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Category: IPOs

  • Urban Company IPO: GMP, Valuation and Outlook

    Urban Company IPO: GMP, Valuation and Outlook

    Urban Company’s IPO has stirred strong interest. The grey market premium (GMP) spiked soon after the announcement, and the brand is well known in India’s home services market. This piece cuts through the noise to explain what GMP is signalling, how to read the valuation, and the key risks retail investors must weigh.

    IPO snapshot and market signals

    The public offer opens on September 10 and closes on September 12, according to filings and media reports. The issue includes a mix of a fresh issue and secondary shares (offer for sale), with the RHP providing the final details on the price band and allocation. Retail investors should check the RHP for the exact issue size and the split between fresh shares and OFS before deciding.

    Grey Market Premium (GMP) has become a loud market signal for this IPO. Reports show GMP rising sharply — one story noted GMP doubled since the announcement, and media tracked a 35% GMP figure around the opening. While a high GMP often points to expected listing gains, it is an informal market indicator and not an official valuation.

    How to read GMP and its limits

    GMP reflects demand among unofficial traders and can move quickly. Use it as a short-term sentiment gauge, not as a substitute for fundamentals. GMP can be boosted by limited supply in the grey market, heavy retail interest, or media hype.

    Insight: GMP is useful for gauging listing excitement, but it does not replace RHP metrics like revenue growth, margins, and cash flow.

    What GMP may imply for listing day moves

    A high GMP often indicates potential listing-day upside, especially for well-known consumer brands. However, listing performance can diverge if the broader market sentiment weakens or if the IPO valuation looks stretched to institutional buyers.

    Retail investors planning to flip on listing day should factor in transaction costs, possible lock-in periods for promoters, and the risk that GMP can evaporate quickly.

    Valuation and business fundamentals

    Urban Company operates a marketplace model for home services. Media and the RHP highlight steady revenue growth, but investors must examine unit economics: take rate, service margins, and customer retention. Gross margins at the marketplace level and profitability after payouts to service partners are critical to understand.

    Marketplace dynamics matter. A healthy supply of quality service staff, repeat customers, and a sustainable take rate determine long-term profitability. High marketing spends and incentives can boost growth but may compress margins if not controlled.

    Key numbers investors must check in the RHP

    Scrutinise revenue growth over recent quarters, gross and operating margins, take rate, customer acquisition cost (CAC), lifetime value (LTV) trends, and cash burn. Also review the balance sheet for cash reserves and any contingent liabilities flagged in the SEBI filing.

    Insight: A fast top-line growth story can still be risky if the cash burn and unit economics don’t point to an eventual path to profitability.

    Risks, red flags and regulatory points

    Operational quality control remains a core risk in home services. Multiple media pieces summarise warnings in the RHP about operational complexity and service consistency. Training, background checks and dispute resolution systems are areas to watch in the prospectus.

    Regulatory and labour considerations are also important. The RHP and SEBI filings flag workforce classification, contractor relationships, and local licences as potential regulatory issues. Any adverse changes or enforcement actions could affect operations and costs.

    Competitive landscape and margin pressure

    Competition from local players and new entrants can push up marketing spends and reduce take rates. Watch for notes in the RHP about competitive strategy and expected margin trends. A sustained price war or high incentive spending can erode expected returns.

    Investor checklist and subscription strategy

    Before applying, retail investors should verify these items in the RHP and company statements. Use a measured allocation based on your risk profile rather than chasing GMP.

    • Adjusted valuation metrics to compare with peers (EV/revenue, growth-adjusted multiples).
    • Balance sheet strengths and cash burn profile; runway at current spending levels.
    • Management notes, corporate governance details and lock-in periods for promoters.
    • Personal risk tolerance and suggested allocation — avoid overexposure to a single IPO.

    GMP can guide short-term listing expectations, but fundamentals decide long-term returns. If you aim for quick listing gains, keep positions small. Long-term investors should prioritise margin improvement and pathway to profitability outlined in the RHP.

    Overall, Urban Company’s IPO could suit investors seeking exposure to an underpenetrated home services market, but only if valuation and unit economics are convincing. Watch the RHP closely, treat GMP as a sentiment indicator, and align any subscription with your risk limits.

    Sources: SEBI, Economic Times

    FAQs

    GMP shows unofficial demand and expected listing-day gains among private traders. It is a sentiment signal only and not an official valuation or guarantee of performance.

    No, retail investors should not rely solely on GMP; check the RHP and fundamentals first. Use GMP only as a short-term sentiment gauge and keep your allocation measured.

    Look at revenue growth, take rate, gross and operating margins, CAC, LTV and cash burn. Also review cash reserves, contingent liabilities and any regulatory disclosures in the filing.

    Key risks include operational quality control, regulatory and labour issues, and margin pressure from high marketing spends or competition. Service consistency and partner management are critical for long-term profitability.

