New Delhi: Car manufacturing company Hyundai Motor India is coming up with the country’s biggest IPO. The issue size of this IPO is Rs 27,870.16 crore. This IPO will open for investment from October 15. Investors will be able to bid for it till October 17. The company will not issue any fresh shares in this IPO. A total of 14.22 crore shares will be issued. These shares will be issued under Offer for Sale (OFS). This IPO is not getting good response in the gray market.
The world’s most powerful person will invest in the country’s biggest IPO, know the ongoing GMP?
First know the complete details of IPO
The IPO will open from October 15 to October 17. Allotment will take place on October 18. Its listing will take place on October 22. The price band of this IPO has been kept between Rs 1865 to Rs 1960. There are 7 shares in one lot. For this, Rs 13,720 will have to be invested. A retail investor can book a maximum of 14 lots.
What is the situation in the gray market?
This IPO has already hit the gray market even before it opens. Ever since its price band was announced, it has been continuously falling in the gray market except once. Its gray market premium (GMP) was Rs 175 on October 9, which was the highest. Even on this GMP, it was expected to be listed at only 9 percent premium. Its GMP has been falling continuously since October 9. Now its GMP has fallen to only Rs 75. That means it can be listed at Rs 2035 with a premium of 3.83 percent. If this happens then it will be considered as flat listing. That is, listing will be at approximately the same price as the share in IPO. It cannot be said whether it will strengthen after such a weak listing or not.
What will be the situation next?
There are still about 10 days left for this IPO to be listed. In such a situation, it is possible that its GMP may see a rise in the coming days. But considering some past trends, this can hardly be expected. Also, considering the rate at which its GMP has declined in the last few days, there is little hope of its increase. However, whether the decision of the investors is right or wrong, it will be known only on the day of listing on October 22.