IPO GMPs rise as Sri Lotus fetch 21x subscription; NSDL, M&B Engineering at 11x bids

Three mainboard IPOs- National Securities Depository (NSDL), Sri Lotus Developers & Realty and M&B Engineering, continued to witness a strong response from the investors during the third and final day of the bidding process. All the three issues had opened for bidding on Wednesday, July 30 and shall conclude on Friday, August 1, that is today.

NSDL was booked nearly twice on the first day of the bidding process. It was overall booked 11.10 times as of 1.20 pm on the last day. The leading depository is offering its shares in the range of Rs 760-800 apiece to raise a total of Rs 4,011.60 crore. Its grey market premium of Rs 135-140 per share, suggesting a listing pop of 17-18 per cent for the investors.

Investors made bids for 38,99,50,632 equity shares for the 3,51,27,002 equity shares offered in the IPO as of the same time. The allocation for retail investors was booked 6.32 times, while non-institutional investors (NIIs) was booked 25.88 times. Qualified institutional bidders (QIBs) portion was subscribed 11.81 times, while quota for employees was subscribed 8.37 times.

The IPO of Sri Lotus Developers was overall booked 20.56 times as of the same time as investors made bids for 81,53,07,500 equity shares, against the 3,96,58,730 equity shares offered for the bidding. The real estate company is selling its shares for Rs 140-150 apiece to raise a total of Rs 792 crore via IPO.

On an individual basis, retail portion was booked 15.27 times, while the non NIIs quota was booked 39.92 times as of writing the report. QIB allocation saw a subscription of 15.39 items, while the employee portion was booked13.90 times as of the same time. The GMP for the issue stood at 42-45 apiece, suggesting nearly 28-30 per cent gains for the investors.

Last, but not the least, the Rs 650 crore IPO of M&B Engineering was subscribed 10.68 times as of the same time. The issue attracted bids for 10,46,13,506 equity shares, against 97,98,309 equity shares offered in the IPO. The pre-engineered building products' player is offering its shares in the range of Rs 366-385 apiece.

Individually, allocation for retail investors was booked 21.36 times, while NIIs portion was booked 20.65 times. Portion reserved for the eligible employees was booked 5.76 times. However, QIB portion saw bids for 2.19 times for the allocation as of the same time. However, its GMP has surged to Rs 60-65 apiece, suggesting nearly 16-17 per gains for the investors.