    If you want quick listing gains, keep the position small and factor in costs and tax implications. For long-term investing, prioritise margin improvement, unit economics and a clear path to profitability.

    The public offer opens on September 10 and closes on September 12, with a mix of fresh issuance and offer for sale. Check the RHP for the exact price band, allocation and split between fresh shares and OFS before subscribing.

  • Dev Accelerator IPO GMP Hits ₹16: What It Means

    Dev Accelerator IPO GMP Hits ₹16: What It Means

    Dev Accelerator’s IPO is attracting attention in the grey market, where traders are quoting a premium of around

    ₹16. This suggests traders expect the stock to list above the issue price. But grey market moves are short-term signals, not a substitute for fundamental checks before you bid.

    What the GMP Is Telling Us Today

    Grey market premium (GMP) for Dev Accelerator has been volatile since subscription opened. Several market trackers reported GMP rising to about

    ₹16 at peak, while some earlier reports showed it nearer to ₹9 on day one. Traders use GMP as a quick sentiment gauge for likely listing behaviour.

    How grey market premium works in India

    GMP reflects demand in an unofficial market where shares are traded before listing. It is set by dealers and retail traders and can move on news, brokerage chatter and early subscription numbers. Remember, GMP is informal and not regulated, so it can change rapidly and is not a guarantee of listing price.

    GMP timeline since announcement and what a ₹16 GMP implies for likely listing price

    Reports show GMP climbed quickly after the issue opened and later eased on mixed subscription updates. If the GMP is taken as an absolute rupee figure added to the upper band (₹61), it points to a possible listing near ₹77. Some outlets, using different measures, estimate a more conservative listing around ₹71, showing how interpretations can vary.

    Insight: A ₹16 GMP signals trader optimism, but translate it cautiously into a listing target — methodologies differ across grey market sources.

    Dev Accelerator’s Fundamentals vs. Market Hype

    Dev Accelerator operates in the software development and consulting space, serving clients across technology and product engineering. Public updates show revenue growth but also raise questions on margin sustainability and client concentration. For long-term investors, these operational details matter more than short-term GMP swings.

    Key financial metrics to watch (revenue, margins, client concentration)

    Check year-on-year revenue growth and operating margins to see whether the business is scaling profitably. Look at client concentration: a few large clients can boost topline but increase risk if contracts are lost. Also review cash flows and receivables to assess working capital health.

    Comparison with recent peer listings and listing multiples

    Compare Dev Accelerator’s price-to-sales or EV/EBITDA expectations with peers that listed recently. Some sector IPOs have enjoyed strong listing pops on limited float and hot demand, while others priced richly and cooled off. Relative multiples provide a reality check on valuation implicit in the IPO price band plus GMP.

    Investor Playbook — Risks, Rewards and Decision Checklist

    For retail and institutional investors, decide first whether you are aiming for a listing gain or long-term ownership. Short-term traders lean on GMP and subscription trends; long-term investors focus on fundamentals and strategic fit in their portfolios. Keep allocation odds and potential lock-ins in mind.

    • Compare IPO valuation vs peers and recent listings.
    • Track subscription patterns across investor categories.
    • Weigh GMP signals against company fundamentals.
    • Check lock-in rules and share allotment odds.
    • Have a clear exit plan pre-listing based on your time horizon.

    Scenarios: listing pop, flat listing, and listing below issue price

    If the stock lists with a pop, short-term traders who sold at listing make gains, while long-term holders should reassess whether to hold for business growth. A flat listing means the market prices the IPO similarly to expectations; this often favours cautious long-term investors. If listing falls below issue price, early retail applicants face immediate paper losses and should revisit allocation strategy and risk tolerance.

    Insight: GMP is most useful as a sentiment indicator for listing-day strategies, not as a buy-or-sell rule for long-term investing.

    In summary, GMP at about ₹16 signals positive market sentiment for Dev Accelerator’s listing, but it should not replace a study of fundamentals and subscription trends. Short-term traders can use GMP and demand indicators; long-term investors should focus on financial health, client mix and growth prospects before subscribing.

    Advisory: If you plan to bid, limit exposure to an amount you can hold through volatility. For long-term bets, prioritise fundamental fit over grey market noise.

    Sources: Livemint, Economic Times, CNBC-TV18

    FAQs

    GMP is an informal premium quoted by dealers in an unofficial market before an IPO lists. It shows short-term trader sentiment and is not regulated or binding on listing price.

    A ₹16 GMP suggests traders expect the stock to list above the IPO band, which could point to a listing near ₹77 if added to the upper band of ₹61. Different grey market sources and methods give varied estimates, so treat this as a rough guide, not a certainty.

    GMP is a quick sentiment gauge but it can move fast and is unregulated, so it is not a reliable substitute for company analysis. Use it only as one of several inputs when deciding to bid.

