Three mainboard IPOs- One Mobikwik Systems, Vishal Mega Mart and Sai Life Sciences, opened for bidding today, on Wednesday, December 11. Fintech player Mobikwik saw a strong bid in the early session on the first day, while other two were off-to a muted debut. All three issues will conclude for bidding on Friday, December 13.
Mobikwik’s issue was fully subscribed within one hour, thanks to strong bidding from retail investors whose portion was booked over 11 times. Allocation for non-institutional investors (NIIs) was booked 2.5 times. As per data from BSE, the investors made bids for 3,13,24,749 equity shares, or 2.64 times, compared to the 1,18,71,696 equity shares offered for the bidding by 12.20 pm.
One Mobikwik Systems is selling its shares in the price band of Rs 265-279 apiece. Investors can apply for a minimum of 53 shares and its multiples thereafter. It is looking to raise Rs 572 crore via IPO, which is entirely a fresh share sale of up to 2,05,01,792 equity shares.
Similarly, Vishal Mega Mart’s issue was subscribed 18 per cent and Sai Life Sciences primary offering was booked merely 5 per cent as of the given time. For Vishal Mega Mart’s issue, retail and NIIs portions were booked 25 per cent each. Retail portion in Sai Life Sciences IPO was booked 9 per cent, while NIIs allocation saw 4 per cent bids. QIB portion did not see any bids.
Vishal Mega Mart is eyeing to raise a total of Rs 8,000 crore via IPO, by selling its shares in the price band of Rs 74-78 apiece, with a lot size of 190 shares. The issue is entirely an offer-for-sale (OFS) by the promoters. Sai Life Science is offering its shares in the range of Rs 522-549, with a lot size of Rs 27 shares, to raise Rs 3,042.6 crore. It includes a fresh share sale of Rs 950 crore.
The strong response for Mobikwik IPO is following its strong grey market premium (GMP), where it is currently exchanging hands at Rs 135-140 apiece, suggesting strong gains of 50 per cent to the investors. Similarly, Vishal Mega Mart is commanding a GMP of Rs 20 apiece, signaling 25-26 per cent listing pop for the investors. Sai Life Sciences is a laggard in the unofficial market, where its premium stood at Rs 40-45 or 8 per cent above the issue price.
