The Indian primary market is buzzing again. With several high-profile initial public offerings (IPOs) lining up in November, retail investors are crowding financial discussion forums and grey markets to gauge the “GMP” — or grey market premium — before making a move.
In a year marked by volatile secondary markets and rising interest rates, IPO enthusiasm signals revived retail confidence. Analysts attribute this surge to strong listing performance by recent debutants and renewed liquidity among high-net-worth individuals and retail traders.
Grey market activity has historically mirrored investor sentiment — not always accurately, but often enough to move early trades. Current GMPs on multiple upcoming offerings suggest robust oversubscription, with some commanding double-digit listing expectations.
Experts say investors are eyeing sectors such as renewable energy, logistics, and fintech — areas that continue to outperform broader indices. With the festive season injecting additional liquidity, brokers expect 2025 to close as one of the most active years for public listings in half a decade.
However, market watchers caution against overreliance on GMPs. While they provide a snapshot of sentiment, they are not regulated and can be misleading. Retail investors are advised to evaluate fundamentals, subscription data, and anchor investor interest before betting on grey-market trends.
Still, with India’s GDP growth projected to remain above 6.5% and domestic liquidity strong, the IPO pipeline is unlikely to dry up soon. The message from the street is clear — the bull run may be pausing in the secondary market, but in the IPO lane, engines are still roaring.