    No — if you are aiming for a quick listing gain, GMP can inform timing, but it also carries risk. Long-term investors should prioritise fundamentals like revenue, margins and client concentration over grey market noise.

    Check year-on-year revenue growth, operating margins, client concentration, cash flows and receivables, and compare valuation multiples with peers. Also monitor subscription trends and lock-in rules to gauge allotment odds and short-term demand.

    Decide in advance whether you seek a listing pop or long-term ownership, and cap the amount you can afford to hold through volatility. Set a clear exit plan for listing day and revisit your position based on business performance if you plan to hold long term.

  • Urban Company IPO GMP: Key Trends for Investors

    Urban Company IPO GMP: Key Trends for Investors

    Urban Company IPO gmp today stands at ₹35, signaling a potential 28% listing gain for investors. As the highly anticipated initial public offering prepares to open on September 10, 2025, we’re seeing significant interest in this home services platform that has transformed from a loss-making entity into a profitable business.

    The gray market ipo activity reflects strong investor confidence in Urban Company’s fundamentals. In fact, according to recent data, the company reported an impressive 38% revenue increase to ₹1,144.5 crore in Fiscal 2025 and turned profitable with ₹240 crore profit after posting a ₹93 crore loss in the previous year. With a price band fixed between ₹98 and ₹103 per share and a market lot of 145 shares, this ipo gray market performance suggests bullish sentiment ahead of the subscription period that closes on September 12, 2025.

    This mainboard issue aims to raise ₹1,900 crore, with ₹472 crore coming from fresh shares. At the upper price band, Urban Company’s valuation is estimated at ₹14,790 crore – certainly noteworthy for a company that has completed over 97.45 million service orders in India since its inception in November 2014 and now operates across 51 cities including international markets like UAE, Singapore, and Saudi Arabia[-5].

    urban company ipo

    Urban Company opens IPO with strong investor interest

    The home services platform Urban Company will launch its initial public offering (IPO) on September 10, 2025, with early subscription already opening for select investors on Sept 9. This mainboard issue has generated substantial interest among market participants ahead of its three-day subscription window that closes on Sept 12.

    IPO dates, price band, and lot size explained

    Urban Company has established a price band of ₹98 to ₹103 per equity share for its maiden public offering. Investors can participate with a minimum application of 145 shares, requiring an investment of ₹14,935 at the upper price band. For retail investors, the maximum application allows 13 lots totaling 1,885 shares worth ₹1,94,155, while small HNIs must apply for at least 14 lots. The book-built issue has allocated specific timelines with the bidding for anchor investors opening for a single day on September 9.

    Breakdown of fresh issue vs offer for sale

    The ₹1,900 crore public issue consists of both fresh equity and existing shares. The fresh issue component amounts to ₹472 crore, comprising 4.58 crore newly created equity shares. Meanwhile, the offer for sale (OFS) portion is substantially larger at ₹1,428 crore, with 13.86 crore shares being offloaded by existing shareholders including Accel India, Bessemer India Capital Holdings, and others. Proceeds from the fresh issue will fund several strategic initiatives – approximately ₹190 crore for technology development and cloud infrastructure enhancement, ₹75 crore for office space lease payments, ₹90 crore for marketing activities, and the remainder for general corporate purposes.

    Listing date and exchanges confirmed

    Following the subscription period, the share allotment is expected to be finalized on September 15, 2025. Subsequently, the company will initiate refunds and credit shares to successful applicants’ demat accounts on September 16. The much-anticipated listing is scheduled for September 17, 2025, on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Additionally, investors should note that the cut-off time for UPI mandate confirmation is 5 PM on September 12, 2025.

    Urban Company IPO GMP today shows bullish sentiment

    Gray market activity for the Urban Company IPO reveals strong investor enthusiasm as the issue approaches its official opening. The unlisted shares are commanding a significant premium, indicating positive market sentiment toward the company’s public debut.

    What is GMP and how is it calculated?

    Gray Market Premium (GMP) represents the price difference between an IPO’s issue price and its unofficial trading price before listing. Essentially, it shows the additional amount investors are willing to pay over the IPO price to acquire shares before official trading begins. The calculation is straightforward: subtract the issue price from the gray market price. For instance, if Urban Company’s issue price is ₹103 and gray market price is ₹139, the GMP equals ₹36. This premium can also be expressed as a percentage by dividing the GMP by the issue price and multiplying by 100.

    Urban Company GMP today and recent trend

    As of September 9, Urban Company’s shares are trading at a premium of ₹36 in the unofficial market. This represents approximately a 35% premium over the upper price band. The GMP has steadily increased from ₹20 on September 4-6 to ₹28 on September 8, before reaching its current level. Furthermore, the estimated profit per lot based on current GMP stands at ₹4,930. This upward trend suggests growing investor confidence as the subscription period approaches.

