Tag: Grey Market Premium

  • Moneyview IPO Day 1: 37% Subscription with Grey Market Premium Soaring to 42%

    Moneyview IPO Day 1: 37% Subscription with Grey Market Premium Soaring to 42%

    Moneyview’s initial public offering (IPO) received bids for 37% of the shares on offer by 11:25 a.m. on September 24, according to NSE data. The Bengaluru-based fintech company has set a price band of Rs. 32–34 per share, and the bidding window will close on September 28.

    Moneyview IPO Subscription and Grey Market Premium

    Investors bid for 8,62,08,003 shares against 23,25,24,175 shares available at the time of the NSE snapshot. Retail investors subscribed to 55% of their allotted shares, while non-institutional investors subscribed to 43%. These figures cover only the opening hours of the three-day offer.

    Moneyview shares carried a grey market premium (GMP) of about Rs. 14 on the morning of September 24, according to InvestorGain. That was roughly 42% above the top of the Rs. 34 price band and pointed to an estimated price of Rs. 48 per share. An earlier report put the premium near 32%, showing that quoted GMP figures can change. Grey market trades are unofficial, and their prices do not determine where a stock will list.

    Issue Size, Price Band and Key Dates

    The Moneyview IPO totals about Rs. 1,092 crore, comprising a fresh issue of Rs. 750 crore and an offer for sale of about Rs. 341.68 crore. Under the offer for sale, existing shareholders will sell shares; Moneyview will receive the proceeds from the fresh issue.

    Investors can bid in lots of 441 shares. At the upper price of Rs. 34, one lot costs Rs. 14,994. The company expects to finalise the allotment on September 29 and list its shares on the BSE and NSE on October 1, under the tentative timetable.

    Before public bidding began, Moneyview raised Rs. 327.5 crore from anchor investors by allotting 9.63 crore shares at Rs. 34 each. Participants included SBI Mutual Fund, ICICI Prudential AMC, HDFC AMC, Goldman Sachs and Amundi Funds.

    How Moneyview Plans to Use the Proceeds

    Moneyview plans to put Rs. 325 crore from the fresh issue toward loan disbursals under default loss guarantee arrangements. It also plans to invest Rs. 250 crore in its subsidiary, Whizdm Finance, to strengthen the lender’s capital base. The company has earmarked the remaining net proceeds for general corporate purposes.

    The company connects customers with banks, non-banking lenders, insurers and other financial firms through its digital platform. Its products include personal loans, insurance, credit cards and digital gold. Moneyview reported 14.03 crore registered users and 48 financial partners as of June 2026.

    Financial Performance and IPO Managers

    For the June 2026 quarter, consolidated net profit rose to Rs. 173.8 crore from Rs. 67.2 crore a year earlier. Revenue from operations increased 50.2% to Rs. 1,041.1 crore. For the year ended March 2026, profit rose 1.2% to Rs. 244.1 crore, while revenue grew 43.3% to Rs. 3,351.2 crore.

    Axis Capital, BofA Securities India, IIFL Capital Services and Kotak Mahindra Capital Company are managing the IPO. Public bidding remains open through September 28, with final subscription figures due after the offer closes.

  • NSE IPO Set for BSE Debut on September 24: Grey Market Premium Drops to Rs 45.5

    NSE IPO Set for BSE Debut on September 24: Grey Market Premium Drops to Rs 45.5

    NSE’s Long-Awaited Public Debut

    The National Stock Exchange of India (NSE) is set to begin trading on the BSE on September 24, after its Rs 22,562 crore initial public offering attracted solid demand from both retail and institutional investors. The IPO closed on September 21, and the listing marks NSE’s first appearance as a publicly traded company.

    Because the offering is structured as an offer for sale (OFS), the proceeds will go to existing shareholders rather than to the exchange itself. The issue carried a price band of Rs 1,700 to Rs 1,785, with eight shares per lot.

