Amid the red-hot Indian primary market showing no signs of slowing down, four mainboard public offerings are gearing up for listing next week. After stellar back-to-back debuts of Groww and Pine Labs, expectations are ripe that the upcoming listings could also offer strong gains to IPO investors, even if the grey market premium (GMP) remains weak.
In the case of both Groww and Pine Labs, listing was above expectations, with the stocks extending gains to up to 31% on debut day.
The four IPOs that will list next week include: PhysicsWallah, Emmvee Photovoltaic Power, Tenneco Clean Air India and Fujiyama Power Systems. Here’s a look at their GMPs ahead of the listing next week.
PhysicsWallah IPO GMP
PhysicsWallah IPO GMP today stood at ₹6, rebounding from nil two days ago. This means that shares of PhysicsWallah IPO were trading ₹6 above the issue price of ₹109. At the prevailing GMP, PhysicsWallah shares could list at ₹115, a premium of 5.50%.
PhysicsWallah IPO allotment was finalised on Friday, November 14, following 1.81 times subscription for its share sale. The portion for qualified institutional buyers (QIBs) fetched 2.70 times subscription, while the retail investor segment subscribed 1.06 times. The quota for non-institutional investors was subscribed only 48%.
The company fixed a price band of ₹103-109 per share for its IPO, which may peg its valuation at over ₹31,500 crore at the upper end. The IPO comprised a fresh issue of equity shares worth ₹3,100 crore and an Offer for Sale (OFS) of up to ₹380 crore by the promoters.
PhsicsWallah shares are expected to list on Tuesday, November 18.
Emmvee Photovoltaic Power IPO GMP
Emmvee Photovoltaic Power IPO GMP was nil. This means shares of Emmvee Photovoltaic Power were not commanding any premium in the grey market and listing could occur at par to the IPO price of ₹217.
Emmvee Photovoltaic’s IPO did not even sail through entirely. The ₹2,900-crore IPO was booked 97% at the end of the three-day bidding period. The part for QIBs fetched 1.26 times subscription, while the portion for retail investors was subscribed 1.10 times. The category for non-institutional investors was booked 30%.
The company has fixed a price band at ₹206-217 per share. At the upper end, the company is targeting a valuation of over ₹15,000 crore.
The IPO comprised a fresh issue of shares worth ₹2,143.86 crore and an OFS worth ₹756.14 crore by promoters.
Shares of the company are also slated to list on November 18.
Tenneco Clean Air IPO GMP
Tenneco Clean Air IPO is enjoying a high GMP of ₹120 apiece. This means shares of Tenneco Clean Air are trading ₹120 higher than their issue price of ₹397. At the current GMP, Tenneco Clean Air shares could list at ₹517, a premium of 20%. This is the highest GMP for the company so far.
Tenneco Clean Air India IPO, part of US-based Tenneco Group, was subscribed nearly 59 times on the final day of share-sale on Friday. The portion for QIBs received 166.42 times subscription, while NII part was subscribed 40.74 times. The segment for retail investors fetched 5.11 times subscription.
The company fixed the price band at ₹378-397 per share, aiming for a valuation of over ₹16,000 crore at the upper end.
The IPO is entirely an OFS by promoter Tenneco Mauritius Holdings Ltd, with no fresh equity issuance. The company has raised its issue size to ₹3,600 crore from the earlier planned ₹3,000 crore, according to the draft papers filed in June.
Shares of Tenneco Clean Air could list on the bourses on November 19.
Fujiyama Power Systems IPO GMP
Fujiyama Power Systems IPO GMP has remained nil. This means shares are not witnessing any demand in the grey market and could list at the upper end of the price band of ₹228.
The IPO was booked 40% on the second day of the bidding process. The QIB part fetched 81% subscription, while retail investor segment got subscribed 28%. The NII portion received 10% subscription.
The ₹828-crore IPO opened on November 13 and will close next week on November 17. The company has priced the IPO in the range of ₹216-228 per share.
The IPO is a combination of a fresh issue of equity shares worth up to ₹600 crore and an offer for sale of 10 lakh shares, valued ₹228 crore at the upper end.
Its shares will list on November 20.
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