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Grey market is an unofficial market where people buy and sell IPO shares before they are actually listed on the stock exchange. There are no rules and regulations for trading in the grey market as it is not regulated by SEBI or the stock exchange. Individuals buy and sell IPO shares and applications at their own risk.
The price or premium that people are willing to pay over the IPO offer price in the grey market is called IPO Grey Market Premium or IPO GMP. Although it is an unregulated market, the IPO GMP is important because it gives an idea of investor sentiment or public demand for the IPO. The higher the GMP, the greater the demand for the IPO and vice versa.
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