Listing of Policybazaar, SJS Enterprises and Sigachi Industries tomorrow: Which one will double wealth?
New Delhi: Following mixed signals by recent debutants, Dalal Street traders are keenly awaiting three new listings on stock exchanges on Monday. PB Fintech (Policybazaar), SJS Enterprises and Sigachi Industries are going to be listed on Monday. The IPOs of all the three companies were open for subscription between November 1-3.
If grey market trends are to be believed, all the three stocks are likely to deliver healthy listing gains.
According to dealers in the unofficial market, there is high demand for companies with strong fundamentals, decent valuations, growth prospects and robust financials.
Abhay Doshi, co-founder, UnlistedArena, said despite concerns over valuations of Policybazaar and weak subscription of SJS Enterprises, both may deliver positive surprises.
“Sigachi will be the key issue to watch,” said the avid grey market tracker. “The company may double investors’ wealth on the day of listing.”
PB Fintech, the parent of PolicyBazaar and PaisaBazaar, was the largest IPO among the three. The company raised Rs 5,625 crore via the primary route. The stock is commanding a premium of Rs 150-160 in the grey market, which is 15-20 per cent over its issue price. The company sold its shares in the range of Rs 940-980.
PB Fintech was overall subscribed 16.59 times, thanks to 24.89 times subscription from qualified institutional buyers. Retail portion was subscribed 3.31 times, whereas non-institutional buyers received 7.82 times bid.
The stock of Sigachi Industries, which raised Rs 125.43 crore via its initial stake sale, is exchanging hands in the grey market at a premium of Rs 220-230, or 145 per cent, over its issue price of Rs 163.
The issue was subscribed heavily, about 102 times. The quota for qualified institutional buyers was subscribed 86.5 times, whereas the retail quota was subscribed 80.5 times. HNI investors’ portion was subscribed 172.43 times.
SJS Enterprises, a decorative aesthetics player, is also likely to deliver a positive surprise. The scrip was trading at a premium of Rs 7-80 in the grey market, 15 per cent over its issue price. The company sold its share for Rs 542 to raise Rs 800 crore via its initial stake sale.
SJS Enterprises had received the weakest response among the three IPOs. It was subscribed only 1.59 times, with institutional buyers bidding for more than 2 times and retail and institutional quotas were subscribed about 1.4 times each.
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