The initial public offering of Belrise Industries Ltd. has been subscribed 2.89 times on day two of bidding on Thursday. It was subscribed 49% on its first day of bidding on Wednesday.
The grey market premium of the Belrise Industries IPO was Rs 19 as of 04:33 p.m., according to InvestorGain. This implies shares of the company will likely list at Rs 109 apiece, indicating a 21.11% premium to the upper end of the price band.
The IPO, which will be open till Friday, will raise Rs 2,150 crore via a fresh issue of shares, as per the red herring prospectus. The company intends to use net proceeds from the issue towards repayment of outstanding borrowings, and for general corporate purposes.
IPO Details
Issue opens: May 21.
Issue closes: May 23.
Issue price: Rs 85–90.
Fresh issue: Rs 2,150 crore.
Lot size: Minimum 166 shares, and then in multiples thereof.
Market value at upper end of price band: Rs 8,008 crore.
Business
Belrise Industries is an automotive component manufacturer offering a range of safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agricultural vehicles.
Its product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components and exhaust systems. The company's products are largely agnostic to vehicle powertrain types, enabling it to serve both electric vehicles and internal combustion engine vehicles.
Belrise Industries IPO: Subscription Status Day 2
The IPO has been subscribed 2.89 times as of 5 p.m. on Thursday.
Qualified institutional buyers: 0.69 times or 69%.
Non-institutional investors: 8.96 times.
Retail investors: 1.54 times
Belrise IPO GMP Today
The grey market premium of the Belrise Industries IPO was Rs 19 as of 01:34 p.m., according to InvestorGain. This implies shares of the company will likely list at Rs 109 apiece, indicating a 21.11% premium to the upper end of the price band.
It should be noted that GMP or grey market price is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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