Azad Engineering IPO: Allotment status of the initial public offering (IPO) of Azad Engineering Limited has been declared and allottees are eagerly waiting for declaration of Azad Engineering IPO listing date, which is most likely on 28th December 2023.
As per the market experts, the public issue received strong response by investors and hence allottees may expect strong listing gain on their investment. In fact, grey market is also signaling strong debut of Azad Engineering shares on Dalal Street.
Accordint to stock market observers, shares of Azad Engineering Limited are available at a premium of ₹301, which is 57 per cent higher from Azad Engineering IPO upper price band of ₹524 per equity share.
Market observers said that Azad Engineering IPO grey market premium (GMP) today is ₹301, which is unchanged from yesterday’s Azad Engineering IPO GMP of ₹301. Observers said that strong response by investors and positive stock market sentiments could be the possible reasons for steady grey market sentiments.
What this GMP mean?
Market observers said that Azad Engineering IPO GMP today is ₹301, which means grey market is expecting that Azad Engineering IPO listing price would be around ₹825, which is near 57 per cent higher from Azad Engineering IPO price band of ₹499 to ₹524 per equity share.
However, stock market experts maintained that grey market is not an ideal indicator about assessing the possible listing premium from a public issue. They said that GMP is completely speculative as it has no connect with financials of the company and it is completely non regulated. Sometimes, GMP of a public issue are found artificial as well because it involves even those who have high stake involved in the public offer.
Those who have applied for the public issue can check their application status online by logging in at the BSE website or at the official registrar’s website. KFin Technologies has been appointed as official registrar of the bookbuild issue. An applicant can login at direct BSE link — bseindia.com/investors/appli_check.aspx or at direct KFin Tech link — kprism.kfintech.com/ipostatus and check Azad Engineering IPO allotment status online.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Published: 27 Dec 2023, 10:58 AM IST
