Rishabh Instruments IPO: What GMP, subscription status signal about the issues

livemint.com:

Rishabh Instruments IPO: Bidding for initial public offering (IPO) of Rishabh Instruments Limited ended on 1st September 2023. In three days of bidding, the book build issue received strong response by investors, especially in QIB segment. As per the Rishabh Instruments IPO subscription status, the public issue overall got subscribed 31.65 times.

After sharp rebound on Dalal Street on Friday, grey market has also gone bullish on Rishabh Instruments IPO. According to market observers, shares of Rishabh Instruments Limited are available at a premium of ₹85 in grey market today. Market observers said that Rishabh Instruments IPO grey market premium (GMP) today is ₹85, which is ₹20 higher from the Friday low of ₹65 at noon during Friday deals.

Observers maintained that strong response by investors and trend reversal on Dalal Street worked in favour of the public issue and hence unlisted stock market has gone bullish on the initial offer. On what this GMP mean, market observers said that Rishabh Instruments IPO GMP today is ₹85, which means grey market is expecting that Rishabh Instruments IPO listing price would be around ₹526 ( ₹441 + ₹85), which is around 19 per cent higher from Rishabh Instruments IPO price of ₹418 to ₹441 per equity share. This means after closure of bidding, grey market is signaling that applicants can expect up to 19 per cent listings gain from the issue on Rishabh Instruments IPO listing date, which is most likely on 11th September.

In three days of bidding from 30th August 2023 to 1st September 2023, the public issue got subscribed to the tune of 31.65. The retail portion of the public issue got subscribed 8.43 times whereas NII category of the issue was filled 31.29 times. However, the issue