Latest IPO Grey Market Premium, IPO GMP 2023

Latest IPO Grey Market Premium, IPO GMP 2023

IPO Grey Market Premium (GMP) refers to the informal market in which investors purchase and sell shares of a business before they are listed on the stock exchange. The grey market and IPO parallel market are other names for it.

The grey market doesn’t have permission from any stock exchange or regulatory body and operates outside of the legal system. Investor mood and conjecture on the demand for the IPO shares following listing are the key drivers of it.

Current IPO Grey Market Premium Rates, IPO Grey Market Price

Check out the most recent IPO research and the anticipated listing gain of upcoming IPOs with expected grey market pricing as shown below:

IPO NameIPO GMPIPO PriceListing GainApplication
Sunrest Lifescience SME IPO
20-Nov-2023
₹5₹84.00₹89 (5.95%)View IPO
Kalyani Cast Tech SME IPO
17-Nov-2023
₹95₹139.00₹234 (68.35%)View IPO
ROX Hi-Tech SME IPO
16-Nov-2023
₹75₹83.00₹158 (90.36%)View IPO
Baba Food Processing SME IPO
15-Nov-2023
₹10₹76.00₹86 (13.16%)View IPO
ASK Automotive IPO
15-Nov-2023
₹28₹282.00₹310 (9.93%)View IPO
Protean eGov Technologies IPO
13-Nov-2023
₹48₹792.00₹840 (6.06%)View IPO
Micropro Software Solutions SME IPO
10-Nov-2023
₹4₹81.00₹85 (4.94%)View IPO
ESAF Small Finance IPO
10-Nov-2023
₹16₹60.00₹76 (26.67%)View IPO
SAR Televenture SME IPO
8-Nov-2023
₹53₹55.00₹108 (96.36%)View IPO
Mish Designs SME IPO
7-Nov-2023
₹70₹122.00₹192 (57.38%)View IPO
Maitreya Medicare Limited SME IPO
7-Nov-2023
₹75₹82.00₹157 (91.46%)View IPO
Cello World Limited IPO
6-Nov-2023
₹160₹648.00₹808 (24.69%)View IPO
Transteel Seating Technologies SME IPO
6-Nov-2023
₹12₹70.00₹82 (17.14%)View IPO
KK Shah Hospitals SME IPO
6-Nov-2023
₹6₹45.00₹51 (13.33%)View IPO
Vrundavan Plantation SME IPO
6-Nov-2023
₹0₹108.00₹108 (0.00%)View IPO
Shanthala FMCG Products SME IPO
3-Nov-2023
₹0₹91.00₹91 (0.00%)View IPO
Paragon Fine And SME IPO
3-Nov-2023
₹105₹100.00₹205 (105.00%)View IPO
Ondoor Concepts SME IPO
1-Nov-2023
₹15₹208.00₹223 (7.21%)View IPO
Blue Jet Healthcare IPO
1-Nov-2023
₹22₹346.00₹368 (6.36%)View IPO
Rajgor Castor Derivatives SME IPO
31-Oct-2023
₹5₹50.00₹55 (10.00%)View IPO
WomenCart SME IPO
27-Oct-2023
₹30₹86.00₹116 (34.88%)View IPO
IRM Energy IPO
26-Oct-2023
₹18₹505.00₹523 (3.56%)View IPO
Arvind and Company SME IPO
25-Oct-2023
₹18₹45.00₹63 (40.00%)View IPO
Committed Cargo Care SME IPO
18-Oct-2023
₹6₹77.00₹83 (7.79%)View IPO
Plada Infotech Services SME IPO
13-Oct-2023
₹7₹48.00₹55 (14.58%)View IPO
Karnika Industries SME IPO
12-Oct-2023
₹3₹76.00₹79 (3.95%)View IPO
Plaza Wires IPO
12-Oct-2023
₹23₹54.00₹77 (42.59%)View IPO
Sharp Chucks And SME IPO
12-Oct-2023
₹19₹58.00₹77 (32.76%)View IPO
Vivaa Tradecom SME IPO
12-Oct-2023
₹0₹51.00₹51 (0.00%)View IPO
Sunita Tools SME IPO
11-Oct-2023
₹20₹145.00₹165 (13.79%)View IPO
Goyal Salt SME IPO
11-Oct-2023
₹39₹38.00₹77 (102.63%)View IPO
Canarys Automations SME IPO
11-Oct-2023
₹5₹31.00₹36 (16.13%)View IPO
