Overview

• By 2:21 p.m. on June 19 the IPO was 84% subscribed overall, up from 24% on its opening day.
• Retail investors drove demand with a 2.4-times subscription for their 10% allocation.
• Non-institutional investors covered 88% of their quota while qualified institutional buyers subscribed 31%.
• The ₹25 grey market premium points to an estimated ₹247 listing price, about 11% above the issue’s upper band of ₹222.
• The wholly fresh ₹499.6 crore issue priced at ₹210-222 per share will fund working capital, subsidiary investments and loan repayments ahead of its June 25 listing.