Delta Autocorp shares listed on the stock exchange with a premium of nearly 35 percent over the issue price on January 14. The SME issue was subscribed 309 times in its three-day bidding window between January 7 - 9 in the primary market.
The shares of Delta Autocorp Limited were listed at Rs 175 per share on the NSE Emerge platform, a premium of 34.61 percent against its issue price. The IPO was priced in the range of Rs 123 - 130. The market valuation of the Kolkata-based company post listing of shares stood at Rs 267.57 crore.
The electric two-wheeler and three-wheeler maker under the Deltic brand approached capital markets to raise Rs 54.60 crore via maiden public issue.
The IPO comprised of fresh issuance of 38.88 lakh shares worth Rs 50.54 crore, and an offer-for-sale of 3.12 lakh shares worth Rs 4.06 crore.
Delta Autocorp IPO sees 309 times subscription on Day 3, GMP soars sharply
On the day of listing, the Delta Autocorp shares were available at around 80 percent premium over the upper price band in the grey market, the market observers said. The grey market is an unofficial market wherein IPO shares can be bought and sold till the listing, while the participants track grey market numbers to gauge the expected listing price, though that may not be a 100% current indication for price.
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The company, which has a network of over 300 dealers across 25 states and Union Territories and focusses on B2B transactions, already mopped up Rs 15.21 crore from institutional investors via anchor book on January 6.
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