Overview

• Shares opened around Rs 1,710–1,715 versus the Rs 1,140 issue price, with roughly a 50% listing premium on NSE and BSE.
• Trading was heavy at the open, with about 89.3 million shares worth roughly Rs 8,500 crore changing hands in the first 30 minutes as the stock swung off early highs.
• The IPO drew bids for about 3.85 billion shares, translating to 54.02 times overall subscription and approximately Rs 4.4 lakh crore by value.
• Grey market indicators had suggested gains near 37–38% based on a ~Rs 430 GMP, but the actual listing exceeded those unofficial signals.
• Brokerages including Nomura, Motilal Oswal, Ambit, ICICI Securities and Emkay initiated ‘Buy’ calls citing strong FY25 results, a debt-free balance sheet and brand leadership, while flagging potential demand and competition risks.