The grey market premium of three initial public offerings that opened for subscription on Wednesday points towards significant listing day gains for investors. These include the IPOs of Vishal Mega Mart Ltd., One MobiKwik Systems Ltd., and Sai Life Science Ltd.
The subscription window of the three IPOs will close on Friday. The listing is expected next week, after the allotment of shares is finalised.
Notably, Vishal Mega Mart aims to raise Rs 8,000 crore via an entirely offer-for-sale issue, MobiKwik looks to mop up Rs 572 crore through a fresh issue of shares, and Sai Life Science's Rs 3,042-crore IPO comprises an OFS of Rs 2,092 crore and a fresh issue of Rs 950 crore.
The price band for Vishal Mega Mart's offer is in the range of Rs 74-78 per share. MobiKwik's IPO has opened in the price range of Rs 265-279 per share, and Sai Life Science's offer has a price band of Rs 522-549.
Here's a look at what the current IPO GMPs signal:
Vishal Mega Mart IPO GMP
The grey market premium of Vishal Mega Mart's issue stood at Rs 20 per share as of 10:59 a.m., according to the InvestorGain platform. This takes the estimated listing price—the sum of GMP and upper end of the IPO price—to Rs 98 per share. If the trend holds true, then investors may book a listing day gain of 25.6%.
One MobiKwik Systems IPO GMP
The grey market signals a likely strong debut for MobiKwik, as the GMP of its IPO stood at Rs 136 per share as of 10:55 a.m., according to InvestorGain. This takes the estimated listing price to Rs 415, which is 48.7% higher as compared to the upper end of the issue price of Rs 279 per share.
Sai Life Science IPO GMP
As compared to the two other IPOs that opened for subscription today, the grey market signals a modest listing day gain for Sai Life Science. The GMP stood at Rs 42 at 11:01 a.m., as per InvestorGain. This takes the estimated listing price to Rs 591 per share, which is up 7.6% against the upper IPO price of Rs 549.
Besides these three companies, the public issues of two other firms in the mainboard segment—Inventurus Knowledge Ltd. and International Gemmological Institute Ltd.—will open for subscription on Thursday and Friday, respectively.
The latest GMP of International Gemmological stood at Rs 100, taking its estimated listing price to Rs 517 per share. This could mark a listing day gain of 24%. For Inventurus Knowledge, the GMP is Rs 410, as per InvestorGain. This takes the estimated listing price to Rs 1,739 per share, which could result in a listing day gain of 30.9%.
Note: GMP 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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