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NSE IPO Day 3: Retail Book Fills, GMP Slips
The National Stock Exchange offered shares to the public through an IPO.
On the last day, investors requested more shares than were available.
Overall demand was 2.34 times the number of shares offered.
Large institutional investors showed the strongest demand, while the retail portion was just fully subscribed.
The grey market premium fell to about Rs 59 from Rs 142 at the start of bidding.
This premium is unofficial and does not guarantee the final listing price.
The IPO price range was Rs 1,700 to Rs 1,785 per share.
Investors are expected to learn their allotment on September 22.
The National Stock Exchange IPO was subscribed 2.34 times on its third and final bidding day.
Investors bid for 20.70 crore shares against 8.86 crore shares available.
Qualified institutional buyers subscribed 3.72 times, non-institutional investors 3.60 times, and retail investors 1.01 times.
The grey market premium fell to about Rs 59 from nearly Rs 142 when bidding opened on September 17.
The Rs 22,569-crore offer is entirely an offer-for-sale, with allotment expected on September 22.
- Who
- The National Stock Exchange and investors across institutional, non-institutional, and retail categories.
- What
- The National Stock Exchange's Rs 22,569-crore IPO reached 2.34 times subscription on its final bidding day.
- Where
- India's capital market; the report is datelined Mumbai.
- When
- On the third and final bidding day; bidding opened on September 17, with allotment expected on September 22.
- Why
- The IPO is being conducted as an offer-for-sale by existing shareholders, so the National Stock Exchange will not receive the proceeds.
Key facts
- Issue size
- Rs 22,569 crore
- Overall subscription
- 2.34 times, with bids for 20.70 crore shares against 8.86 crore available
- Price band
- Rs 1,700 to Rs 1,785 per share
- Retail minimum investment
- Rs 14,280 at the upper price-band level for one lot of eight shares
- Grey market premium
- Approximately Rs 59, down from nearly Rs 142 when bidding opened
- Anchor investors
- Rs 6,746.18 crore raised from 189 investors before the issue opened
- Expected allotment
- September 22, followed by demat credit on September 23
Sources
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