As India’s IPO market continues its robust run in December 2025, grey market activity remains intense with multiple ongoing and upcoming issues attracting significant investor attention. Today, Monday, December 9, 2025, the Grey Market Premium (GMP) landscape reflects strong bullish sentiment for certain issues while others show signs of cooling enthusiasm, providing crucial insights into potential listing day performances scheduled for this week and beyond.

Leading the pack is the much-anticipated Meesho IPO, which commands a commanding grey market premium of ₹47 per share—translating to an impressive 42.34% expected return over its upper price band of ₹111. With allotment finalized today and listing scheduled for December 10, the e-commerce giant’s strong GMP indicates robust listing gains for successful allottees. Meanwhile, the newly opened Corona Remedies IPO, backed by private equity firm ChrysCapital and supported by anchor investments from marquee institutions like SBI Mutual Fund and ICICI Prudential MF, has entered the grey market amid mixed early sentiment.

This comprehensive guide covers today’s GMP data for all active IPOs, explaining what these premiums mean for investors, which issues show promise, and crucial factors to consider before making investment decisions based on grey market indicators.

Understanding IPO Grey Market Premium (GMP)

Before diving into today’s specific numbers, it’s essential to understand what GMP represents and how it functions in India’s investment ecosystem.

What is Grey Market Premium?

The Grey Market Premium (GMP) is the premium amount at which IPO shares trade in the unofficial grey market before their official listing on stock exchanges (BSE and NSE). It represents the difference between the grey market price and the IPO issue price.

Formula: Grey Market Price – IPO Issue Price = GMP
Estimated Listing Price: IPO Issue Price + GMP = Expected Listing Price
Expected Return %: (GMP ÷ IPO Issue Price) × 100

Example: If an IPO has an issue price of ₹100 and trades at ₹130 in the grey market:

• GMP = ₹30
• Expected Listing Price = ₹130
• Expected Return = 30%

How Does the Grey Market Work?

The grey market operates as an unofficial, unregulated network of dealers and brokers who facilitate pre-listing trades of IPO applications and shares. Key characteristics include:

Unofficial Nature: No regulatory oversight from SEBI, stock exchanges, or any government body
Cash-Based Transactions: All dealings conducted in cash with no official documentation
Trust-Based System: Contracts are informal, often sealed with small paper slips
Word-of-Mouth Trading: No official dealers; all buying and selling happens through personal networks

Important Terminology:

• GMP: Premium per share in grey market
• Kostak: Premium paid for an IPO application (form) even before allotment
• Sub2/Sub2Sauda: Premium for applications that have been allotted shares

What Influences GMP?

Multiple factors drive grey market premium movements:

1. Company Fundamentals: Revenue growth trajectory, profitability metrics, debt levels, competitive positioning
2. Valuation Metrics: Price-to-Earnings (P/E) ratios compared to listed industry peers
3. IPO Subscription Numbers: Higher oversubscription typically increases GMP
4. Institutional Participation: Strong QIB and HNI interest boosts premium
5. Market Conditions: Overall market sentiment, volatility, sectoral performance
6. Management Quality: Promoter track record, corporate governance standards
7. Use of Proceeds: How IPO funds will be deployed for growth
8. Economic Factors: Interest rates, inflation trends, policy developments

Critical Disclaimer: Risks of Grey Market Trading

While GMP provides useful sentiment indicators, participating in actual grey market trading carries significant risks:

❌ No Regulatory Protection: Zero recourse if disputes arise
❌ Counterparty Risk: Possibility of fraud or non-payment
❌ Legal Ambiguity: Operates in regulatory grey zone
❌ Price Manipulation: Small groups can artificially inflate/deflate premiums
❌ No Written Contracts: Verbal agreements with no legal validity

Our Recommendation: Use GMP data purely as a sentiment indicator. Apply for IPOs through official channels via your broker. Never participate in actual grey market transactions.

Today’s IPO GMP: Complete Market Overview

1. Meesho IPO – The Market Leader

Current GMP: ₹47 (as of December 9, 2025)
Issue Price Band: ₹105-₹111
Expected Listing Price: ₹158 (₹111 + ₹47)
Expected Return: 42.34%
IPO Size: ₹5,421.20 crore
Subscription Period: December 3-5, 2025 (CLOSED)
Allotment Date: December 8, 2025 (Finalized)
Listing Date: December 10, 2025
Lot Size: 135 shares

GMP Journey:

• High: ₹51 (December 3, 2025)
• Low: ₹33 (November 28, 2025)
• Current: ₹47 (stable in recent days)

Subscription Performance: Meesho IPO was subscribed a massive 79.03 times overall, with QIB portion at 120.18x, NII at 38.16x, and retail at 19.08x—reflecting extraordinary investor demand across all categories.

