Azad Engineering IPO: What GMP signals after announcement of allotment status as focus shifts to listing date

Azad Engineering IPO: Allotment status of the initial public offering (IPO) of Azad Engineering Limited has been declared. Azad Engineering is likely to get listed on 28th December, 2023.

As per market experts, the public issue received strong response from investors and hence allottees can expect strong listing gains on their investment. In fact, the grey market is also signaling strong debut of Azad Engineering shares on Dalal Street. 

According to stock market observers, shares of Azad Engineering Limited are available at a premium of ₹301, which is 57 percent higher compared to the IPO price.

Azad Engineering IPO GMP today

Market observers said that Azad Engineering IPO grey market premium (GMP) today is ₹301, which is unchanged from yesterday. Observers said that strong response by investors and positive stock market sentiment could be the possible reasons for steady grey market price.

What does this GMP mean?

The IPO GMP today at ₹301 means the grey market is expecting that Azad Engineering listing price would be around ₹825, 57 percent higher than the issue price of ₹524 per equity share.

However, stock market experts maintained that grey market is not an ideal indicator to assess the possible listing price. They said that GMP is completely speculative as it has no connect with financials of the company and it is completely non regulated. Sometimes, GMP of a public issue is found artificial as well because it involves even those who have high stake involved in the public offer.

How to check Azad Engineering IPO allotment status

Those who have applied for the public issue can check their application status on the BSE website or on the official registrar's website. KFin Technologies has been appointed as the official registrar of the bookbuild issue. 

To check the status on BSE website, visit bseindia.com/investors/appli_check.aspx. To check it on the registrar's website, visit kprism.kfintech.com/ipostatus.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.