Aditya Birla AMC IPO: Price band fixed. Check what GMP indicates

Market


Aditya Birla AMC IPO: Promoters of Aditya Birla Sun Life AMC have fixed price band of their public issue at 695 to 712 per equity share. The Asset Management Company aims to raise 2,768.26 crore from the initial offer via OFS (offer for Sale). Bidding for the public issue will open on 29th September 2021 and it will remain open for subscription till 1st October 2021. However, shares of Aditya Birla AMC are now available for trade in the grey market.

Aditya Birla IPO GMP (grey market premium)

According to market observers, Aditya Birla IPO GMP today is 60 — 20 up from its yesterday’s GMP of 40. Market observers went on to add that Aditya Birla shares became available for trade in grey market on Friday at a premium of 40. So, there is rise of 50 per cent in Aditya Birla AMC IPO GMP from Friday to Saturday as it has surged from 40 to 60. They went on to add that Aditya Birla AMC IPO GMP may further surge as its subscription opens on 29th September 2021. They expected that there can be some more rise in it as people will be in wait and watch till new week begins.

What this Aditya Birla IPO GMP mean

Market observers went on to add that GMP is simply an unofficial estimate about the listing premium about the public issue. As Aditya Birla IPO GMP today is 60, it means grey market is expecting this public issue to list at 772 ( 712 + 60) — around 8 per cent higher from the upper price band of the public issue. However, they said that it’s just initial trends and there can be more on offer from the grey market as it’s around a fortnight away from its expected listing date of 11th October 2021.

Advising IPO investors to look at company financials instead of grey market premium; Abhay Doshi, Founder at UnlistedArena.com said, “Grey market premium is an unofficial data, which has nothing to do with the company financials. So, bidders are advised to look at the company’s financials while making any investment decision. So, I would advise IPO investors to first have a look at balance sheet of the company rather looking at the grey market premium.”

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