Unicommerce eSolutions IPO subscribed 5 times so far on Day 2 of bidding process. Check GMP and other details
As of 12 noon, the public issue was subscribed nearly 5 times. The retail investors’ category was oversubscribed 19.13 times. The non-institutional investors (NIIs) filled 5.42 times of the portion allotted to them, while merely 23,184 shares were bid by qualified institutional buyers out of the reserved 76,82,554 shares.
The current grey market premium (GMP) for Unicommerce eSolutions is Rs 25 — representing a 23% premium in the unlisted market.
The IPO is entirely an offer for sale (OFS) of up to 2.56 crore shares with a face value of Re 1 apiece. Under the OFS, AceVector Ltd and SB Investment Holdings (UK) will offload their part stakes. Since the IPO is completely an OFS, the company will not receive any proceeds from the issue.
Unicommerce eSolutions IPO price band
The company has fixed a price band of Rs 102-108 per share, where investors can bid for 138 shares in one lot.
About 75% of the offer is reserved for qualified institutional buyers, 10% for retail investors and the remaining 15% for non-retail investors.
Unicommerce eSolutions IPO review
Analysts advised aggressive investors can subscribe to the IPO for listing gains as the issue is priced on the higher side.
«The IPO is aggressively priced at a P/E of 84x, reflecting a premium valuation. In the absence of listed peers, a comprehensive valuation comparison is challenging. Given these factors, we recommend a cautious approach and suggest that only well informed investors consider this IPO for potential listing gains,» said Swastika Investmart.
