IPO GMP Today: Tenneco Clean Air vs Fujiyama Power – Check Latest Grey Market Trends
Unlisted shares of Fujiyama Power Systems (UTL Solar) were trading at the IPO price, in contrast to those of Tenneco Clean Air India, which were trading at a premium of up to 20% in the private market
The grey market premiums (GMPs) of two ongoing initial public offerings (IPOs), Tenneco Clean Air India Ltd. and Fujiyama Power Systems Ltd., remain in focus as investors look to participate in the IPOs as subscription draws to a close.
The Tenneco Clean Air IPO, which opened for bidding on November 12, will conclude its subscription process today, whereas the Fujiyama Power Systems IPO will conclude its subscription on November 17.
The Tenneco Clean Air India IPO was subscribed 5 times so far, whereas the mainboard offer of Fujiyama Power Systems was subscribed 0.12 times on Friday.
As the subscription progresses, grey market trends provide an early indication of investor sentiment and expected listing performance for active mainboard issues.
Here’s what the latest GMP figures suggest for these IPOs.
Tenneco Clean Air IPO GMP
The GMP for the Tenneco Clean Air IPO was Rs 83, according to InvestorGain. Based on the upper end of the price band of Rs 397, the IPO’s estimated listing price is around Rs 480, indicating an expected premium of 20.91% per share.
About Tenneco Clean Air India IPO
The Tenneco Clean Air IPO is a book-built issue worth Rs 3,600 crore, comprising of an entirely offer-for-sale (OFS) component of 9.07 crore shares.
The price band for the IPO is set at Rs 378 and Rs 397 per share. One lot comprises 37 shares, requiring a minimum investment of Rs 14,689 for retail investors.
The IPO was fully subscribed on Thursday.
The IPO allotment status is expected to be finalised on November 17. Refunds and credit of shares to the Demat accounts are likely to take place on November 18. The company’s shares are set to be listed on the BSE and NSE on November 19.
Tenneco Clean Air India Ltd. was incorporated in 2018. It’s a subsidiary of Tenneco Inc., a global manufacturer of clean air and powertrain products for the automotive industry. The Indian unit primarily focuses on emission control technologies for both light and commercial vehicles.
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Fujiyama Power Systems (UTL Solar) IPO GMP
The latest grey market premium (GMP) for the Fujiyama Power Systems IPO stood at Rs 0 per share. Based on the upper price band of Rs 228, the latest GMP indicates a flat listing for the IPO shares, with shares expected to list at Rs 228.
About Fujiyama Power Systems
The Fujiyama Power Systems IPO is a book-building issue worth Rs 828 crore. The IPO comprises both a fresh issue and an OFS component. The fresh issue comprises 2.63 crore shares, valued at Rs 600 crore, while the OFS comprises one crore shares, aggregating to Rs 228 crore.
The price band for the Fujiyama Power Systems IPO has been fixed at Rs 216 to Rs 228 per share. Each lot consists of 65 shares, requiring a minimum investment of Rs 14,820 for retail investors.
The share allotment status is expected to be finalised on November 18. This would be followed by the initiation of refunds and crediting of shares to the Demat accounts on November 19. The company’s shares are tentatively scheduled to be listed on the BSE and NSE on November 20.
Fujiyama Power Systems Ltd., founded in 2017, is engaged in manufacturing and providing solutions for the rooftop solar industry. Its offerings include on-grid, off-grid and hybrid solar systems. The company has developed a wide product portfolio of over 522 SKUs, including solar inverters, panels, and batteries, aimed at reducing customer dependence on external OEMs.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
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.
