Cyient DLM IPO: GMP jumps as focus shift towards listing date after announcement of allotment status

livemint.com:

Cyient DLM IPO: After strong response by investors to the initial public offering (IPO) of Cyient DLM Ltd, Cyient DLM IPO allotment status has been announced. Now, bidders are eagerly waiting for the Cyient DLM IPO listing date, which is most likely on 10th June 2023 i.e. on Monday next week.

Meanwhile, after announcement of share allocation, all eyes are now focussed on secondary and grey market as these two factors are expected to impact the listing premium of the public issue. According to market observers, Cyient DLM shares are trading at a premium of ₹130 in grey market today, which means Cyient DLM IPO grey market premium GMP) today is ₹130, which is ₹5 higher from its closed price on Thursday. Observers said that positive stock market sentiments have dominated the grey market and strong response given by investors multiplied the positive mood of unlisted stock market.

They went on to add that since making its debut in grey market, Cyient DLM IPO GMP has remained above ₹100 that reflects that grey market is expecting strong debut of Cyient DLM shares. They said that Cyient DLM IPO GMP today is ₹130, which means grey market is expecting that Cyient DLM IPO listing price would be around ₹395 ( ₹265 + ₹130), which is around 50 per cent higher from its issue price of ₹250 to ₹265 per equity share. However, stock market experts maintained that GMP should not be followed blindly as it in non-regulated and completely speculative.

They said that on some occasions, GMP are found artificial as well because it involves even those who have high stake involved with the public issue. Cyient DLM IPO opened for subscription on 27th June 2023 and it remained open for bidders till 30th June 2023. In three days of bidding the public