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NSE IPO Grey Premium Falls Ahead of September Listing
The National Stock Exchange of India is preparing to list its shares on September 24.
Before shares officially begin trading, some unofficial markets estimate what price they might reach.
This estimate, called the grey market premium, has fallen to about Rs 43.
That suggests the shares could list near Rs 1,828 instead of the issue price of Rs 1,785.
The possible gain would be about 2.41% for successful applicants.
Earlier, the grey market premium was reportedly Rs 145, implying a larger expected gain.
Even so, many investors wanted the shares, and the IPO received 5.71 times as many bids as shares available.
The grey market is unofficial, so its estimate may not match the actual listing price.
The NSE IPO grey market premium fell to about Rs 43 per share ahead of its scheduled September 24 listing.
At the upper issue price of Rs 1,785, the premium implies an estimated listing price of Rs 1,828 and a potential 2.41% gain.
The Rs 22,568.94 crore IPO was subscribed 5.71 times, with bids worth approximately Rs 90,287 crore.
Qualified institutional buyers subscribed 12.68 times their allocation, while non-institutional and retail investors subscribed 6.55 times and 1.39 times, respectively.
The IPO was entirely an offer for sale, and grey market premium data is unofficial and does not guarantee listing performance.
- Who
- The National Stock Exchange of India and investors who applied for its IPO.
- What
- The NSE IPO’s grey market premium declined to about Rs 43 ahead of its stock market listing.
- Where
- Mumbai; the shares are scheduled to list on the stock market.
- When
- The IPO was subscribed from September 17 to September 21, with listing scheduled for September 24.
- Why
- The grey market premium is being used as an unofficial indicator of the IPO’s potential listing price and initial gain.
Key facts
- Latest GMP
- About Rs 43 per share
- Upper issue price
- Rs 1,785 per share
- Implied listing price
- Approximately Rs 1,828 per share
- Potential listing gain
- Nearly 2.41%
- IPO size
- Rs 22,568.94 crore
- Overall subscription
- 5.71 times
- Offer structure
- Entirely an offer for sale of 12.64 crore shares
- GMP caveat
- Grey market premium data is unofficial and does not guarantee listing price or subsequent performance
Sources
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