As of 25 May 2026, ipoup.in is tracking 7 IPOs with a positive Grey Market Premium (GMP) — meaning the grey market expects a listing gain above the issue price. We've broken each one down with subscription data, financials, risks, and a clear verdict, so you know exactly where to put your money.

What is GMP and why does it matter?

GMP (Grey Market Premium) is the unofficial price at which IPO shares are traded before they officially list on the stock exchange. A positive GMP means grey market buyers are willing to pay more than the issue price — signalling expected listing gains. However, GMP is unregulated and can change rapidly, so it should be used as one signal among many, not your only reason to apply.

TOP PICK — MERRITRONIX IPO (Opens 1 June 2026)

GMP: +₹93 (+62.4%) — HIGHEST of all current IPOs

Price band: ₹141–₹149 | Issue size: ₹70 Cr | Min investment: ₹2,98,000

Subscription opens: 1 June | Closes: 3 June | Listing: 8 June 2026

Exchange: BSE SME | Sector: Defence & Aerospace Electronics

About the company:

Merritronix (founded 1988) manufactures high-reliability electronic systems for defence, aerospace, telecom, and power sectors. It holds EN 9100:2018 certification — the international standard for aerospace quality management — and supplies to India's defence establishment.

Why the excitement?

• Revenue growth: ₹86 Cr → ₹114 Cr → ₹156 Cr over 3 years (~35% CAGR)

• PAT growth: ₹3 Cr to ₹16 Cr — a 5x jump in 3 years

• ROE: 46% | ROCE: 45% — exceptional for a manufacturing company

• P/E at issue price: 11.83x — significantly cheaper than listed peers (BEL at 42x, Data Patterns at 38x)

• Anchor investors: SBI MF, ICICI Prudential MF, HDFC Life, Axis MF, Kotak MF

This is a rare combination: high GMP + strong fundamentals + cheap valuation vs peers + top-tier institutional validation. The defence sector also benefits from strong government capex under Make in India.

Risks: Only 57 employees (very lean), BSE SME = lower post-listing liquidity, high minimum investment of ₹2.98 lakh, and defence project timelines can be unpredictable.

ipoup.in verdict: STRONG APPLY — Best fundamental story + highest GMP of the cycle.

Q-LINE BIOTECH LTD IPO (Closes TODAY — 25 May 2026)

GMP: +₹127 (+37%)

Price band: ₹326–₹343 | Issue size: ₹214 Cr | Subscription: 6.02x

Listing: 29 May 2026 | Exchange: NSE SME | Sector: In-Vitro Diagnostics

About the company:

Q-Line Biotech manufactures diagnostic products — reagents, kits, point-of-care devices, and consumables — supplied to hospitals and diagnostic centres across India.

Key numbers:

• Revenue: ₹184 Cr (FY23) → ₹247 Cr (FY24) → ₹322 Cr (FY25) — 74% growth in 2 years

• 9M FY26 revenue: ₹236 Cr (on track for ₹310+ Cr full year)

• EBITDA margin nearly doubled over the same period

• Subscription: 6.02x overall — healthy demand from institutional investors

Concerns: PAT dipped from FY24 to FY25. Debt/equity ratio stands at 1.06. Most alarmingly, net worth turned negative in 9M FY26 reporting — a flag worth investigating further. Borrowings jumped to ₹243 Cr.

ipoup.in verdict: APPLY WITH CAUTION — Strong revenue and GMP, but the rising debt and negative net worth are real risks. Small allocation only.

RAJNANDINI FASHION INDIA IPO (Opens 26 May — Tomorrow)

GMP: +₹8 (+12.7%)

Price band: ₹59–₹63 | Issue size: ₹18 Cr | Listing: 3 June 2026

Exchange: BSE SME | Sector: Textiles & Fashion

A small textiles SME opening tomorrow. With a ₹18 Cr issue size, even modest oversubscription can push GMP significantly. The +12.7% pre-open GMP is a healthy signal. Watch Day 1 subscription data closely — if it crosses 20x in the first day, this becomes a stronger apply candidate.

ipoup.in verdict: WATCHLIST — Apply only if Day 1 subscription is strong (20x+).

M R MANIVENI FOODS LTD IPO (Closes 26 May)

GMP: +₹2 (+3.9%)

Price band: ₹51–₹52 | Issue size: ₹27 Cr | Subscription: 0.15x so far

Listing: 1 June 2026 | Exchange: BSE SME | Sector: Food Processing

Only 15% subscribed with one day left. GMP of ₹2 is very thin. Undersubscription at this stage is a red flag — it usually means the listing will be weak or allotment will be guaranteed (no lottery), which often attracts late-day dumping on listing.

ipoup.in verdict: AVOID — Low subscription + thin GMP = poor risk-reward.

AUTOFURNISH LTD IPO (Closes TODAY — 25 May)

GMP: +₹1.2 (+2.9%)

Fixed price: ₹41 | Issue size: ₹15 Cr | Subscription: 0.36x

Listing: 29 May 2026 | Sector: Auto Accessories

Under-subscribed at 0.36x. A GMP of +₹1.2 on a ₹41 stock is so thin it's functionally meaningless — it can flip to zero or negative before listing. No fundamental case visible here.

ipoup.in verdict: AVOID — Skip entirely.

BIO MEDICA LABORATORIES IPO (Closes TODAY — 25 May)

GMP: +₹0.5 (+0.4%)

Price band: ₹132–₹139 | Issue size: ₹52 Cr | Subscription: 0.84x overall

QIB: 15.9x | NII: 0.10x | RII: 1.3x | Listing: 29 May

A tale of two halves: institutional investors (QIBs) love it at 15.9x, but retail and HNI investors don't. Overall subscription is still under 1x. GMP at +0.4% is effectively flat.

ipoup.in verdict: WATCH & WAIT — Wait for post-listing performance before revisiting.

YAASHVI JEWELLERS IPO (Opens TODAY — 25 May)

GMP: +₹0.2 (+0.2%)

Fixed price: ₹83 | Issue size: ₹44 Cr | Listing: 2 June 2026

Exchange: BSE SME | Sector: Jewellery

Opens today. GMP of +₹0.2 is negligible at this stage and will move once subscription data comes in. Check back on ipoup.in after Day 2 for a meaningful signal.

ipoup.in verdict: TOO EARLY TO JUDGE — Revisit after Day 2 subscription.

QUICK GMP SUMMARY TABLE

GMP is an unofficial, unregulated indicator and does not guarantee listing gains. Always read the Red Herring Prospectus (RHP) and assess your own risk tolerance before applying to any IPO. Data sourced from ipoup.in as of 25 May 2026.