Shah Investor’s IPO subscribed 3x on Day 3 so far – Check GMP

According to fresh market updates, The initial public offering (IPO) of Shah Investor's Home was subscribed 3.08 times on the third and final day of bidding so far on Wednesday, according to NSE data.

The Rs 90.17-crore IPO received bids for 1.16 crore shares against 37.79 lakh shares on offer, the data revealed till 11:30 am.

The portion reserved for non-institutional market participants (NIIs) was subscribed 5.81 times, while the retail investor category was subscribed 3.05 times. The qualified institutional buyers (QIBs) portion was subscribed 1.08 times.

The firm has set the price range at Rs 159-167 per share.

According to platforms tracking grey market activities, the shares of Shah market participants Home are commanding a premium of around 9 percent. Investorgain quoted a grey market premium (GMP) of Rs 15 for the shares, indicating a stock-exchange debut gain of 8.98 percent. IPO Watch additionally quoted a GMP of 9 percent.

The firm plans to use Rs 60 crore of the net IPO proceeds towards working capital requirements. The remaining funds will be used for general corporate purposes.

The share allotment is anticipated to be finalised by October 1, while the equity shares are scheduled to be listed on the BSE and NSE on October 6.