On December 21, 2023, the INOX India share price had a significant debut on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The shares were listed at ₹949.65 on NSE and ₹933.15 on BSE, showing a strong 44% premium compared to the issue price of ₹660. This favourable market reaction is consistent with the sentiment in the grey market, where the INOX India IPO GMP stands at +440, indicating a premium of ₹440.
Listing Highlights:
The INOX India IPO, which had a price band of ₹627 to ₹660 per equity share, received considerable interest. The subscription period, from December 14 to December 18, witnessed anchor investors contributing ₹437.8 crore on December 15. The IPO lot size consisted of 22 equity shares, with additional multiples of 22 equity shares.
The allocations in the public issue were designed to ensure that no more than 50% of shares were reserved for qualified institutional buyers (QIB), at least 15% for non-institutional investors (NII), and a minimum of 35% for retail investors.
Company Overview:
The company's IPO includes an opportunity for the sale of up to 22,110,955 equity shares by various selling shareholders, including individuals like promoters Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain. It is worth mentioning that Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, Ishita Jain, and Manju Jain are all among the selling shareholders.
ICICI Securities Limited and Axis Capital Limited have been appointed as the book-running lead managers (BRLM) for the INOX IPO, while KFin Technologies Limited will serve as the registrar.
Grey Market Premium and Future Outlook:
As of today, it is worth noting that the INOX India IPO GMP continues to be at +440, which is in line with the previous session. This indicates that INOX India share prices are trading at a premium of ₹440 in the grey market, as reported by investorgain.com. Taking into account the upper end of the IPO price band and the current grey market premium, it is projected that the estimated listing price of INOX India shares would be around ₹1,100 each, reflecting a significant 66.67% increase from the IPO price of ₹660.
The 'grey market premium' reflects investors' strong anticipation for the performance of INOX India shares, indicating their willingness to pay more than the issue price.
In conclusion, the debut of INOX India shares in the stock market is seen as a promising beginning, characterized by a substantial premium and a positive outlook from investors. As the company embarks on this new phase, market participants are closely monitoring its progress.
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