Hyundai India GMP: All signs point to debut losses for investors
IPO has opened for subscription, but investors might have to brace for losses on debut, going by the grey market trends. The GMP is on a continuous slide and is currently trading at just 1.6% premium over the issue price.
It would not surprise anyone if the GMP falls to negative before the listing, given the sharp fall over the past few days.
The issue was booked 11% so far on the first day with retail investors being the highest bidders at 19% subscription in the category. The category reserved for non-institutional investors was booked just 8%.
There is a near consensus among analysts that subscribing to Hyundai IPO will be a strong play for long-term investors in the growing passenger vehicle market as consumers increasingly prefer bigger and premium cars.
As many as 10 analysts advised investors to subscribe to the IPO for the long term.
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