The first week of December is turning into one of the busiest week for the primary market, with three mainboard companies – Meesho, Aequs and Vidya Wires gearing up to open their public issues on the same day, December 3.
What has made these IPOs even more talked about is the sharp movement seen in their grey market premiums (GMP), which has surged ahead of the subscription window. While GMP is not an official indicator of listing price, let’s take a look at what is the latest GMP level ahead of its opening and what they indicate-
Meesho IPO
Among the three, Meesho’s grey market action has been the most volatile. Over the past few days, its GMP has swung from around Rs 33- 42. A GMP at the higher end points toward a possible listing above Rs 150, well over the upper price band of Rs 111.
Moreover, this is also the biggest IPO of the week at Rs 5,421 crore.
Meesho’s IPO will open on December 3 and close on December 5, with allotment expected on December 8 and listing set for December 10. The issue is a book-built offer priced between Rs 105-111 per share, with Kotak Mahindra Capital Company Limited leading the process and Kfin Technologies handling registrar duties.
Aequs IPO
Aequs, which operates in aerospace and precision manufacturing, has also seen its GMP strengthen heading into the opening day. The premium has ranged between Rs 18-43 in recent days, with the upper end indicating nearly 35% potential upside over the issue’s price band of Rs 118 – 124 per share.
The Rs 921 crore issue follows the same subscription and listing timeline as Meesho, with JM Financial as the lead manager.
Vidya Wires IPO
Vidya Wires GMP is currently around Rs 10, its highest so far. This suggests a potential listing level of about Rs 62. This represents roughly 19% over the upper price band of Rs 52 per share.
Vidya Wires IPO also opens on December 3 – December 5, with allotment to be finalised on December 8 and the market debut planned for December 10. The issue combines a fresh component and an offer-for-sale, with Pantomath Capital Advisors managing the offering.