Grey Market Premiums Indicate Volatility in Upcoming IPOs: A Comparison of Skyways Air and CMPDI

Indian IPO Market Remains Active in March 2026

The Indian IPO market continues to experience robust activity in March 2026, despite volatility caused by crude prices and geopolitical tensions. Over 10 IPO offerings are lined up, with the SME segment witnessing strong subscription trends. The average oversubscription rate for SMEs has reached 100 times, as reported.

Central Mine Planning & Design Institute (CMPDI) IPO

The CMPDI IPO, a Coal India arm, is witnessing strong demand in the grey market. The ₹22 grey market premium (GMP) has increased by more than 12% ahead of its launch on Friday, March 20. Based on the upper end of the IPO price band and the current premium, the estimated listing price of Central Mine Planning & Design Institute shares is ₹194 apiece, indicating a 12.79% gain over the IPO price of ₹172. The GMP has been on the rise over the last five sessions, with a minimum of ₹19.00 and a maximum of ₹24.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

CMPDI IPO Details

• IPO price band: ₹163 to ₹172 per equity share of face value ₹2
• Subscription date: Friday, March 20, to Tuesday, March 24
• Lot size: 80 equity shares
• Fundraising: ₹1,837.8 crore
• Company valuation: ₹12,280.8 crore at the highest price point
• Merchant bankers: IDBI Capital Markets & Securities and SBI Capital Markets

Skyways Air Services IPO

The Skyways Air Services IPO, scheduled to open on March 18, appears to have been postponed due to escalating global tensions. The grey market indicates a GMP of ₹20, suggesting a premium of ₹20. However, the company has not yet announced the IPO price band. The primary share offering consists of a new issuance of 2.89 crore shares and an offer for sale of 1.33 crore shares from promoters and existing shareholders.

Read also: Zepto Nears $1 Billion Quarterly Net Order Value Milestone Before IPO