IPO alert: 3 issues open next week, to raise Rs 6,390 cr; check details and latest GMPs
IPO alert: 3 issues open next week, to raise Rs 6,390 cr; check details and latest GMPs
Amid the rising volatility in the broader markets, Indian stock markets are geared up for the launch of three mainboard initial public offerings (IPOs) between May 6 and May 10, which will cumulatively raise around Rs 6,392.56 crore from the investors.
Aadhar Housing Finance, TBO Tek and Ingedene will hit the market in the coming week with an average issue size of Rs 2,130.85 crore via primary route. All three IPOs are looking to raise more than Rs 1,500 crore individually. This is the first time since 2004 that primary markets are seeing actions during May.
The IPO issue of Indegene Ltd will open for bidding between May 6 and May 8 to raise a total of Rs 1,841.76 crore. The digital services provider in the life sciences industry will be selling shares in the range of Rs 430-452 apiece with a lot size of 33 equity shares. The company is currently commanding a premium of Rs 230 per share in the grey market, suggesting an upside of 51 per cent.
Aadhar Housing Finance, the largest among the three, is looking to raise Rs 3,000 crore via its IPO, bidding for which will open on May 8 and will close on May 10. The price band has been set at Rs 300-315 per share with a lot size of 47 equity shares. The grey market premium of the housing finance player has tumbled to Rs 50 from Rs 65 earlier, signalling a mild gain of 15 percent for the investors.
TBO Tek’s IPO issue can be subscribed between May 8-10. The travel distribution platform is offering its shares in the range of Rs 875-920 apiece with a lot size of 16 equity shares to raise Rs 1,550.81 crore. The grey market premium for the counter stands at Rs 400 apiece, which suggests about a 44 percent upside for the investors.
The grey market premium is the premium amount at which grey market IPO shares are traded before they get listed on the stock exchange. The grey market starts unofficially in the unregulated market after the IPO date and price band announcements. The GPM reflects how the IPO might react on a listing day.
However, investors must take note that there is no reliability between the two and the grey market premium is unregulated.
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