IPO GMP comparison: The grey market premium (GMP) of initial public offerings (IPOs) is drawing investor attention as several companies prepare to tap the primary market in October 2026.
Among the issues in focus this week are Reliance Industries-backed Jio Platforms, HD Fire Protect, Tonbo Imaging India, Zetwerk Manufacturing Business and Fusion CX. However, their grey market trends indicate varying levels of investor enthusiasm and potential listing gains.
Tonbo Imaging India is leading the grey market premium rankings among the recently announced public issues, while HD Fire Protect has also attracted strong interest.
Zetwerk Manufacturing Business and Fusion CX, meanwhile, are commanding comparatively lower premiums.
Jio Platforms, which is scheduled to open its IPO later this month, is also attracting attention ahead of what is expected to be India’s largest-ever public offering. The issue is scheduled to open on October 21 and close on October 23, with a price band of ₹1,065– ₹1,119 per share.
Tonbo Imaging India is leading the comparison, with a grey market premium of around ₹500 per share against the upper issue price of ₹700. This indicates an estimated listing price of ₹1,200, implying a potential premium of approximately 71.43%.
The Tonbo Imaging IPO was subscribed over 0.89 times on the first day of bidding. The retail category has received 1.08 times subscription; meanwhile, Non-Institutional Investors (NIIs) have been subscribed 1.61 times. QIB section remained unsubscribed.
HD Fire Protect is the second-strongest IPO in this comparison based on its indicated grey market premium. With a GMP of around ₹90 and an upper price band of ₹271, the estimated listing price works out to ₹361 per share, suggesting a potential gain of approximately 33.2%.
Ahead of the opening, the shares of the Jio Platforms IPO are commanding a strong premium in the grey market. According to websites tracking the unlisted market, the GMP of Jio Platforms IPO is ₹223. This means that the estimated listing price of the Jio Platforms IPO is likely to be ₹1342, which is 19.93% higher than the IPO price of ₹1119.
The IPO opened on October 14 and is scheduled to close on October 16. The company’s public offering has attracted comparatively lower grey market expectations than Tonbo Imaging and HD Fire Protect.
The GMP of Fusion CX IPO stood at ₹88 in the grey market, signalling an estimated listing price of ₹359, which is 32.47% higher than the IPO price of ₹271.
Zetwerk Manufacturing Business has a GMP of around ₹22 per share against the upper issue price of ₹151, indicating an estimated listing price of ₹173, indicating a potential premium of approximately 14.57%.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
