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There is no orders executed by brokers, actually what happens for example u apply 1000 shares of a "X" company at cap price at Rs.60, now what the buyer of grey market will do, he will make a oral contract with you that what ever the quantity you will get through IPO I will purchase it at Rs.75(60+15)from you, this Rs. 15 will be the premium of that stock in grey market, and finally after the allotment of the shares, according to oral you will transfer the share offline to the buyer's account and he will give you the cash i.e (number of quantity you have got*75)