There is big anticipation in the IPO market as three companies—Western Carriers, Arkade Developers, and Northern Arc Capital—are set to list their shares on September 24, 2024. All three IPOs have garnered substantial interest from investors, with strong oversubscriptions and high activity in the grey market. Let’s take a look at the key details of each IPO, including their subscription status, grey market premium (GMP), and expected listing gains.
Western Carriers IPO: Steady Demand from Investors
Subscription Status
Western Carriers’ IPO, with a size of Rs 492.88 crore, saw solid investor demand. By the close on September 19, the issue was subscribed a whopping 28.12 times. Retail investors were particularly keen, as the IPO was oversubscribed 26.17 times in this category. High-net-worth individuals (HNIs) subscribed 45.74 times, while Qualified Institutional Buyers (QIBs) subscribed 18.33 times.
Grey Market Premium (GMP)
The grey market has been buzzing over Western Carriers’ IPO, with shares currently trading at a premium of Rs 50. Based on the upper price band of Rs 172, the IPO is expected to list around Rs 252, offering investors an estimated 29% listing gain.
Arkade Developers IPO: High Subscription and Major Grey Market Interest
Subscription Status
Arkade Developers received an overwhelming response from investors, with its Rs 410 crore IPO being subscribed an impressive 87.33 times. Retail investors showed strong participation, with a subscription rate of 49.16 times. QIBs led the demand by subscribing 111.40 times, while HNIs bid 142.77 times. The numbers reflect high interest across all investor categories.
Grey Market Premium (GMP)
In the grey market, Arkade Developers’ shares are trading at a premium of Rs 85, indicating significant demand. With an upper price band of Rs 128, the listing price is expected to touch Rs 213. This suggests a potential listing gain of more than 66%, making Arkade one of the most promising IPOs in terms of initial returns.
Northern Arc Capital IPO: Record-Breaking Subscription and Impressive Premium
Subscription Status
Northern Arc Capital’s IPO, valued at Rs 777 crore, saw massive demand, especially from institutional investors. The issue was subscribed a massive 95.10 times, with QIBs leading the charge at 174.57 times subscription. HNIs followed with 139.77 times subscription, and retail investors pitched in with 30.18 times. This overwhelming interest reflects strong confidence in the company’s future growth potential.
Grey Market Premium (GMP)
Northern Arc Capital’s IPO has also been a hot commodity in the grey market, where its shares are trading at a premium of Rs 160. Considering the upper price band of Rs 263, the expected listing price is around Rs 423, offering investors a potential profit of over 61%. The IPO’s strong grey market activity signals significant demand and promising returns for early investors.
Key Takeaways for Investors
- Western Carriers: With a potential listing gain of 29% and strong investor interest, Western Carriers’ IPO appears to be a stable investment.
- Arkade Developers: The most hyped among the three, Arkade is set to deliver around 66% listing gains, making it highly attractive for short-term investors.
- Northern Arc Capital: Backed by massive institutional subscriptions and a 61% potential profit, this IPO is a strong contender for both long-term and short-term gains.
Investors will be closely watching the listing performance of these three IPOs on September 24. All eyes are on the grey market premiums and overall market conditions, which will play a crucial role in determining the actual listing prices.
