B.R.Goyal, Delta Autocorp, Avax Apparels SME IPOs' GMP surges up to 85% on strong public demand

B.R.Goyal, Delta Autocorp, Avax Apparels SME IPOs' GMP surges up to 85% on strong public demand

Small and Medium Enterprises (SME) IPOs by B.R. Goyal Infrastructure, Delta Autocorp and Avax Apparels and Ornaments have captured investor interest, with strong public demand driving grey market premiums (GMP) to surge as high as 85 percent, according to market observers.

These SME offerings coincide with key mainboard IPOs, including Quadrant Future Tek Limited, which opened for subscription on 7th January and Standard Glass Lining Technology Limited, which is set to close on 8th January.

Despite the competition from larger IPOs, the SME issues continues to garner robust bidding as well as high premium in the grey market.

Market observers note that the robust subscription figures for these IPOs have translated into sharp upticks in their grey market premiums. The GMP, an unofficial indicator of listing day expectations, is currently as follows:

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IPO Details

B.R.Goyal Infrastructure: Madhya Pradesh-based B R Goyal Infrastructure's Rs 85.21-crore initial share sale for public subscription opened on January 7, with a price band of Rs 128-135 per share.

Incorporated in 2005, B R Goyal provides engineering, procurement and construction (EPC) services for third parties (majorly for government departments), primarily in the roads & highways, commercial complex, industrial parks, and housing projects, with ongoing projects in Madhya Pradesh, Maharashtra, Gujarat, Haryana, Uttar Pradesh, Mizoram and Manipur.

It is also engaged in the wind power generation, manufacturing ready-mix concrete (RMC) and toll collection contract (TCC).

Delta Autocorp: The electric two-and-three-wheeler maker under the brand Deltic, opened its Rs 54.6-crore initial share sale for public subscription on January 7. The IPO is a combination of fresh issue of 38.88 lakh equity shares and an offer-for-sale of 3.12 lakh shares by promoter Ankit Agarwal. It will finalise the share allotment by January 10.

Avax Apparels and Ornaments: Avax, the wholesaler of knitted fabric and seller of silver ornaments, intends to raise Rs 1.92 crore via fixed price public issue, at a price of Rs 70 per share. The opening and closing date for the offer will be January 7 and January 9.

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