IPO GMPs: HDB Financial IPO vs Sambhv Steel Tubes IPO vs Globe Civil Projects IPO. What grey market signals?

By Admin

24 Jun, 2025

The Indian stock market is buzzing with activity as the week beginning Monday, 23 June 2025, marks the opening of six mainboard Initial Public Offerings (IPOs). Companies such as HDB Financial, Sambhv Steel Tubes, Globe Civil Projects, Ellenbarrie Industrial Gases, Kalpataru, and Indogulf Cropsciences are all set to raise capital from the public. Before these IPOs hit the bidding window, the grey market offers early cues on investor sentiment and potential listing gains.

Let’s dive into the key highlights and compare grey market signals (GMPs) for HDB Financial, Sambhv Steel Tubes, and Globe Civil Projects – the three IPOs attracting significant investor attention.

1. HDB Financial IPO: Premium Cools Off but Interest Remains

• GMP (as of 22 June 2025): ₹43.5 per share
  
  

• IPO Price Band: ₹700 – ₹740
  
  

• Expected Listing Price: ₹783.5
  
  

• Expected Gain: 5.88%
  
  

• IPO Dates: Opens 25 June, Closes 27 June
  
  

HDB Financial, a major non-banking financial player, had seen a strong grey market premium of ₹91 per share just days ago. However, the GMP has since cooled to ₹43.5 per share. This decline reflects a moderation in demand or cautious investor sentiment, but the stock still promises a modest gain of nearly 6% on listing.

2. Sambhv Steel Tubes IPO: Stable GMP Indicates Moderate Optimism

• GMP (as of 22 June 2025): ₹8 per share
  
  

• IPO Price Band: ₹77 – ₹82
  
  

• Expected Listing Price: ₹90
  
  

• Expected Gain: 9.76%
  
  

• IPO Dates: Opens 25 June, Closes 27 June
  
  

Sambhv Steel Tubes, operating in the infrastructure sector, shows a steady GMP of ₹8. Although down from ₹11 seen on 20 June, the stability over the past two days signals moderate investor confidence. A nearly 10% expected listing premium makes it attractive for short-term IPO investors.

3. Globe Civil Projects IPO: Strongest Listing Signal Among the Trio

• GMP (as of 22 June 2025): ₹13 per share
  
  

• IPO Price Band: ₹67 – ₹71
  
  

• Expected Listing Price: ₹84
  
  

• Expected Gain: 18.31%
  
  

• IPO Dates: Opens 24 June, Closes 27 June
  
  

Among the three, Globe Civil Projects IPO is clearly leading in terms of grey market buzz. With an 18.31% expected gain, the market is pricing in strong interest and confidence in this infrastructure company’s prospects. Its early opening on 24 June adds to its advantage of grabbing investor attention before the rest.

What About the Others?

Here’s a quick look at the other three IPOs also opening this week:

• Ellenbarrie Industrial Gases IPO: GMP at ₹12, expected gain of 3%, opens on 24 June.
  
  

• Kalpataru IPO: GMP at ₹9, expected gain of 2.17%, opens on 24 June.
  
  

• Indogulf Cropsciences IPO: GMP at ₹0, suggesting no grey market traction so far. Opens on 26 June.
  
  

Conclusion: What Do Grey Market Signals Tell Us?

Grey market premiums (GMPs) are not official but often provide early insights into the potential performance of IPOs on listing day. Based on the current GMP data:

• Globe Civil Projects appears to be the investor favourite with the highest premium.
  
  

• Sambhv Steel Tubes offers moderate listing gains and stable interest.
  
  

• HDB Financial, despite a recent dip in GMP, remains a relatively safe bet given its strong brand and financials.
  
  

However, investors should always combine GMP insights with fundamentals and company background before making any investment decision.