Live GMP
A complete reference dictionary for Indian IPO investors. Master every technical financial term from Grey Market Premium, Kostak and Subject to Sauda to ASBA bidding, SEBI quotas, and registrar allotments.
An unofficial cash premium traded over-the-counter (OTC) prior to official listing on NSE/BSE. It reflects sentiment and estimated listing day gains.
A fixed cash payout earned by selling an IPO application to an informal buyer before allotment. The seller receives this amount regardless of whether shares are allotted.
A conditional OTC contract where the agreed premium is paid only if the seller receives an allotment in the registrar lottery. If zero allotment occurs, the payout is ₹0.
The price spread defined by the floor price and cap price within which public investors can submit bids.
The final issue price finalized by the issuer. Retail investors bidding at cut-off agree to buy at whatever clearing price is determined.
The minimum bundle of shares required per application lot. Mainboard issues typically structure lot sizes between ₹14,000 and ₹15,000.
The preliminary disclosure document filed with SEBI and stock exchanges detailing business model, risks, financials, and issue rationale before approval.
The definitive statutory document filed with the Registrar of Companies (RoC) that includes all commercial details except the final issue price.
Qualified Institutional Buyers (QIBs) bidding for a minimum of ₹10 Crore on the day before the IPO officially opens to public bidding.
A mechanism where existing promoters or early venture investors sell their holdings. Proceeds go to selling shareholders, not to the company balance sheet.
Newly created equity shares issued by the company. Capital raised through a fresh issue directly fuels corporate growth, capex, or debt retirement.
Individual resident or NRI investors applying for an aggregate value up to ₹2,00,000. Reserved 35% in profitable book-built offerings.
Non-Institutional Investors bidding for amounts between ₹2 Lakh and ₹10 Lakh. Allocated 1/3rd of the 15% NII quota under SEBI regulations.
HNIs and corporate bodies applying for amounts exceeding ₹10 Lakh. Allocated 2/3rd of the 15% NII quota.
Mutual funds, FPIs, banks, and domestic financial institutions registered with SEBI. Allocated 50% of the public issue on a proportionate basis.
A mandatory banking facility where bid funds remain in your bank account earning interest until share allotment is finalized.
The official allocation algorithm published by the registrar detailing category subscription ratios and lottery success probabilities.
A SEBI-registered agency (e.g. Link Intime, KFintech, Bigshare) handling application processing, allotment draw, demat credits, and refunds.
The statutory 3-day timeline from issue close (T) to stock exchange listing (T+3) with allotment on T+1 and demat credit on T+2.
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