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NSE IPO expected to debut at modest premium despite strong QIB demand
Qualified institutional buyers bid for ₹4,498 crore, while the grey market premium fell from about 21% to 2% over the bidding window amid valuation concerns.
India's National Stock Exchange is set to begin trading Thursday after a lengthy path to a public listing, with expectations calling for a modest debut even as qualified institutional buyers showed strong interest.
LiveMint Markets reports that QIBs, excluding anchor investors, bid for ₹4,498 crore worth of shares, with retail bidding remaining subdued. The unofficial grey market premium dropped from around 21% at the start of bidding on September 17 to about 2% at the close on September 21, reflecting concerns about valuation.
The exchange is expected to list at a premium of about 4.5%, or ₹81, based on the latest GMP figures cited by the article. An independent market analyst, Ambareesh Baliga, said the NSE is likely to see a flat to modest premium at listing due to tepid retail appetite.
The piece also lists major bidders including National Pension Scheme Trust, LIC, BNP Paribas Financial Markets, Societe Generale, ICICI Mutual Fund, Nomura Singapore, Quant Mutual Fund, WhiteOak Capital Mutual Fund, and Mirae Asset Mutual Fund. It adds that the QIB portion excluding anchor investors accounted for 19.94% of the total issue and was subscribed around 12.7 times.