The buzz around the Highway Infrastructure IPO has not faded yet. As the bidding enters Day 2, all eyes are on how the grey market is reacting. Here is a detailed look at what is happening.
Highway Infrastructure IPO Day 2: GMP update
Before anything else, the grey market premium (GMP) has become the talk of the town. The shares of Highway Infrastructure are currently trading at a premium of Rs 38 in the unofficial market. This hints at a potential listing price of Rs 108 per share, which is nearly 54% higher than the issue’s upper price band of Rs 70.
While the GMP is not a guarantee of the final listing price, it often indicates the investor sentiment and the market’s early appetite for the stock.
Highway Infrastructure IPO Day 2: Subscription update
As of this hour on the Day 2 of bidding, the Highway Infrastructure IPO overall issue has been subscribed 37.87 times so far, with retail investors leading the pack at 40.18 times. Non-institutional investors are bidding 47.83 times their allotted quota, while the QIB portion has been subscribed 5.28 times.
Highway Infrastructure IPO: Day 1 response
The IPO got off to a roaring start on its opening day, August 5. It was subscribed over 27 times overall.
Retail investors led the charge, subscribing to their portion more than 29 times. Non-institutional investors (NIIs) booked over 33 times their reserved shares. Even qualified institutional buyers (QIBs) subscribed around 5 times the shares available to them.
Highway Infrastructure IPO: Issue size and structure
Highway Infrastructure is looking to raise Rs 130 crore through this IPO. Out of this, Rs 97.52 crore will be raised via a fresh issue, while Rs 32.48 crore comes from an offer-for-sale (OFS) by existing promoters. The issue is being offered in a price band of Rs 65 to Rs 70 per share.
The minimum investment required for retail investors is Rs 13,715, which amounts to 211 shares per lot. For sNIIs, the minimum is 14 lots (Rs 2.06 lakh), and for bNIIs, it is 68 lots (Rs 10.04 lakh).
Highway Infrastructure IPO: Important dates to remember
The IPO will remain open until August 7. The allotment of shares is likely to be finalised on August 8. Thereafter, the listing is tentatively scheduled for August 12 on both BSE and NSE.
Highway Infrastructure IPO: Anchor Investors
Before opening to the public, the company successfully raised Rs 23.40 crore from anchor investors on August 4.
Pantomath Capital Advisors is the lead manager for the issue, and Bigshare Services is handling the registrar duties.