    How gray market IPO activity reflects investor demand

    The gray market serves as a valuable indicator of potential listing performance, though not always accurate. A robust GMP typically signifies strong demand and anticipates positive listing gains. Academic research confirms this relationship, with studies showing a strong positive correlation (coefficient of 0.886) between GMP and listing day performance. Moreover, decision tree models demonstrate an accuracy of 83.7% in predicting listing outcomes based on GMP data. Nevertheless, experts caution that despite its predictive value, GMP remains unofficial, unregulated, and susceptible to manipulation by large investors. Therefore, prudent investors should consider GMP alongside company fundamentals rather than using it as the sole decision-making factor.

    Company fundamentals support GMP optimism

    The strong gray market premium (GMP) of Urban Company’s IPO appears justified upon examining the company’s core fundamentals. The tech-enabled home services platform has established a robust foundation in a rapidly growing market.

    Urban Company’s business model and service reach

    Founded in 2014, Urban Company operates a technology-driven, full-stack marketplace connecting consumers with trained service professionals. The platform currently boasts over 48,000 active service professionals across 51 cities in India, UAE, Singapore, and Saudi Arabia. Its hyperlocal approach divides cities into more than 12,000 micro-markets spanning 3-5 km radius each. Beyond services, the company has diversified into product sales under its ‘Native’ brand, offering water purifiers and smart locks.

    Financial performance and revenue growth

    Urban Company’s financial trajectory reveals significant improvements. In FY25, it reported operating revenue of ₹1,144.5 crore, representing a 38% year-over-year increase. Notably, the company turned profitable with ₹240 crore net profit after posting a ₹93 crore loss in FY24. Even without the ₹211 crore deferred tax credit, the company achieved a pre-tax profit of ₹28.6 crore. Platform services remain the largest revenue driver, contributing 64.8% of total operating income.

    financial performance

    Valuation metrics and market capitalization

    At the upper price band, Urban Company is valued at ₹14,790 crore. Key metrics include a Price-to-Sales ratio of 12.9x, Stock P/E of 61.7, and ROCE of 2.37%. The company maintains an almost debt-free status alongside solid profit growth of 27.6% CAGR over the past five years.

    Comparison with other tech IPOs

    As a rare tech IPO in India this year, Urban Company stands out among tech listings by already achieving profitability. However, some analysts consider the valuation stretched at “100x 2-3 years forward earnings”. Nonetheless, its positive financial trajectory distinguishes it from many tech startups that went public while still accumulating losses.

    Analysts weigh in on whether to subscribe

    Brokerage firms have mixed views on the Urban Company IPO, primarily emphasizing its long-term potential despite valuation concerns.

    Brokerage reviews and expert opinions

    Multiple brokerages including HDFC Securities, Anand Rathi, and SBI Securities have issued “subscribe for long term” ratings. Analysts praise Urban Company’s category-leading position and profitability turnaround. Anand Rathi highlights the company’s strong network effects and technological capabilities that enhance profitability. Conversely, veteran fund manager Sandip Sabharwal cautions that “this valuation is absolutely out of the park”.

    Risks and challenges for investors

    The company faces several significant challenges:

    • History of losses and negative cash flows
    • Intense competition from offline providers and new entrants
    • Regulatory uncertainty around gig worker classification
    • High marketing costs reaching 14.11% of revenue in Q1FY25
    • Dependence on service professional retention with 45% attrition

    SBI Securities warns that sustained profitability depends on “continuous onboarding of trained professionals”. Indeed, some subsidiaries remain loss-making, which could affect consolidated results.

    Expected listing gains and long-term outlook

    Based on current GMP, investors can expect listing gains of approximately 33-35%. Urban Company’s FY25 profit was largely driven by tax credits, with core operations requiring further improvement. Ultimately, as Harshal Dasani of INVasset PMS notes, “strong repeat usage at 82% suggests stickiness, but margins could be pressured”.

    Conclusion

    Urban Company’s IPO journey reflects a promising narrative for India’s tech ecosystem. The company transformed from a loss-making entity into a profitable business with remarkable speed, showing 38% revenue growth in FY25. Consequently, the strong gray market premium of ₹35 signals investor enthusiasm, potentially translating to 28% listing gains when shares debut on September 17, 2025.

    Beyond the numbers, we must recognize Urban Company’s strategic expansion across 51 cities internationally, creating a robust service professional network. Nevertheless, certain challenges remain noteworthy – particularly the dependency on tax credits for recent profitability and the ongoing service professional retention issues with 45% attrition rates.

    Most brokerages recommend subscription primarily for long-term investors rather than short-term traders. After all, the company’s valuation appears stretched at the current price band according to several market experts. Still, Urban Company’s 82% repeat usage rate demonstrates strong customer loyalty, which might justify premium valuations over time.

    The ₹1,900 crore public issue balances fresh equity (₹472 crore) with existing shareholders’ stake sales, thus providing capital for technology enhancement and marketing initiatives. Undoubtedly, prospective investors should weigh both immediate listing gains against fundamental growth drivers when making investment decisions.

