IPO Kostak rate — what it is, and how it differs from GMP
A kostak is a price for your IPO application itself, agreed before allotment and paid whether or not you are allotted anything. Below are the issues an application can still be made or held on, with the live grey market premium on each. Source updated 16 Oct, 03:37 pm IST.
IPO GMP always free20 free creditsNo card required
IPO Kostak rate — what it is, and how it differs from GMP
| Company | GMP | GMP % | Subscription | Price Band | Lot Size | Type | Issue Size | Open - Close | Allotment | Listing | Listed At | Listing Gain |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonbo Imaging India Open | +₹500 | 71.43% | 7.28x | ₹700 - ₹700 | 21 | Mainboard | ₹852.18 Cr | 15 Oct 2026 - 19 Oct 2026 | 21 Oct 2026 | 23 Oct 2026 | N/A | N/A |
| Shellz India Open | N/A | N/A | 0.82x | ₹179 - ₹179 | 800 | SME | ₹59.97 Cr | 15 Oct 2026 - 19 Oct 2026 | 21 Oct 2026 | 23 Oct 2026 | N/A | N/A |
| Zetwerk Open | +₹7 | 4.64% | 0.3x | ₹151 - ₹151 | 99 | Mainboard | ₹5012.33 Cr | 15 Oct 2026 - 19 Oct 2026 | 21 Oct 2026 | 23 Oct 2026 | N/A | N/A |
| Bonfiglioli Transmissions Open | +₹130 | 22.18% | 0.89x | ₹586 - ₹586 | 25 | Mainboard | ₹2533.66 Cr | 15 Oct 2026 - 19 Oct 2026 | 21 Oct 2026 | 23 Oct 2026 | N/A | N/A |
| Sahajanand Medical Technologies Open | +₹38 | 11.05% | 0.71x | ₹344 - ₹344 | 43 | Mainboard | ₹475.48 Cr | 15 Oct 2026 - 19 Oct 2026 | 21 Oct 2026 | 23 Oct 2026 | N/A | N/A |
| Ravita Engineering Services Open | +₹2 | 1.79% | 6.85x | ₹112 - ₹112 | 1,200 | SME | ₹116.05 Cr | 14 Oct 2026 - 16 Oct 2026 | 19 Oct 2026 | 22 Oct 2026 | N/A | N/A |
| Fusion CX Open | +₹4 | 1.38% | 4.61x | ₹289 - ₹289 | 51 | Mainboard | ₹702.00 Cr | 14 Oct 2026 - 16 Oct 2026 | 19 Oct 2026 | 22 Oct 2026 | N/A | N/A |
| HD Fire Protect Closed | +₹82 | 30.26% | 131.73x | ₹271 - ₹271 | 55 | Mainboard | ₹712.13 Cr | 13 Oct 2026 - 15 Oct 2026 | 16 Oct 2026 | 21 Oct 2026 | N/A | N/A |
| Vaibhav Vyapaar Closed | +₹2 | 3.7% | 3.23x | ₹54 - ₹54 | 2,000 | SME | ₹42.10 Cr | 13 Oct 2026 - 15 Oct 2026 | 16 Oct 2026 | 21 Oct 2026 | N/A | N/A |
Kostak, GMP and Subject to Sauda
The three price different things, which is where the confusion starts. GMP is quoted per share and is only worth something if shares are allotted. A kostak is quoted per application and pays either way: the buyer takes the application off you for a flat amount and keeps whatever it turns out to be worth, including nothing. Subject to Sauda sits between them, a price agreed per application that settles only if that application is allotted.
The arithmetic follows. On an issue with a lot of 100 shares and a premium of 30 rupees a share, the GMP position is 3,000 rupees if you are allotted and nil if you are not. A kostak of 600 rupees on the same application is 600 either way. Which is worth more depends entirely on the odds of allotment, and on a heavily subscribed issue those odds are small. That is why the subscription column in the table above matters more on this page than anywhere else on the site.
None of the three is official. There is no exchange, no clearing, no settlement guarantee and no recourse if the other side walks away, and SEBI recognises none of them. They are private agreements between dealers. The premium is simply the one of the three published widely enough to be checked at all, which is why it is the one this site publishes.
Kostak and Subject to Sauda — FAQs
The questions people arrive on this page asking.
Still unclear? Write to contact@papsdigital.com and a person will answer.
What is the Kostak rate in an IPO?
