Overview

• The ₹852 crore IPO comprised a ₹400 crore fresh issue and a ₹452.5 crore offer-for-sale by promoters Padam Agarwala and Varun Agarwal.
• Subscriptions hit 22.19 times overall, led by 64.23 times demand from qualified institutional buyers, 15.21 times from non-institutional investors and 2.14 times from retail bidders.
• Grey market premiums climbed to ₹55 on June 30, implying an estimated listing price of ₹455 per share.
• On July 1, shares opened at ₹492 on the BSE and ₹486 on the NSE, reflecting gains of 23% and 21.5% over the ₹400 issue price.
• The company will allocate ₹210 crore of IPO proceeds to debt repayment and ₹104.5 crore to build a new air separation unit at its Uluberia-II facility.