    Overall, Urban Company represents one of the rare tech IPOs in India this year that has already achieved profitability before public listing. Therefore, despite valuation concerns, this offering presents an opportunity to participate in a company that has successfully disrupted the fragmented home services market through technological innovation.

    FAQs

    The IPO opens on September 10, 2025, and closes on September 12, 2025. Anchor investor bidding is scheduled for September 9, 2025.

    The price band is ₹98–₹103 per share. The minimum application is 145 shares (₹14,935 at the upper band).

    The total issue size is ₹1,900 crore, comprising a fresh issue of ₹472 crore and an offer for sale of ₹1,428 crore.

    The shares are scheduled to be listed on September 17, 2025, on both NSE and BSE.

    As of September 9, 2025, the grey market premium (GMP) is ₹36, representing a ~35% premium over the upper price band.

    Proceeds will fund technology and cloud infrastructure (~₹190 crore), office space lease payments (~₹75 crore), marketing (~₹90 crore), and general corporate purposes.

    In FY25, Urban Company reported ₹1,144.5 crore revenue (+38% YoY) and ₹240 crore profit, compared to a ₹93 crore loss in FY24.

    Risks include high marketing costs, regulatory uncertainty around gig workers, 45% attrition among service professionals, and intense competition.

  • Dev Accelerator IPO GMP Signals 13-16% Listing Gain

    Dev Accelerator IPO GMP Signals 13-16% Listing Gain

    Dev Accelerator’s grey market premium (GMP) has moved into double digits, signaling upbeat sentiment ahead of the IPO opening. At current levels, the GMP implies a potential listing jump that would be meaningful for retail investors who plan to flip. This note breaks down what the GMP number reflects and whether it should change your investment approach.

    GMP Snapshot and Immediate Market Readings

    The grey market for Dev Accelerator is reporting a premium in the 13–16% band. With the IPO price band set at 7 per share at the upper end, a 13–16% GMP points to an implied listing price of about 71, roughly 70-71 depending on where the GMP settles. That puts potential listing gains in the low double digits if the grey market sentiment carries through to listing day.

    Compared with recent small-cap IPOs, a 13–16% GMP is healthy but not frothy. Some peer listings have produced higher initial jumps, while others cooled close to the offer price. The GMP gives an early market read, but it is only one input among subscription numbers, peer valuations and market mood.

    Why GMP Is Rising for Dev Accelerator

    Business drivers behind investor interest

    Dev Accelerator is an Ahmedabad-based flexible workspace provider backed by promoter linkage with listed Dev Information Technology Ltd. The flexible workspace theme has traction as companies seek hybrid solutions, and fresh issues in the segment often attract retail curiosity. The companys promoter pedigree and a largely fresh-issue structure may also be boosting demand in the grey market.

    Investors appear to be pricing in growth potential from leasing and occupancy improvement, especially in mid-sized cities where organised operators are gaining share. That said, true earnings leverage will depend on utilisation and cost control after scaling operations.

    Market drivers and sentiment

    Sector momentum and a limited issue size can amplify GMP moves. Dev Accelerators offer is relatively modest in size, which can create allocation scarcity and spur speculative demand. Recent comparable listings that delivered quick gains could be encouraging short-term buyers to bet on a similar outcome.

    Insight: “A small issue plus sector tailwinds often inflate GMP quickly, but such premiums can reverse if subscription softens or sentiment shifts.”

    What GMP Actually Means for Investors

    How GMP is calculated and its reliability

    GMP is an informal market indicator derived from off-market trades where participants quote what they would pay to buy or sell the stock on listing day. It reflects expected demand more than company fundamentals. Because it is unregulated and anecdotal, GMP should be treated as a sentiment snapshot rather than a hard valuation metric.

    Historically, GMPs can predict listing direction but not magnitude with certainty. They often adjust rapidly in the 48 hours before listing as subscription data and market news arrive.

    Key risks that GMP may be overlooking

    GMPs can miss listing volatility, valuation compression and weak subscription levels. A strong GMP does not guarantee sustained upside; it mainly signals likely short-term demand at launch. Investors should be wary of chasing a quick flip without checking underlying valuation versus peers.

    • Check the IPO price band and implied listing price.
    • Assess your time horizon: flip versus long-term hold.
    • Review company fundamentals and peer valuations.
    • Consider allocation risk given the issue size and expected allotment.

    Insight: “Use GMP as a tiebreaker, not a decision rule—combine it with subscription data and valuation checks before acting.”

    Strategy Scenarios Based on GMP Signals

    Scenario A: If the GMP holds and the listing gap materialises, short-term traders may consider a tactical flip. With an implied listing near 71 from a 71 price band reference, early gains could be captured on listing day. Ensure you factor in taxes, brokerage and the risk of immediate profit erosion.

