The grey market premium (GMP) of Sula Vineyards has slipped into the red while that of Landmark Cars also fell, grey market trends suggest. GMPs of Abans Holdings and DroneAcharya Aerial Innovations (an SME) were holding up well.
Last heard, Sula Vineyards was commanding a grey market discount of Re 1, off from Rs 30-40 levels, it was quoting at recently. Sula, whose IPO will conclude on Wednesday, received 85 per cent bids so far on the Day 3 of the bidding process.
The basis of allotment will likely be finalised by December 19 and the listing of Sula Vineyards shares are likely by December 22. The Rs 960.35-crore IPO is being sold in Rs 340-357 price band.
Landmark Cars, whose Rs 552 crore IPO is underway, received 23 per cent bids so far on Day 2 of the bidding process. The GMP for this issue has fallen to Rs 9 apiece from Rs 11 a piece on Tuesday, Rs 30 a piece on Monday and above Rs 50 level last week. At the upper end of the price band Rs 481-506, this IPO is asking a valuation of 28 times FY22 earnings per share. Analysts said the IPO is a play on premium, luxury car sales in the domestic market.
Abans Holdings has managed to hold its thin GMP at Rs 5 apiece against Rs 3 a piece on Tuesday and Rs 30 a piece on Monday. The company has fixed the IPO price band at Rs 256-270 per share. The lot size of Abans Holdings IPO is 55 shares, for which one has to spend Rs 14,850. A retail individual investor can submit bids for up to 13 lots or 715 shares by spending Rs 1,93,050.
DroneAcharya Aerial Innovations, a SME IPO, meanwhile is commanding a GMP of Rs 71 per share, the same as on Tuesday. Bollywood celebrities Aamir Khan and Ranbir Kapoor, and market veteran Shankar Sharma, among others, had picked up minority stakes in DroneAcharya Aerial Innovations in the Pre-IPO round. The SME IPO is being sold in the 52-54 price band.