What is IPO Grey Market Premium (GMP)?

IPO Grey Market Premium (GMP) is an unofficial, over-the-counter premium over the issue price that dealers and investors pay prior to official listing on NSE/BSE.

How is estimated IPO listing price determined?

Estimated Listing Price = Cut-off / Issue Price + Current Grey Market Premium (GMP). For example, an issue price of ₹100 with ₹40 GMP yields an estimated listing price of ₹140 (+40%).

What is Kostak rate in an IPO?

Kostak rate is the fixed profit earned by selling an IPO application before allotment, irrespective of whether the application is allotted shares or not.

What is Subject to Sauda in IPO trading?

Subject to Sauda is an informal contract where payment is made only if the seller receives share allotment in the IPO.

Is IPO Grey Market Premium (GMP) regulated by SEBI?

No. Grey Market transactions are non-exchange over-the-counter commitments and are not officially regulated or endorsed by SEBI. Investors should treat GMP as an informal sentiment indicator.

What is the estimated listing price for ESAF Small Finance Bank Limited IPO?

Based on the upper price band of ₹60 and current GMP of ₹14, the estimated listing price is ₹74 (approx. 23.3% gain).

What is the expected profit per lot for ESAF Small Finance Bank Limited IPO?

With a lot size of 250 shares and current GMP of ₹14, expected profit per retail application lot is approximately ₹3,500.

IPO GreyPremiumLIVE

Grey Market Intelligence

ESAF Small Finance Bank Limited

ListedMainboard

Industrial & Financial Services · NSE / BSE

Incorporated in 1992, ESAF is a Small Finance Bank primarily focused on providing loans to rural and semi-urban customers, offering micro loans, retail loans, MSME loans, loans to financial institutions, and agricultural loans. As of March 2023, the bank operates through 700 outlets, 743 customer service centers, 20 business correspondents, 481 business facilitators, and 581 ATMs across 21 states in India. ESAF also provides convenient digital banking solutions such as internet banking, mobile banking, SMS alerts, bill payments, and RuPay debit cards. As of March 2022, the bank has employed over 4,100 people.

Price Band

₹57 – ₹60

Issue Size

₹463 Cr

Lot Size

250 shares

GMP

₹14

+23.3%

Est. Listing

₹74

at current GMP

Subscribed

77.00x

overall

Open

3 Nov 2023

7 Nov 2023

Allotment

9 Nov 2023

Refund

10 Nov 2023

Demat Credit

11 Nov 2023

Listing

10 Nov 2023

Last updated 12 days ago

Overview Live GMP Live Subscription Allotment Status

Live Grey Market Premium

ESAF Small Finance Bank Limited GMP Today

Last updated: 19 Oct 2026

Current Premium

₹14+23.3%

Issue Price (Upper)

₹60

Band: ₹57 – ₹60

Estimated Listing Price

₹74

Upper price + GMP

Lot Size

250 shares

Min investment ₹15,000

Date	GMP (₹)	GMP %	Est. Listing
31 Oct 2026	+₹14	23.3%	₹74
30 Oct 2026	+₹14	23.3%	₹74
29 Oct 2026	+₹13	21.0%	₹73

About ESAF Small Finance Bank Limited Public Issue & Market Profile

ESAF Small Finance Bank Limited is bringing an initial public offering (IPO) in the Industrial & Financial Services sector with an aggregate issue size of ₹463 Crores. The shares are offered at a price band of ₹57 to ₹60 per equity share on NSE and BSE. Currently, market analysts recommend evaluating the company's financial valuation, price-to-earnings (P/E) multiple, and peer comparison prior to submitting bids.

Public Issue & Pricing Context:

The public offer consists of a fresh issue and offer-for-sale structured under SEBI regulations. Bidding is open to Qualified Institutional Buyers (QIB), Non-Institutional Bidders (NII/HNI), and Retail Individual Investors (RII). Applications can be submitted online using ASBA or UPI mandate through certified stock brokers and net banking portals.

Basis of Allotment & Listing Timeline:

Following the close of bidding on 2023-11-07, the basis of allotment is scheduled to be finalized on 2023-11-09. Investors can verify their application status online by submitting their PAN card number, Application Number, or DP Client ID on the registrar's official portal (Link Intime India Private Limited) or the BSE allotment checking window.

Frequently Asked Questions

What is ESAF Small Finance Bank Limited IPO GMP today?

The latest grey market premium for ESAF Small Finance Bank Limited IPO is ₹14, which indicates an expected listing price of ₹74.

What does Kostak Rate and Sauda mean in IPO GMP?

Kostak rate is the profit amount an investor earns by selling their entire IPO application in the grey market before allotment is finalized.

Is Grey Market Premium officially recognized?

No. GMP is an unofficial indicator discovered between dealers outside of SEBI-regulated exchanges. Actual listing price is determined by demand-supply discovery on NSE/BSE during the pre-open auction.