Shyam Metalics and Energy is trading at a healthy premium of Rs 130-135 in the grey markets and is likely to post decent listing gains. Sona Comstar, also known as Sona BLW Precision, is trading flat, hinting towards a listing at par.
The dealers from unofficial markets said that Shyam Metalics has been able to hold ground as it left something on the table for the investors, whereas Sona Comstar erased all its premium on the back of pricey valuations.
Abhay Doshi, founder of UnlistedArena and grey market watcher, said that the Shyam Metalics has been stable in the unofficial market, but there are no buyers for Sona Comstar ahead of listing.
“Sona Comstar might be listed at a mild discount, considering the volatility in the broader markets,” he cautioned. “However, markets are factoring in a tepid listing.”
The Rs 5,550-crore IPO of Sona Comstar, which was sold in the price band of Rs 285-291 per share, received bids for 24.44 crore shares against the IPO size of 10.49 crore equity shares.
Shyam Metalics’ came up with a Rs 909-crore IPO. The issue was subscribed 121.43 times, on the back of robust HNI and institutional demand.
Echoing a similar tone, Dinesh Gupta, Co-founder, UnlistedZone said that investors shall expect handy gains from Shyam Metalics and Energy on listing.
“Sona Comstar is likely to have an at par listing. However, going by the deals in the grey market in the last few sessions, the counter is not likely to make a debut on discount,” he added.
Both issues were open for subscription between June 14 and June 16. Shyam Metalics had fixed the price band for the issue at Rs 303-306, while Sona Comstar sold shares at Rs 285-291 apiece.
The other two issues, Dodla Dairy and Krishna Institute of Medical Science (KIMS) are trading at a premium of 10-15 per cent in the grey market. They are likely to list on June 28, Monday.
“These issues are likely to give minor gains on listing, but one should be watchful of the market sentiments in coming days,” said Doshi.