IPO: This issue got a great response, the grey market premium jumped on the last day

News Topical, Digital Desk : Today is the last day of Belrise Industries IPO and the issue has received a great response from investors. The company is going to raise Rs 2150 crore from the market. The issue has been subscribed 6 times so far. Looking at the better signals, now the gray market is also expecting a good listing of the issue. On the last day of the issue, there has been a sharp jump in the gray market premium. The company is an automotive component manufacturing company. Most of the money that the company is raising is going to be used to repay the loan. At the same time, the rest of the money will be used for general expenses related to the business.

What is the information about the issue?

NII has subscribed more than 20 times in the issue. At the same time, the retail portion has also been filled more than two times. The QIB portion has also been fully filled. The company has kept the issue price at Rs 90 per share. On Friday, the premium on the issue in the gray market reached Rs 23. That is, the market is anticipating a listing above Rs 110. This is equivalent to a return of more than 25 percent. Before the issue opened, the premium was at the level of 13. Let us tell you that sharp fluctuations are possible in GMP and investors only take indications from this about the movement in the market regarding an issue. ICICI Direct, Anand Rathi, Choice Broking had advised to subscribe to the issue. 

When can the listing happen? The issue will close on Friday, May 23. It is estimated that the allotment will be finalized on May 26, after which the process of refund and issuance of shares will start on May 27. The stock may be listed in the market on May 28. 

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