Editorial Standards & Data Methodology

The Grey Market for Indian IPOs is an over-the-counter (OTC) dealer-driven informal network. Because there is no centralized exchange for grey market transactions, collecting reliable rates requires a rigorous multi-source validation process:

• Multi-City Dealer Cross-Referencing: We monitor dealer bids and quotes across key financial centers including Mumbai, Ahmedabad, Surat, Jaipur, and Rajkot.
• Outlier Elimination: Single-party bids, unverified messaging rumors, and non-actionable quotes are discarded. We calculate a volume-weighted median rate.
• Kostak & Subject to Sauda Verification: Whenever available, we verify corresponding Kostak rates and Subject to Sauda agreements to ensure quoted GMPs correspond to real bid demand.
• Update Cadence: Rates are updated periodically throughout active market trading hours (10:00 AM – 6:00 PM IST) and refreshed when significant market movements occur.

Unlike GMP, subscription status is an official statutory metric. All subscription figures displayed on our platform are synced directly from official stock exchange bidding portals:

• Direct Exchange Feeds: Data is synchronized directly from the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).
• Frequency: During active IPO bidding days, numbers are fetched every 15–30 minutes between 10:00 AM and 5:00 PM IST, with final consolidated numbers posted by 6:30 PM IST.
• Segment Segregation: We separately report QIB (Qualified Institutional Buyers), NII/HNI (split by sHNI ₹2L–₹10L and bHNI >₹10L where available), and Retail categories.

Allotment dates, registrar names, and official query portals are verified against the Draft Red Herring Prospectus (DRHP) and final Red Herring Prospectus (RHP) filed with the Securities and Exchange Board of India (SEBI).

We provide direct, non-affiliated navigation links to authorized registrars (Link Intime, KFin Technologies, Bigshare Services, Skyline, Maashitla, and Purva Sharegistry) to ensure investors check allocation safely without third-party credential interception.