Overview
- The book-built offer runs November 4–7 in a Rs 95–100 band with a lot size of 150 shares, comprising a Rs 1,060-crore fresh issue and a Rs 5,572-crore offer for sale.
- Ahead of opening, the company allotted about 29.8–29.9 crore shares at Rs 100 to raise roughly Rs 2,984–2,985 crore from 102 anchor investors, including GIC, ADIA, Goldman Sachs and Morgan Stanley.
- On Day 1, the retail portion was fully subscribed while overall bids were still partial and the QIB tranche had yet to see meaningful flows under the 75% institutional quota (retail is capped at 10%).
- Grey‑market premiums in the Rs 15–18 range indicated expectations of mid‑teens listing gains, though GMP is unofficial and not a reliable predictor of the listing price.
- Proceeds from the fresh issue will fund expansion in margin trading, unsecured lending and wealth offerings; broker notes mostly advise ‘subscribe’ for listing gains or the long term at about 33.8x FY25 P/E, flagging reliance on broking, platform uptime and regulatory risks.