6 IPOs closing this week: How will they fare on listing day? Check GMP and subscription status
IPO GMP today: In one of the busiest weeks for the primary market in recent years, there were five motherboard IPOs worth Rs 7,377 crore this week – Tata Technologies, IREDA, Gandhar Oil Refinery, Flair Writing Industries and Fedbank Financial Services. All five of these IPOs were oversubscribed. Additionally, there was also a blockbuster IPO for SMEs – Rockingdeals Circular Economy IPO, which received a whopping 213x subscriptions.
Mahavir Lunawat, Managing Director, Pantomath Capital Advisors, said: “The week ending November 24 is one of the busiest weeks for the primary market in recent years, with five mainboard IPOs from Flair Writing, Fedbank Financial Services, Gandhar Oil Refinery India and Tata Technologies and IREDA opened to raise Rs 7,377 crore.”
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He said the huge demand for stocks was due to investors’ confidence in India’s growth story and the vast universe of fast-growing, well-run companies that are expected to generate good profits.
“Nearly 300 companies made their stock market debut in the 10 years to FY23. “All this has been possible due to the rapidly growing and deepening secondary market where the daily average turnover in the cash segment of the National Stock Exchange (NSE) is now about ₹ 65,000 crore,” he said.
IPO gray market
According to market observers, the gray market premium or GMP of Tata Technologies’ IPO is the highest at 81.6 per cent, indicating the highest IPO growth among five other IPOs. It is followed by Tata Tech’s GMP, followed by Gandhar Oil Refinery’s GMP with 44.38 percent, Rocking Deals Circular (42.86 percent), IREDA (31.25 percent), Flair Writing IPO (27.63 percent) and Fedbank Financial Services (zero).
“Gray market premium” indicates investors’ willingness to pay more than the issue price. It also shows how much profit investors will make on the trading day. The GMP is based on market sentiment and is constantly changing.
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Tata Technologies IPO GMP, Subscription
Tata Technologies’ IPO, which opened for public subscription between November 22 and 24, fetched a whopping 69.43 times subscription. The price range for the offer was Rs 475-500 per share. The listing is expected to take place on December 5th.
According to market observers, unlisted shares of Tata Technologies are witnessing strong listing gains and are trading Rs 408 higher in the gray market compared to the issue price. The gray market premium or GMP of Rs 408 means that the gray market expects a listing gain of 81.60 per cent from the public issue.
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IREDA IPO GMP, subscription
The Indian Renewable Energy Development Agency’s (IREDA) IPO, which opened for public subscription between November 21 and 23, fetched a tidy 38.8 times subscription. The price range for IREDA’s IPO was Rs 30-32 per share. The listing is expected to take place on December 4th.
According to market observers, unlisted IREDA shares are trading Rs 10 higher than their issue price in the gray market. The gray market premium or GMP of Rs 10 means that the gray market expects a listing profit of 31.25 percent from the public issue.
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Gandhar Oil Refinery IPO GMP, Subscription
Gandhar Oil Refinery’s IPO, which opened for public subscription between November 22 and 24, received a strong subscription of 65.63 times. The price range for the offer was Rs 160-169 per share. The listing is expected to take place on December 5th.
According to market observers, unlisted shares of Gandhar Oil Refinery are trading Rs 75 higher than their issue price in the gray market. The gray market premium or GMP of Rs 75 means that the gray market expects a listing gain of 44.38 percent from the public issue.
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Flair Writing IPO GMP, subscription
Flair Writing’s IPO, which opened for public subscription between November 22 and 24, received a subscription of 49.28 times. The price range for the offer was Rs 288-304 per share. The listing is expected to take place on December 5th.
According to market observers, unlisted shares of Flair Writing are trading Rs 84 higher in the gray market compared to the issue price. The gray market premium or GMP of Rs 84 means that the gray market expects a listing profit of 27.63 percent from the public issue.
Fedbank Financial Services IPO GMP, subscription
Fedbank Financial Services’ IPO, which opened for public subscription between November 22 and 24, received a subscription of 2.24 times. The price range for the offer was Rs 133-140 per share. The listing is expected to take place on December 5th.
According to market observers, unlisted shares of Fedbank Financial Services are with zero GMP, suggesting that the listing will not bring any profits.
Rocking Deals Circular IPO GMP, Subscription
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Rocking Deals Circular IPO, which opened for public subscription between November 22 and 24, received a whopping 312.64 times subscription. The SME price for the offer has been set at Rs 140 per share. The listing is expected to take place on November 30 on the NSE SME.
According to market observers, unlisted shares of Rocking Deals Circular are trading Rs 60 higher in the gray market compared to the issue price. The gray market premium or GMP of Rs 84 means that the gray market expects a listing gain of 42.86 percent from the public issue.
Mohammad HarisHaris is Deputy News Editor (Business) at news18.com. He writes on various topics…Read more
first published: November 26, 2023, 12:29 IST
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