Prudent Corporate IPO: Latest GMP, subscription status you should know

Market


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.

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