IPO GMPs: Globe Civil Projects IPO vs Ellenbarrie IPO vs Kalpataru IPO — What Grey Market Signals?

As retail and institutional investors gear up for a busy IPO season in India, the grey market is already buzzing with activity around three new offerings — Globe Civil Projects, Ellenbarrie Industrial Gases, and Kalpataru Projects International. Each IPO carries unique sectoral dynamics, but a common factor among them is strong early interest from grey market premium (GMP) watchers. Here's what the unofficial market is signaling about their potential listing performance.

Globe Civil Projects IPO: Robust Demand in Infrastructure Space

Globe Civil Projects Ltd, a civil construction company with a strong track record in railway, roads, and urban development projects, has been generating notable interest.

According to grey market trackers, the GMP for Globe Civil Projects IPO stands at ₹42-₹45 over the issue price of ₹90 per share, as of June 24. This implies a potential listing gain of over 45%-50%, making it a hot pick for short-term investors.

"The infrastructure theme remains compelling, especially post-election, with the government expected to ramp up capital expenditure. Globe Civil Projects’ order book and sector alignment have made it attractive to speculative investors," said Dinesh Thakkar, a Mumbai-based investment analyst.

IPO Details:

• Issue Size: ₹52.89 crore

• Price Band: ₹90 per share

• Issue Dates: June 24 to June 26

• Listing: NSE SME platform

Ellenbarrie IPO: Niche Business, Moderate Buzz

Ellenbarrie Industrial Gases Ltd, engaged in the production and distribution of industrial and medical gases, has seen tepid but positive grey market activity.

The GMP for the Ellenbarrie IPO is currently hovering between ₹15 and ₹18, over the likely issue price of ₹140. That points to an expected listing gain of around 10%-13%, indicating mild enthusiasm.

“Ellenbarrie operates in a niche market with stable cash flows, but it lacks the explosive growth triggers seen in infrastructure or tech IPOs. Still, its brand reputation in eastern India has helped sustain GMP interest,” noted Meera Shukla, Head of Research at Rathi Capital.

IPO Details:

• Issue Size: ₹70 crore (approx.)

• Price Band: ₹135–₹140 per share

• Issue Dates: Yet to be officially announced

• Listing: BSE mainboard expected

Kalpataru Projects IPO: Re-Entry with a Large-Cap Edge

Kalpataru Projects International Ltd, already a listed player, is coming back with a fresh fundraising plan via FPO or QIP route to fund its ambitious expansion in the global EPC (engineering, procurement, and construction) segment.

Although it’s not a traditional IPO, market interest is evident. The grey market is expecting a ₹30–₹35 upside over the possible pricing of ₹780–₹800 per share.

“Kalpataru's reputation in the power transmission and infrastructure sectors gives it a strong institutional following. The fact that it’s being talked about in GMP circles even before official pricing suggests strong demand,” said Rajiv Khurana, IPO analyst at Fortify Securities.

Fundraising Details (Expected):

• Size: Likely ₹1,000 crore+

• Offer Type: Follow-on public offering (FPO) or Qualified Institutional Placement (QIP)

• Expected Date: July 2025 (tentative)

Grey Market Premium: What It Tells Investors — and What It Doesn’t

GMP is an unofficial indicator that reflects investor sentiment before IPO listing. While it doesn’t guarantee performance, a strong GMP often suggests robust subscription levels and aggressive retail demand.

“Grey market premiums are often speculative, driven by hearsay and informal channels. While they help gauge mood, investors should not rely solely on GMPs for IPO decisions,” cautioned Amit Jain, Senior Partner at IndGrowth Advisors.

Key Takeaways from GMP Signals:

• Globe Civil Projects: Strong infrastructure momentum and a small issue size create scarcity-driven excitement.

• Ellenbarrie: Moderate GMP, appealing more to long-term investors valuing defensive plays.

• Kalpataru Projects: Interest driven by strong fundamentals and institutional demand.

Investor Outlook: Strategy for Primary Market Participation

For investors evaluating these IPOs, here are a few tactical considerations:

• Short-term listing gain seekers may find Globe Civil Projects IPO more lucrative based on current GMP signals.

• Defensive or healthcare-focused investors might lean toward Ellenbarrie for its niche play and stable margins.

• Long-term and institutional investors may favor Kalpataru’s offering, especially if it comes with a reasonable valuation.

“We recommend applying for Globe Civil Projects for listing pop, staying selective with Ellenbarrie based on allocation, and looking at Kalpataru for a longer-term portfolio inclusion,” said Divya Shah, IPO strategist at Nirmal Bang.

Final Thoughts

The current IPO climate is optimistic, and retail investors are showing a renewed appetite for SME and mid-cap issues. While grey market premiums offer a preliminary lens, thorough due diligence, understanding of financials, and macro-sector positioning remain the keys to successful IPO investing.

As the listing dates draw near, the focus will shift from GMP to actual subscription data, anchor book strength, and market sentiment at large.