The IPO of Archean Chemical was subscribed more than 32 times.
The highest number of bids were received in the portion reserved for QIBs.
The company can allot its shares on November 16.
New Delhi. Archean Chemical Industries Limited’s IPO closed on Friday, November 11. This IPO of Rs 1462.31 crore got 32.23 times more bids. The portion reserved for QIBs of this IPO was subscribed 48.91 times. The portion reserved for retail bidders received bids 9.96 times. After the closing of the bids, now it is getting tremendous response in the gray market.
The GMP (grey market premium) of this stock was Rs 66 on Friday. It has increased by Rs 14 to reach Rs 80 on Saturday. According to experts, amidst the positive sentiment in the stock market, Archean Chemical is getting a good response in the grass market. He says that if the bull run continues in the market, then the GMP of this stock will go up further.
read this also- Foreign exchange reserves dived again, declined by $ 1.09 billion in seven days
How many shares can be listed?
If today’s GMP is calculated on the basis of the upper part of the issue price, then its share can be listed around Rs.487. Significantly, the issue price of the IPO was Rs 386-407. The GMP of the stock is currently about 20 per cent higher than the upper band of the issue price. If this trend continues, then investors will get huge earnings on the day of listing. Explain that brokerage Geojit had advised to ‘subscribe’ to the IPO of Archean Chemical. The allotment of its shares can be done on 16 November.
what is gmp
The price of shares in the market is estimated informally before the shares are listed. This value is discussed among experts, investors and market experts. Keep in mind that all these things are informal. Gray market premium is not regulated by any authority. Therefore, after buying shares on the basis of this, if you suffer huge loss or you feel that something wrong has happened, then also you cannot complain about it. This is just a price based on speculations. Market experts believe that you should focus on the balance sheet of the company more than GMP. One should always invest keeping in mind the fundamentals of the company to earn good profits in the long term.
Tags: business news in hindi, IPO, Share market, stock market
FIRST PUBLISHED : November 12, 2022, 12:34 IST