Shares of Udayshivakumar Infra Ltd were trading at a premium of ₹15 per share on the grey market on Monday, according to topsharebrokers.com.
The initial public offer (IPO) price per share is ₹35 while its estimated listing price as of current grey market premium is ₹50, 42.86% higher.
The 'Grey Market Premium' (GMP) refers to investors' readiness to pay more than the issue price.
According to the brokerage, Monday's grey market price trend indicates upside and a strong listing is expected. The lowest GMP is recorded at ₹5 while the highest has been ₹18.
The company fixed the price band at ₹33 to 35 per equity share for the initial public offer.
The allotment of shares for the company's IPO is scheduled to take place on Tuesday, March 28.
On Day 4 of subscription, the issue saw overwhelming response from non-institutional investors (NIIs) who subscribed to it 60.42 times followed by qualified institutional buyers (QIBs) who subscribed to the issue 40.47 times. Retail investors' portion was subscribed 14.10 times. The issue was subscribed 30.63 times overall.
The IPO of Udayshivakumar Infra was subscribed 58% on Day 1, and was subscribed 2.20 times on Day 2. The issue was subscribed 5.15 times on Day 3.
The public offering, which has a face value of ₹10 per equity share, consists of a fresh issue of shares worth ₹66 crore. There is no offer-for-sale (OFS) part of the offer.
About 60% of the offer is reserved for retail investors, while 30% is put aside for non-institutional investors. At the same time, 10% of the issue is set aside for qualified institutional buyers.
Saffron Capital Advisors Private Ltd is the sole book running lead manager (BRLM) of the issue, and MAS Services Ltd is the registrar.
