1 min read.Updated: 13 May 2022, 07:19 AM IST Edited By Asit Manohar
Prudent Corporate IPO GMP today is ₹3, which is ₹9 lower from its yesterday's grey market premium of ₹12, say market observers
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Prudent Corporate IPO: Bidding for the public issue of Prudent Corporate Advisory Services IPO (Initial Public Offering) ended yesterday and now bidders are waiting for announcement of share allocation. As per Prudent Corporate IPO subscription status after 3 days of bidding, the public offer worth ₹538.61 crore has been subscribed 1.22 times whereas its retail portion has been subscribed 1.29 times. However, grey market sentiment in regard to Prudent Corporate IPO is continuously nosediving. According to market observers, Prudent Corporate shares are available at a premium of ₹3 in grey market today.
Prudent Corporate IPO GMP today
Market observers said that Prudent Corporate IPO GMP today is ₹3, which is ₹9 lower from its yesterday's grey market premium of ₹12. They said that after its debut in grey market at ₹40 GMP, Prudent Corporate IPO GMP has been continuously nosediving and in last four days, it has dipped from ₹40 to ₹3, which is mainly due to the negative sentiments in global equity markets including Dalal Street. They said that tepid response to the public issue by investors further damaged grey market sentiments in regard to the Prudent Corporate IPO.
What this Prudent Corporate IPO GMP mean?
Market observer said that Prudent Corporate IPO GMP today is ₹3, which means grey market is expecting that Prudent Corporate IPO listing may happen around ₹633 ( ₹630 + ₹3), which is at par with its price band of ₹595 to ₹630 per equity share. They went on to add that grey market is trying to indicate that Prudent Corporate IPO may have a par listing if secondary market sentiment continues to remain negative.
However, stock market experts said that GMP is not an ideal indicator about success of failure of an IPO. They said that grey market premium is an unofficial data, which is non-regulated as well. So, one should look at the balance sheet of the company instead of grey market sentiments as financials of the company gives better and concrete picture of the company.