May 23, 2024
New Delhi, India
Belrise Industries Ltd’s initial public offering (IPO) has garnered a strong response from investors as it enters the final day of bidding on Friday, May 23. The IPO, which opened on May 21, has been subscribed 5.29 times so far, indicating solid interest across investor categories.
The company, a leading automotive component manufacturer known for its safety-critical systems, has set a price band of ₹85 to ₹90 per share. At the upper end of the range, Belrise aims to raise ₹2,150 crore through a fresh issue of 23.89 crore equity shares.
Subscription Status
As of 11:15 AM on Day 3, the public issue received bids for 93.61 crore equity shares against 17.70 crore on offer.
Retail investors: Subscribed 2.22 times
Qualified Institutional Buyers (QIBs): Subscribed 0.78 times
Non-Institutional Investors (NIIs): Subscribed 18.46 times
The IPO is running alongside the Borana Weaves IPO in the primary market this week.
GMP Hints at Nearly 19% Listing Gain
Belrise Industries is also commanding strong demand in the grey market. According to market observers, the grey market premium (GMP) for the IPO stands at ₹17 per share. This implies that Belrise shares are trading at ₹107 apiece, which is an 18.89% premium over the upper issue price of ₹90.
Such a premium signals market optimism over the company’s future performance and potential listing-day pop.
With investor interest holding firm and grey market trends staying positive, all eyes are now on the final allotment and listing of Belrise Industries on the bourses.
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