BackIKIO Lighting IPO: What GMP signals after strong subscription status?
IKIO Lighting IPO GMP: Shares of the company are available at a premium of ₹120 in grey market today, say observers
PremiumIKIO Lighting IPO: The initial public offerings (IPO) of IKIO Lighting Ltd opened for subscription on 6th June 2023 and it will remain open for bidding till 8th June 2023. This means, today is the last date to apply for the public offer. As per the IKIO Lighting IPO subscription status, at 17:00 IST on day 3 of bidding, the public issue has been subscribed 66.29 times, which has now trickled down in the unlisted share market. According to market observers, shares of IKIO Lighting Ltd are available at a premium of ₹120 per share, which means IKIO Lighting IPO GMP (grey market premium) today is ₹120.
IKIO Lighting IPO GMP today
Market observers said that IKIO Lighting IPO GMP today is ₹120, which is ₹15 higher from its Wednesday grey market premium of ₹105. They said that continuous rise in secondary market and strong response by investors could be the major reason for this rise in IKIO Lighting IPO GMP on Thursday. They said that key benchmark indices of the Indian stock market have been rising since Monday and this has trickled down at the grey market as well. Grey market going bullish on IKIO Lighting IPO due to the positive mood at various global markets. As market mood is looking positive, IKIO Lighting IPO's performance in unlisted stock market has been upgrading for the last few sessions.
What this GMP mean?
Market observers maintained that IKIO Lighting IPO GMP today is ₹120, which means grey market is expecting that IKIO Lighting IPO listing price would be around ₹405 ( ₹285 + ₹102), which is more than 42 per cent higher from IKIO Lighting IPO price band of ₹270 to ₹285 apiece. They said that grey market is signaling strong listing premium if the stock market mood continues to remain positive till IKIO Lighting IPO listing date, which is most likely on 16th June 2023.
However, stock market experts maintained that grey market is not an ideal indicator about success or failure of any public offer. They said that GMP is non-regulated and it is completely speculative. Most importantly, it has nothing to do with the financials of the company, which is offering its share in the primary market. So, its better to stick with the basics and scan balance sheet of the company instead of following grey market premium of the IPO, experts said.
IKIO Lighting IPO subscription status
At 17:00 IST on day 3 of IKIO Lighting IPO subscription, the public issue has been subscribed 66.29 times whereas its retail portion has been subscribed 13.86 times. The NII portion of the IPO has been subscribed 63.35 times while its QIB portion has been subscribed 163.58 times, according to data available on BSE.
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