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IPO Alert: Small Issue’s GMP Surges Amid NSE Buzz, Listing Gains in Focus

Posted on 18th Sep 2026 11:00 am by rohit kumar

The ₹22,568.94-crore NSE IPO has become one of the biggest talking points in India's primary market, but a much smaller issue is attracting significant attention from IPO watchers because of its strong Grey Market Premium (GMP).

 

Jindal Supreme (India) Limited IPO, valued at ₹124.88 crore, has recorded a substantially higher indicative GMP percentage than the much larger NSE issue. The comparison has put the small-cap IPO in the spotlight ahead of its scheduled listing on September 23.

 

However, GMP is an unofficial grey-market indicator and should not be treated as a guaranteed listing gain or return.

 

Jindal Supreme IPO GMP vs NSE IPO GMP

 

Jindal Supreme's IPO has a price band of ₹88–₹93 per share, with the upper end fixed at ₹93. Recent market reports have placed its GMP around ₹27–₹30, implying an indicative premium of roughly 29%–32% over the upper issue price.

 

At a GMP of ₹30, the implied price would be around ₹123 against the upper issue price of ₹93. That represents an indicative premium of approximately 32.26%.

 

By comparison, the NSE IPO has a price band of ₹1,700–₹1,785 per share. Recent reports put its GMP around ₹147, implying an indicative premium of about 8.2% over the upper price band.

 

This explains why Jindal Supreme is attracting attention despite being a fraction of the size of the NSE issue.

 

Why Is Jindal Supreme's GMP Percentage Higher?

 

One factor investors are watching is the difference in issue size.

 

Jindal Supreme's ₹124.88-crore issue comprises a fresh issue of ₹99.89 crore and an Offer for Sale (OFS) of ₹24.99 crore. The IPO has a price band of ₹88–₹93 and a retail lot size of 161 shares, requiring ₹14,973 at the upper price band.

 

The NSE IPO, meanwhile, is substantially larger at around ₹22,569 crore and consists entirely of an OFS of up to 12.64 crore shares. Its upper price band is ₹1,785.

 

Because GMP is expressed in rupees per share and often compared with the IPO issue price, a smaller-priced issue can show a much larger percentage premium even when its absolute GMP is considerably lower.

 

Therefore, the difference should not be interpreted simply as evidence that one company will deliver a higher actual listing return.

 

Jindal Supreme IPO Subscription Shows Strong Demand

 

Investor interest in Jindal Supreme has also been reflected in its subscription figures.

 

The issue was subscribed 31.50 times by the second day of bidding, according to NSE data reported by Moneycontrol. The ₹124.88-crore issue received bids for nearly 29.60 crore shares against approximately 93.99 lakh shares on offer.

 

The combination of strong subscription demand and a firm GMP has kept the issue in focus among IPO investors.

 

NSE IPO: One of India's Biggest Public Issues

 

The NSE IPO is a completely different proposition in terms of scale.

 

The issue is worth approximately ₹22,568.94 crore, with an offer price of ₹1,700–₹1,785 per share. The offer is entirely an OFS, meaning the proceeds go to selling shareholders rather than being raised as fresh capital by NSE.

 

The NSE IPO opened for subscription on September 17 and closes on September 21, with listing scheduled for September 24.

 

Despite the relatively modest GMP percentage compared with Jindal Supreme, the NSE issue has attracted considerable investor and institutional attention because of the scale and profile of the exchange.

 

Hero Motors IPO GMP and Key Details

 

Hero Motors' IPO is another issue competing for investor attention this week.

 

The ₹1,000-crore IPO has a price band of ₹79–₹84 per share and comprises a fresh issue of ₹600 crore and an OFS of ₹400 crore. Recent reports put its GMP around ₹7, implying an indicative listing price of approximately ₹91 at the upper price band.

 

At a ₹7 GMP, the indicative premium is around 8.33% over the ₹84 upper price band.

 

Hero Motors' IPO opened on September 16 and closes on September 18, with listing scheduled for September 23.

 

What Does the GMP Actually Indicate?

 

The Grey Market Premium is an unofficial indicator based on transactions in the grey market before a stock begins formal exchange trading.

 

A higher GMP can indicate stronger short-term sentiment among grey-market participants, but it does not guarantee the listing price. GMP can change rapidly because of market conditions, subscription trends and investor sentiment.

 

Investors should therefore avoid treating a GMP-based calculation as a guaranteed profit estimate.

 

Jindal Supreme IPO vs NSE IPO: The Key Difference

 

The headline difference between the two IPOs is not simply the GMP.

 

Jindal Supreme is a much smaller ₹124.88-crore issue with a ₹93 upper price band, while NSE is a ₹22,568.94-crore OFS with an upper price band of ₹1,785.

 

Consequently, comparing their GMP percentages provides only one snapshot of market sentiment. Investors also need to consider the companies' financial performance, valuations, business prospects, issue structure, subscription data and the risks associated with relying on unofficial grey-market indicators.

 

With Jindal Supreme and Hero Motors scheduled to list on September 23 and NSE scheduled for September 24, the coming days will determine whether current grey-market signals translate into actual listing prices.

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