India’s primary market is buzzing with activity as five major IPOs open on June 24 and 25, 2025. Investors are watching the grey market premium (GMP) trends of Globe Civil Projects, Ellenbarrie Industrial Gases, and Kalpataru to gauge potential listing gains. While Globe Civil Projects and Kalpataru are trading at premiums, Ellenbarrie shows no GMP movement yet.
India’s stock market is set for a busy week with five mainboard initial public offerings (IPOs) opening on June 24 and June 25. Investors are closely monitoring the grey market premium (GMP) for these public issues as a reflection of expected listing-day performance. The spotlight is on Globe Civil Projects Ltd., Ellenbarrie Industrial Gases Ltd., and Kalpataru Ltd. — three companies that will open their IPOs for subscription on June 24, 2025.
Globe Civil Projects IPO GMP
Globe Civil Projects Ltd., based in India, operates as a construction and infrastructure firm with expertise in engineering, procurement, and construction (EPC) projects across multiple sectors.
According to market observers, Globe Civil Projects is showing a GMP of ₹13 per share, indicating a strong interest in the unlisted market. With an issue price of ₹71, this translates to a premium of 18.31%, valuing the stock at ₹84 in the grey market. The ₹119 crore IPO will remain open from June 24 to June 26, entirely comprising a fresh issue of 1.68 crore equity shares.
Ellenbarrie Industrial Gases IPO GMP
Ellenbarrie Industrial Gases Ltd., headquartered in Kolkata, India, specializes in the production and distribution of industrial and medical gases.
The company has fixed its IPO price band between ₹380 and ₹400 per share and aims to raise ₹852.53 crore, including a fresh issue of ₹400 crore and an offer-for-sale of ₹452.53 crore. However, as per the latest data, Ellenbarrie’s GMP stands at ₹0, indicating no premium or discount in the grey market as of now. The IPO will be open from June 24 to June 26.
Kalpataru IPO GMP
Kalpataru Ltd., a real estate and infrastructure firm based in India, is targeting ₹1,590 crore from its upcoming IPO, which consists solely of a fresh issue of 3.84 crore equity shares.
The price band is fixed at ₹387 to ₹414 per share. Market analysts indicate a GMP of ₹11, suggesting the shares are being traded at ₹425 in the grey market — a 2.66% premium over the upper end of the issue price. Kalpataru IPO opens on June 24 and closes on June 26.
Upcoming IPOs on June 25
On June 25, two more IPOs will open — HDB Financial Services, aiming to raise ₹12,500 crore, and Sambhv Steel Tubes, for which the detailed GMP will be reported closer to the date.
As grey market activity continues to shape investor sentiment, the IPOs of Globe Civil Projects and Kalpataru are showing positive signals, while Ellenbarrie remains flat, suggesting investors are awaiting more cues from institutional demand or anchor investments.
