Latest IPOKostak Rate and Subject to Sauda in IPOs Explained
Updated 20 Oct 2026 · 2 min read
Kostak and subject to sauda are grey market words you will often see next to GMP. They are prices for selling your whole IPO application, not single shares.
Kostak
Kostak is a fixed amount a grey market dealer pays you for your IPO application, whether or not you get shares. For example, with a kostak of ₹500 you get ₹500 even if nothing is allotted. If you do get shares, the dealer takes the profit from them.
Subject to sauda
Subject to sauda is an amount you get only if your application gets shares. For example, with a subject to sauda of ₹3,000, the dealer pays you ₹3,000 if you are allotted, and takes the profit from the shares. If you are not allotted, you get nothing.
GMP, kostak and subject to sauda side by side
| GMP | Kostak | Subject to sauda | |
|---|---|---|---|
| Price of | One share | One application | One application |
| You are paid | When you sell after listing | Always | Only if shares are allotted |
Why it is risky
These deals are unofficial and run on trust. Nothing is in writing, SEBI and the exchanges give no protection, and you may have to share your PAN or demat details with a stranger. Prices can also change before listing.
We show these numbers only as signs of demand, and we do not recommend dealing in the grey market. See what is IPO GMP.
Frequently asked questions
Is kostak trading legal?
It is unofficial and not recognised by SEBI or the stock exchanges, so you have no protection if a deal goes wrong.
Where can I see kostak and subject to sauda rates?
On each IPO’s GMP page on Latest IPO, when a rate is available.
For information only, not investment advice.