    Scenario B: If GMP fades before listing or subscription is weak, avoid chasing the IPO at a premium on listing day. In that case, the better approach could be to wait for post-listing price discovery and re-evaluate based on actual traded prices and company fundamentals rather than grey market hopes.

    GMP offers a timely sentiment snapshot but is not a substitute for fundamentals and valuation checks. Treat the grey market premium as one input in a broader decision framework that matches your risk tolerance and investment horizon.

    Advisory: Evaluate your exposure and avoid over-allocating to IPOs based solely on grey market talk. If unsure, consult your financial adviser before applying.

    Sources: Livemint, Economic Times, Moneycontrol

    FAQs

    GMP (grey market premium) is the off-market price that reflects what buyers expect to pay on listing day. For Dev Accelerator, a 13–16% GMP shows upbeat sentiment and points to an implied listing near ₹70–71.

    With the IPO price band at ₹61, a 13–16% GMP implies an expected listing around ₹70–71, signalling low double-digit listing gains if sentiment holds. This is an estimate and can change quickly with subscription data and market news.

    No — GMP is an informal, unregulated sentiment gauge and should not be the only reason to apply. Combine GMP with subscription trends, peer valuations and company fundamentals before deciding.

    GMP can miss listing volatility, weak subscription and post-listing valuation compression. It also does not reflect operational risks such as occupancy, utilisation and cost control that affect long-term earnings.

    Short-term traders may consider a tactical flip but must factor in taxes, brokerage and the chance of quick profit erosion. Long-term investors should focus on fundamentals and avoid chasing listing gains on sentiment alone.

    Monitor subscription numbers, final GMP movement and any sector or company updates that could change sentiment. Re-assess after allotment and on the first traded price before taking larger positions.

  • Austere Systems IPO GMP Up 49% as Subscription Nears 600x

    Austere Systems IPO GMP Up 49% as Subscription Nears 600x

    Austere Systems’ public offer has captured market attention as its grey market premium (GMP) climbed sharply and subscription levels moved toward 600x. The surge has heightened expectations of a strong listing, but it has also raised questions about whether GMP reflects durable investor conviction or short‑term speculation. For retail investors and advisers, separating market noise from fundamentals is now essential.

    What GMP Actually Reflects for Austere Systems

    GMP is an informal indicator showing how unlisted shares of an IPO are trading in the grey market before listing. It often reflects immediate sentiment — traders’ willingness to buy unlisted lots based on perceived listing gains, broker chatter and near‑term demand from retail and non‑institutional participants.

    However, GMP is not an official price signal. It does not account for final allotment, market conditions at listing, or company fundamentals such as revenue quality and margins. Use GMP as a short‑term gauge of enthusiasm, not as a substitute for reading the prospectus.

    Insight:“A high GMP signals interest, but it can exaggerate listing gains when allocation is skewed or when demand is concentrated among short‑term traders.”

    How GMP is tracked and who reports it

    Grey market activity is tracked by broker desks and unofficial platforms; business publications then report the ranges they observe. Recent reports quoted unlisted trades for Austere Systems around ₹80–₹82 per share, underpinning the headline GMP percentage.

    Because the data come from varied sources, numbers can differ across reports and change rapidly. Investors should note the source and timing when comparing GMP figures.

    Typical scenarios when GMP misleads investors

    GMP can mislead when oversubscription is lopsided (for example, heavy interest in retail or NIIs but weak QIB appetite) or when speculative buying inflates prices ahead of listing. It can also be unreliable when grey market volumes are thin — a few trades can move the quoted GMP significantly.

    Finally, GMP ignores listing costs, taxes and the fact that many retail investors receive small allocations that limit their ability to capitalise on expected gains.

    The Numbers Behind the Buzz — Subscription, Investor Mix and GMP

    Public reports show overall subscription approaching 600x with GMP up roughly 49%. Media updates during the book‑building period recorded a steady rise: early single‑digit coverage moved into double and then triple digits as bidding progressed.

    • Day‑by‑day subscription rose from low single digits in early sessions to several hundred times by the close.
    • GMP trajectory: reported unlisted trades ranged around ₹80–₹82, supporting a near‑50% GMP headline.
    • Category oversubscription: retail and NIIs led demand, with NIIs reported to oversubscribe their reserved portion by very large multiples in some updates.

    Insight:“Strong NII and retail demand can boost initial listing momentum but does not guarantee sustained post‑listing performance unless company fundamentals support valuation.”

    Retail vs NII demand — what it signals about sentiment

    High retail interest shows broad grassroots enthusiasm and a desire to participate in IPO gains. NIIs (non‑institutional investors) typically include high‑net‑worth individuals and smaller funds; heavy NII demand suggests conviction among more informed private buyers.

    When both cohorts subscribe heavily, listing demand is robust. But if QIB (institutional) participation is muted, the stock may face pressure when short‑term traders exit after listing.

