IREDA IPO: GMP jumps on strong subscription status. How to check allotment status as focus shifts on listing date

livemint.com:

IERDA IPO: The three days subscription for the initial public offering (IPO) of Indian Renewable Energy Development Agency Ltd closed on Thursday and now applicants are eagerly waiting for IREDA allotment date, which is expected any time today. As per IREDA IPO subscription status, the public issue got subscribed 38.80 times whereas its retail portion got subscribed 7.73 times. As per the T+3 schedule, IREDA IPO allotment date is most likely today as Monday will be stock market holiday for Gurunanak Jayanti.

Meanwhile, after strong subscription status in three days of bidding, grey market has gone further bullish on the public issue. As per the market observers, shares of IREDA Ltd are available at a premium of ₹11 in grey market today. Market observers said that IREDA IPO grey market premium (GMP) today is ₹11, which is Re 1 higher from its Thursday GMP of ₹10.

They said that the public issue received strong response from primary market investors despite range-bound sentiments on Dalal Street. They also said that primary market is crazy about Tata Technologies IPO and it also opened on the following date of IREDA IPO subscription opening date. But, IREDA IPO continue to attract investors' attention in this Tata Technologies IPO crazy primary market.

However, stock market experts maintained that GMP is not an ideal indicator about the success of failure of an IPO. They advised bidders and market investors to follow the basics and rely on the balance sheet of the company. They went on to add that grey market is non regulated and completely speculative as it has no connect with the financials of the company.