ESAF Small Finance Bank IPO GMP History
ESAF Small Finance Bank IPO has been listed on November 10, 2023 at a listing price of ₹71, against the issue price of ₹60 — a gain of ₹11 (+18.33%). The GMP peaked at ₹20 on 9 November 2023 and reached a low of ₹10 on 2 November 2023. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
ESAF Small Finance Bank IPO raised ₹463 Cr. through its IPO at a price band of ₹57 to ₹60 per share, with a lot size of 250 shares. The IPO was open for subscription from 03 Nov 2023 to 07 Nov 2023.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
GMP trend
Grey market premium sampled three times a day (11 AM, 5 PM, 10 PM). Last updated 10 Nov, 6:17 PM IST.
Day-wise GMP
The last reading of each day, newest first. Arrows compare with the previous day.
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 09 Nov 2023 | ₹ 20 | — | 33% | — | — |
| 08 Nov 2023 | ₹ 20 | — | 33% | — | — |
| 07 Nov 2023 | ₹ 20 | — | 33% | — | — |
| 06 Nov 2023 | ₹ 20 | — | 33% | — | — |
| 05 Nov 2023 | ₹ 20 | — | 33% | — | — |
| 03 Nov 2023 | ₹ 20 | ▲ | 33% | — | — |
| 02 Nov 2023 | ₹ 10 | — | 17% | — | — |
| 01 Nov 2023 | ₹ 10 | — | 17% | — | — |
ESAF Small Finance Bank IPO dates
Key dates from opening to listing. Today is 11 November.
- Open 03 Nov 2023
- Close 07 Nov 2023
- Allotment 08 Nov 2023
- Refund/credit 08 Nov 2023
- Listing 10 Nov 2023
ESAF Small Finance Bank IPO actual listing price
How the grey market's final call compared with the listing-day open.
| Issue price | ₹60 |
|---|---|
| GMP-based estimate (pre-listing) | ₹70 (+16.7%) |
| Listing gain / loss | +₹11 per share |
| Listing date | 10 Nov, 2023 |
| Actual listing price | ₹71 (+18.33%) |
Is ESAF Small Finance Bank IPO GMP reliable?
Grey market premium for ESAF Small Finance Bank IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- 01Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- 02Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- 03Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- 04Cross-check before acting: Review the ESAF Small Finance Bank IPO full review for a fundamentals-based assessment before making any grey market trades.
ESAF Small Finance Bank IPO Kostak rate explained
Two ways the grey market trades an IPO application before listing.
The Kostak rate for ESAF Small Finance Bank IPO was not available during the subscription period. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not available for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About ESAF Small Finance Bank IPO
ESAF Small Finance Bank Limited is a small finance bank with a focus on unbanked and under-banked customers, especially in rural and semi-urban centres.
On 30 June 2023, rural and semi-urban centres made up 62.97% of its gross advances and 71.71% of its banking outlets.
Its loans include micro loans such as microfinance, retail loans such as gold loans, mortgages, personal and vehicle loans, MSME loans, loans to financial institutions and agricultural loans. Its deposits include current, savings, term and recurring deposits. Its promoters are ESAF Financial Holdings and Kadambelil Paul Thomas.
The IPO was Rs 463 crore, with Rs 390.88 crore of fresh issue and Rs 72.12 crore of offer for sale by the promoter ESAF Financial Holdings, PNB MetLife and Bajaj Allianz Life. The fresh money was meant to augment the bank's Tier-I capital.
Frequently asked
What is the GMP of ESAF Small Finance Bank IPO?
The current Grey Market Premium (GMP) of ESAF Small Finance Bank IPO is ₹ 10.
What is the Kostak Price of ESAF Small Finance Bank IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for ESAF Small Finance Bank IPO is not available.
What is the Subject to Sauda Price of ESAF Small Finance Bank IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is not available.
What was the actual listing price of ESAF Small Finance Bank IPO?
ESAF Small Finance Bank IPO listed on November 10, 2023 at ₹71, against the issue price of ₹60 — a gain of +18.33%.
How did the GMP of ESAF Small Finance Bank IPO trend before listing?
The GMP of ESAF Small Finance Bank IPO was stable in its final days before listing. The GMP peaked at ₹20 on 9 November 2023. View the day-wise table above for the complete GMP history.
Explore ESAF Small Finance Bank IPO further
The grey market is one signal. Read it alongside the demand, the reviews and the filings before you decide.
It has listed — go back to the fundamentals.
Category-wise demand from QIB, NII and retail investors, updated through the day.
What brokers and analysts are saying about this issue, in one place.
Check with your PAN whether shares were credited to your demat account.
The grey market called it. Now check the fundamentals.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Read the grey market alongside the subscription book and the offer document before you apply.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
