Taking cues from grey markets Over half a dozen initial public offerings (IPOs) close this week. The grey market premia (GMPSs) for most are positive. The most demanded Is the 150-crore IPO of Motisons Jewellers, shares of which grey market operators believe could nearly treble on listing. Among large issues, the GMP of Inox India and Azad Engineering is nearly 80 per cent, while that for Happy Forging is 54 per cent. The premia for Muthoot Microfin and Suraj Estate Developers are relatively modest at 30 per cent and 15 per cent, respectively. "After the sharp rally last week, GMPSs rose. One has to be careful, as sentiment can quickly turn," said an investment banker. Samie Modak & Sundar Sethuraman