AceVector IPO, 2 other mainboard offers see strong demand on Day 2. Check GMP, subscription status

Three mainboard IPOs, AceVector (Snapdeal), Runwal Enterprises and German Green Steel & Power, entered their second day of bidding on Monday, with all three drawing strong investor interest, according to exchange data.

AceVector Ltd., the parent company of Snapdeal, commanded a grey market premium (GMP) of 3.12%, indicating a modest Rs 1 premium over its issue price. The book-built IPO comprises a fresh issue of 8.97 crore shares worth Rs 287 crore and an offer for sale (OFS) of 4.16 crore shares aggregating to Rs 133 crore.

Runwal Enterprises commanded a GMP of around 4% in the grey market, indicating expectations of a potential premium over the issue price at listing. The Rs 499.83 crore IPO consists entirely of a fresh issue of 1.64 crore shares and does not have an OFS component.


German Green Steel & Power's Rs 303.90 crore IPO comprises a fresh issue of 2.09 crore shares worth Rs 290 crore and an OFS of 10 lakh shares aggregating to Rs 13.90 crore. The issue commanded a 21% premium in the grey market, signalling strong expectations around its listing.

AceVector IPO subscription status

AceVector's IPO was subscribed 37% by 12.20 pm, according to NSE's consolidated data. Retail investors led the demand, subscribing to 97% of the portion reserved for them. The non-institutional investor quota was subscribed 68%, with investors bidding for 1.40 crore shares against the 2.05 crore shares allotted to them. Qualified institutional buyers (QIBs) were yet to subscribe to the issue.

Runwal Enterprises IPO subscription status

Runwal Enterprises' IPO was also subscribed 37% by 12.20 pm, NSE data showed. QIBs led the bidding, subscribing to 96% of the portion reserved for them. Retail investors had subscribed to 30% of their allotted quota, while the non-institutional investor portion was booked 35%. Investors bid for 9.06 lakh shares against the 25.68 lakh shares reserved for the category.

German Green Steel IPO Day 2 status

German Green Steel & Power's IPO was subscribed 3.14 times by the afternoon, according to NSE's consolidated data. The QIB portion was subscribed 1.33 times, with investors bidding for 60.70 lakh shares against the 45.78 lakh shares reserved for the category. The retail portion was subscribed 3.63 times, while the non-institutional investor quota was booked 4.38 times, with bids received for 1.50 crore shares against the allotted 34.45 lakh shares.

IPOs in September

India's primary market will stay busy next week, with 20 IPOs opening for subscription and looking to raise a combined Rs 1,292 crore. The week will be led by four mainboard IPOs: SRIT India, Vishal Nirmiti, Nityas Gems & Jewellery and Shah Investor’s Home, which together plan to raise Rs 595 crore. The rest of the action will come from the SME segment, where 16 companies are expected to raise about Rs 697 crore.

SRIT India will be the biggest mainboard IPO opening next week. The company plans to raise Rs 218 crore through a fresh issue of 1.68 crore shares. The IPO will open on September 28 and close on September 30. The price band has been fixed at Rs 123-130 per share. Investors can bid for a minimum of 115 shares, making the minimum retail application Rs 14,950 at the upper price band.

Vishal Nirmiti will open its Rs 178 crore IPO on September 30. The issue will close on October 5. The IPO is a mix of fresh issues and offers for sale. The company will raise Rs 145 crore through a fresh issue, while the OFS component will be Rs 33 crore.

Nityas Gems and Jewellery will also open on September 30 and close on October 5. The company plans to raise Rs 108 crore through a fresh issue. The price band has been fixed at Rs 70-75 per share, and the lot size is 200 shares. The minimum retail application is Rs 15,000 at the upper price band.

Shah Investor's Home will open its Rs 90.17 crore IPO on September 28 and close on September 30. The issue is entirely a fresh issue of 53.99 lakh shares. The price band has been fixed at Rs 159-167 per share. Investors can bid for a minimum of 85 shares, making the minimum retail application Rs 14,195 at the upper price band.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.