The Rs 1,008.59 crore IPO by Happy Forgings, which ran from December 19 to December 21, was sold in the price band of Rs 808-850 per share.
Domestic equity markets will see three stocks making debut on Wednesday in what is the last week of Calendar 2023. If one goes by grey market trends, Happy Forgings, Credo Brands Marketing and RBZ Jewellers could deliver nil to positive listing gains tomorrow.
The three companies cumulatively raised about Rs 1,660 crore via their primary stake sales. Their premia in the unofficial market has taken a toll following less-than-expected listings seen on Suraj Estate Developers, Motisons Jewellers and Muthoot Microfin. Here's what the latest grey market premiums (GMP) suggested about the forthcoming listings:
Happy Forgings
Ahead of its listing, Happy Forgings was commanding a grey market premium (GMP) of Rs 280-300, suggesting about 33-35 per cent listing pop over its issue price of Rs 850 apiece. The premium in the unofficial market has come down a bit. It stood at around Rs 450, ahead of the bidding process.
Happy Forgings sold its IPO in the price band of Rs 808-850 per share and at a lot size of 17 shares between December 19 to December 21. The company raised a little more than 1,008.59 crore from its IPO. The issue was overall subscribed 82.04 times during the three day bidding process.
Happy Forgings, incorporated in July 1979, is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components. Happy Forging has three manufacturing facilities, two in Kanganwal and one in Dugri, all located in Ludhiana, Punjab.
Credo Brands Marketing
Credo Brands Marketing, the parent company of Mufti menswear, was commanding grey market premium (GMP) at Rs 80-90 ahead of its listing, suggesting a mild listing gain of 28-33 per cent for the investors, compared to its issue price of Rs 280 apiece. However, the premium in the unofficial market was at Rs 130-140 before the bidding commenced.
Credo Brands Marketing's IPO was open between December 19 and December 21 as the retail fashion player offered its shares in the price band of Rs 266-280 per share with a lot size of 53 shares. The company raised about 550 crore from its initial stake sale, which was overall subscribed 51.85 times during the bidding process.
Incorporated in 1999, Credo Brands Marketing, known for its flagship brand 'Mufti,' started its product line in 1998 with shirts, T-shirts, and trousers. Presently, it offers a diverse range of products, including sweatshirts, jeans, cargos, chinos, jackets, blazers, and sweaters.
RBZ Jewellers
There is nil grey market premium (GMP) on RBZ Jewellers. There are no signals for any sort of listing pop for investors from the RBZ Jewellers's IPO. The IPO ran from December 19 and December 21. The jeweller had offered its shares in the price band of Rs 95-100 per share with a lot size of 150 shares. The company raised a Rs 100 crore from its initial stake sale, which was overall subscribed a 16.86 times.
RBZ Jewellers is a gold jewellery manufacturer specialising in the creation of antique designs. It designs and manufactures a wide range of antique gold jewellery consisting of jadau, meena and kundan work and sells it on wholesale and retail basis. The company's wholesale customer base includes reputed national, regional and local family jewellers across 19 states and 72 cities.
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