The Indian primary market is absolutely on fire this July 2026. If you’ve been tracking the Grey Market Premium (GMP), you already know that retail and institutional investors are bracing for some of the biggest public issues of the year.
Leading the charge is India’s largest asset management company, SBI Funds Management Ltd., alongside defense and aerospace textile major Kusumgar Ltd. Let’s break down the latest GMP trends, estimated listing prices, and whether these upcoming IPOs deserve a spot in your portfolio.
What is IPO GMP and Why Does It Matter?
Before diving into the numbers, let’s clear up what Grey Market Premium (GMP) actually is. The grey market is an unofficial, unregulated ecosystem where IPO shares are traded before they officially hit the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE).
Key Takeaway: If a stock’s IPO issue price is ₹500 and its GMP is tracking at ₹150, the market is signaling an estimated listing price of ₹650. While GMP is a fantastic gauge of investor sentiment, remember—it is completely unofficial and does not guarantee day-one performance.
Current Trending IPO GMP Leaderboard (July 2026)
The upcoming week is packed with both Mainboard blockbusters and high-momentum Small and Medium Enterprise (SME) issues. Here is how the top players stack up right now:
| Company Name | Issue Price / Band | Latest GMP | Est. Listing Price | Expected Gain (%) |
| SBI Funds Management | ₹545 – ₹574 | ~₹96 | ₹670 | 16.72% |
| Kusumgar Ltd. | ₹398 – ₹419 | ~₹159 | ₹578 | 37.95% |
| Millworks Technologies (SME) | ₹315 – ₹331 | ~₹350 | ₹681 | 105.74% |
| Devson Catalyst (SME) | ₹112 – ₹118 | ~₹45 | ₹163 | 38.14% |
| Laser Power & Infra | ₹203 – ₹214 | ~₹24 | ₹238 | 11.21% |
Deep Dive: The Biggest IPOs to Watch This Week
1. SBI Funds Management IPO (Opens July 14)
This is the big one. Backed by the State Bank of India and global asset manager Amundi, SBI Funds Management is launching a massive ₹11,692.91 crore public issue. It is an entirely an Offer for Sale (OFS), but given its market leadership in the asset management industry, demand is astronomical.
- The GMP Story: Sitting comfortably at around ₹96, indicating a solid ~17% listing cushion. Top-tier institutional investors have already picked up huge stakes in pre-IPO deals, making this a highly stable bet for conservative investors.
2. Kusumgar Ltd. IPO (Awaiting Allotment/Listing)
Kusumgar has been the standout performer of the week. The company manufactures specialized engineered synthetic fabrics catering directly to India’s booming defense manufacturing and aerospace ecosystem (including parachute systems and stealth materials).
- The GMP Story: With a robust premium of ₹159, it is actively hinting at a stellar debut with near 38% listing gains. Robust subscription data (subscribed over 28 times) heavily backs up this grey market optimism.
3. Millworks Technologies IPO (SME – Opens July 14)
For high-risk investors, the SME segment is delivering mouth-watering numbers. Millworks Technologies, operating in the heavy electrical equipment space, is currently sporting a GMP of ₹350 against its upper band of ₹331. If these trends hold, it could easily double your money on day one (>105% gains).
The Golden Rule: Should You Buy Based Solely on GMP?
It is incredibly tempting to hit “Apply” the second you see a triple-digit GMP percentage. However, smart investors use a multi-lens approach. Grey market premiums can fluctuate rapidly based on sudden market volatility, liquidity crunches, or global news.
Before locking up your capital, make sure to verify:
- The Business Fundamentals: Is the company in a high-growth sector (like defense or finance)?
- Valuation: Is the price-to-earnings (P/E) ratio reasonable compared to listed peers?
- Issue Structure: Is it a Fresh Issue (money goes to company growth) or an OFS (existing promoters exiting)?