The primary market is buzzing with activity as three mainboard IPOs – Lenskart Solutions, Studds Accessories, and Orkla India – are currently open for subscription, drawing significant investor attention. Investors are keenly observing the grey market premium (GMP) trends of these IPOs to gauge potential listing gains. Here’s a look at what the GMP signals about the possible listing performance of each IPO.
Lenskart IPO
Lenskart Solutions, the eyewear retailer, launched its ₹7,278 crore IPO on October 31, with the subscription window closing on November 4. The IPO price band is set at ₹382 to ₹402 per share. The IPO comprises a fresh issue of ₹2,150 crore and an offer for sale (OFS) of ₹5,128 crore by existing shareholders.
As of October 31, the grey market premium (GMP) for Lenskart's IPO stood at ₹66 per share. This indicates that the stock is trading at a premium of ₹66 above its issue price of ₹402 in the grey market. Based on this GMP, the estimated listing price is ₹468, implying a potential listing gain of 16.42% per share. However, this is a decrease compared to a GMP of ₹70 on the previous day and below the initial trend of around 27% recorded on October 27. Lenskart has fixed the IPO price band at ₹382–₹402 per share. At the upper end of the range, the company aims to raise ₹7,278 crore through the public offering. Investors can bid for the Lenskart IPO in lots of 37 shares. For retail investors, the minimum investment at the upper end of the price band amounts to ₹14,874. The share allotment is scheduled to be finalized on November 6, while the company's stock is set to make its market debut on November 10.
Studds Accessories IPO
Studds Accessories, a helmet manufacturer, launched its ₹455.49 crore IPO on October 30, with the IPO closing on November 3. The price band for the IPO has been set between ₹557 and ₹585 per share. The entire issue is an offer for sale of 0.78 crore shares.
The GMP for Studds Accessories' IPO was last traded at a premium of ₹63 as of October 31. With the upper price band capped at ₹585 apiece, the GMP suggests an estimated listing price of ₹648. This indicates a potential listing gain of 10.77% per share. Studds Accessories IPO opened for subscription on Oct. 30, 2025, and will close on Nov. 3, 2025. Shares will be listed on the BSE and NSE, with a tentative listing date of Nov. 7. Each retail lot consists of 25 shares, requiring a minimum investment of Rs 14,625 at the upper price.
Orkla India IPO
Orkla India, the company behind MTR and Eastern brand, launched its ₹1,667.54 crore IPO on October 29, which closed on October 31. The IPO price band was set between ₹695 and ₹730 per share. The IPO is entirely an offer for sale of 2.28 crore shares.
The latest GMP for Orkla India's IPO stood at ₹75 apiece as of October 31. Compared to the upper limit of the IPO price band of ₹730, the GMP hints at an estimated listing price of ₹805 per share. The latest GMP indicates a potential listing gain of 10.27% per share. The allotment of shares is expected on November 3 and shares will list on BSE and NSE, tentatively on November 6. Each application consists of a lot size of 20 shares.
Understanding GMP
It's important to note that the Grey Market Premium (GMP) is an unofficial, speculative indicator of the potential listing price. It reflects the willingness of investors to pay a premium over the IPO price in the unofficial market. While GMP can provide insights into market sentiment, it is not an official or guaranteed predictor of listing performance. Several factors, including market conditions and investor sentiment, can influence the actual listing price.
Subscription Status
On the final day of bidding, the Orkla India IPO has been booked 4.29 times as of 10:45 a.m. on Friday. Studds Accessories IPO has been oversubscribed at 2.36 times as of 10:50 a.m. on Friday. Lenskart IPO has been booked 20% so far.
Conclusion
The GMPs of Lenskart, Studds Accessories, and Orkla India IPOs suggest potential listing gains. However, investors should conduct thorough research and consider various factors beyond GMP before making any investment decisions.
