5 days ago
Four IPOs Show Diverging Grey Market Premium Signals
Four companies are asking investors to buy shares in their IPOs.
An IPO is a way for a company to sell shares to the public for the first time.
Annu Projects, Lumino Industries, ESDS Software Solution and Priority Jewels have different price ranges and closing dates.
Their grey market premiums, or GMPs, show how some unofficial market participants view the shares before listing.
Lumino Industries and Priority Jewels have GMP trends described as positive.
Annu Projects and ESDS Software Solution have high or positive GMP figures, but their recent trends are described as negative.
Based on the GMPs, analysts estimated possible listing gains for all four issues.
These estimates are not guarantees of the actual listing prices.
The shares are expected to list between 2 and 4 September.
Annu Projects is open from 25–28 August at ₹94–₹99 per share, with a GMP of ₹3.
Lumino Industries is open from 27–31 August at ₹78–₹82, with a GMP of ₹56.5.
ESDS Software Solution is open from 28 August–1 September at ₹408–₹429, with a GMP of ₹310.
Priority Jewels is open from 28 August–1 September at ₹190–₹200, with a GMP of ₹37.
Estimated GMP-based listing gains range from 3.03% for Annu Projects to 72.26% for ESDS Software Solution.
- Who
- Annu Projects, Lumino Industries, ESDS Software Solution and Priority Jewels, along with investors bidding for their shares.
- What
- Four mainboard IPOs are open for subscription, with their grey market premiums indicating differing expected listing gains.
- Where
- The shares are proposed to list on the BSE and NSE; ESDS Software Solution is described as Nashik-based.
- When
- Subscription closes between 28 August and 1 September; proposed listings are scheduled between 2 and 4 September.
- Why
- The companies are raising funds through public share offerings, while investors are assessing their potential listing performance.
Positive GMP Signals
Cautious GMP Interpretation
Lumino Industries and Priority Jewels
Positive GMP Signals
Their GMPs were reported at ₹56.5 and ₹37, respectively, with upward trends suggesting expectations of strong or robust listings.
Cautious GMP Interpretation
GMP-based prices are only estimates from grey market activity and do not guarantee the actual listing performance.
Annu Projects
Positive GMP Signals
The GMP of ₹3 indicated an estimated listing price of ₹102, or 3.03% above the upper issue price of ₹99.
Cautious GMP Interpretation
Analysis of the previous nine sessions described the current GMP as indicating negative sentiment, with the premium ranging from ₹0 to ₹7.
ESDS Software Solution
Positive GMP Signals
The GMP of ₹310 implied an estimated listing price of ₹739, or 72.26% above the upper issue price of ₹429.
Cautious GMP Interpretation
Despite the large premium, analysts described the current trend as negative because the GMP had fluctuated between ₹275 and ₹365 over four sessions.
Key facts
- Annu Projects
- Price band ₹94–₹99; GMP ₹3; estimated listing price ₹102; subscription closes 28 August.
- Lumino Industries
- Price band ₹78–₹82; GMP ₹56.5; estimated listing price ₹138.5; subscription closes 31 August.
- ESDS Software Solution
- Price band ₹408–₹429; GMP ₹310; estimated listing price ₹739; subscription closes 1 September.
- Priority Jewels
- Price band ₹190–₹200; GMP ₹37; estimated listing price ₹237; subscription closes 1 September.
- Lumino issue structure
- Fresh issue of ₹500 crore plus an offer for sale of up to ₹200 crore by Devendra Goel and Jay Goel.
- Annu Projects issue
- Completely fresh issue of ₹175.06 crore comprising 1.76 crore equity shares.
- ESDS issue size
- The IPO size was increased to ₹720 crore from the previously proposed ₹600 crore.
- Expected listing dates
- Annu Projects: 2 September; Lumino Industries: 3 September; ESDS Software Solution and Priority Jewels: 4 September.
Sources
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ESDS Software Solution IPO Shows Strong Demand, Analysts Say Apply
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