Overview
- Unofficial grey-market quotes fell from about ₹95–₹108 during the offer to roughly ₹6–₹10 just before listing, implying an estimated ₹411–₹412 open against the ₹402 issue price.
- The ₹7,278 crore IPO combined a ₹2,150 crore fresh issue with an offer-for-sale of about 12.75 crore shares, priced in the ₹382–₹402 band.
- Demand was strong at 28.26 times overall, led by QIBs at 40.35x, with NIIs at 18.23x, retail at 7.54x and employees at about 4.95x.
- Trading is slated to begin on the BSE and NSE on November 10 after allotment was finalised on November 6.
- Ambit initiated coverage with a sell rating and a ₹337 target, flagging a capex outlay near ₹2,000 crore through FY25–28E, delayed free cash flow until FY28, and a roughly 55x EV/EBITDA multiple on the India business.