ETtechRelated
NEW DELHI: The BSE benchmark Sensex's 900-point plunge on Monday has sent grey market premiums of CAMS, Chemcon Speciality Chemicals and Angel Broking falling, giving investors a deja vu of SBI Card IPO, whose grey market premium had plunged on concerns over Covid-19 spread. Analysts dealing in the grey market said if weak momentum sustains, the premium may fall further.
SBI Card shares, the much-anticipated issue of that time, had later on March 16 listed at a discount of 13 per cent to the issue price of Rs 755.
According to Gujarat-based dealer in unlisted securities Abhay Doshi, premium on CAMS is ruling at Rs 290. This is against the Rs 342-345 premium the issue was enjoying a day earlier. For Chemcon, the premium has declined to Rs 240, Doshi said. The premium of Chemcon stood at Rs 250-255 earlier. Angel's premium has further fallen to Rs 30 from Rs 50-55 levels a day ago, and Rs 75 a day before.
Narottam Dharawat of Dharawat Securities said that the true impact of the market's fall would be visible on Tuesday.
"As of now, there is not much difference because there is a bit of a lag effect. But if things remain as they are, many investors who were looking to bid for the three IPOs, may not bid that aggressively. Due to that, the expectations on the number of subscription times will be less. And if that is less, the chances of getting allotment will increase and nobody will buy from the grey market," he explained.
So far, the Rs 318 crore Chemcon Speciality Chemicals IPO has been subscribed 4.33 times. The bigger Rs 2,242 crore CAMS IPO had crossed the halfway mark at 0.56 times. Angel Broking's Rs 600 crore IPO will open on Tuesday.
The Vadodara-based Chemcon, which serves pharma and oilwell industries, is offering a fresh issue of equity shares aggregating up to Rs 165 crore and an offer for sale of up to 45,00,000 equity shares, to be sold in the price range of Rs 338-Rs 340.
In case of CAMS, NSE Investments is offering 1,82,46,600 shares in the offer for sale. The quota for retail investors in CAMS IPO is fixed at 35 per cent of the net offer. QIB quota is fixed at 50 per cent while the NII at 15 per cent. There is an employee reservation of up to 1,82,500 shares.
Angel's anchor allotment will likely happen today. It will raise Rs 300-crore from issuing fresh shares and another Rs 300-crore via offer for sale (OFS) by existing shareholders, including International Finance Corporation (IFC).
SBI Card shares, the much-anticipated issue of that time, had later on March 16 listed at a discount of 13 per cent to the issue price of Rs 755.
According to Gujarat-based dealer in unlisted securities Abhay Doshi, premium on CAMS is ruling at Rs 290. This is against the Rs 342-345 premium the issue was enjoying a day earlier. For Chemcon, the premium has declined to Rs 240, Doshi said. The premium of Chemcon stood at Rs 250-255 earlier. Angel's premium has further fallen to Rs 30 from Rs 50-55 levels a day ago, and Rs 75 a day before.
Narottam Dharawat of Dharawat Securities said that the true impact of the market's fall would be visible on Tuesday.
"As of now, there is not much difference because there is a bit of a lag effect. But if things remain as they are, many investors who were looking to bid for the three IPOs, may not bid that aggressively. Due to that, the expectations on the number of subscription times will be less. And if that is less, the chances of getting allotment will increase and nobody will buy from the grey market," he explained.
So far, the Rs 318 crore Chemcon Speciality Chemicals IPO has been subscribed 4.33 times. The bigger Rs 2,242 crore CAMS IPO had crossed the halfway mark at 0.56 times. Angel Broking's Rs 600 crore IPO will open on Tuesday.
The Vadodara-based Chemcon, which serves pharma and oilwell industries, is offering a fresh issue of equity shares aggregating up to Rs 165 crore and an offer for sale of up to 45,00,000 equity shares, to be sold in the price range of Rs 338-Rs 340.
In case of CAMS, NSE Investments is offering 1,82,46,600 shares in the offer for sale. The quota for retail investors in CAMS IPO is fixed at 35 per cent of the net offer. QIB quota is fixed at 50 per cent while the NII at 15 per cent. There is an employee reservation of up to 1,82,500 shares.
Angel's anchor allotment will likely happen today. It will raise Rs 300-crore from issuing fresh shares and another Rs 300-crore via offer for sale (OFS) by existing shareholders, including International Finance Corporation (IFC).