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GMP, subscription and other details

With July being the season of initial public offerings (IPOs) in the Indian markets, two more public issues – Glenmark Life Sciences and Rolex Rings Limited – are open for subscription in the last week of the month. Glenmark Life’s initial public offering opened for subscription Tuesday, while Rolex Rings opened for subscription today.

By the end of Day 2, Glenmark Life’s IPO was oversubscribed nearly six times, led by the positive response from private investors. Retail share was booked 9.5 times.

At the end of the first day of bidding for Rolex Rings’ IPO, the issue was subscribed nearly four times, with the retail category being bid seven times.

According to market observers, Glenmark Life Science’s gray market premium (GMP) is around 130 per share today while Rolex Rings GMP rose to 520.

Key data of the IPOs –

Glenmark Life Sciences: The price range for the first sale of shares, which ends on July 29th, is fixed at 695- 720 per share. The IPO was fully subscribed on the first day under the leadership of private investors, the total issue was subscribed at 2.84 times on the first day, with the retail investor portion subscribing 5.30 times and the non-institutional category 0.88 times. Qualified institutional buyers have yet to bid. The expected IPO is August 6th.

ICICI Direct said, ” GLS has good performance execution and a clean regulatory track record. The company is also a leading developer and manufacturer of selected high-quality, non-commercially available active ingredients for chronic therapies and works with 16 of the 20 largest generic companies worldwide. The growth momentum also has a strong undercurrent of the global growth of the API industry. We recommend SUBSCRIBING the issue.

Given the prospect for business growth and near stable operating margins, the company is assigning a “subscribe” rating to the issue, Choice Broking said in a press release.

Rolex rings: The issue ends on Friday and the price range is up. set 880-900 per share. The IPO includes a new issue of 56 crore and an offer-for-sale (OFS) of up to 75 lakh shares in Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC).

Saurabh Joshi, Research Analyst at Marwadi Shares and Finance, said: “ Given the adjusted EPS of Rs 31.93 in FY-21 post-issue, the company will trade at a P / E of 28.19 with a market cap of Rs 24,510 million ., while its rivals Ramkrishna Forgings and MM Forgings are trading at P / E of 123.30 and 37.14, respectively. ”

” We are classifying this IPO as “Subscribe (With Warning)” because the company is one of the leading forging manufacturers with a geographically diversified sales base and is available at a reasonable rating compared to its competitors. However, there is customer concentration risk and the past restructuring of CDR debt makes us cautious at the same time from a longer term perspective, ” Joshi said.

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