    Role of brokers and grey market platforms in price discovery

    Brokers and unofficial platforms help form an early view of demand and pricing, but their quotes reflect negotiated trades rather than continuous market prices. They can accelerate momentum by publicising high GMPs, which in turn can attract more retail bids.

    Investors should therefore treat grey market quotes as one input among many — useful for sentiment reading but limited for valuation decisions.

    What Investors Should Do Now — Practical Checklist

    With GMP volatility and heavy oversubscription, retail investors should slow down and reassess. Here are practical steps to consider before and after allotment:

    • Reassess allocation versus your risk tolerance; avoid over‑allocating to IPOs purely on GMP signals.
    • Read the prospectus for revenue mix, client concentration and related‑party disclosures.
    • Plan for listing volatility: use limit orders and decide whether you aim to list‑flip or hold long term.
    • Track final allotment, listing price and QIB participation before making post‑listing moves.

    High GMP and heavy subscription point to strong market interest but they are not a guarantee of listing profits. Combine GMP signals with fundamentals, a clear allocation plan and an exit strategy to navigate the likely sharp swings after listing.

    Sources: Business Standard, Economic Times, LiveMint

     

    FAQs

    GMP (grey market premium) shows how unlisted IPO shares trade informally before listing, reflecting short-term sentiment. Reports of unlisted trades around ₹80–₹82 underpin a near-50% GMP, but this is an unofficial indicator, not a guaranteed listing price.

    No, GMP is not fully reliable — it measures immediate demand and broker chatter, not allotment, QIB interest or market conditions on listing day. Use it as a sentiment gauge, not a valuation tool.

    A near-600x subscription shows very strong demand and increases the chance of a high listing interest. However, heavy oversubscription alone does not ensure sustained post-listing gains if company fundamentals are weak.

    Media updates show retail investors and NIIs (high-net-worth individuals and small funds) drove most demand, with NIIs heavily oversubscribing their quota. Strong retail and NII interest can boost listing momentum, but weak QIB participation may raise volatility after listing.

    No — retail investors should not rely solely on GMP when applying. Read the prospectus, check revenue quality and client concentration, and match any allocation to your risk tolerance.

    Reassess how much to allocate and have a clear plan to either list-flip or hold long term, use limit orders at listing, and track final allotment and QIB participation before acting post-listing. Keep fundamentals and tax/transaction costs in mind when deciding.

  • ⁠Hot IPOs in 2025! From LG to JSW Cement – 5 Big Listings to Watch

    ⁠Hot IPOs in 2025! From LG to JSW Cement – 5 Big Listings to Watch

    After a rollercoaster year in 2024, India’s IPO market is gearing up for an eventful 2025. With a mix of well-established giants and high-growth startups making their way to Dalal Street, investors are eagerly watching for the next big opportunity. Despite global volatility, the Indian stock market has shown resilience, fueling optimism for upcoming IPOs in 2025.

    Industry experts believe that companies are no longer just focusing on raising capital but are also prioritizing financial stability, innovation, and ESG (Environmental, Social, and Governance) factors to attract discerning investors. According to experts, the narrative has shifted from growth at all costs to sustainable, profitable expansion.

    With that in mind, here are five of the most anticipated IPOs of 2025 that investors should keep an eye on:

    1. LG Electronics India IPO

    One of the most awaited IPOs of the year, LG Electronics India, is finally making its market debut. The South Korean electronics giant has received final approval from SEBI and is preparing for a full Offer for Sale (OFS).

    • IPO Size: Yet to be disclosed
    • Lead Managers: Morgan Stanley India, J.P. Morgan India, Axis Capital, BofA Securities, and Citigroup Global Markets.
    • What to Watch: LG Electronics India has a strong brand presence in the Indian market, making this a highly anticipated listing. However, since it is an OFS, all proceeds will go to the parent company rather than for business expansion.

    2. JSW Cement IPO

    India’s booming real estate sector is driving cement demand, and JSW Cement is ready to capitalize on the trend. Backed by the JSW Group, the company has received SEBI approval to raise ₹4,000 crore through its IPO.

    • IPO Structure: Fresh issue of ₹2,000 crore + OFS of ₹2,000 crore
    • Why It Matters: JSW Cement is expanding aggressively and could benefit from India’s infrastructure push. Investors should look at profitability trends and expansion plans before making a decision.

    3. Tata Capital IPO

    After the success of Tata Technologies’ IPO, Tata Capital is set to become the next big financial entity from the Tata Group to go public. Reports indicate that the IPO could be worth over ₹15,000 crore, making it one of the largest listings of the year.

    • Investment Banks: 10 banks have been hired to manage the issue.
    • Potential Valuation: One of the biggest IPOs from the Tata Group in recent years.
    • Investor Interest: Given the strong reputation of Tata Group and the growth of the NBFC sector, this IPO is expected to see significant demand.

