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Who decides the grey market price?

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Just like stock market or commodity market trading, IPO Grey Market Premiums are decided on basis of demand and supply.

If there are more buyers then sellers the price goes up and visa versa.
 
Please note that there are no regulatory bodies involve in Grey Market Trading and therefore there are no limitations on price momentum. Grey market premium may rise or fall suddenly. Off course there are no circuit filters in place.

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