Two new companies- JSW Cement and All Time Plastics are to make their Dalal Street debut on Thursday, August 14. If one goes by the current signals from the unofficial market, both issues are expected to deliver a mild listing pop to the investors.
However, listing gains are likely to remain in the single digits, if goes by the latest grey market premia (GMP) for them.
Interestingly, both the listing bound players saw a last minute rise in their GMPs ahead of their stock market debut. Both the IPOs were open for bidding August 07 and August 11, cumulatively raising more than 4,000.60 crore from the primary market investors during the bidding window.
The bigger issue, JSW Cement is commanding a grey market premium of Rs 4-6 per share, suggesting a listing pop of 3-4 per cent for the investors over the issue price of Rs 147 apiece. Its Rs 3,600 crore issue was overall subscribed a strong 7.77 times, fetching over 12.75 lakh applications. The GMP stood around Rs 13 when the issue had opened for bidding.
Smaller in size, All Time Plastics is likely to deliver a listing pop of around 7 per cent to the investors, thanks to its grey market premium of Rs 18-20 per share, which stood around Rs 14 earlier. It sold its shares for Rs 275 apiece to raise a total of Rs 400.60 crore and the issue was overall subscribed nearly 8.34 times, attracting over 4.44 lakh applications.
Brokerage firms were majorly positive on both the issues and suggested subscribing to it. Both the companies will make their Dalal Street debut on NSE and BSE later today. Kfin Technologies served as the registrar of both the issues.
JM Financial, Axis Capital, Citigroup Global Markets India, SBI Capital Markets DAM Capital Advisors, Goldman Sachs (India), Kotak Mahindra Capital were the book-running lead managers of the JSW Cement IPO, while Intensive Fiscal Services and DAM Capital Advisors were the book-running lead managers of the All Time Plastics IPO.