Oneclick Logistics India SME IPO
11-Oct-2023
₹50₹99.00₹149 (50.51%)View IPO
Kontor Space SME IPO
10-Oct-2023
₹3₹93.00₹96 (3.23%)View IPO
City Crops Agro SME IPO
10-Oct-2023
₹0₹25.00₹25 (0.00%)View IPO
Vishnusurya Projects and SME IPO
10-Oct-2023
₹7₹68.00₹75 (10.29%)View IPO
E Factor Experiences SME IPO
9-Oct-2023
₹32₹75.00₹107 (42.67%)View IPO
Arabian Petroleum SME IPO
9-Oct-2023
₹9₹70.00₹79 (12.86%)View IPO
Valiant Laboratories IPO
6-Oct-2023
₹20₹140.00₹160 (14.29%)View IPO
Vinyas Innovative Technologies SME IPO
6-Oct-2023
₹67₹165.00₹232 (40.61%)View IPO
Organic Recycling Systems SME IPO
6-Oct-2023
₹16₹200.00₹216 (8.00%)View IPO
Inspire Films SME IPO
5-Oct-2023
₹3₹59.00₹62 (5.08%)View IPO
Newjaisa Technologies SME IPO
5-Oct-2023
₹11₹47.00₹58 (23.40%)View IPO
Mangalam Alloys SME IPO
5-Oct-2023
₹0₹80.00₹80 (0.00%)View IPO
Digikore Studios SME IPO
4-Oct-2023
₹65₹171.00₹236 (38.01%)View IPO
Updater Services IPO
4-Oct-2023
₹0₹300.00₹300 (0.00%)View IPO
Saakshi Medtech and SME IPO
3-Oct-2023
₹36₹97.00₹133 (37.11%)View IPO
JSW Infrastructure IPO
3-Oct-2023
₹30₹119.00₹149 (25.21%)View IPO
Manoj Vaibhav Gems IPO
3-Oct-2023
₹0₹215.00₹215 (0.00%)View IPO
Yatra Online IPO
28-Sep-2023
₹0₹142.00₹142 (0.00%)View IPO
Marco Cables &Conductors SME IPO
28-Sep-2023
₹6₹36.00₹42 (16.67%)View IPO
Cellecor Gadgets SME IPO
28-Sep-2023
₹50₹92.00₹142 (54.35%)View IPO
Hi-Green Carbon SME IPO
28-Sep-2023
₹35₹75.00₹110 (46.67%)View IPO
Sai Silks (Kalamandir) IPO
27-Sep-2023
₹7₹222.00₹229 (3.15%)View IPO
Kody Technolab SME IPO
27-Sep-2023
₹25₹160.00₹185 (15.62%)View IPO
Techknowgreen Solutions SME IPO
27-Sep-2023
₹5₹86.00₹91 (5.81%)View IPO
Signatureglobal India IPO
27-Sep-2023
₹50₹385.00₹435 (12.99%)View IPO
Kundan Edifice SME IPO
26-Sep-2023
₹5₹91.00₹96 (5.49%)View IPO
Madhusudan Masala SME IPO
26-Sep-2023
₹61₹70.00₹131 (87.14%)View IPO
Holmarc Opto-Mechatronics SME IPO
25-Sep-2023
₹27₹40.00₹67 (67.50%)View IPO
Chavda Infra SME IPO
25-Sep-2023
₹60₹65.00₹125 (92.31%)View IPO
SAMHI Hotels IPO
22-Sep-2023
₹8₹126.00₹134 (6.35%)View IPO
Zaggle Prepaid Ocean IPO
21-Sep-2023
₹16₹132.00₹148 (12.12%)View IPO
Meson Valves India SME IPO
21-Sep-2023
₹93₹102.00₹195 (91.18%)View IPO
EMS IPO
21-Sep-2023
₹88₹211.00₹299 (41.71%)View IPO
R R Kabel IPO
20-Sep-2023
₹104₹1035.00₹1139 (10.05%)View IPO
Jupiter Life Line IPO
18-Sep-2023
₹233₹735.00₹968 (31.70%)View IPO
Jiwanram Sheoduttrai Industries SME IPO
18-Sep-2023
₹13₹23.00₹36 (56.52%)View IPO
Kahan Packaging SME IPO
15-Sep-2023
₹72₹80.00₹152 (90.00%)View IPO
Pramara Promotions SME IPO
13-Sep-2023
₹31₹63.00₹94 (49.21%)View IPO
Saroja Pharma Industries SME IPO
13-Sep-2023
₹0₹84.00₹84 (0.00%)View IPO
Ratnaveer Precision Engineering IPO
11-Sep-2023
₹52₹98.00₹150 (53.06%)View IPO
Rishabh Instruments IPO
11-Sep-2023
₹61₹441.00₹502 (13.83%)View IPO
Basilic Fly Studio SME IPO
11-Sep-2023
₹230₹97.00₹327 (237.11%)View IPO
Mono Pharmacare SME IPO
7-Sep-2023
₹2₹28.00₹30 (7.14%)View IPO
C P S SME IPO (CPS)
7-Sep-2023
₹135₹185.00₹320 (72.97%)View IPO
