ASK Automotive IPO: What GMP signals as all eyes set on listing date after share allotment?

livemint.com:

ASK Automotive IPO: Allotment of shares for the initial public offering of ASK Automotive Limited has been finalised and now all eyes are set on ASK Automotive IPO listing date, which is most likely on 15th November 2023. In the wake of T+3 schedule, ASK Automotive IPO listing is expected on third trade session after closure on ASK Automotive IPO subscription. As ASK Automotive IPO closed on 9th November 2023 i.e.

Thursday last week, ASK Automotive share are expected to hit Indian stock market on Tuesday this week. But, due to stock to stock marekt holiday for Diwali Balipratipada falling on 14th November 2023, share listing is expected on Wednesday this week. Ahead of ASK Automotive IPO listing date, shares of ASK Automotive Limited have remained steady in grey market.

According to market observers shares of ASK Automotive Limited are available at a premium of ₹28 in grey market today. This means, ASK Automotive IPO grey market premium (GMP) today is ₹28, which is ₹5 below its weekend GMP of ₹33. Market observers said that Indian markets maintained its winning record on Muhurat trading session but Indian stock market today is under pressure.

This might be the reason for dip in ASK Automotive IPO GMP. Market observers maintained that ASK Automotive IPO GMP today is ₹28, which means grey market is expecting that ASK Automotive IPO listing price would be around ₹310 ( ₹282 + ₹28) per share levels, which is around 10 per cent higher from ASK Automotive IPO price band of ₹268 to ₹282 per equity share. So, grey market is signaling that ASK Automotive IPO listing would be flat to positive.