    GMP Cools Ahead of Listing

    Heading into the debut, the grey market premium (GMP) has cooled sharply, signaling more measured expectations among unofficial market participants. Moneycontrol reported a GMP of around Rs 45.5 on September 22, implying a listing price of roughly Rs 1,830 — about 2.55% above the upper end of the IPO price band.

    Earlier estimates had been stronger, with Business Standard reporting a Rs 68 GMP and Mint later citing Rs 81. These unofficial premiums can change quickly before shares begin trading, and the actual listing price may differ from grey market expectations.

    Subscription Highlights

    According to exchange data, the NSE IPO was subscribed 5.71 times by the final bidding day. Institutional demand led the way:

    • Qualified institutional buyers: 12.68 times
    • Non-institutional investors: 6.55 times
    • Retail investors: 1.39 times

    What to Watch on Listing Day

    Trading is expected to begin around 10 AM IST on Thursday, September 24, with the BSE hosting the debut. Market observers have highlighted NSE’s strong position across Indian capital markets and its diversified financial infrastructure.

    Shivani Nyati of Swastika Investmart said the IPO could deliver “minor listing gains,” while also emphasizing the company’s long-term investment case. The opening price will show whether strong institutional participation can overcome the recent cooling in grey market sentiment.

  • NSE IPO Enters Day 2 With 43% Day-1 Subscription; Grey Market Premium Holds Near 8%

    NSE IPO Enters Day 2 With 43% Day-1 Subscription; Grey Market Premium Holds Near 8%

    NSE IPO Bidding Continues After Strong Opening-Day Demand

    The National Stock Exchange’s much-awaited initial public offering moved into its second day of bidding on September 18 after receiving 43% subscription on the opening day. The Rs 22,569-crore issue is one of India’s largest public offerings and has drawn strong interest from investors and market participants.

    The IPO opened on September 17 and will remain available for subscription until September 21. NSE has set the price band at Rs 1,700 to Rs 1,785 per share. The issue is structured as an offer for sale (OFS), meaning the exchange itself will not receive any proceeds from the shares sold by existing shareholders.

    Day 1 Subscription Highlights

    By the end of the first day, investors had placed bids for about 3.84 crore shares against the 8.86 crore shares available, taking the overall subscription to 0.43 times. Here is the segment-wise subscription:

    • Retail investors: 0.44 times
    • Non-institutional investors: 0.72 times
    • Qualified institutional buyers: 0.19 times
    • Employee portion: 0.98 times

    The IPO comprises 12.64 crore shares offered by existing shareholders. Around 50% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. The minimum retail application is for eight shares, which costs Rs 14,280 at the upper end of the price band.

    Grey Market Premium Signals Moderate Listing Expectations

    In the unofficial grey market, NSE shares were commanding a premium of around 8% on the second day of bidding. Business Standard reported a premium of up to 7.96%, with shares changing hands at roughly Rs 1,927 — about Rs 142 above the upper end of the IPO price band.

    Investors should note that the grey market premium is not an official market indicator. It can change before listing and does not guarantee the price at which NSE shares will eventually trade.

    What Brokerages Are Saying

    Brokerages have largely focused on NSE’s strong market position, earnings potential, and valuation, while also flagging risks tied to trading volumes and regulatory changes.

    Swastika Investmart highlighted NSE’s valuation against listed peer BSE and noted that the exchange’s earnings remain sensitive to market activity.

    Religare Broking said in an IPO note: “NSE’s IPO presents a balanced outlook, with financial performance in FY26 impacted by regulatory changes and moderation in trading activity, while operational metrics remained resilient, supported by increasing investor participation, fund mobilization and market presence. At a P/E of 42.9x, the valuation reflects the company’s established market position and future growth potential, while leaving limited room for earnings disappointments.”

