IPO frenzy: Why promoters are rushing to list their subsidiaries
From Tata Motors and NTPC to HDFC Bank, Hero MotoCorp, and JSW group, top parent companies plan to list their subsidiaries in the near term.
From Tata Motors and NTPC to HDFC Bank, Hero MotoCorp, and JSW group, top parent companies plan to list their subsidiaries in the near term.
IPOs of Waaree Energies and Deepak Builders and Engineers garnered strong response from retail as well as non-institutional investors.
Historical data suggest that all big IPOs such as LIC, Paytm, GIC Re, SBI Cards, Reliance Power, and The New India Assurance registered losses on listing day.
The listing of the Indian subsidiary of the South Korean automaker was lower than Street expectations as the stock was commanding GMP of ₹48 in the grey market.
Hyundai Motor shares were commanding GMP of ₹75 in the grey market today, estimating listing price to be around ₹2,035, a premium of 3.83% over the IPO price.
The promoters will be laughing all the way to the bank even as India investors brace for a long ride ahead.
The GMP of Hyundai Motor India has fallen from its peak of ₹570 on September 27 to zero on October 17, indicating listing to be flat at ₹1,960.
QIBs help Hyundai Motor India cross the 100% subscription mark; retail quota subscribed only 44% so far
The auto major has allotted 4.2 crore equity shares to 225 anchor investors at the issue price of ₹1,960 per share.
Several brokerages including ICICI Direct, Anand Rathi, LKP Securities, and SBI Securities have recommended “Subscribe” with a long-term perspective.