scorecardresearchKFin Technologies trades at a premium of ₹10 on the grey market ahead

KFin Technologies trades at a premium of 10 on the grey market ahead of share allotment on Monday

Updated: 23 Dec 2022, 01:12 PM IST
TL;DR.

  • Friday's KFin Technologies IPO grey market premium trend indicates upside and expects strong listing. The lowest GMP is recorded at 0 while the highest is at 10. The IPO will be listed on the bourses on December 29.

KFin Technologies IPO: Allotment of shares will take place next week

KFin Technologies IPO: Allotment of shares will take place next week

Shares of KFin Technologies Ltd is currently trading at a premium of 10 per share on the grey market on Friday, according to topsharebrokers.com.

The initial public offer (IPO) price per share is 366 while its estimated listing price is 376, 2.73% higher. This makes a grey market premium of 10 per share.

The 'Grey Market Premium' (GMP) refers to investors' readiness to pay more than the issue price.

According to the website, Friday's IPO GMP trend indicates upside and expects strong listing. The lowest GMP is recorded at 0 while the highest is at 10. The IPO will be listed on the bourses on December 29.

Since December 14, the shares of the company have been traded in the grey market.

The allotment of shares of KFin Technologies Ltd IPO will take place next week on Monday, December 26. The subscription of the IPO that opened this week on December 19, closed on December 21.

The IPO issue was subscribed 2.59 times on the final day on the back of strong response from qualified institutional buyers and retail investors.

The issue was subscribed 55 percent on the first day, and 70 percent on the second day.

The company intends to raise 1,500 crore through the issue that is entirely an offer for sale.

The issue is priced at 347 to 366 per share, and the minimum order quantity is 40 shares.

ICICI Securities Ltd, Kotak Mahindra Capital Company Ltd, and J.P. Morgan India Private Ltd are the book running lead managers of the public issue.

As per the Red Herring Prospectus, the company expects that listing of the equity shares will enhance its visibility and brand image, provide liquidity to its shareholders, and will also provide a public market for the equity shares in India.

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First Published: 23 Dec 2022, 01:03 PM IST