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Four mainboard initial public offerings (IPOs) — Vikram Solar, Shreeji Shipping Global, Gems Aromatics and Patel Retail — are witnessing their second day of bidding on Wednesday, August 20. The bidding window for all four issues will be closed on Thursday, August 21. On the second day of bidding so far, till 2:00 pm, Patel Retail has attracted the strongest demand so far at 13.96x, whereas Gem Aromatics witnessed a relatively weak response at 2.08x. Renewable energy company Vikram Solar and logistics solutions provider Shreeji Shipping have received 3.55x and 4.84x subscriptions, respectively, so far.
Gem Aromatics IPO Vs Patel Retail Vs Vikram Solar Vs Shreeji Shipping: Know Subscription & GMP Today
Four mainboard initial public offerings (IPOs) — Vikram Solar, Shreeji Shipping Global, Gems Aromatics and Patel Retail — are witnessing their second day of bidding on Wednesday, August 20. The bidding window for all four issues will be closed on Thursday, August 21. On the second day of bidding so far, till 2:00 pm, Patel Retail has attracted the strongest demand so far at 13.96x, whereas Gem Aromatics witnessed a relatively weak response at 2.08x. Renewable energy company Vikram Solar and logistics solutions provider Shreeji Shipping have received 3.55x and 4.84x subscriptions, respectively, so far.
Patel Retail IPO: Strong Demand, Over 13.96x Subscribed
Patel Retail‘s issue emerged as the clear frontrunner on the opening day with overall subscription of 13.96 times on Day 2 so far. By 2:00 pm on Wednesday, investors put in bids for more than 11.08 crore shares against 78.19 lakh shares on offer. The issue received heavy interest from institutional investors, as the QIB quota was booked 10.05 times. Retail participation also remained strong with 12.77 times subscription, while non-institutional investors subscribed 18.86 times.
The company is selling its shares in the price range of Rs 237 to Rs 255 with a minimum application size of 58 shares. It aims to raise Rs 242.76 crore through the IPO, including a fresh issue worth Rs 217.21 crore and an offer-for-sale of Rs 25.55 crore. Brokerage house Marwadi Financial Services recommended a ‘subscribe' rating, highlighting Patel Retail's diversified portfolio, its aggressive store acquisition strategy and valuations that appear reasonable compared with peers.
Vikram Solar IPO: Largest Issue, 3.55x Booked
Vikram Solar, which has launched the biggest IPO among the four, managed to garner bids for 15.93 crore shares against 4.39 crore shares on offer, translating into an overall subscription of 3.55 times. The retail quota was nearly covered at 2.95x, non-institutional investors subscribed 10 times, while the QIB portion saw only 6 per cent bids on the second day of bidding, as of 2:00 pm.
The solar power player has fixed the price band at Rs 315 to Rs 332 per share, with an application lot size of 45 shares. It is looking to raise Rs 2,079.37 crore, comprising a fresh issue of Rs 1,500 crore and an offer-for-sale of Rs 579.37 crore. Brokerage SMIFS has advised investors to subscribe, pointing to capacity additions, improving utilisation levels, backward integration and a growing order book as positives that should support long-term earnings.
Shreeji Shipping IPO Subscribed 4.95x On Day 2 So Far
Shreeji Shipping Global managed to sail through on day one, with its IPO subscribed 1.08 times in total. However, on Day 2 so far, the issue received 4.95x subscription. The retail quota received 5.23 times, non-institutional investors subscribed 7.74 times, while the QIB portion was relatively muted at 2.38x.
The company is offering shares in the range of Rs 240 to Rs 252 with a minimum lot size of 58 shares. It aims to raise Rs 410.71 crore through a fully fresh issue of 1.62 crore equity shares. According to GEPL Capital, the issue is fairly valued considering the company's plans to expand its fleet and improve operating margins, and the brokerage has given a ‘subscribe' recommendation.
Gem Aromatics IPO: Weak Response, 2.12x Subscribed
Among the four, Gem Aromatics lagged behind with only 2.12x subscription on the Day 2 so far. Retail investors subscribed 2.49x of their quota, non-institutional investors bid for 2.55x, while the QIB category received 1.15x subscription.
The aroma chemicals maker is offering shares in the price range of Rs 309 to Rs 325 with a minimum lot size of 46 shares. It aims to raise Rs 451.25 crore, including a fresh issue of Rs 175 crore. Master Capital said the company is expanding manufacturing capacities for both existing and new products while focusing on sustainability and cost efficiency. The brokerage recommended the IPO for long-term investors.
Grey Market Premium Update
All four IPOs are commanding premiums in the grey market, suggesting likely listing gains for investors:
Patel Retail IPO: Rs 49 GMP, which indicates 19% listing gain over the issue price.
Vikram Solar IPO: Rs 48 GMP, which indicates 14.5% listing gains.
Shreeji Shipping IPO: Rs 30 GMP, which signals about 12% listing gains.
Gem Aromatics IPO: Rs 26 GMP, which shows a potential listing gain of 8%.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.
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Key Dates
All four IPOs opened for subscription on Tuesday, August 19, and the bidding will close on Thursday, August 21. The issues are expected to list next week on August 26 on both BSE and NSE.
Source: News18
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