    The note added: “Regulatory developments, including SEBI measures on options trading, remain key factors influencing trading volumes and transaction-based income. While the long-term growth opportunity in India’s capital markets remains favorable, the sustainability of earnings growth will depend on trading activity, regulatory stability and continued market participation. Given the balance between structural growth opportunities, regulatory uncertainties and valuation considerations, we assign a Neutral rating.”

    Ventura pointed to NSE’s scale, technology capabilities, and position within India’s capital-market ecosystem. These observations represent the respective brokerages’ views and are not a guarantee of future returns.

    IPO Timeline

    The IPO will close on September 21. Allotment is likely on September 22, with shares credited on September 23 and listing expected on September 24.

  • SS Retail IPO Day 1: Subscription at 30%, GMP Points to 30% Listing Premium

    SS Retail IPO Day 1: Subscription at 30%, GMP Points to 30% Listing Premium

    SS Retail IPO Subscription Status on Day 1

    SS Retail’s initial public offering got off to a steady start on Wednesday, September 16, with the issue subscribed 30% by 11:00 am on the first day of bidding, according to NSE data. The multi-brand mobile and electronics retailer is looking to raise approximately Rs. 500 crore through the public offer, which remains open until September 18.

    Bids were received for 26,84,080 shares against 87,93,884 shares on offer. Meanwhile, the grey market premium (GMP) hovered near 30% above the upper end of the IPO price band, signaling strong investor interest ahead of listing.

    Retail Investors Lead Early Bidding

    Retail investors showed stronger interest during the opening session. The retail portion was subscribed 52% by 11:00 am, while the non-institutional investor category saw 26% subscription.

    The IPO has reserved 35% of the offer for retail investors, 50% for qualified institutional buyers, and the remaining portion for non-institutional investors. Bidding closes on Friday, September 18.

    Price Band and Lot Size

    The company has fixed the IPO price band at Rs. 403 to Rs. 424 per share. Investors can bid for a minimum lot of 35 shares. At the upper end of the price band, one lot would require an investment of Rs. 14,840.

    GMP Stays Near 30%

    According to InvestorGain, SS Retail shares were trading at a grey market premium of around Rs. 128, representing a premium of roughly 30% over the upper IPO price of Rs. 424.

    Grey market prices are unofficial and can change before listing; they do not guarantee the opening price on the exchanges. The company’s shares are scheduled to list on the NSE and BSE on September 23, subject to completion of the allotment process.

    The company raised Rs. 146.4 crore from anchor investors on September 15, allotting 34.52 lakh shares to 14 institutional investors at Rs. 424 per share.

    Use of IPO Proceeds

    The SS Retail IPO comprises a fresh issue of about Rs. 360.75 crore and an offer for sale of Rs. 140 crore. The company plans to allocate Rs. 241.3 crore from the fresh issue proceeds for incremental working capital requirements and around Rs. 12.4 crore to establish new stores during FY27 and FY28. The remaining funds will be used for general corporate purposes.

    SS Retail plans to add 120 stores in each of FY27 and FY28. As of July 31, 2026, the retailer operated 536 stores across Maharashtra, Karnataka, Madhya Pradesh, Goa and Gujarat, up from 503 stores as of March 31.

    Brokerage Views Mixed

    Brokerages are divided on the issue. Swastika Investmart assigned a ‘neutral’ view, citing the IPO valuation of around 46.5 times FY26 earnings and the company’s higher exposure to lower-margin mobile hardware.

    SBI Securities, however, recommended investors ‘subscribe’ at the cut-off price, citing revenue growth, store expansion, improving store economics and return ratios.

    SS Retail reported consolidated revenue of Rs. 2,351 crore and profit of Rs. 59.2 crore for FY26. Its revenue, adjusted EBITDA and profit after tax recorded compound annual growth rates of 39.6%, 49.1% and 49.2%, respectively, between FY24 and FY26. The store network expanded from 236 stores in FY24 to 503 stores in FY26. Anand Rathi Advisors and Emkay Global Financial Services are managing the IPO.