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 Utkarsh Small Finance Bank Limited IPO?

Based on the upper price band of ₹25 and current GMP of ₹17, the estimated listing price is ₹42 (approx. 68.0% gain).

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

With a lot size of 600 shares and current GMP of ₹17, expected profit per retail application lot is approximately ₹10,200.

IPO GreyPremiumLIVE

Grey Market Intelligence

Utkarsh Small Finance Bank Limited

ListedMainboard

Financial Services · NSE / BSE

Incorporated in 2016, Utkarsh Small Finance Bank Limited is one of India’s Small Finance Banks and has been among the fastest-growing SFBs in terms of AUM in FY19 and FY22. The bank offers a wide range of financial products including accounts, deposits, cards, insurance, investments, and various loan products catering to individuals, small businesses, and self-employed customers. It provides benefits like easy documentation, top-up/balance transfer facilities, and loans up to ₹50 crores with tenure up to 30 years. The bank’s portfolio spans micro banking loans, retail loans (secured and unsecured), wholesale lending, affordable housing loans, gold loans, and vehicle/construction equipment loans.

Price Band

₹23 – ₹25

Issue Size

₹500 Cr

Lot Size

600 shares

GMP

₹17

+68.0%

Est. Listing

₹42

at current GMP

Subscribed

110.77x

overall

Open

12 Jul 2023

14 Jul 2023

Allotment

18 Jul 2023

Refund

19 Jul 2023

Demat Credit

20 Jul 2023

Listing

21 Jul 2023

Last updated 12 days ago

Overview Live GMP Live Subscription Allotment Status

Live Grey Market Premium

Utkarsh Small Finance Bank Limited GMP Today

Last updated: 19 Oct 2026

Current Premium

₹17+68.0%

Issue Price (Upper)

₹25

Band: ₹23 – ₹25

Estimated Listing Price

₹42

Upper price + GMP

Lot Size

600 shares

Min investment ₹15,000

Date	GMP (₹)	GMP %	Est. Listing
31 Oct 2026	+₹17	68.0%	₹42
30 Oct 2026	+₹17	68.0%	₹42
29 Oct 2026	+₹15	61.2%	₹40

About Utkarsh Small Finance Bank Limited Public Issue & Market Profile

Utkarsh Small Finance Bank Limited is bringing an initial public offering (IPO) in the Financial Services sector with an aggregate issue size of ₹500 Crores. The shares are offered at a price band of ₹23 to ₹25 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 2023-07-14, the basis of allotment is scheduled to be finalized on 2023-07-18. 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 (Kfin Technologies Limited) or the BSE allotment checking window.

Frequently Asked Questions

What is Utkarsh Small Finance Bank Limited IPO GMP today?

The latest grey market premium for Utkarsh Small Finance Bank Limited IPO is ₹17, which indicates an expected listing price of ₹42.

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.