Overview
- Business Today reported the offer was fully subscribed on Day 1 with retail and institutional quotas taken.
- The anchor allocation was reported at Rs 3,268 crore from SBI Mutual Fund, HDFC Mutual Fund and Franklin Templeton, though NDTV cited bids of about Rs 68,000 crore, highlighting inconsistent figures on anchor interest.
- Shankar Sharma called India “the dumbest IPO market,” arguing anchor-led hype fuels overpricing and post-listing collapses seen in Paytm, Nykaa, Zomato and CarTrade, and he said he has no interest in the issue.
- Persistence Capital said it skipped the IPO, and Quant Mutual Fund’s Sandeep Tandon criticized current offerings as overpriced, noting data that about 60% of recent listings trade below their issue prices.
- Critics pointed to a roughly Rs 70,000 crore valuation that implies more than 10 times sales and around 230 times earnings even as subscription interest stayed strong.