Ardee Industries IPO oversubscribed 133 times; grey market premium jumps

Ardee Industries is a company that wanted to sell parts of itself to people to raise money, which is called an IPO.

People who buy in get shares of the company.

So many people wanted shares that the offer was subscribed more than 133 times over.

When that happens, there aren't enough shares for everyone, so a lottery-like system picks who gets them.

An ordinary retail investor had about a 2.7% chance of getting shares.

Traders in the so-called grey market think the shares will jump up by 26 to 28 percent on the first day of trading.

People can check online, on stock exchange websites, to see if they won any shares.

If they did not get shares, their money will be returned on August 11.

The shares officially start trading on August 12 on India's big stock exchanges.