As many as three mainboard IPOs will debut on Dalal Street on December 18. Vishal Mega Mart, MobiKwik, and Sai Life Sciences are set to debut on the stock exchanges today, with investors cautiously eyeing decent listing gains despite the prevailing weak sentiment in the broader market. The expectations of good returns stem from trends seen in the grey market, an unofficial trading platform where shares start trading before they list on the bourses.
Data from Chittorgarh shows that the highly anticipated Vishal Mega Mart's Rs 8,000-crore mega IPO could debut with a 29 percent premium, bringing the listing price to Rs 100. The current GMP is higher than the 20 percent seen last week but marks a decline from the 35 percent levels observed before the IPO opened for subscription.
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Vishal Mega Mart, which operates a pan-India network of 645 stores, witnessed 27 times oversubscription. Investors bid for 2,064 crore shares against 75.67 crore shares on offer. The portion for non-institutional investors attracted 14.24 times subscriptions while the share of Retail Individual Investors (RIIs) subscribed 2.31 times. The category for Qualified Institutional Buyers (QIBs) received 80.75 times the subscription.
The company, known for its low-cost offerings like clothes starting at Rs 99 and groceries, competes with retail chains including DMart, and Tata Group's Star Bazaar in India’s $600 billion grocery and supermarket industry.
Fintech major Mobikwik Systems will likely have a bumper debut as grey market estimates suggest a premium of almost 60 percent from the issue price of Rs 279 per share. This takes the estimated listing price to Rs 440. MobiKwik's Rs 572-crore public offer is entirely a fresh issuance of equity shares.
Over three days, the offer received a staggering 119.38 times subscription, driven by heavy participation from retail and non-institutional investors. The initial share sale by the fintech firm One MobiKwik Systems Ltd received bids for over 141 crore shares against 1.18 crore shares on offer, according to data available with the NSE. Retail Individual Investors (RIIs) picked up 134.67 times subscriptions while the quota for non-institutional investors was subscribed 108.95 times. The Qualified Institutional Buyers (QIBs) portion attracted 119.50 times subscriptions.
Also read: IPOs in 2024: The hottest SME and mainboard listings that grabbed the headlines
Shares of TPG Capital-backed Sai Life Sciences are poised to make a muted market debut and likely list at a premium of just 13 percent over the issue price of Rs 549 apiece. The estimated listing price would be Rs 621, Chittorgarh data shows.
The Rs 3,043-crore public offer is a mix of fresh issuance of Rs 950 crore worth of shares and an offer-for-sale of 3.81 crore shares worth Rs 2,092.6 crore by existing shareholders, including promoters and investors.
Over three days, Qualified Institutional Buyers (QIBs) led the demand for the issue, as their portion was subscribed to 30.93 times the total shares on offer. The portion reserved for non-institutional investors was subscribed 4.92 times, while the retail investor portion was subscribed 1.37 times the total shares on offer for them.
In 2024, 75 Indian companies raised over Rs 1.5 lakh crore through mainboard IPOs, marking a new record, according to data from Prime Database.
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