Shares of Divgi TorqTransfer Systems Ltd were trading at a premium of ₹24 per share on the grey market on Wednesday, according to topsharebrokers.com.
The initial public offer (IPO) price per share is ₹590 while its estimated listing price as of current grey market premium is ₹614, 4.07% higher.
The 'Grey Market Premium' (GMP) refers to investors' readiness to pay more than the issue price.
However, according to the brokerage, Wednesday's grey market price trend indicates lower side. The trend is expected to further slide down on the listing day. The lowest GMP is recorded at ₹0 while the highest has been ₹72.
The company has fixed the price band at ₹560 to 590 per equity share for the proposed initial public offer.
The allotment of shares for the company's IPO is scheduled to take place on Thursday, March 9.
On the final day, Divgi TorqTransfer Systems received fantastic response from qualified institutional buyers (QIBs), retail investors, and non-institutional investors. The issue was subscribed by 5.44 times on Day 3.
The IPO of Divgi TorqTransfer Systems was subscribed 12% on Day 1, and 38% on Day 2. The public issue that opened for subscription on March 1, closed on March 3.
The book running lead managers (BRLM) of the issue are Inga Ventures Private Ltd and Equirus Capital Private Ltd. The registrar to the offer is Link Intime India Private Ltd. The equity shares are proposed to be listed on NSE and BSE.
The shares of Divgi TorqTransfer Systems will be listed on the bourses on Tuesday, March 14.