With many businesses from a variety of industries conducting their Initial Public Offerings (IPOs), the Indian IPO market is experiencing an explosion in activity as the middle of 2025 draws near. In order to make informed selections, investors closely track subscription statuses, Grey Market Premiums (GMPs), and general market mood. The top coming IPOs, together with their most lates GMP, subscription information, and examination, are reviewed in detail here.
🔍 Understanding Grey Market Premium (GMP)
The price at which shares of an initial public offering (IPO) are traded informally before to their formal listing on stock exchanges is known as the Grey Market Premium (GMP). Strong investor interest and possible listing gains are indicated by a positive GMP, whilst concern may be suggested by a negative GMP. But it’s important to remember that GMPs are not official and might change, so other factors should be taken into account as well.
📈 Top IPOs in May 2025: Subscription Status & GMP Insights
1. Borana Weaves Ltd
- Issue Size: ₹144.89 crore
- Price Band: ₹205–₹216
- Subscription Status: Oversubscribed 54.97 times overall; Retail Investors: 122.40x, NIIs: 115.74x, QIBs: 2.12x
- GMP: ₹60, indicating a 27.78% premium over the upper price band
- Listing Date: Expected on May 27, 2025
Analysis: Borana Weaves, a synthetic textile manufacturer, has garnered significant investor interest, reflected in its high subscription rates and robust GMP. The company plans to utilize the IPOs proceeds to establish a new manufacturing unit in Surat, Gujarat, and for working capital requirements.
2. Belrise Industries Ltd
- Issue Size: ₹2,150 crore
- Price Band: ₹85–₹90
- Subscription Status: Fully subscribed by Day 2; Overall: 1.35x
- GMP: ₹17, suggesting a 19% premium
- Listing Date: Expected on May 28, 2025
Analysis: Belrise Industries, an automotive component manufacturer, has seen a positive response from investors, with full subscription achieved by the second day. The company aims to use the funds to strengthen its balance sheet and support expansion plans.
3. Unified Data-Tech Solutions Ltd
- Issue Size: ₹144.47 crore
- Price Band: ₹273
- Subscription Period: May 22–26, 2025
- GMP: ₹45, indicating a 16.5% premium
- Listing Platform: BSE SME
Analysis: Investor confidence has been shown by Unified Data-Tech Solutions, an IT services company based in Mumbai, which launched its IPO with a strong GMP. Existing owners sell their shares at the initial public offering (IPO), which is purely an offer for sale (OFS).
4. Dar Credit and Capital Ltd
- Issue Size: 4.27 million equity shares
- Price Band: ₹57–₹60
- Subscription Period: May 21–23, 2025
- GMP: ₹16, suggesting a 26.67% premium
- Listing Platform: NSE SME
Analysis: Dar Credit and Capital, a financial services company, has received a decent response from investors, with a notable GMP indicating potential listing gains. The company plans to use the proceeds to augment its capital base and for general corporate purposes.
5. Schloss Bangalore Ltd (Leela Hotels Owner)
- Issue Size: ₹34.8 billion
- Price Band: ₹413–₹435
- GMP: ₹18, indicating a 4.1% premium
- Subscription Period: May 26–28, 2025
- Listing Date: Expected on June 2, 2025
Analysis: Due to a large reduction in debt, Castle Bangalore, the owner of the Leela hotel brand, has lowered the size of its initial public offering by 30%. With an 11% growth in revenue, the business generated a profit in the most recent year of operation.
📊 IPOs Performance Trends in 2025: What Investors Need to Know
The IPO performance in 2025 has been a mixed bag, with some listings delivering impressive listing gains while others showed moderate returns. Companies with strong financials, clear business models, and robust subscription status have seen the best outcomes.
A major trend this year is the increasing interest in SME IPOs, as they offer relatively lower investment thresholds and high GMPs. Additionally, tech-driven and green energy companies are seeing a spike in institutional investments, especially from foreign portfolio investors (FPIs).
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🛠️ How to Analyse an IPO: Grey Market Premium vs Fundamentals
While the Grey Market Premium (GMP) is a useful indicator of investor sentiment, it should never be the sole criterion for investing in an IPO. A good strategy involves evaluating the company’s financial health, management credibility, industry potential, and use of IPO proceeds.
Also, check for anchor investor participation, QIB response, and the company’s past performance, if available. Combining these insights with GMP analysis can help you make informed investment decisions.
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📅 Upcoming IPOs to Watch
- Aegis Vopak Terminals: Subscription from May 26–28, 2025; Price Band: ₹223–₹235
- Prostarm Info Systems: Subscription from May 27–29, 2025; Price Band: ₹105
- Scoda Tubes: Subscription from May 28–30, 2025; Price Band: ₹140
- Nikita Papers (SME): Subscription from May 27–29, 2025; Price Band: ₹95–₹104
- Astonea Labs (SME): Subscription from May 27–29, 2025; Price Band: ₹128–₹135
Note: GMPs for these upcoming IPOs are yet to be determined.
🧠 Key Takeaways for Investors
- High GMPs: Borana Weaves and Unified Data-Tech Solutions are showing strong GMPs, indicating potential listing gains.
- Sectoral Trends: The textile and IT services sectors are attracting significant investor interest.
- SME Opportunities: SME IPOs like Dar Credit and Unified Data-Tech are offering promising returns, but investors should assess the associated risks.
- Market Sentiment: The IPO market in 2025 is buoyant, with several companies achieving full subscription ahead of closing dates.
📌 Final Thoughts
The IPO landscape in 2025 presents a mix of opportunities across sectors. While GMPs provide a glimpse into market sentiment, investors should conduct thorough due diligence, considering company fundamentals, industry outlook, and personal investment goals before participating in any IPO.