Why Strong GMP: India’s largest e-commerce marketplace by orders and users, backed by SoftBank and other marquee investors, operating in the strategically important value-conscious consumer segment with over 575,000 active sellers and 213 million active users. The company’s technology-driven logistics network (Valmo) and AI/ML-powered personalization provide competitive advantages that justify premium valuations.

Investment Outlook: With allotment finalized and listing tomorrow, the ₹47 GMP suggests strong listing gains for successful allottees. However, given the massive oversubscription (79x), actual allotment percentages were minimal—most retail investors received lottery-based allocation. Those who received shares face a decision: book profits on listing day (42% gain is substantial) or hold for long-term potential in India’s booming e-commerce sector.

2. Corona Remedies IPO – The Pharma Entrant

Current GMP: ₹260-₹262 (reports vary)
Issue Price Band: ₹1,008-₹1,062
Expected Listing Price: ₹1,324 (₹1,062 + ₹262)
Expected Return: ~24-25%
IPO Size: OFS (Offer for Sale) – entirely secondary market sale
Subscription Period: December 8-10, 2025 (ONGOING)
Listing Date: December 15, 2025
Lot Size: [Specific lot size]

Recent GMP Movement:

• Initial High: ₹290
• Subsequent Drop: Fell to ₹260
• Current Range: ₹260-₹262 (showing recovery from low)

Subscription Status: As of December 8, the issue was subscribed only 0.67 times, indicating tepid retail response despite strong anchor investor participation.

Anchor Investor Support: The company raised ₹195 crore from anchor investors ahead of the public issue, allotting 18.36 lakh shares at ₹1,062 per share. Distinguished anchor investors include:

• SBI Mutual Fund
• ICICI Prudential MF
• HDFC MF
• Kotak MF
• SBI Life Insurance Company

Business Profile: Corona Remedies is a private equity firm ChrysCapital-backed pharmaceutical company valued at nearly ₹6,500 crore at the upper price band. The company operates in India’s growing pharmaceutical manufacturing sector.

Why Mixed Sentiment: The GMP has shown volatility—starting strong at ₹290 before declining to ₹260—reflecting investor concerns about:

• High Valuation: At ₹1,062 per share with market cap near ₹6,500 crore, some analysts feel pricing is aggressive
• Weak Subscription: Only 0.67x subscription by Day 1 suggests retail hesitation
• OFS Structure: Being entirely an Offer for Sale (no fresh capital raised for company growth), proceeds go to selling shareholders rather than company expansion

Investment Outlook: Strong anchor support indicates institutional confidence, but weak retail subscription and GMP volatility suggest caution. The 24-25% expected return is attractive, but investors should evaluate the company’s fundamentals, growth prospects, and valuation metrics before applying. The issue closes December 10—potential applicants have limited time to analyze and decide.

3. Aequs IPO – The Aerospace Specialist

Current GMP: ₹43 (as of December 9, 2025)
Issue Price Band: ₹118-₹124
Expected Listing Price: ₹167 (₹124 + ₹43)
Expected Return: 34.67%
IPO Size: ₹921.81 crore
Subscription Period: December 3-5, 2025 (CLOSED)
Allotment: Expected December 9-10, 2025
Listing Date: Expected December 11-12, 2025
Lot Size: 120 shares

GMP Journey:

• High: ₹47 (December 3, 2025)
• Low: ₹18 (November 28, 2025)
• Current: ₹43 (strong recovery and stabilization)

Business Positioning: Aequs is India’s only precision component company offering fully integrated manufacturing for the aerospace sector. This unique positioning provides significant competitive advantages:

• Largest aerospace product portfolio in India: Over 4,500 aerospace products manufactured as of March 31, 2025
• Comprehensive offerings: Components for engine systems, landing systems, cargo and interiors, structures, assemblies, and precision turning parts
• Diversification: Expanded into consumer electronics, plastics, and consumer durables
• Client Base: Serves Original Equipment Manufacturers (OEMs) and system integrators globally

Why Strong GMP: India’s aerospace and defense sector is experiencing unprecedented growth driven by:

• Government’s “Make in India” defense manufacturing push
• Global aerospace companies diversifying supply chains away from China
• India’s growing aviation market requiring more aircraft and maintenance
• Government defense modernization programs creating long-term demand

Investment Outlook: The ₹43 GMP (34.67% return) reflects strong confidence in Aequs’ unique market position and growth trajectory. However, investors should note that aerospace manufacturing is capital-intensive with long development cycles. Those with medium to long-term horizons and belief in India’s aerospace story will find Aequs compelling. Allotment status should be checked today (December 9) or tomorrow.