Sahaj Fashions SME IPO (SAHAJ)
6-Sep-2023
₹3₹30.00₹33 (10.00%)View IPO
Vishnu Prakash R IPO
5-Sep-2023
₹62₹99.00₹161 (62.63%)View IPO
Aeroflex Industries IPO
31-Aug-2023
₹71₹108.00₹179 (65.74%)View IPO
Sungarner Energies SME IPO (SEL)
31-Aug-2023
₹45₹83.00₹128 (54.22%)View IPO
Crop Life Science SME IPO (CLSL)
30-Aug-2023
₹-7₹52.00₹45 (-13.46%)View IPO
Bondada Engineering SME IPO
30-Aug-2023
₹60₹75.00₹135 (80.00%)View IPO
Shoora Designs SME IPO
29-Aug-2023
₹12₹48.00₹60 (25.00%)View IPO
Pyramid Technoplast IPO
29-Aug-2023
₹22₹166.00₹188 (13.25%)View IPO
Shelter Pharma SME IPO
23-Aug-2023
₹0₹42.00₹42 (0.00%)View IPO
TVS Supply Chain IPO
23-Aug-2023
₹3₹197.00₹200 (1.52%)View IPO
Concord Biotech IPO
18-Aug-2023
₹122₹741.00₹863 (16.46%)View IPO
Srivari Spices and SME IPO (SSFL)
18-Aug-2023
₹27₹42.00₹69 (64.29%)View IPO
Yudiz Solutions SME IPO
17-Aug-2023
₹25₹165.00₹190 (15.15%)View IPO
Sangani Hospitals SME IPO
17-Aug-2023
₹1₹40.00₹41 (2.50%)View IPO
SBFC Finance IPO
16-Aug-2023
₹26₹57.00₹83 (45.61%)View IPO
Oriana Power SME IPO
11-Aug-2023
₹115₹118.00₹233 (97.46%)View IPO
Vinsys IT Services SME IPO
11-Aug-2023
₹60₹128.00₹188 (46.88%)View IPO
Zeal Global Services SME IPO
9-Aug-2023
₹1₹103.00₹104 (0.97%)View IPO
Yatharth Hospital IPO
7-Aug-2023
₹75₹300.00₹375 (25.00%)View IPO
Khazanchi Jewellers SME IPO
7-Aug-2023
₹0₹140.00₹140 (0.00%)View IPO
Shri Techtex SME IPO
4-Aug-2023
₹30₹61.00₹91 (49.18%)View IPO
Innovatus Entertainment Networks
4-Aug-2023
₹5₹50.00₹55 (10.00%)View IPO
Yasons Chemex Care SME IPO
3-Aug-2023
₹4₹40.00₹44 (10.00%)View IPO
Netweb Technologies India IPO
27-Jul-2023
₹394₹500.00₹894 (78.80%)View IPO
Service Care SME IPO
26-Jul-2023
₹4₹67.00₹71 (5.97%)View IPO
Asarfi Hospital SME IPO
26-Jul-2023
₹37₹52.00₹89 (71.15%)View IPO
Ahasolar Technologies SME IPO
21-Jul-2023
₹12₹157.00₹169 (7.64%)View IPO
Utkarsh Small Finance Bank
12-14 Jul
₹15₹2560%View IPO
Netweb Technologies
17-19 Jul
₹325₹50065%View IPO
AccelerateBS India
6-11 Jul
₹10₹9011%View IPO
Drone Destination
7-13 Jul
₹35₹6554%View IPO
Kaka Industries
10-12 Jul
₹50₹5886%View IPO
Ahasolar Technologies
10-13 Jul
₹15₹15710%View IPO
Service Care
14-15 Jul
₹10₹6715%View IPO
Asarfi Hospital
17-19 Jul
₹22₹5242%View IPO
Tata Technologies₹100₹--%View IPO
Signatureglobal India₹–₹--%View IPO
ESDS Software₹–₹--%View IPO
CMR Green Technologies₹–₹--%View IPO
Hexagon Nutrition₹–₹--%View IPO
Cosmic CRF
14-21 Jun
₹–1₹314-0.32%View IPO
Cell Point
15-20 Jun
₹–1₹100-1%View IPO
Vilin Bio Med
16-21 Jun
₹0₹300%View IPO
Aatmaj Hospital
19-21 Jun
₹3.5₹605.83%View IPO
Veefin Solutions
22-26 Jun
₹3₹823.66%View IPO
Greenchef Appliances
23-27 Jun
₹40₹8745.98%View IPO
Magson Retail
23-27 Jun
₹–1₹65-1.54%View IPO
Essen Speciality
23-27 Jun
₹53₹10749.53%View IPO
Pentagon Rubber
26-30 Jun
₹30₹7042.86%View IPO
Global Pet Industries
29-3 Jul
₹1₹492.04%View IPO
Synoptics Technologies
30-5 Jul
₹21₹2378.86%View IPO
Tridhya Tech
30-5 Jul
₹13₹4230.95%View IPO
Alphalogic Industries
3-6 Jul
₹–7₹96-7.29%View IPO

