According to data provided by UnlistedZone, a firm that deals in unlisted stocks, the grey market premium of MTAR Technologies, bidding for which just concluded last week, rose to Rs 490, which, if sustains, means the scrip can list up 85 per cent over the issue price.
The issue of the precision equipment maker was subscribed a whopping 201 times.
Similarly, the GMP of Easy Trip Planners, which the analysts said was priced aggressively, stood at Rs 145. That means a premium of 78 per cent, reflecting that investors are willing to pay even more than what the company is asking for.
The issue is entirely an offer for sale (OFS) by two promoters, who are offering Rs 255 crore worth of shares each, in the price band of Rs 186-187. The IPO is valued at 58.7 times the company’s FY20 earnings, and 49 times FY21 earnings on an annualised basis.
Enthusiasm was also apparent in how the issue was bid for. On Monday, the first day of bidding, the issue was already fully subscribed, with a huge number of retail applications. Only 10 per cent of shares are reserved for them.
Shares of the IPO-bound Anupam Rasayan traded with a premium of Rs 310 per share in the unofficial markets. The company said it would sell its shares to the public in the price range of Rs 553-555, meaning the GMP stands at 56 per cent.
The IPO will open on Friday and conclude on March 16. The issue by the specialty chemicals company comprises entirely fresh issuance of shares, and the net proceeds would be utilised towards repayment or prepayment of certain debt and for general corporate purposes.
The company plans to raise Rs 760 crore from the market. It has kept up to 2,20,000 shares, worth Rs 11 crore, reserved for its employees, who would also be offered a discount of Rs 55 per share.
Laxmi Organics, another company that is expected to begin the bidding process next week, is trading at a premium of Rs 110. The expected price band of the issue is around Rs 130 per share, meaning the GMP is 85 per cent.
Although not all details are out, the company and its promoters are expected to sell shares worth Rs 600 crore.
