The initial public offering of Exato Technologies has created a storm in the SME market, with its grey market premium (GMP) rising sharply and investor subscription crossing record levels. The Noida‑based technology solutions company opened its ₹37.5 crore IPO on November 28, 2025, at a price band of ₹133-₹140 per share. Within days, the issue attracted extraordinary demand, pushing the GMP to nearly ₹271 per share, which is more than a 100 percent jump over the issue price.
Market watchers say the surge in GMP reflects the strong appetite among investors for SME IPOs and the confidence in Exato Technologies’ growth story. The company, which provides technology‑driven solutions across industries, has drawn attention for its business model and expansion potential. The relatively small issue size has also added to the frenzy, as limited availability often drives higher demand in the market.
Subscription numbers underline the scale of investor interest. Retail investors subscribed more than 300 times their allotted quota, while non‑institutional investors crossed 250 times. Even qualified institutional buyers, who usually take a cautious approach, subscribed more than 13 times. Overall, the IPO has been subscribed well over 200 times, making it one of the most successful SME issues of the year.
The GMP, which started at around ₹80 on November 24, has steadily climbed to ₹271, showing how quickly sentiment has turned positive. Analysts note that such a sharp rise in the grey market premium suggests strong listing gains are expected when the shares debut later this week. However, they also caution that GMP is an unofficial indicator and can be volatile, reminding investors that actual listing performance depends on market conditions and company fundamentals.
Despite these warnings, the mood in the market remains upbeat. The Exato Technologies IPO has become a symbol of the booming SME segment, where smaller companies are finding strong support from retail investors and high net‑worth individuals. For many, the issue represents not just a chance for quick listing gains but also an opportunity to back a company with promising long‑term prospects.
As the listing date approaches, all eyes are on how Exato Technologies will perform on the exchanges. With GMP soaring and subscription numbers breaking records, the company is set to make one of the most talked‑about debuts of 2025.