It is the flat amount a grey-market buyer pays for your entire IPO application, agreed before allotment and paid whether or not you receive any shares. It is quoted per application rather than per share: a kostak of 600 rupees means you are paid 600 for the application itself, and the buyer keeps whatever it turns out to be worth.
What is the difference between Kostak and GMP?
GMP is per share and worth nothing without an allotment. Kostak is per application and pays regardless. Selling a kostak is closer to selling the lottery ticket than the prize: you take a smaller certain amount instead of a larger uncertain one.
What does Subject to Sauda mean?
It is a deal on an application that settles only if the application is allotted. No allotment means nothing is paid by either side. That makes it riskier for the seller than a kostak, which pays either way, and correspondingly cheaper for the buyer.
Does PapsDigital publish Kostak rates?
No. Every figure on this site comes from and is checked against one named source, and that source publishes grey market premium, not kostak or sauda rates. Those are quoted privately and differ between dealers on the same day, so printing one would mean inventing it. The premiums and subscription figures above are real; a kostak rate here would not be.
Is selling a Kostak legal?
The grey market is unregulated rather than illegal. SEBI neither recognises nor polices these deals, which means there is no complaint you can make and no authority that will enforce the agreement. Everything rests on the counterparty honouring it.
Why do Kostak rates move with subscription?
Because a kostak is priced on allotment odds. The heavier the subscription, the less likely any one application receives shares, and the less a buyer will pay for the certainty of taking it off you. The subscription figure in the table above is what moves it.
Where these numbers come from
Every figure on this page is a published value from one named source, or N/A. Nothing is averaged, merged, inferred or filled in.
The source
Grey market premium, price band, lot size, subscription and the IPO calendar are read from InvestorGain's public IPO GMP Live report, and post-listing prices from its IPO GMP Performance report. There is no second source and no merged data, so a figure is either that source's published value or it is absent. A field the source has not filled in shows N/A — never a substituted zero.
Two different clocks
"Source updated" is the time InvestorGain itself stamped the row, in IST. "Updated N ago" is how long since we last fetched it. They are not the same measurement and they can disagree: a row fetched ten seconds ago can still carry a premium the source published an hour earlier. When a refresh fails, the page says the figures are delayed rather than presenting the last set as current, and when nothing can be verified it shows no figures at all rather than old ones.
What is arithmetic, not data
Two columns are calculated here rather than fetched, using the source's own stated convention. Estimated listing price is the upper end of the price band plus the current GMP. Estimated listing gain is that premium as a percentage of the issue price. Both are shown only when every input genuinely exists. They are arithmetic on an unofficial number, which makes them an illustration of what the grey market is implying today — not a forecast, and not a claim about what any share will list at.
What this is not
Grey market premium is not an exchange price. It is not published, regulated, verified or endorsed by SEBI, NSE or BSE, and naming a source here is attribution, not a claim that the figure is correct or that either party endorses the other. PapsDigital publishes what the source published, with the time it said it, so you can check it yourself at the links above.
What PapsDigital does after the IPO
A grey market premium tells you what a small, private market is paying today. It tells you nothing about the index you are buying into, where money is moving this week, or whether the setup on your own chart is worth taking. That is what the rest of the platform is for — a workspace for doing your own analysis faster, not a feed of calls to follow.
- AI StudioDescribe a strategy in plain English; it is compiled to rules and backtested over history. Deploying it to trade is the Quant plan.
- Live NewsIndustry-fast market and macro news the moment it lands, with an economic calendar and a live risk gauge.
- Market ScannerAsk for a setup in plain English and scan every chart for it.
- Astro LevelsDaily levels, timing windows and bias from planetary positions and Vedic astrology for Nifty, Bank Nifty, Sensex, Gold and Bitcoin.
- Paps TerminalThe Smart Money Concepts workspace: live structure, levels, signals and backtests.
IPO GMP stays free and needs no account. The workspace behind it is free to try — 20 credits, valid 30 days, no card.
Plans cover access to tools. They are not a promise of trading results, and nothing on PapsDigital is investment advice.
Risk disclaimer
IPO grey market premium is unofficial, unregulated information that changes without notice and is not published or endorsed by SEBI, NSE or BSE. Estimated listing prices shown here are arithmetic on that unofficial figure and are indicative only. PapsDigital does not guarantee listing gains, trading outcomes or investment returns, and nothing on this page is investment advice. Securities investments are subject to market risk; please do your own research or speak to a registered adviser before investing.