Investor interest in Fusion CX's initial public offering (IPO) picked up on the final day of bidding, with the issue receiving nearly 1.5 times subscription as of 10:55 am on October 16, according to NSE data.
The Rs 702-crore issue received bids for 1,79,74,389 shares against 1,40,40,000 shares on offer. Retail investors led the demand with a 4.23 times subscription, followed by non-institutional investors, whose portion was booked 1.78 times.
In the grey market, Fusion CX shares were commanding a premium of 8 percent over the upper end of the IPO price band on October 16, according to market tracking platform InvestorGain. The grey market premium (GMP) indicates unofficial market sentiment ahead of listing but does not guarantee the listing price or investor returns.
Read Also: Tonbo Imaging India IPO booked over 4.5x so far on Day 2; GMP at 72%
The IPO comprises a fresh issue of shares worth Rs 500 crore and an offer for sale (OFS) of 69.90 lakh shares worth Rs 202 crore. While the company will receive the proceeds from the fresh issue, the OFS will allow existing shareholders to sell part of their holdings.