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News Topical, Digital Desk : Today is the last day of Advance Agrolife's IPO. The issue has been fully subscribed so far. Meanwhile, gray market signals remain positive regarding a promising listing for the issue. The Jaipur-based company is involved in agrochemical product manufacturing and produces everything from plant growth aids to pesticides.
What are the grey market signals and the response to the issue?
After receiving applications for two days, the issue has been subscribed 1.87 times. 1.35 crore shares were offered in the issue. However, applications for 2.52 crore shares have been received in return. All segments, including QIB, NII, and retail, have been fully subscribed. According to grey market signals, a premium of ₹15 is prevailing over the issue price of ₹100. This means that the listing could occur at ₹115, a 15% premium. On October 1st, the grey market premium was ₹12, which means there has been an increase in the premium. However, on the first day of the issue, the premium decreased from ₹15 to ₹5. The minimum application for the issue is ₹15,000. Based on this GMP, a listing gain of ₹2,250 is possible. Keep in mind that grey market signals are not constant; they fluctuate sharply, and sometimes the listing direction may be contrary to the signals. In such a situation, the market only takes sentiment cues from it. The company's performance and outlook remain the primary factors in investment decisions.
Key points about the issue: The issue opened on September 30th and will close today, Friday, October 3rd. It is estimated that the company's stock will be listed on the market on October 8th. The company has set a price band of ₹95-100 for the issue, with a lot size of 150. This means that retail investors will need to submit a minimum application of ₹15,000 at the upper price band. In the retail segment, a maximum bid of 13 lots, or ₹1.95 lakh, can be placed.
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