Finance
Utkarsh SFB IPO: What GMP signals as all eyes set on allotment date
Utkarsh Small Finance Bank IPO: The initial public offering (IPO) of Utkarsh Small Finance Bank opened for bidding on 12th July 2023 and bidding for the book build issue closed on 14th July 2023. In three days of bidding, Utkarsh Small Finance Bank IPO subscription status informs that the public issue has been subscribed 101.91 times whereas its retail portion got subscribed 72.11 times. After strong response by investors, all eyes are now set on Utkarsh Small Finance Bank IPO allotment date, which is most likely on 19th July 2023. However, Utkarsh Small Finance Bank share price has remained steady in grey market for the last three days.
Utkarsh Small Finance Bank IPO GMP today
According to market observers, Utkarsh Small Finance Bank IPO grey market premium (GMP) today is ₹16. They said that the Utkarsh Small Finance Bank IPO GMP has remained unchanged for the last three days or since Friday close. They said that positive secondary market sentiments and strong response by investor can be attributed as major reasons for Utkarsh Small Finance Bank IPO GMP remaining steady in grey market today. They said that Sensex and Nifty have scaled to a new peak during Monday deals and it may boost the grey market sentiments in near term.
What this GMP mean?
Market observers went on to add that Utkarsh Small Finance Bank IPO GMP today is ₹16, which means grey market is expecting that Utkarsh Small Finance Bank IPO listing price would be around ₹41, which is around 64 per cent higher from Utkarsh Small Finance Bank IPO price band of ₹23 to ₹25 apiece. They said that grey market is signaling strong listing premium from the public offer provided the Indian stock market sentiment remains same till Utkarsh Small Finance Bank IPO listing date, which is most likely on 24th July 2023 i.e. Monday next week.
Utkarsh Small Finance Bank IPO subscription status
As per the Utkarsh Small Finance Bank IPO subscription status, the book build issue has been subscribed 101.91 times whereas its retail portion got subscribed 72.11 times. The public issue got subscribed 81.64 times in NII category while it was subscribed 124.85 times in the QIB category. Now, bidders are eagerly awaiting for the Utkarsh Small Finance Bank IPO allotment date, which is likely on 19th July 2023 i.e. Wednesday this week.
However, stock market experts maintained that grey market is non-regulated and completely speculative in nature. Sometimes, GMP is found artificial as well as it involves even those who have a big stake involved with the public issue. They advised investors to follow the basics and scan balance sheet of the companies offering their shares.
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Updated: 17 Jul 2023, 01:28 PM IST