Overview

• Qualified institutional buyers bid 3.18 times the shares on offer, while retail and non-institutional portions were subscribed 1.28 times and 1.26 times, respectively.
• The issue is a pure offer for sale of 1.87 crore shares, so all proceeds go to selling shareholders rather than the company.
• Promoters Sunil Kumar Pillai, Krishna Raj Sharma, and Srinivasan Sriram, along with Sundara (Mauritius), an affiliate of Creador, are among the sellers.
• The price band is Rs 284–299 per share, implying an issue size of about Rs 560 crore and an upper-band valuation near Rs 1,600 crore.
• Grey market indications near Rs 3, an unofficial gauge, point to a likely flat or marginal listing on the BSE and NSE.