Mono Pharmacare IPO: What GMP, subscription status signals about NSE SME issue

livemint.com:

Mono Pharmacare IPO: The initial public offering (IPO) of Mono Pharmacare Limited opened for subscription on 28th August 2023 and it will remain open for bidding till 30th August 2023. After near two days of subscription opening, the NSE SNE issue has received strong response by investors as the issue has been over subscribed during second day of bidding. After strong response by investors, the public issue has appeared in unlisted stock market as well.

According to market observers, Mono Pharmacare shares are available at a premium of ₹2 in grey market today. As per the market observers, Mono Pharmacare IPO grey market premium (GMP) today is ₹2. They said that grey market was neutral on the issue on Monday but after the trend reversal on Dalal Street, grey market turned to the NSE SME IPO and its shares started trading on Tuesday.

They said that grey market mood may further improve if the positive sentiments on Dalal Street continues. Market observers said that Mono Pharmacare IPO GMP today is ₹2, which means grey market is expecting that Mono Pharmacare IPO listing price would be around ₹30 ( ₹28 + ₹2), which is around 7 per cent higher from its price band of ₹26 to ₹28 per equity share. They said that grey market is signaling positive debut of shares on listing date as the book build issue has received strong response in two days of bidding.

In near two days of bidding the public issue has been oversubscribed after strong response by retail investors. By 2:42 PM on day two of bidding, the public issue has been subscribed 3.12 times whereas its retail portion has been subscribed 6.31 times. Mono Pharmacare IPO price band has been fixed at ₹26 to ₹28 per equity share.