Cellecor Gadgets IPO Sees Strong Response and Bullish Grey Market Activity

Cellecor Gadgets IPO Sees Strong Response and Bullish Grey Market Activity

VoM News Desk | September 16, 2023 | 04:30 PM IST | Breaking News | Follow on Google News

Cellecor Gadgets IPO Sees Strong Response and Bullish Grey Market Activity. Image/Unsplash

Robust Investor Interest

Cellecor Gadgets Limited’s initial public offering (IPO) commenced on Friday, with bidding scheduled until September 20, 2023. The book build issue is intended for listing on the NSE SME exchange and has garnered significant attention from investors, fully subscribing on the first day of bidding. The company offered 55,18,800 shares, and the initial offer received bids for 71,32,800 shares, reflecting strong investor confidence.

Bullish Grey Market Activity

The grey market has also shown bullish sentiment towards the Cellecor Gadgets IPO. Observers report that Cellecor Gadgets Limited shares are trading at a premium of ₹45 in the grey market. This premium represents a ₹5 increase from the previous day’s grey market price of ₹40. The rise in the grey market premium is attributed to the positive trend in the broader market and the enthusiastic response from investors to the book build issue.

Significance of Cellecor Gadgets IPO GMP

Market observers interpret the Cellecor Gadgets IPO Grey Market Premium (GMP) as an indicator of the potential performance of the company’s shares when they debut in the secondary market. With a GMP of ₹45, it suggests that the issue may list at ₹137 (₹92 + ₹45), approximately 49 percent higher than the IPO’s price band of ₹87 to ₹92 per equity share.

Subscription Status

After the first day of bidding, the public issue has been fully subscribed. The NSE SME IPO has received bids for 71,32,800 shares against the offered 55,18,800 shares. The retail portion of the SME IPO has been subscribed 1.88 times, with bids for 34,56,000 shares against the offered 18,34,800 shares for retail investors.

Cellecor Gadgets IPO Details

Bidding for the SME IPO will continue until September 20, 2023. The price band for the book build issue is set at ₹87 to ₹92 per equity share. Allotment of Cellecor Gadgets IPO shares is expected on September 25, 2023, with listing anticipated on September 28, 2023.

VoM News Desk

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