The IPO market is witnessing strong investor interest on Wednesday, with Jindal Supreme India's public issue attracting multiple times the shares on offer, while Hero Motors also moved into fully subscribed territory on the opening day.
Both issues opened for subscription on September 16 and will remain open until September 18.
Jindal Supreme's Rs 124.88 crore IPO has a price band of Rs 88 to Rs 93 per share.
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The issue was subscribed 5.22 times by the time this report was published, with retail subscription crossing 8.21 times. The subscription from non-instutitional investors stood at 3.83x, whereas qualified institutional buyers have subscribed 1.02 times their allotted portfolio.
In the grey market, Jindal Supreme's GMP was around Rs 27, based on the latest available data on IPO Watch.
At the upper price band of Rs 93, this indicates a notional listing price of about Rs 120, or a premium of nearly 29%. GMP, however, is unofficial and can change before listing.
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Hero Motors, meanwhile, is looking to raise Rs 1,000 crore through its IPO. The issue has a price band of Rs 79 to Rs 84 and comprises a Rs 600 crore fresh issue and Rs 400 crore offer for sale.
The IPO opened on Wednesday and was subscribed 17% at an early stage of the session, according to market data.
Hero Motors' GMP stood around Rs 19, implying a notional listing price of Rs 103 at the upper price band and a premium of about 23%. The premium has moderated from Rs 24 earlier in the week.
Both IPOs are scheduled to close on September 18, with listing expected on September 23.
The strong subscription response and grey market activity highlight significant interest, although GMP remains an unofficial indicator and does not guarantee listing performance.
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