Indo-MIM IPO Subscribed 53% on Day 1, Grey Market Premium Indicates 38%
Key Takeaways
- •Indo-MIM’s IPO was subscribed 53% so far on the first day of bidding.
- •Non-institutional investors were the main source of demand in the issue so far.
- •The current grey market premium indicates an estimated listing price of around Rs 670 per share.
- •The upper issue price for the IPO is Rs 485 per share.
- •Grey market premium is an unofficial sentiment indicator and does not assure listing gains.
Indo-MIM’s initial public offering was subscribed 53% so far on the first day of bidding, with non-institutional investors driving demand, according to The Economic Times.
IPO subscription figures show the number of shares bid for against the shares on offer and can change through the bidding window as investor categories place orders. Non-institutional investor demand is one of the category-level indicators market participants track during an issue.
Based on the current grey market premium, the company’s shares are estimated to list at around Rs 670 per share, compared with the upper issue price of Rs 485. The indicated grey market premium stands at 38%.
The grey market is an unofficial market, and GMP is only an indicator of investor sentiment. It does not guarantee listing gains.
