IPO

Stock Market News Live: On the sectoral front, the Nifty PSU Bank and Nifty Energy indices are the top gainers on the NSE. The smallcap and midcap gauges are underperforming the blue-chip benchmarks.

Once the SEBI issues observations on a company's draft papers, the firm is granted a one-year window to launch its Initial Public Offering (IPO) and raise capital.

The listing could become India's largest-ever IPO and mark the first public offering by a major Reliance unit in nearly two decades.

All but one of the 15 sectoral gauges compiled by the NSE traded higher, led by the FMCG counter.

Mutual funds across equity, hybrid and multi-asset schemes, including WhiteOak, DSP, Quant and Axis Mutual Fund, also participated in the anchor book.

A majority of PSU shareholders are in the process of making submission for stake dilution in the NSE IPO, sources said.

Om Power Transmission IPO Listing: The share price opened at Rs 186 on the NSE and Rs 181.1 on the BSE, compared to the IPO price of Rs 175.

Nifty Bank fell more than 0.5%, led lower by HDFC Bank and Kotak Mahindra Bank. Nifty Energy ended higher for an eighth consecutive day.

As per the latest GMP, Om Power Transmission shares are expected to list at Rs 176. Investors can expected a marginal listing gains of 1%.

The NSE Nifty 50 closed 1.6% higher to end above 24,200, while the BSE Sensex rallied over 1,200 points or 1.64% to settle above 78,100.

Om Power IPO allotment is expected on April 15, with listing on April 17. Grey market premium suggests modest listing gains of approximately 3%.

Near-term committed capacity additions include 750 megawatts in Navi Mumbai and 485 to 500 megawatts in Vizag.

ICICI Bank and Airtel are among the top gainers on the Nifty. Twelve out of 15 sectoral gauges compiled by the NSE traded lower, led by the NSE Nifty Auto Index's 1.7% fall.

The IPO bidding will close on April 13, with shares offered in a price band of Rs 166Rs 175 apiece.

Ahmedabad-based Om Power Transmission is a power transmission infrastructure engineering, procurement, and construction company.

The coming week will witness the launch of two IPOs for subscription including one mainboard and one SME IPO and few lisitngs.

Blackstone plans to raise about $2 billion from the IPO, which could begin formal marketing later this month, Bloomberg reported earlier Friday.

The Pune-based company, which filed preliminary IPO papers with Sebi in December, obtained its observations on April 9.

Wipro was the only stock trading higher in the Nifty IT Index, up 1.27%. Infosys led the declines, down 2.55%, followed by TCS at 1.97% and Mphasis at 1.90%.

Day 2 GMP movement puts listing expectations in the spotlight