Belrise Industries shares list at 11.11% premium on NSE, debut below expectations

Belrise Industries shares debuted on the stock market at Rs 100 on BSE, an 11.11% premium over the issue price of Rs 90. The stock started trading with a premium of 9.44% at Rs 98.50 on BSE. The listing performance was below expectations, as the grey market premium suggested a 21-23% listing pop.

The IPO was priced between Rs 85-90 per share and was open for bidding from May 21 to May 23. Belrise Industries raised Rs 2,150 crore through the IPO, selling 23,88,88,888 equity shares.

Ahead of its debut, Belrise Industries' grey market premium (GMP) stood at Rs 20-21 per share in the unofficial market, suggesting a listing pop of 21-23% for investors. The GMP was around Rs 28 on the last day of bidding, highlighting higher expectations.

The IPO witnessed strong interest, being oversubscribed 41.30 times with nearly 25.35 lakh applications amounting to Rs 65,920 crore. Qualified-institutional bidders subscribed to the IPO 108.35 times, while non-institutional investors subscribed 38.33 times. Retail investor subscriptions were lower at 4.22 times.

Belrise Industries, founded in 1988 and based in Waluj, Maharashtra, manufactures automotive components including sheet metal, casting parts, polymer components, suspension, and mirror systems for two-wheel, three-wheel, and four-wheel vehicles.

SBI Capital Markets, HSBC Securities & Capital Markets, Axis Capital, and Jefferies India were lead managers for the IPO, with MUFG Intime India serving as the registrar. Brokerage firms expressed a positive outlook on the issue.