Three companies including Arkade Developers, Northern Arc, and Western Carriers set to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on September 24, 2024. This “Mega Listing Day” will mark the debut of these companies on the stock exchanges.
Arkade Developers IPO
The Arkade Developers initial public offering (IPO) saw overwhelming demand, with the issue being subscribed 106.83 times on its final day. Investors placed bids for 254 crore shares against the 2.37 crore shares on offer.
The retail portion of the IPO was subscribed 51.39 times, while the non-institutional investors (NIIs) segment witnessed a massive 163.02 times subscription. Qualified institutional buyers (QIBs) also showed strong interest, with their category being booked 163.16 times, and the employee category was oversubscribed 50.49 times, reflecting broad-based enthusiasm for the offering.
Arkade Developers IPO GMP and Expected Listing Price
Arkade Developers shares are seeing robust demand in the unlisted market. The grey market premium (GMP) for the IPO is currently Rs 63 per share. Based on the current GMP, the estimated listing price of Arkade Developers shares is expected to be Rs 191 per share, which reflects a premium of 49.22% over the IPO price of Rs 128. This indicates positive sentiment around the stock ahead of its official debut on the exchanges.
Northern Arc IPO
Northern Arc Capital shares were allotted to successful bidders on September 20 following the Rs 777 crore initial public offering (IPO), which garnered significant interest.
The IPO received bids for 238 crore shares against the 2.14 crore shares on offer, resulting in an impressive 110.71 times subscription. Prior to the public offering, the non-banking financial institution had raised Rs 229 crore from anchor investors.
Northern Arc IPO GMP and Expected Listing Price
On September 21, the grey market premium (GMP) for Northern Arc Capital was reported at Rs 128 per share, indicating strong demand in the unlisted market. According to investorgain.com, this premium suggests the shares were trading at a notable price above the issue price.
Taking into account the upper end of the IPO price band and the current GMP, the estimated listing price of Northern Arc Capital shares stands at Rs 391 per share, which is 48.67% higher than the IPO price of Rs 263, reflecting positive sentiment ahead of the stock’s market debut.
Western Carriers IPO
The Western Carriers India initial public offering (IPO) closed with strong demand on its final day of bidding, September 19. The public offer was subscribed 30.57 times, receiving bids for over 63.78 crore shares against the 2.08 crore shares on offer.
Non-institutional investors (NIIs) led the charge with their segment booked 44.71 times, while the retail portion saw 25.95 times subscription, and Qualified Institutional Buyers (QIBs) subscribed their quota 27.99 times.
Western Carriers IPO GMP and Expected Listing Price
Despite the strong subscription, the grey market premium (GMP) for Western Carriers India IPO has disappointed share allottees. According to stock market observers, the GMP today stands at Rs 21, a drop of Rs 31 from Friday’s premium of Rs 52. The decline in the GMP comes as a surprise, especially given the bullish sentiment in the secondary market, with major indices on Dalal Street reaching record highs.