IPO Kostak & Subject to Sauda Rates

IPO NameTypeKostakSubject to SaudaApplication
Utkarsh Small Finance Bank
Mainline₹200₹6000View IPO
Netweb Technologies
Mainline₹450₹5500View IPO
AccelerateBS India
BSE SME₹-₹-View IPO
Drone Destination
NSE SME₹-₹60000View IPO
Kaka Industries
BSE SME₹-₹70000View IPO
Ahasolar Technologies
BSE SME₹-₹15000View IPO
Service Care
NSE SME₹-₹-View IPO
Asarfi Hospital
BSE SME₹-₹-View IPO
Tata TechnologiesMainline₹1200₹1500View IPO
Signatureglobal IndiaMainline₹-₹-View IPO
ESDS SoftwareMainline₹-₹-View IPO
CMR Green TechnologiesMainline₹-₹-View IPO
Hexagon NutritionMainline₹-₹-View IPO
Pentagon RubberNSE SME₹-₹35000View IPO
Global Pet IndustriesNSE SME₹-₹-View IPO
Synoptics TechnologiesNSE SME₹-₹-View IPO
Tridhya Tech NSE SME₹-₹-View IPO
Alphalogic IndustriesBSE SME₹-₹-View IPO

Let’s see how to calculate the estimated listing price after adding a premium. If the grey market shows the rate of an IPO is ₹100 and the IPO price is around ₹200 then the estimated listing price will be around ₹300. Based on the calculation the listing gain will be 50% against the IPO price.

The listing of an IPO might vary against the estimated listing price suggested by the grey market due to the bull/bear market or the demand for the company shares. We have witnessed that some of the IPOs had lower grey market but listing with higher gains while few IPOs in 2021 where the grey market was on a higher side but the listing was at the lower levels. As the grey market is always one of the strong factors for the IPO listing gain calculation but we highly recommend investors to use the grey market rates for just information, do not trade based on the numbers.

Important Factors to Consider About IPO GMP:

  • The stockbrokers and IPO investors participate in unauthorized grey market trades. The level of trust between the parties determines this.
  • Prior to applying for an IPO, read our IPO analysis.
  • The prices in the grey market are estimated, offered, or obtained from specialists or market research.
  • Since trading on the Grey Market is illegal, we do not advise it.
  • The Kostak Rate is the premium one receives when selling an IPO application to someone else (in an off-market transaction) even before the issue is allotted or listed.
  • Don’t invest in the IPO using the aforementioned premium. Prior to listing, it could alter at any time.
  • Consider solely the fundamentals of the company before subscribing.

