India’s IPO market is witnessing a strong wave of activity this week with six new issues, including HDB Financial Services, Globe Civil Projects, Kalpataru, Indogulf Cropsciences, Sambhv Steel Tubes, and Ellenbarrie Industrial Gases. Grey market premiums (GMPs) show varying levels of investor enthusiasm, signaling mixed but mostly positive listing expectations across sectors.
India’s primary market continues to witness high investor activity with six initial public offerings (IPOs) making headlines this week. Among the notable names are HDB Financial Services, Globe Civil Projects, Kalpataru Projects International Ltd., Indogulf Cropsciences, Sambhv Steel Tubes, and Ellenbarrie Industrial Gases.
Investors are closely tracking the grey market premium (GMP) for insights into expected listing performance. Grey market activity has seen upward trends across most IPOs, reflecting broader market optimism supported by healthy macroeconomic signals and liquidity conditions.
HDB Financial Services IPO GMP
HDB Financial Services, a non-banking financial company (NBFC) backed by HDFC Bank, shows a GMP of ₹50.5, indicating an expected listing price of ₹790.5 against its issue price of ₹740 — a 6.82% gain. The GMP has ranged from ₹0.00 to ₹104.50 over the past few sessions.
Globe Civil Projects IPO GMP
Globe Civil Projects, operating in infrastructure development, shows a GMP of ₹15, suggesting a listing at ₹86, or 21.13% above its issue price of ₹71. The trend over 12 sessions reflects stable and growing investor interest.
Kalpataru Projects IPO GMP
Kalpataru Projects, known for its power transmission and infrastructure business, has a modest GMP of ₹3, indicating a minor premium with an estimated listing price of ₹417 against the IPO price of ₹414 (0.72% gain). Its GMP trajectory suggests a steady listing, with values between ₹0 and ₹11 in the past 14 sessions.
Ellenbarrie Industrial Gases IPO GMP
Kolkata-based Ellenbarrie Industrial Gases, a prominent player in the gas supply and logistics space, has a GMP of ₹19, projecting a listing price of ₹419, 4.75% above its issue price of ₹400. The IPO has seen a GMP peak of ₹26.
Sambhv Steel Tubes IPO GMP
Sambhv Steel Tubes, engaged in manufacturing of pipes and tubes, shows a GMP of ₹10, translating to an estimated listing of ₹92, which is 12.20% higher than the IPO price of ₹82. GMP trend has remained positive with a range of ₹0 to ₹11.
Indogulf Cropsciences IPO GMP
Noida-based Indogulf Cropsciences, a manufacturer of crop protection products, has a GMP of ₹11, indicating a listing price of ₹122, which is 9.91% above its IPO price of ₹111.
IPO Market Outlook
Analysts say that the performance of these IPOs reflects strong investor confidence in India’s growth outlook for FY26. Sectors ranging from agriculture and manufacturing to finance and infrastructure are attracting broad-based interest, offering diverse exposure for retail and institutional investors alike.
As per market experts, the continuing upward trend in GMPs is a reflection of optimism in India’s capital markets, although they also caution that post-listing performance will depend on broader economic cues and sectoral earnings.
