INOX India IPO: GMP jumps on strong subscription status

The initial public offering (IPO) of INOX India Limited opened for subscription on 14th December 2023 and it will remain open till 18th December 2023. This means, investors have just one day in hand to apply for the IPO as bidding for the public issue is ending on Monday next week.

The cryogenic equipment maker and supplier company has fixed INOX India IPO price band at Rs.627 to Rs.660 per equity share. After two days of bidding, the public issue has been subscribed 7.14 times.

Meanwhile, after two days of strong subscription, grey market has gone further bullish on the public issue. According to stock market observers, shares of the company are available at a premium of Rs.535 per equity share, which is Rs.205 higher from its Thursday GMP of Rs,330.

As per the market observers, INOX India IPO grey market premium (GMP) today is Rs.535, which is Rs.205 higher from its Thursday GMP of Rs. 330. They said that strong response by investors and bull trend on Dalal Steet has further boosted the grey market sentiments in regard to INOX India shares. They said that grey market is signaling that investors may get around 80 per cent listing gain from the public offer.

However, stock market experts maintained that GMP is not an ideal indicator about possible listing gain assessment. They said that grey market is non regulated and completely speculative as it has no connect with balance sheet of the company.

In first two days of bidding, the public issue has been subscribed 7.14 times whereas its retail portion has been subscribed 8.17 times. The NII portion of the public offer has been subscribed 13.75 times.