Overview
- Shares opened at Rs 505 on the NSE and Rs 498 on the BSE versus the Rs 397 issue price, reflecting premiums of 27.20% and 25.44% respectively.
- Investor demand was exceptionally strong with overall subscription reported around 59–62 times, including 174.78 times by qualified institutional buyers.
- The Rs 3,600 crore IPO was entirely an offer-for-sale, so no fresh capital went to the company and proceeds accrued to selling shareholder Tenneco Mauritius Holdings.
- Allotment was finalised on November 17 with shares credited and refunds processed ahead of the November 19 listing on the NSE and BSE.
- Pre-listing grey market signals indicated a premium of roughly Rs 103–122, implying about 26–31% gains that were broadly reflected in the opening trade.