GMP of Emerald Tyres and Nisus Finance has surged up to 70 percent as the initial public offer (IPO) of the two issues witnessed robust subscription.
Grey Market Premium is one of the key indicators of market sentiment surrounding an IPO ahead of its listing. A high GMP indicates that investors are willing to pay a significant premium over the IPO's issue price to secure a stake in the company.
According to Investorgain, tracking the grey market premium activities, the GMP for Emerald Tyre Manufacturers has soared in the price range of Rs 75 in the unregulated market, indicating a premium of 79 percent. However, GMP is just an indication and the actual listing price may differ.
On the second day of the share sale, the SME issue of Emerald Tyre Manufacturers was subscribed over 72 times. The issue will close for public subscription on 9th December. The allotment is expected to take place on December 10, while the listing of shares is proposed to take place on 12th December.
Tamil Nadu-based Emerald Tyre Manufacturers makes tyres for material handling applications under the brand name GRECKSTER. It mobilised Rs 13.91 crore via anchor book of 14.64 lakh shares on December 4. The price band for the offer is Rs 90-95 per share.
Meanwhile, Nisus Finance Services equally seems to be in demand according to grey market trends. The shares are commanding a GMP of around 45 percent.
The public issue of Nisus Finance Services Co continued to see a healthy response from investors, who subscribed nearly 55 times on December 6, the final day of bidding. The listing is proposed to take place on 11th December. The price band for the offer is Rs 170-180 per share.
The company that provides financial services such as transaction advisory, and fund and asset management, targets to raise Rs 114.2 crore through its initial share sale consisting of a fresh issue of 56.45 lakh shares worth Rs 101.6 crore, and an offer-for-sale of 7 lakh shares worth Rs 12.61 crore at the upper end of the price band of Rs 170-180 per share.
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