Global Surfaces IPO listing date fast approaching. What GMP signals?
2 min read 22 Mar 2023, 01:45 PM ISTGlobal Surfaces IPO GMP today is ₹19 per equity share, say market observers
PremiumGlobal Surfaces IPO GMP: After finalisation of Global Surfaces share allotment process, Global Surfaces IPO listing date is fast approaching. As per the tentative schedule of the public issue worth ₹154.98 crore, Global Surfaces IPO listing date is most likely on 23rd March 2023. Meanwhile, ahead of Global Surfaces share price debut on Dalal Street, grey market has gone slightly bullish on the public issue.
According to market observers, shares of Global Surfaces Ltd are available in the grey market at a premium of ₹19 in grey market today. However, market observers reminded that US Fed official talking hawkish on interest rate post-FOMC meeting today, may spoil the grey market and secondary market mood and it may impact the Global Surfaces share debut, which is most likely on Thursday i.e. on 23rd March 2023.
Global Surfaces IPO GMP today
Market observers said that Global Surfaces IPO grey market premium (GMP) today is ₹19, which is ₹4 higher from its Tuesday GMP of ₹15. They said that rise in Global Surfaces IPO GMP today can be attributed to positive sentiments on Dalal Street. They said that in last four sessions, Indian stocks have ended higher on three sessions, which signals positive sentiments of Indian secondary market. They said that Dalal Street sentiment is positive on Wednesday session as well. So, this positive sentiment may lead to positive listing of Global Surfaces shares on tomorrow.
What this GMP means?
Observers said that Global Surfaces IPO GMP today is ₹19, which means grey market is expecting Global Surfaces IPO listing around ₹159 ( ₹140 + ₹19), which is around 13.50 per cent higher from Global Surfaces IPO price band of ₹133 to ₹140 per equity share.
US Fed's interest rate hike
However, market observers reminded Global Surfaces IPO allottees that US Fed's FOMC meeting is ending today and market is expecting less hawkish stance from US Fed officials on interest rate hike. But, in case, US Fed officials continue to talk hawkish on US Fed's rate hike, then it may spoil both grey market and secondary market mood on tomorrow and in that case Global Surfaces share may not have a fancy debut.
But, stock market investors advised Global Surfaces IPO allottees to stick with the basics and keep faith on financials of the company instead of the grey market sentiments. They said that GMP is non-regulated and completely speculative figure, which has no connect with the balance sheet of the company. So, GMP can be artificial and hence one should not rely blindly on the GMP numbers. However, they agreed that US Fed official stance on interest rate hike may have impact on the share listing as it would be a fundamental development for the secondary markets across world.
