IPO GMPs: Globe Civil Projects vs HDB Financial vs Kalpataru Projects – What the Grey Market Is Signaling

The grey market is buzzing with activity as three highly anticipated IPOs—Globe Civil Projects, HDB Financial Services, and Kalpataru Projects International—gear up for listing. The grey market premium (GMP) is often viewed as an early indicator of listing performance, especially when formal subscription numbers haven’t yet matured.

Here’s a detailed comparison of the current GMPs and what they may signal for investors.

1. Globe Civil Projects IPO: Strong Interest in Infrastructure Play

• GMP (as of Day 1): ₹28 – ₹30

• Issue Price Range: ₹90 – ₹95 (estimated)

• Implied Listing Price: ₹120 – ₹125

• Listing Gain Potential: 30%+

Grey Market Signal:Investor sentiment is upbeat, thanks to the company's robust order book in government and urban infrastructure projects. High GMP suggests strong listing performance, particularly if broader market sentiment remains supportive.

2. HDB Financial Services IPO: Banking Arm of HDFC Bank Draws Moderate Buzz

• GMP (unofficial): ₹60 – ₹70

• Expected Price Band: ₹500 – ₹550

• Implied Listing Price: ₹570 – ₹620

• Listing Gain Potential: ~12%

Grey Market Signal:Though backed by the trusted HDFC Group, GMP signals moderate enthusiasm. This could be due to:

• Valuation concerns,

• Heavy retail and institutional expectations,

• Ongoing sectoral regulation concerns in NBFCs.

Still, long-term investors view this IPO as a stable financials-based bet with brand support and earnings consistency.

3. Kalpataru Projects International IPO: Stable Fundamentals, Steady GMP

• GMP (early trends): ₹18 – ₹22

• Estimated Issue Price: ₹400 – ₹425

• Expected Listing Price: ₹420 – ₹445

• Listing Gain Potential: ~5%

Grey Market Signal:Kalpataru’s IPO is witnessing measured interest. As an EPC (engineering, procurement, construction) and infrastructure player with international exposure, the company has good fundamentals. However, low GMP may reflect cautious investor approach toward capital-intensive business models.

Side-by-Side GMP Comparison

IPO	GMP Range (₹)	Listing Gain Potential	Investor Sentiment
Globe Civil Projects	₹28 – ₹30	30%+	High
HDB Financial Services	₹60 – ₹70	12%	Moderate to High
Kalpataru Projects	₹18 – ₹22	5%	Stable

What Should Investors Watch?

• GMPs are unofficial and volatile—they are good indicators of grey market mood, but not guaranteed predictors.

• A high GMP may reflect oversubscription expectations, while a lower one could signal fair pricing or sector concerns.

• It’s important to combine GMP insights with company fundamentals and subscription trends before investing.

Conclusion

Among the three, Globe Civil Projects IPO currently leads the GMP race, indicating high near-term listing enthusiasm. HDB Financial Services, while drawing strong brand trust, may see more stable interest. Kalpataru Projects, with solid credentials, is generating a cautious but steady response in the grey market.

Investors should continue monitoring subscription data and SEBI updates before making final application decisions.