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Fusion Microfinance IPO: After closure of the subscription of initial public offering (IPO) worth ₹1,103.99 crore, all eyes are now set on the share allotment date, which is most likely on 10th November 2022 i.e. on tomorrow. Those bidders who have applied for the public issue can check their application status online by logging in at the BSE website or at the website of official registrar of the public issue. The official registrar of the IPO is Link Intime Private Limited. Meanwhile ahead of share allocation announcement, grey market sentiments in regard to Fusion Microfinance IPO may not go down well among its bidders. According to market observers, shares of Fusion Microfinance are available at a premium of ₹6 in grey market today.
Fusion Microfinance IPO GMP today
According to market observers, Fusion Microfinance IPO grey market premium (GMP) today is ₹6, which is Re 1 higher from its Tuesday’s GMP of ₹5 per equity share. Market observers went on to add that tepid response by investors could be the major possible reason for grey market sentiments not improving in regard to Fusion Microfinance shares despite positive sentiments on Dalal Street. They said that tepid sentiments in grey market reflects the stock may have a par listing. However, they maintained that it is still five to six days left for listing of Fusion Microfinance shares as tentative date for listing of the IPO is 15th November 2022.
What this GMP mean?
Market observers said that Fusion Microfinance IPO GMP today is ₹6,, which means grey market is expecting that the IPO may list around ₹374 ( ₹368 + ₹6), which is at par with its price band of ₹350 to ₹368 apiece. They said that weak subscription has dented the grey market sentiments.
However, stock market experts said that grey market sentiment is not an ideal indicator of listing premium that one can expect from a public issue. They said that GMP might be artificial as it has nothing to do with the financials of the company. They advised bidders to stick with their conviction, which has came after going through the valuations of the company and its balance sheet.
In three days subscription from 2nd to 4th November 2022, Fusion Microfinance IPO was subscribed 2.95 times whereas its retail portion got subscribed 0.51 times only.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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