Overview

• The offer drew bids for 2,38,02,976 shares against 89,12,228 on offer, taking overall subscription to 2.67 times, according to NSE data.
• Qualified institutional and non-institutional segments were subscribed over four times each, while retail participation was comparatively lower.
• Share allotment is scheduled for September 25 and the stock is slated to debut on NSE and BSE on September 29, subject to formal timelines.
• Unofficial grey-market indications have cooled to the low single digits (about Rs 4–9), suggesting limited listing upside and carrying no official standing.
• The roughly Rs 409 crore issue combined a Rs 130 crore fresh issue with an about Rs 278.8 crore offer-for-sale, with stated uses including debt repayment and a Darjeeling capacity addition.