Past IPO Grey Market Premium of IPO 2022-2023:

IPO NamePriceGMPListedApplication
IKIO Lighting₹285₹100₹391View IPO
Nexus Select Trust₹100₹5₹103View IPO
Mankind Pharma₹1080₹100₹1300View IPO
Avalon Technologies₹436₹10₹436View IPO
Udayshivakumar Infra₹35₹5₹30View IPO
Global Surfaces₹140₹15₹164View IPO
Divgi TorqTransfer Systems₹590₹40₹620View IPO
Sah Polymers₹65₹10₹85View IPO
Radiant Cash Management₹99₹3₹103View IPO
Elin Electronics₹247Disc₹244View IPO
KFin Technologies₹366Disc₹267View IPO
Abans Holdings₹270Disc₹273View IPO
Landmark Cars₹506Disc₹471View IPO
Sula Vineyards₹357Disc₹361View IPO
Uniparts India₹577₹40₹575View IPO
Dharmaj Crop Guard₹237₹55₹266View IPO
Keystone Realtors₹541₹5₹555View IPO
Inox Green Energy₹65Disc₹60View IPO
Kaynes Technology₹587₹220₹778View IPO
Five Star Business Finance₹474Disc₹468View IPO
Archeran Chemicals₹407₹120₹450View IPO
Global Health₹336₹20₹401View IPO
Bikaji Foods₹300₹25₹322View IPO
Fusion Micro Finance₹368₹5₹360View IPO
DCX Systems₹207₹85₹207View IPO
Tracxn₹80–₹4₹84View IPO
Electronics Mart₹59₹30₹90View IPO
Harsha Engineers₹330₹130₹450View IPO
Tamilnad Mercantile Bank₹510₹15₹495View IPO
Dreamfolks Services₹326₹120₹508View IPO
Syrma SGS₹220₹55₹260View IPO
Aether Industries₹642₹15₹704View IPO
eMudhra IPO₹256+-₹10₹270View IPO
Ethos IPO₹878+-₹10₹825View IPO
Paradeep Phosphates₹42₹0.50₹44View IPO
Venus Pipes₹326₹30₹337View IPO
Delhivery₹487+-₹10₹495View IPO
Prudent Corporate₹630+-₹10₹650View IPO
LIC IPO₹949+-₹12₹872View IPO
Rainbow Hospital₹542₹10₹510View IPO
Campus Activewear₹292₹50₹360View IPO
Hariom Pipe₹153₹15₹220View IPO
Veranda Learning₹137₹15₹157View IPO
Uma Exports₹68₹-₹76View IPO
Ruchi Soya₹650₹60₹855View IPO
Vedant Fashions₹866₹10₹935View IPO
Adani Wilmar₹230₹30₹227View IPO
AGS Transact₹175₹5₹175View IPO
CMS Info Systems₹216₹5₹220View IPO
Supriya Lifescience₹274₹130₹421View IPO
HP Adhesives₹274₹90₹315View IPO
Data Patterns₹585₹300₹856View IPO
Medplus₹796₹180₹1040View IPO
Metro Brands₹500₹-₹437View IPO
MapmyIndia₹1022₹700₹1565View IPO
Shriram Properties₹118₹-₹90View IPO
RateGain₹425₹35₹360View IPO
Anand Rathi Wealth₹550₹50₹600View IPO
Tega Industries₹453₹300₹760View IPO
Star Health₹900-₹50₹845View IPO
Go Fashion₹690₹450₹1310View IPO
Tarsons Products₹662₹180₹682View IPO
LatentView Analytics₹197₹300₹512View IPO
Sapphire Foods₹1150₹150₹1350View IPO
Paytm₹2150₹30₹1950View IPO
Sigachi Industries₹163₹230₹570View IPO
SJS Enterprises₹542₹60₹542View IPO
Policybazaar₹980₹150₹1150View IPO
Nykaa₹1125₹750₹2018View IPO
Aditya Birla AMC₹712₹25₹715View IPO
Paras Defence₹175₹220₹469View IPO
Sansera Engineering₹744₹65₹811View IPO
Vijaya Diagnostic₹531₹0₹540View IPO
Ami Organics₹610₹150₹910View IPO
Aptus Value Housing₹353₹0₹333View IPO
Chemplast Sanmar₹541₹0₹550View IPO
Nuvoco Vistas₹570₹0₹485View IPO
CarTrade₹1618₹150₹1505View IPO
Windlas Biotech₹460₹85₹437View IPO
Devyani International₹90₹55₹141View IPO
Exxaro Tiles₹120₹15₹126View IPO
Krsnaa Diagnostics₹954₹320₹1005View IPO
Rolex Rings₹900₹450₹1250View IPO
Glenmark Life Sciences₹720₹90₹750View IPO
Tatva Chintan Pharma₹1083₹1100₹2111View IPO
Zomato₹76₹25₹126View IPO
GR Infraprojects₹837₹560₹1716View IPO
Clean Science₹900₹620₹1784View IPO
India Pesticides₹296₹65₹350View IPO
Dodla Dairy₹428₹95₹550View IPO
KIMS Hospital₹825₹110₹1009View IPO
Shyam Metalics₹306₹135₹380View IPO
Sona BLW Precision₹291₹5₹301View IPO
Lodha Developers₹486₹0₹436View IPO
Barbeque Nation₹500₹0₹482View IPO
Suryoday Small Bank₹305₹0₹293View IPO
Kalyan Jewellers₹87₹0₹74View IPO
Anupam Rasayan₹555₹70₹520View IPO
Laxmi Organic₹130₹45₹155View IPO
Craftsman Automation₹1490₹32₹1359View IPO
Nazara Technologies₹1101₹700₹1990View IPO
Easy Trip Planners₹187₹140₹212View IPO
MTAR Technologies₹575₹500₹1050View IPO
Heranba Industries₹627₹270₹900View IPO
Nureca Limited₹400₹80₹615View IPO
Brookfield India REIT₹275₹0₹281View IPO
Stove Kraft₹385₹65₹298View IPO
Home First Finance₹518₹150₹618View IPO
Indigo Paints₹1490₹900₹2607View IPO
RailTel₹94₹15₹109View IPO
IRFC₹26₹0.50₹25View IPO
Antony Waste₹315₹105₹436View IPO