4. Vidya Wires IPO – The Quiet Performer

Current GMP: ₹4 (as of December 9, 2025)
Issue Price Band: ₹48-₹52
Expected Listing Price: ₹56 (₹52 + ₹4)
Expected Return: 7.69%
IPO Size: ₹300.01 crore
Subscription Period: December 3-5, 2025 (CLOSED)
Allotment: Expected December 9-10, 2025
Listing Date: Expected December 11-12, 2025
Lot Size: 288 shares

GMP Journey:

• High: ₹10 (November 29, 2025)
• Low: ₹4 (December 8, 2025 – current)
• Trend: Declining premium indicating weakening sentiment

Business Profile: Vidya Wires Limited, founded in 1981, manufactures copper and aluminum wires serving multiple industries. Product range includes:

• Precision-engineered winding wires
• Copper strips and conductors
• Busbars for power distribution
• Specialized winding wires for motors and transformers
• PV ribbons for solar panels
• Aluminum paper-covered strips

Why Weak GMP: The minimal ₹4 premium (7.69% return) and declining trend from ₹10 high suggest:

• Commodity Business Perception: Wire manufacturing seen as low-margin, commodity-driven business
• Limited Differentiation: Intense competition in wire manufacturing space
• Valuation Concerns: Investors may feel pricing doesn’t offer sufficient margin of safety
• Market Conditions: Broader market weakness affecting mid-tier industrial companies

Grey Market Sentiment: Reports indicate “low volume but stable fancy in regional markets” with “mild positive mood” but limited operator activity. This suggests minimal speculative interest.

Investment Outlook: The modest 7.69% expected return may appeal to conservative investors seeking small, steady gains from an established 44-year-old company with diversified industrial exposure. However, the declining GMP trajectory (from ₹10 to ₹4) is concerning. Investors should review subscription numbers, company fundamentals, and industry prospects before deciding whether even a 7-8% listing gain justifies the capital allocation and associated risks.

5. Luxury Time IPO – The Premium Watch Retailer

Current GMP: ₹90 (as of December 9, 2025)
Issue Price Band: ₹78-₹82
Expected Listing Price: ₹172 (₹82 + ₹90)
Expected Return: 109.76%
IPO Size: ₹18.74 crore
IPO Type: SME (Small and Medium Enterprise)
Subscription Period: December 4-6, 2025 (CLOSED)
Allotment: Expected December 9-10, 2025
Listing Date: Expected December 11-12, 2025
Lot Size: 3,200 shares

GMP Journey:

• High: ₹90 (December 6, 2025 – current)
• Low: ₹15 (December 2, 2025)
• Trend: Explosive growth in GMP (6x increase in 4 days!)

Business Profile: Luxury Time Limited, founded in 2008, operates in the premium Swiss luxury watch segment:

• Brand Partners: TAG Heuer, Zenith, Bomberg, Exaequo
• Services: Distribution, marketing, retail, after-sales servicing
• Additional Business: Supplies tools and equipment for luxury watch manufacturing
• Strategic Partnerships: Collaborations with Indian public companies in luxury watch retail

Why Explosive GMP: The remarkable 109.76% expected return and 6x GMP increase from ₹15 to ₹90 reflects:

• Niche Market: Luxury goods segment with high margins and affluent clientele
• SME Category Appeal: Smaller SME IPOs often generate disproportionate excitement
• Limited Supply: Small ₹18.74 crore issue size creates scarcity value
• Affluent India Story: Growing HNI population in India driving luxury consumption
• Swiss Watch Prestige: Association with prestigious Swiss brands adds credibility

SME IPO Dynamics: Small and Medium Enterprise IPOs on SME exchanges (BSE SME, NSE Emerge) often experience:

