Manoj Vaibhav Gems IPO GMP falls ahead of share listing; here’s what to expect
₹0 per share, as per market observers. This indicates that Manoj Vaibhav share price was trading flat at its issue price, without any premium or discount, in the grey market on Monday ahead of listing. Manoj Vaibhav shares have lost all the premium it was commanding in the grey market before the IPO.
The grey market premium before the IPO was open for bidding was around ₹18-20 per share. Also Read: JSW Infrastructure IPO: What does GMP signal ahead of share listing? Considering the upper end of the IPO price band and the GMP today of ₹0, the estimated listing price of Manoj Vaibhav shares is ₹215 apiece, which is at par with the issue price. The likely tepid listing of Manoj Vaibhav IPO may be on the back of low subscription and lower analysts’ coverage.
Manoj Vaibhav IPO opened for subscription on September 22 and closed on September 26. The public issue was subscribed 2.25 times in total as it received bids for 2.05 crore equity shares as against 91.20 lakh shares on the offer, according to data available on NSE. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The IPO has been booked 1.66 times in the retail category and 5.18 times in the Non-Institutional Investors’ (NII) category.
The Qualified Institutional Buyers’ (QIB) portion was subscribed 1.06 times at the end of the bidding period. Read here: Manoj Vaibhav Gems IPO Day 3: Issue sails through on last day; subscribed 2.25 times so far; retail portion booked 1.66x Manoj Vaibhav Gems IPO price band was fixed at ₹204 to ₹215 per equity share. The total IPO size is 1.25 crore equity shares worth ₹270.20 crore, which comprises a fresh issue of 97.67 lakh shares
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