Two mainboard IPOs, Rays of Belief and Deepa Jewellers, are set to list on the stock exchanges on September 8. Their latest grey market premiums indicate that both issues could make gains over their respective issue prices.
However, the GMP trends also show that expectations have moderated from the levels seen before and during the subscription period.
Rays of Belief IPO GMP
Rays of Belief IPO is set to list on NSE and BSE on September 8. The company fixed its issue price at Rs 239 per share after the IPO closed for subscription on September 3.
The latest grey market premium stood at Rs 20 on September 7. This indicates an estimated listing price of around Rs 259 per share. At this level, the IPO could list at a premium of approximately 8.37% over its issue price.
The GMP has remained volatile in the days around the IPO. It stood at Rs 48 on September 1, the opening day of the issue. The premium then fell to Rs 38 on September 2 and Rs 15 on September 3.
The GMP remained at Rs 15 on September 4 before recovering to Rs 20 on September 7.
The latest movement points to some improvement in sentiment before listing. However, the current premium remains significantly below the levels seen when the issue opened.
Rays of Belief raised Rs 125 crore through a fresh issue of 52.30 lakh shares. The company operates under the Mom's Belief brand and provides developmental and intervention services for children with neurodevelopmental disorders.
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Deepa Jewellers IPO GMP
Deepa Jewellers is also scheduled to list on NSE and BSE on September 8. The company fixed its issue price at Rs 177 per share.
The latest GMP stood at Rs 22 on September 7. This implies a potential listing price of around Rs 199 per share. At the current GMP, the IPO could list at a premium of approximately 12.43% over its issue price.
Deepa Jewellers recorded a GMP of Rs 40 on September 1. The premium increased to Rs 44 on September 2 before falling to Rs 18 on September 3. It remained at Rs 18 on September 4 and later recovered to Rs 22 on September 7.
The latest GMP remains below the Rs 47 premium recorded on August 28 and 29. This indicates that grey market expectations have cooled from their pre IPO levels.
Deepa Jewellers raised Rs 459.72 crore through its IPO. The issue included a fresh issue of Rs 250 crore and an offer for sale worth Rs 209.72 crore.
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What the GMPs Are Indicating?
The latest GMP levels point towards a positive listing for both IPOs. Deepa Jewellers currently shows the stronger implied premium at 12.43%. Rays of Belief follows with an implied premium of 8.37%.
The GMP trends also highlight a clear moderation in expectations. Both IPOs recorded substantially higher premiums around the start of their subscription periods.
For investors, the latest GMP levels suggest potential listing gains. However, the grey market operates outside the formal stock market framework. GMP can change before listing and does not guarantee the actual listing price.
The final debut will depend on market conditions and buying interest when trading begins on September 8.
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