• Higher listing gains due to smaller issue sizes
• Greater volatility and speculation
• Lower liquidity post-listing
• Higher risk-reward profiles

Investment Outlook: While the 109% expected return is eye-catching, investors must approach SME IPOs with extra caution:

• Verify Subscription: Check final subscription numbers—strong oversubscription validates high GMP
• Post-Listing Liquidity: SME stocks often have limited liquidity; may be difficult to exit at desired prices
• Promoter Lock-In: Check promoter holding and lock-in periods
• Financial Scrutiny: Review revenue, profitability, debt, and cash flow trends carefully
• Risk Appetite: Only invest amounts you can afford to lock in or potentially lose

The explosive GMP growth from ₹15 to ₹90 could indicate genuine demand or speculative bubble—due diligence is crucial.

Other Notable IPOs with GMP Activity

Upcoming and Recently Listed Issues

Shri Kanha Stainless IPO: Manufacturing company in stainless steel sector showing moderate GMP activity

Western Overseas Study Abroad IPO: Education consultancy sector player with niche positioning

Methodhub Software IPO: IT/software services company riding India’s tech sector momentum

Flywings Simulator Training IPO: Aviation training institute benefiting from pilot shortage

Wakefit Innovations IPO: Mattress and home furniture D2C brand with strong online presence

K.V. Toys India IPO: Toy manufacturing company positioned for “Make in India” toy sector

Nephrocare Health IPO: Healthcare services specializing in nephrology and dialysis

Prodocs Solutions IPO: Healthcare documentation and medical billing services provider

Note: Specific GMP data for these issues varies by source and timing. Check dedicated IPO platforms for real-time updates.

How to Check IPO Allotment Status

For IPOs that have closed subscription (Meesho, Aequs, Vidya Wires, Luxury Time), investors can check allotment status through:

1. Registrar Website (Most Reliable)

KFin Technologies (for most recent IPOs):

• Visit: https://kosmic.kfintech.com/ipostatus/
• Select IPO name from dropdown
• Enter PAN/Application Number/Demat Account
• Submit to view status

Link Intime India (alternate registrar):

• Visit: https://linkintime.co.in/initial_offer/public-issues.html
• Select IPO and enter details

2. BSE Website

• Visit: https://www.bseindia.com/investors/appli_check.aspx
• Select “Equity” and IPO name
• Enter application number or PAN

3. NSE Website

• Visit: https://www.nseindia.com/
• Navigate to IPO section
• Enter details to check status

Tip: Allotment status typically becomes available by evening of allotment day. If not visible immediately, check again later.

Investment Strategy: GMP as One Factor Among Many

While GMP provides valuable insights into market sentiment, prudent investors use it as just one factor in a comprehensive decision-making process:

When GMP Indicates Positive Sentiment (High Premium):

Green Flags: ✅ Strong company fundamentals align with high GMP
✅ High institutional investor (QIB) subscription validates demand
✅ Industry sector showing strong growth prospects
✅ Reasonable valuation even at GMP-implied listing price
✅ Management has credible track record

Red Flags: ❌ High GMP but weak subscription numbers (indicates artificial pump)
❌ GMP declining sharply as listing approaches (cooling sentiment)
❌ Excessive valuation even before GMP premium added
❌ Company fundamentals don’t justify premium
❌ Promoter quality or governance concerns

When GMP Indicates Weak Sentiment (Low/Negative Premium):

Opportunity Signals: ✅ Strong fundamentals despite weak GMP (market may be missing value)
✅ Established company in growing sector with temporary headwinds
✅ Conservative pricing leaving room for appreciation
✅ Long-term investor with patience for fundamentals to play out

Warning Signals: ❌ Weak GMP validates concerns about business model
❌ Declining industry or intense competition
❌ Aggressive pricing not justified by growth/profitability
❌ Promoter dilution or insider selling concerns
❌ Macroeconomic headwinds affecting sector

The Balanced Approach:

1. Apply Through Official Channels: Never participate in grey market trading directly
2. Fundamental Analysis First: Evaluate business model, financials, management, industry
3. Valuation Assessment: Compare P/E ratios with listed peers
4. GMP as Sentiment Check: Use premium data to gauge market excitement/caution
5. Subscription Monitoring: Track real-time subscription numbers
6. Risk-Reward Evaluation: Assess potential listing gain vs. fundamental value
7. Portfolio Fit: Consider how IPO fits your investment goals and risk tolerance
8. Exit Planning: Decide in advance whether you’ll sell on listing or hold long-term

