Overview

• The Rs3,500 crore IPO comprises a Rs2,500 crore fresh issue and a Rs1,000 crore offer-for-sale at a price band of Rs413-435 per share with a minimum lot of 34 shares.
• Day 2 overall subscription stood at 0.09 times with QIBs at 0.03 times, NIIs at 0.05 times and retail investors at 0.29 times.
• Shares are trading at an unofficial grey market premium of Rs12.5, implying a potential listing near Rs448 per share.
• Proceeds will fund the repayment of roughly Rs2,300 crore in borrowings to help the company achieve a net debt-free position.
• The subscription window closes on May 28, allotment is slated for May 30 and trading is scheduled to begin on the BSE and NSE on June 2.