99.50
Actual Listing Gain/Loss: 10.56%
Commentary:
While the IPO listed at a premium, gains fell short of GMP expectations, indicating mild overestimation by the grey market.
Verdict: Underperformed GMP
GMP Accuracy Distribution
Distribution of IPOs based on GMP accuracy in January 2026
Key Observations and Takeaways
Total IPOs analysed: 18
IPOs that beat GMP: 4
IPOs that underperformed GMP: 12
IPOs in Line with GMP: 2
In January 2026, GMP overestimated listing gains in 66.67% of IPOs, while 22.22% of IPOs outperformed GMP expectations and only 11.11% listed broadly in line with GMP, especially in the SME segment—reinforcing that GMP reflects sentiment, not certainty.
