Orkla India vs Studds vs Lenskart IPO: Check subscription & latest GMPs of 3 issues

Three mainboard IPOs- Lenskart Solutions, Orkla India and Studds Accessories- are open for investors for primary market investment, cumulatively raising more than Rs 9,400 crore, attracting a decent response from the investors. All the three issues, with different opening and closing dates, are commanding a nearly similar premium in the grey market.
 

Orkla India: Day 3 bidding status and GMP

MTR Foods-parent Orkla India is selling its shares in the range of Rs 695-730 apiece with a lot size of 20 equity shares. The company is looking to raise a total of Rs 1,667.54 crore via its IPO. Last heard, the company was commanding a grey market premium of Rs 75-80, suggesting a listing pop of 10-11 per cent for the investors.

According to data from BSE, the IPO of Orkla India was booked 15.66 times as of 1.55 pm on Friday, October 31. Investors had made bids for 25,04,74,160 equity shares against the overall net offering of 1,59,99,104 equity shares for the investors. The issue will close for bidding today.

On an individual basis, the retail portion was booked 4.62 times, while quota for non-institutional bidders was subscribed 34.88 times. Allocation for qualified institutional bidders was booked 20.58 times and employees' quota was booked 11.05 times as of the given time.

Orkla India IPO its valued at P/E multiple of 32 times. It is category market leader with the ability to build and scale household food brands through an in-depth understanding of local consumer tastes. It is a multi-category food company with a focus on product innovation & has extensive distribution infrastructure with deep regional network and wide global reach, said Hem Securities with a subscribe' rating.
 

Studds Accessories: Day 2 bidding status and GMP

The IPO of Studds Accessories was overall subscribed 3.78 times as of the given time. The issue attracted bids for 2,05,91,650 equity shares against the net offered issue size of 54,50,284 equity shares. The issue, which opened on Thursday, October 30, was overall booked 1.5 times on day one.

The portion for retail bidders was booked 4.76 times, while the allocation for non-institutional bidders was subscribed 6.49 times. However, qualified institutional bidders took a back seat as the portion fetched a subscription of only three per cent as of the recorded time. The issue will close on Monday, November 03.

Helmet maker Studds Accessories is selling its shares in the price band of Rs 557-585 apiece, which could be applied for a minimum of 25 shares and its multiples to raise Rs 455.49 crore. Last heard, its GMP had improved from Rs 55 to Rs 65-70, hinting at 10-11 per cent gains for the investors.

Studds aims to expand and strengthen production capacity and deepen vertical integration and in the process of automating existing facilities by introducing new robotic machinery, which will enhance efficiency and result in economies of scale. The company plans to strategically expand into new markets, said Master Capital Services. "Investors may consider the IPO for a long-term," it said.
 

Lenskart Solutions: Day 1 bidding status and GMP

Largest among the three, Lenskart Solutions IPO was overall booked more than 60 per cent as of the same time. Investors made bids for 6,19,32,709 equity shares against the offered size of 9,97,61,257 equity shares as of the given time. The issue opened on Friday, October 31 and will close on Tuesday, November 04.

Allocation for retail bidders was fully subscribed, while non-institutional investors' quota was booked 25 per cent. The allocation for institutional bidders was booked 68 per cent. The reserved portions for eligible employees was booked 86 per cent as of the same time.

Omnichannel eyewear retailer Lenskart Solutions is selling its shares in the price band of Rs 382-402 apiece, which could be applied for a minimum of 37 shares and its multiples to raise Rs 7,278 crore. Last heard, it was commanding a grey market premium of Rs 65-70 apiece, suggesting 16-17 per cent gains for the investors.

The IPO appears expensively priced, commanding a P/E multiple exceeding 230x, which leaves little room for valuation comfort. The Indian eyewear market remains 77 per cent unorganised, posing significant structural challenges for Lenskart in scaling its organised share meaningfully, said Chola Securities with an 'avoid' rating on the issue.