The public issue opened on a Wednesday and saw its institutional investor portion fill within the first 100 minutes of trading, setting a new pace for the market. By Thursday afternoon, the offering surpassed four times its total size, drawing heavy participation across multiple categories.
Institutional Bidding Drives Quick Oversubscription
Institutional interest drove the early momentum. Qualified institutional buyers booked 9.69 times their allocated portion, while non-institutional investors subscribed at 3.78 times. Retail investors filled their category 1.25 times over by Thursday morning, according to data from the Bombay Stock Exchange.
Share Prices Range from 1,056 to 1,119 Rupees
The offering included dedicated quotas for specific groups associated with the parent enterprise.
Pricing for the issue ranges between 1,056 rupees and 1,119 rupees per share, with a lot size fixed at 12 shares. At the upper end of the price band, a single retail lot costs 13,428 rupees. Retail participants can apply for a maximum of 14 lots, equivalent to 168 shares valued at 187,992 rupees. When trading begins, the company is expected to rank as the fourth-largest listed enterprise in the country, trailing Reliance Industries, Bharti Airtel, and HDFC Bank, according to reporting from Reuters cited by the BBC.
Lottery System Handles Oversubscribed Retail Allotments
Heavy oversubscription means many applicants will not receive shares. Under guidelines from the Securities and Exchange Board of India (SEBI), when demand exceeds the available supply in the retail category, allotments are handled through a lottery system or proportionate distribution to ensure fair chances.
When an IPO creates significant buzz in the market, the company's performance is strong, and shares are traded at a premium in the grey market, such IPOs can become oversubscribed many times over. Milan
Market participants often hold misconceptions about increasing their allotment odds. Applying for multiple lots in the retail category does not improve chances, because retail allotment is calculated per application rather than per lot. Milan Mehta noted that bidding for oversized lots offers no structural advantage in a heavily subscribed retail pool, recommending instead that applicants verify every detail on their forms to prevent technical rejections caused by mismatched Permanent Account Numbers or bank errors.
It is also a misconception that your chances of getting shares increase if you apply for multiple lots. In the retail category, allotment happens per application, not per lot. Therefore, applying for large lots provides no benefit. Milan
Public Issue Closes on October 23 2026
The public issue closes on October 23, 2026, with UPI mandate approvals required by 7:00 p.m. on the closing day. The registrar processes share allotments around October 26, initiates refunds for unsuccessful applicants by October 27, and targets stock listing for October 28.