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Syrma SGS Technologies IPO: After closure of the initial public offering (IPO), all eyes are now focused on the announcement of share allotment, which is most likely today. Meanwhile, after opening of the public offer on 12th August 2022, grey market premium (GMP) of the public issue has gone up from ₹20 to ₹55 per equity share in grey market. According to the market observers, after closure of the public issue, Syrma SGS Technologies IPO GMP has remained steady around ₹55 despite two days sell-off in the market. However, the market mood had changed on Tuesday evening that got reflected in grey market mood towards the public issue when it surged from its yesterday’s low of ₹50 GMP to ₹55 at the end of Tuesday session.
Syrma SGS Technologies IPO GMP
As per the market observers, Syrma SGS Technologies IPO GMP today is ₹55, which is ₹5 higher from its Tuesday low of ₹50 per equity share. Market observers said that after two days of sell-off, Tuesday session was highly volatile on Dalal Street that pulled down Syrma SGS Technologies IPO GMP towards ₹50, which is lowest since closure of the public issue. However, the GMP recovered with recovery in the stock market ahead of closure. market observers expected further upside in the GMP if the market mood remains bullish on next three sessions.
What this GMP means?
According to market observers, Syrma SGS Technologies IPO GMP today is ₹55, which means grey market is expecting that the public issue may list around ₹275 ( ₹220 + ₹55), which is near 25 per cent higher from its price band of ₹209 to ₹220 per equity share. They said that Syrma SGS Technologies IPO GMP has remained steady around ₹55 after closure of the public issue on 18th August 2022 that means grey market is expecting strong 25 per cent listing premium from the public issue.
However, stock market experts maintained that GMP is not an ideal indicator about success or failure of the public issue. They said that one should stick to the basics and look at the financials of the company as it gives concrete and clear picture of the long term fundamentals of the company.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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