The initial public offering (IPO) of EAAA India Alternatives saw a pick-up in demand on the last day of bidding, with the issue receiving 38 percent subscription by 10:50 am on October 28, according to data from the National Stock Exchange (NSE).
The Rs 1,200-crore IPO received bids for 20,33,199 shares against 52,99,684 shares on offer. Among investor categories, the non-institutional investor (NII) category led the demand, subscribing to 74 percent of its allotted portion, while the retail portion received bids for 6 percent of the shares reserved for the category. The qualified institutional buyers category saw 55 percent subscription.
In the grey market, the EAAA India Alternatives IPO was commanding a grey market premium (GMP) of nearly 1 percent on the morning of October 28, according to InvestorGain.
The grey market premium is an unofficial indicator of investor sentiment towards a public issue before its listing. However, it does not guarantee listing gains, and the premium can fluctuate depending on market conditions and investor demand.
The Rs 1,200-crore public issue will remain open for subscription from October 26 to October 28. The company has fixed the price band at Rs 1,585-1,665 per share.