At a glance:
2025 is off to a sizzling start in IPO land. From Indian SME over-subscription frenzies to billion-dollar tech unicorns in the US and Europe, everyone’s rushing to “go public” before the next Fed rate hike slaps valuations back to 2020 levels. But the real question is — are these IPOs worth the GMP hype or just another pump-and-dump scheme in a three-piece suit?
We decoded the biggest IPOs across geographies — and their grey market premiums — so you don’t have to sell your kidney just to buy in early.
💸 IPOs You Should Pretend You Understood in 2025
1. GPT Technologies (US)
- Sector: AI & Enterprise SaaS
- IPO Size: $1.2 Billion
- Valuation: $16 Billion
- Listing: NASDAQ
- Grey Market Premium (Unofficial): 22–28%
What they do: Basically, they sell “ChatGPT for CFOs” — and now every Excel-addicted finance bro is buying licenses like it’s a crypto bull run.
EduInvesting Take: If you had FOMO in 2023 for not buying Nvidia, GPT Tech is your second chance… or your second heartbreak.
2. Balaji Micro Circuits Ltd (India – SME)
- IPO Size: ₹52 Crore
- Subscription: 367x Retail. No, that’s not a typo.
- Grey Market Premium: ₹155 on ₹100 issue price
What they do: They make PCB boards and semiconductors and say “Made in India” loud enough to get 60% GMP without doing anything else.
EduInvesting Take: Probably won’t change the semiconductor game — but might change your bike to a KTM if you get listing gains.
3. Zillex Biopharma (EU – Germany)
- IPO Size: €220 Million
- Valuation: €1.5 Billion
- Grey Market Premium: 8–10% (Berlin pre-IPO desk chatter)
What they do: mRNA meets skincare meets ‘trust me bro’ science.
EduInvesting Take: If Theranos had a European cousin that didn’t lie but just overpromised, this would be it.
4. Oriana Power Ltd (India – SME)
- IPO Price: ₹118
- Current CMP: ₹568
- GMP (Back in July 2023): ₹85
What they do: Solar EPC + clean energy dreams + a boardroom that actually meets.
EduInvesting Take: Rare breed of SME IPO that didn’t ghost investors post-listing. If you still hold, congrats. If not, bookmark this under “regrets.”
🌐 IPOs in Progress or Preheat Stage (Global GMP Whispers)
| Company | Country | Sector | GMP Trend | IPO Size |
|---|---|---|---|---|
| NeuraLink AI | USA | Neural tech | 15–20% | $1.8B |
| Fastrack eCommerce | India | Logistics SaaS | ₹35 | ₹600 Cr |
| KubeCarbon | UAE | ESG Credits | 10% | $350M |
| PetroVista Renewables | Brazil | Oil-to-clean | Flat | $220M |
| AquaTrace Tech | Singapore | Water Surveillance | 12–15% | $150M |
🏁 India’s GMP Circuit: SME IPOs That Could’ve Been Crypto Coins
Let’s face it — half of India’s SME IPOs are essentially momentum bets with more branding than balance sheets. But here’s what’s trending in WhatsApp groups and chai tapris:
| IPO Name | Issue Price | GMP | Subscription | CMP |
|---|---|---|---|---|
| Sriggle DLM Ltd | ₹100 | ₹60 | 312x | ₹238 |
| Virtual Galaxy Infotech | ₹150 | ₹100 | 482x | ₹289 |
| Vilas Transcore | ₹145 | ₹110 | 157x | ₹264 |
| RBM Infracon | ₹75 | ₹30 | 128x | ₹102 |
EduInvesting Take: If your friend in Surat said “GMP ₹100 bro, confirmed,” they probably got it off a Telegram channel called “IPO Jackpotzz 🔥🔥🔥.”
🔍 Why Are Grey Market Premiums Still a Thing?
- No regulation: Grey markets are literally the Wild West of finance.
- Retail FOMO: People want gains without reading DRHPs.
- Telegram Analysts: A guy with 4 followers and a rocket emoji can move GMPs.
- Undersupply games: Lead managers deliberately reduce retail float to create scarcity.
🧠 EduInvesting’s “Don’t Be That Guy” Checklist for IPO Hype:
☑️ Don’t apply to SME IPOs just because your sabziwala made ₹5K last week.
☑️ Always compare GMP to fundamentals (P/E, business model, etc.).
☑️ GMP changes every day — treat it like gossip, not gospel.
☑️ Avoid shady IPO apps promising guaranteed allotments.
☑️ If an IPO is being sold to you like a crypto scam, it probably is one.
🤡 Wild GMP Rumors We Heard This Week
- A Rajasthan group allegedly offering ₹2,000 cash per PAN card to “bulk apply” into a SME IPO.
- “Private Discord” predicting 300% listing gains for an agri-tech company that hasn’t shown a single crop.
- Some dude on YouTube said “this IPO will make you forget Adani.”
Please, stop.
🗽 US IPOs: Tech Bros Return With a Vengeance
The US IPO freeze of 2022-2023 thawed just enough in 2024, and now in 2025 — everyone’s back:
| Company | Sector | IPO Size | GMP (unofficial) | Hot/Not |
|---|---|---|---|---|
| HyperNova AI | GenAI Infra | $2B | 18–25% | Hot |
| MediBot Inc. | AI + Healthcare | $750M | 12% | Meh |
| NextByte Ventures | Fintech VC | $1B | 4% | 🧊 Cold |
| JunoSpaceX | Space Tech | $3.5B | TBD | 🚀 |
EduInvesting Take: If you’re getting pre-IPO allotment emails from someone with a Hotmail address — please close the tab and go touch grass.
📉 When GMP Goes From “Grey” to “Graveyard”
Remember these?
- Cellecor Gadgets Ltd: GMP was ₹98, opened flat, then dipped 20%.
- Veekayem Fashion: GMP was ₹60, now down 65% from IPO price.
- Kahan Packaging: GMP of ₹45, but NSE order book shows zero buyers.
Lesson: GMP ≠ Guaranteed Money Printing.
🧾 Conclusion: Should You Chase IPO GMPs?
Short answer: Not unless you enjoy speed-running the Kübler-Ross grief model.
Long answer: Use GMPs as indicators of interest, not as green flags. Some IPOs are genuinely game-changers (e.g., Oriana Power, GPT Tech), but most are just fancy sugar-coated traps where promoters cash out and retailers tap out.
EduInvesting Verdict:
✅ Cover your greed with due diligence.
✅ Assume GMPs lie — and verify from multiple brokers.
✅ Diversify — don’t throw your savings at a single IPO dream.
✅ Be alert: Real money is made by smart exits, not loud entries.
🗓️ Published: May 29, 2025
✍️ By: Prashant Marathe
Tags: IPO, GMP, India IPOs, US tech IPOs, SME IPO, Oriana Power, GPT Tech, Global Market Trends, EduInvesting, stock market listing, IPO analysis
