Syrma IPO: Tremendous Jump In Gray-market Premium
Syrma IPO: Tremendous jump in gray-market premium, can make money on the day of opening.
Yesterday (Thursday) was the last day to subscribe for the IPO of Syrma SGS Technology. This IPO has got a good response.
This IPO has filled a total of 32.61 times. If we talk about retail, then it is 5.53 times full. It is expected that this IPO will be allotted on August 23.
Due to this good response, it has got its strength in the gray market as well. Gray-market watchers say that the share of Syrma SGS is currently at a premium of Rs 48 per share.
Thursday, ie yesterday, its gray-market premium was Rs 36 in the morning. Accordingly, today it has increased by Rs 12.
Can give profit on the day of listing
According to news, gray-market observers say that on Thursday, for the 8th consecutive day, its premium was seen increasing in the gray market.
Before that, it had gone down too, but after the preparation of the IPO, it started increasing.
It is said that if the premium is good in the grey market, then the stock gives a profit on the day of listing. However, the price also depends on the market sentiment of that day.
At what rate can shares open?
According to market experts, at present, its gray-market premium is Rs 48. This means that it can open above its upper band by Rs 48.
The upper band of the IPO is ₹220. So there is a possibility of opening at ₹220 + ₹48 i.e. ₹268.
Although there may be a change in its gray-market premium in the coming days, it is possible to change the listing accordingly. Apart from this, a factor will also be the sentiment of the day of listing.
Some important information about IPO.
The company wants to raise Rs 840 crore from the market through this IPO. After almost three months, any company has shown the courage to bring its IPO.
The price band per share of Syrma IPO has been fixed from Rs 209 to Rs 220. Fresh shares worth Rs 706 crore will be issued at this price band.
Apart from this, Promoter Veena Kumari Tandon is selling her 33.69 lakh equity shares under Off for Sale (OFS).