Upcoming IPO Calendar: What to Watch

Beyond today’s active issues, several exciting IPOs are scheduled for December 2025 and early 2026:

This Week:

• Corona Remedies: Closes December 10, lists December 15
• Meesho: Lists December 10 (allotment done)
• Aequs, Vidya Wires, Luxury Time: Allotment December 9-10, listing December 11-12

Coming Soon:

• ICICI Prudential AMC: Major mutual fund company IPO expected mid-December
• Wakefit Innovations: D2C mattress brand likely late December
• Hero FinCorp: NBFC sector player awaiting SEBI approval
• BoAt: Audio devices brand highly anticipated for early 2026

How to Stay Updated:

• Follow SEBI website for new IPO approvals: https://www.sebi.gov.in/
• Check NSE/BSE IPO sections regularly
• Subscribe to IPO-focused websites and apps
• Follow financial news portals for IPO announcements

Grey Market Regulation: SEBI’s Proposed “When Listed” Platform

In a significant development, former SEBI Chairperson Madhabi Puri Buch announced in early 2025 that the market regulator is considering developing a “when-listed” platform to allow regulated pre-listing trading of IPO shares.

What This Means:

Current State: Grey market operates unofficially without regulation
Proposed Future: SEBI-regulated platform for pre-listing IPO share trading

Potential Benefits:

• Regulatory oversight and investor protection
• Transparent price discovery before listing
• Elimination of counterparty risk and fraud
• Written contracts and guaranteed settlement
• Better reflection of true market sentiment

Expected Impact:

• Significant reduction in informal grey market activity
• More accurate listing price prediction
• Improved market efficiency
• Greater retail investor participation with safety

Timeline: While announced in early 2025, implementation timeline remains unclear. Until such a platform launches, grey market continues operating unofficially.

Conclusion: Navigating the Grey Market Wisely

Today’s IPO grey market landscape presents a mixed picture—strong premiums for marquee names like Meesho (₹47, 42% return) and Aequs (₹43, 35% return), explosive gains for niche SME player Luxury Time (₹90, 110% return), mixed sentiment for pharma entrant Corona Remedies (₹260, 25% return), and muted enthusiasm for industrial player Vidya Wires (₹4, 8% return).

For investors navigating this terrain, remember these key principles:

1. GMP is a Tool, Not a Crystal Ball: Grey market premiums reflect current sentiment but don’t guarantee listing outcomes. Market conditions, subscription levels, and macroeconomic factors can shift rapidly.

2. Fundamentals Trump Premiums: A high GMP for a weak company doesn’t create value; a low GMP for a strong company may present opportunity. Always prioritize business quality over market hype.

3. Never Trade in Grey Market Directly: Use GMP data for information only. The risks of unregulated trading far outweigh potential benefits. Apply through official channels and accept allotment outcomes.

4. Diversify Your IPO Investments: Don’t put all your capital into one IPO regardless of how attractive the GMP appears. Spread risk across multiple issues and asset classes.

5. Have an Exit Strategy: Decide before listing whether you’re investing for listing gains (short-term) or business fundamentals (long-term). Don’t let emotions drive decisions on listing day.

6. Stay Informed: Markets evolve rapidly. Check subscription numbers, read analyst reports, follow company announcements, and stay updated on sector developments.

7. Consult Professionals: For significant investments or when uncertain, consult SEBI-registered investment advisors who can provide personalized guidance based on your financial situation and goals.

As we approach a busy week with multiple listings and new issues opening, may your investment decisions be informed, balanced, and ultimately profitable. Happy investing!

Disclaimer: This article is for informational and educational purposes only. IPO GMP data is unofficial, unregulated, and subject to rapid changes. Grey market premiums do not guarantee actual listing performance. Stock market investments carry inherent risks including loss of principal. The author and publisher do not trade in grey markets and do not recommend participation in unregulated grey market activities. Always conduct thorough due diligence, read offer documents carefully, and consult SEBI-registered financial advisors before making investment decisions. Past performance of IPOs does not indicate future results. Invest only amounts you can afford to lose.

Data Sources: GMP data compiled from multiple public sources including IPOWatch.in, InvestorGain.com, ChanakiyaNiPothi.com, and other IPO tracking platforms. Numbers are approximate and for reference only. For official IPO information, refer to company prospectuses and SEBI filings.