Indian primary markets are seeing healthy investor activity as two of the four mainboard IPO’s that opened today, September 25, have been fully booked on their first day of bidding.
Orient Cables’ issue of Rs 552 crore was subscribed 1.96 times by the end of day one, while German Green Steel’s Rs 304 crore was booked 1.73 times.
Here are all the details you should know about these mainboard issues:
The wires and cables issue has been booked 1.96 times, receiving bids for more than 2.93 crore shares against its ask of 1.49 crore shares. As of day one, the non-institutional investor portion was subscribed 3.47 times, while the retail applicant category was booked 2.42 times.
However, the Qualified Institutional Buyers (QIBs) segment received marginal subscription of just 0.01 times on day one.
Its share price band has been at Rs 258 to Rs 272, and trackers reported its latest grey market premium at Rs 70, suggesting a listing price of Rs 342, based on the upper end of the price band. However, readers must know that GMP is highly vulnerable to market manipulation and is not an official metric to determine the listing price.
Orient Cables IPO comprises a fresh component of Rs 320 crore and an offer for sale portion of Rs 232 crore.
German Green Steel’s Rs 304 crore IPO saw robust investor response on its first day of bidding as all categories of the issue were fully booked by day end. On day one, it achieved an overall subscription of 1.73 times, receiving bids for more than 2.78 crore shares compared to its ask of 1.60 crore shares.
The Gujarat-based company’s NII segment was booked 2.56 times, while its QIB category was subscribed 1.32 times. The retail investor portion was subscribed 1.65 times.
The steel and iron manufacturer has fixed its issue price band at Rs 132 to Rs 139, and its GMP was last reported at Rs 28 or 20%, suggesting a listing price of Rs 167, based on the upper end of the price band.
German Green Steel aims to raise Rs 303.90 crore through its book-build issue, which comprises a fresh component of Rs 290 crore and an OFS portion of Rs 13.90 crore.