Business
NSE grey market premium shrinks to about 4.8%
The Economic Times··2d ago
Traders quote NSE shares at a grey market premium near ₹83 over the ₹1,785 IPO price, about 4.8 percent, down from 14 to 17 percent. The ₹22,561-crore issue was subscribed 5.71 times and lists Thursday. At ₹1,785 the exchange values near ₹4.42 lakh crore versus BSE's ₹1.33 lakh crore. Brokers expect only 88.6 million shares freely tradable after lock-ins.
Prism
What It Means For You
- Sebi rules lock most pre-issue non-promoter shares for six months from allotment, limiting early supply.
- Anchor investors hold 37.8 million IPO shares that also face post-listing lock-in restrictions.
- Limited float could mean sharper opening-day moves than the muted grey market premium suggests.
What's Happening
- The entirely offer-for-sale IPO sold up to 126.4 million shares from 10 existing shareholders.
- LIC held 10.7 percent of NSE as of June, the largest disclosed shareholder in filings.
- Manish Bhandari of Vallum Capital said tight supply shapes expectations beyond grey market quotes.
Ownership and demand math
- Roughly 94.9 percent of 2,475 million outstanding shares constituted pre-issue capital.
- Foreign institutional investors held 26.41 percent while small retail holders accounted for 12.71 percent.
- The issue drew bids for 505.81 million shares against 88.6 million on offer excluding anchors.
all-news
