The initial public offering (IPO) of Fusion CX opened today, with the issue receiving 5 percent subscription as of 10:25 am on October 14, as per the NSE data.
The Rs 702-crore issue received bids for 6,38,673 shares against 1,40,40,000 shares on offer. Retail investors led the demand with a 19 percent subscription, followed by non-institutional investors, whose portion was booked 4 percent.
In the grey market, Fusion CX shares were commanding a premium of 11 percent over the upper end of the IPO price band on October 14, 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.
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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.