Vodafone Idea FPO: Share price, GMP to subscription status. Should you apply as bidding ends on Monday?

livemint.com:

Vodafone Idea FPO: The follow-on public offer (FPO) of Vodafone Idea opened on 18th April 2024 and the follow-on offer will remain open till 22nd April 2024 i.e. till Monday next week. This means investors have just one day in hand to apply for the Vodafone Idea FPO.

After two days of bidding for the follow-on issue worth ₹18,000 crore, the Vodafone Idea FPO subscription status suggests that the FPO has enough buzz in the primary market. According to stock market observers, Vodafone Idea FPO is available at a premium of ₹1.40 per share in the grey market today. Vodafone Idea FPO price band has been fixed at ₹10 to ₹11 per equity share.

Vodafone Idea shares ended at ₹12.85 apiece on Friday, which is ₹1.85 higher than the upper price band of Vodafone Idea FPO. As per the market observers, Vodafone Idea FPO GMP (grey market premium) today is ₹1.40, which is ₹0.40 higher than the Vodafone Idea FPO GMP at the beginning of its bidding date. Market observers said that the Vodafone Idea FPO GMP has remained positive despite weakness in the secondary market, which is praiseworthy.

They said that the Indian stock market has remained under the sell-off stress throughout the week gone by. So, Vodafone Idea FPO GMP quoting at a premium of 13 percent against the upper price band of Vodafone Idea FPO is praiseworthy. After two days of bidding, the follow-on issue was subscribed 0.49 times whereas the retail portion of the Vodafone Idea FPO was booked 0.13 times.