Azad Engineering IPO: What GMP signals after announcement of allotment status as focus shifts to listing date

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Azad Engineering IPO: Allotment status of the initial public offering (IPO) of Azad Engineering Limited has been declared and allottees are eagerly waiting for declaration of Azad Engineering IPO listing date, which is most likely on 28th December 2023. As per the market experts, the public issue received strong response by investors and hence allottees may expect strong listing gain on their investment. In fact, grey market is also signaling strong debut of Azad Engineering shares on Dalal Street.

Accordint to stock market observers, shares of Azad Engineering Limited are available at a premium of ₹301, which is 57 per cent higher from Azad Engineering IPO upper price band of ₹524 per equity share. Market observers said that Azad Engineering IPO grey market premium (GMP) today is ₹301, which is unchanged from yesterday's Azad Engineering IPO GMP of ₹301. Observers said that strong response by investors and positive stock market sentiments could be the possible reasons for steady grey market sentiments.

Market observers said that Azad Engineering IPO GMP today is ₹301, which means grey market is expecting that Azad Engineering IPO listing price would be around ₹825, which is near 57 per cent higher from Azad Engineering IPO price band of ₹499 to ₹524 per equity share. However, stock market experts maintained that grey market is not an ideal indicator about assessing the possible listing premium from a public issue. They said that GMP is completely speculative as it has no connect with financials of the company and it is completely non regulated.