The IPO market is buzzing with multiple mainboard issues opening for subscription today, September 10. Among them, Shringar House of Mangalsutra and Dev Accelerator also opened their bidding today. Both companies have lined up fresh issues, fixed their price bands, and are now being closely tracked for their grey market premium (GMP) and subscription trends.
Let’s take a look at the two offerings, what they offer and which is a better bet?
Shringar House of Mangalsutra IPO Vs Dev Accelerator IPO: Grey market buzz
In the grey market, Shringar House of Mangalsutra IPO GMP is at Rs 30, up 18%. This suggests an estimated listing around Rs 195 per share when added to the upper band of Rs 165.
Dev Accelerator, on the other hand, is trading with a GMP of Rs 9, up 14%. This indicates an estimated listing price near Rs 70.
Investors should note that GMP trends are based on unregulated market activity and do not reflect the official listing price.
Shringar House of Mangalsutra IPO Vs Dev Accelerator IPO: Issue size and price band
Shringar House of Mangalsutra is looking to raise about Rs 400.95 crore through a complete fresh issue of 2.43 crore shares. Its price band has been set at Rs 155-165 per share. The minimum lot size for retail applicants is set at 90 shares and they have to invest at least Rs 14,850 for 1 lot.
Dev Accelerator is comparatively smaller in size. The Rs 143.35 crore comprises fresh issue of 2.35 crore shares. Its price band stands at Rs 56-61 per share. Retail investors need at least Rs 14,335 to apply for 235 shares. 1 lot size is for 235 shares.
Shringar House of Mangalsutra IPO Vs Dev Accelerator IPO: Subscription trends
As the bidding of both this IPO opened today, the two IPOs showed different subscription momentum.
As of Day 1 so far, Shringar House of Mangalsutra was subscribed 0.46 times overall, with the retail portion at 0.71 times, NII at 0.47 times, and no bids yet from QIBs.
Dev Accelerator, in contrast, was subscribed 1.56 times overall as of the latest. This was led by retail investors at 4.87 times, QIBs at 0.95 times, and NIIs at 0.67 times.
Shringar House of Mangalsutra IPO Vs Dev Accelerator IPO: Lot size and investor categories
For Shringar House of Mangalsutra, the retail lot is 90 shares, while small HNIs (sNIIs) need to bid for at least 14 lots (1,260 shares), and big HNIs (bNIIs) must bid for 68 lots (6,120 shares). This translates to investments of Rs 2,07,900 for sNIIs and Rs 10,09,800 for bNIIs.
Dev Accelerator has a larger retail lot of 235 shares. For sNIIs, the minimum is 14 lots (3,290 shares) requiring Rs 2,00,690, and for bNIIs, 70 lots (16,450 shares) requiring Rs 10,03,450.
Shringar House of Mangalsutra IPO Vs Dev Accelerator IPO: Key timelines
Both IPOs opened on September 10 and will close on September 12. The allotment is likely to be finalised on September 15. The tentative listing date for both issues is September 17 on the NSE and BSE.