FAQs about IPO Grey Market Premium:

What is Grey Market Premium?

In the IPO market, individuals use the phrase “grey market premium” (also known as “IPO GMP”) to determine the potential listing price of an IPO. Although the grey market is unauthorized, investors look at it to determine the stock’s fixed gain. The grey market operates in the days leading up to the IPO start date and the days after it until the allotment date. The grey market premium provides an estimate of how the IPO could perform on the day it lists.

What is Kostak Rate?

The sum that one investor pays to the seller of an IPO application prior to the IPO listing is known as the Kostak rate. The Kostak rates likewise change in the same manner as the grey market. One can set their profit by purchasing and selling their whole IPO application at Kostak prices outside of the market. The buyer must pay the Kostak rates for the IPO regardless of whether the investor receives an IPO allotment. If someone submitted five applications for a single IPO and sold those applications for $1,000 each, that person would have achieved an IPO profit of 5,000 rupees. Even if he receives the allocation after only two applications, he will still make 5,000.

How to Calculate Grey Market Premium?

The IPO GMP, often referred to as the grey market premium, is a price that is transacted on the black market prior to the IPO listing procedure. Based on the company’s performance, its demand on the grey market, and the likelihood that someone will subscribe, an estimate is made. Let’s imagine that the IPO could list at 300 (i.e., 200 + 100) if the X IPO price is fixed at 200 and the grey market is displaying a rate of 100. This is only a guess, though, thus the listing’s actual price could be different from the black market pricing.

How Can I Buy or Sell an IPO Application on the GMP?

The grey market is not officially affiliated with any individuals or organizations. On the basis of the IPO GMP, certain brokers purchase and sell IPO applications on Kostak Rates or Subject to Sauda Rates. Find local brokers that act as a middleman between buyers and sellers and trade IPO applications on the grey market. Before purchasing or selling, be aware of the rates.

Are Grey Market Premium Stocks Safe?

It is up to the broker or trader, and we believe it is not safe. Trading on the black market is done at your own risk. One needs to take measures because there may be higher-than-average volatility. Simply refer to the IPO GMP as we advise for the purpose of listing gain. Be shrewd and only trade after listing on the principal market.