IPO FAQs

Plain answers, no verdicts · updated 19 Sept 2026, 1:29 am IST

How grey market premium, allotment and subscription actually work. If something here is unclear or wrong, tell us.

What is IPO GMP?

Grey market premium is the price at which an IPO application, or an allotted share, is reported to change hands in an informal market before the shares list. If an issue is priced at ₹100 and the reported GMP is ₹20, the grey market is trading it around ₹120. It is not published by NSE, BSE or SEBI, cannot be independently verified, and has no official standing.

Is GMP a reliable predictor of listing price?

Not reliably. GMP reflects informal sentiment in a small, unregulated market and can move sharply in the days before listing. We publish a scoreboard comparing what GMP implied against what each IPO actually listed at, so the historical gap is visible rather than assumed.

Why do different sites show different GMP for the same IPO?

Because there is no single source. Each aggregator reports what its own contacts say, and those figures diverge, particularly on volatile issues. Where our sources disagree by more than half the premium itself we mark the figure as disputed rather than picking one — if two reported numbers are far apart, one of them is wrong and there is no way to know which.

What is Kostak and subject-to-sauda?

Kostak is a fixed price paid for an IPO application regardless of whether it receives an allotment. Subject-to-sauda is a price agreed for an application that is paid only if shares are allotted. Both are informal grey-market arrangements with no legal enforceability.

How does IPO allotment work?

When an issue is oversubscribed in the retail category, allotment is done by a computerised lottery among applications of at least one lot, supervised by the registrar. Applying for more lots does not improve the odds per lot in that category. The basis of allotment is finalised usually two to three working days after the issue closes.

How do I check my allotment status?

On the registrar handling that issue, or on the BSE application status page, using your PAN, application number or demat ID. It is free everywhere, and no site legitimately needs your demat password or a payment to check it.

What happens to my money if I am not allotted?

If you applied through ASBA, the block on your bank account is released, typically within one to two working days of allotment. UPI mandates are revoked on the same schedule. The money never leaves your account unless shares are allotted.

What is the difference between a mainboard and an SME IPO?

Mainboard issues list on the main NSE or BSE platform and have larger minimum size and stricter eligibility. SME issues list on NSE Emerge or BSE SME, have a much larger minimum lot value, lower liquidity after listing, and correspondingly higher risk. They are separate markets and are shown separately here.

What does subscription "times" mean?

It is how many times the shares on offer have been bid for. An issue subscribed 10x received bids for ten times the shares available. It is reported separately for qualified institutional buyers, non-institutional investors and retail, because each category has its own reserved portion and its own allotment mechanics.

What is a bulk deal and a block deal?

Both are large transactions that the exchange requires to be disclosed after they happen. A bulk deal is any trade above 0.5% of a listed company’s equity in a day; a block deal is a large single transaction executed in a separate window. They are public post-trade disclosures, not advance information.

Does Xflot recommend which IPOs to apply for?

No, and it never will. XDQ Labs Private Limited is not registered with SEBI as an investment adviser or research analyst, so publishing recommendations would be unlawful. We report publicly available figures and publish our own accuracy record. Deciding what to do with that is yours.

How often is the data on this site updated?

Grey market premium and subscription figures refresh through the day while an issue is open. Bulk deals update as the exchange publishes them. Every page carries an IST timestamp showing when it was last refreshed.

Still unanswered? The about page covers where each figure on this site comes from, and the disclaimer covers what we are and are not.