Senco Gold IPO: What GMP (grey market premium), subscription status signal after closure of bidding process
Senco Gold IPO: Bidding for the initial public offer (IPO) of Senco Gold Ltd ended on Friday in the week gone by. In three days of bidding, Senco Gold IPO subscription status informs that the public issue received rave response by Qualified Institutional Buyers (QIB). Probably, this helped grey market mood remain steady despite profit booking on Friday session in secondary market.
According to market observers, shares of Senco Gold Limited are available at a premium of ₹120 per share in grey market today. According to market observers, Senco Gold IPO grey market premium (GMP) today is ₹120, which is steady since 7th July 2023. They said that Senco Gold IPO GMP remained steady despite profit booking on Friday that means grey market may not get disturbed by one or two weak session on secondary market.
They said that unlisted stock market is bullish on Senco Gold shares after strong response given by investors and the trend may continue if there is trend reversal on Dalal Street. Market observers maintained that Senco Gold IPO GMP today is ₹120, which means grey market is expecting that Senco Gold IPO listing price wold be around ₹437 ( ₹317 + ₹120), which is around 37 per cent higher from Senco Gold IPO price band of ₹301 to ₹317 per equity share. They said that grey market is signaling strong debut of Senco Gold shares after closure of bidding on 7th July 2023.
However, stock market experts maintained that GMP is not an ideal indicator for assessing expecting listing premium from any IPO. They went on to add that grey market is non-regulated and completely speculative. One should stick to the basics and rely on the balance sheet of the company.
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