Overview
- The grey-market premium slid from a peak near Rs 108 to single digits of about Rs 8–15 ahead of the debut, pointing to minimal listing upside.
- Shares are slated to list around November 10–11 on the BSE and NSE at an issue price of Rs 402 for a Rs 7,278.76 crore offering.
- The book was subscribed about 28.27 times overall, with the strongest demand from institutions as the QIB tranche topped 40 times.
- Ambit initiated coverage with a sell rating and a Rs 337 target, citing a capital‑intensive model, a planned ~Rs 2,000 crore capex and free cash flow likely turning positive only by FY28.
- Other brokerages such as SBI Securities and Nirmal Bang recommend the issue for long‑term investors given FY25 profitability improvements, though they caution that near‑term listing gains may be limited.