    4. boAt IPO

    boAt, India’s leading consumer electronics brand, is making a second attempt at going public after shelving its plans in 2022 due to unfavorable market conditions. This time, the company is targeting a ₹2,000 crore IPO.

    • Expected Valuation: Over $1.5 billion
    • Market Position: Strong presence in the wearables and audio electronics segment.
    • What to Watch: Investors should monitor profitability trends as the company has been focusing on expansion while competing in a highly competitive market.

    5. NSDL IPO

    The National Securities Depository Ltd (NSDL), India’s largest depository, is preparing for a ₹3,000 crore IPO. The offering will be a complete OFS, with existing stakeholders like NSE, IDBI Bank, and HDFC Bank reducing their stakes.

    • Key Concern: The IPO timeline is tight as regulatory deadlines approach.
    • Industry Importance: As a critical player in India’s financial market infrastructure, NSDL’s IPO is likely to attract significant institutional interest.

    The Road Ahead for IPOs in 2025

    While market volatility has led to a cautious approach from promoters and investment bankers, a strong economic recovery and improved market sentiment are expected to drive a resurgence in IPO activity. Investors should stay informed and evaluate IPOs based on valuations, growth potential, and market conditions.

    Other Upcoming IPOs to Watch:

    • Reliance Jio – Potentially the biggest IPO in India’s history
    • Zepto – Quick commerce startup aiming for a multi-billion-dollar valuation
    • Ather Energy – Riding the electric vehicle boom
    • PhonePe – Fintech giant backed by Walmart, eyeing a blockbuster debut
    • HDB Financial Services – A long-awaited NBFC listing

    With multiple high-profile IPOs lined up, 2025 could be a landmark year for the Indian stock market. Whether you’re a retail investor or an institutional player, keeping an eye on these listings could lead to exciting investment opportunities.

    Disclaimer: This article is for informational purposes only and should not be considered as investment advice.

  • Divine Hira Jewellers IPO Allotment: Check Latest GMP, Steps To Verify Status

    Divine Hira Jewellers IPO Allotment: Check Latest GMP, Steps To Verify Status

    The bidding for the Divine Hira Jewellers IPO was open from March 17, 2025, to March 19, 2025. The basis of allotment is expected to be finalized on March 20, 2025. Here’s how you can check the allotment status for this NSE SME IPO:

    Check Divine Hira Jewellers IPO Allotment Status Online on NSE

    1. Visit the NSE application status page.
    2. Select “Equity” in the Issue Type.
    3. In Issue Name, select “Divine Hira Jewellers”.
    4. Enter your “Application Number” or “PAN Number”.
    5. Complete the CAPTCHA verification.
    6. Click on “Submit”.

    IPO Details

    Divine Hira Jewellers IPO is entirely a fresh issue of 35.38 lakh shares, with a total issue size of ₹31.84 crore. The price is set at ₹90 per share, and the tentative listing date on NSE SME is March 24, 2025.

    Use of Proceeds

    The IPO proceeds will be used for funding working capital requirements, repayment or pre-payment of certain borrowings, and for general corporate purposes.

    Divine Hira Jewellers IPO – Overall Subscription Status

    As of March 19, 2025, end of the day:

    Investor Category Subscription (times)
    Non-Institutional Investors 1.20
    Retail Individual Investors 6.62
    Market Maker 1.00
    Total 3.93

    GMP (Grey Market Premium) Details

    As of March 19, 2025, 5:35 PM, the GMP for Divine Hira Jewellers IPO stands at ₹7; the estimated listing price is expected to be ₹97, which is 7.78% higher than the IPO price of ₹90.

    Note: The Grey Market Premium (GMP) is not an official price and is based on market speculation.

    Divine Hira Jewellers Business Overview

    Incorporated in July 2022, Divine Hira Jewellers Limited specializes in designing and marketing premium 22 Karat gold jewelry. The company caters to wholesalers, showrooms, and retailers with a diverse range of gold jewelry that combines traditional artistry with modern elegance. Their collection includes necklaces, mangalsutras, chains, malas, rings, pendants, bracelets, bangles, kadas, coins, and wedding jewelry.

    They emphasize localized design, ensuring creations resonate with regional tastes. The company is a wholesaler of gold jewelry, silver articles, bullions, and coins in Mumbai, Maharashtra. As of October 31, 2024, the company had nine employees in various departments.

    Competitive Strengths

    • Established brand presence attracts both wholesalers and retailers.
    • Portfolio of 22 Karat gold jewelry: necklaces, bangles, chains, rings, pendants, and wedding collections.
    • Artisans and in-house designers create unique, regional designs, giving Divine Hira Jewellers a competitive edge.
    • For consistent sales, the company maintains strong ties with wholesalers, retailers, and showrooms.

    Investors are advised to check the allotment status on the given date and stay updated with official announcements for any changes.

    Disclaimer: This article is for informational purposes only and should not be considered as investment advice.

  • Paradeep Parivahan IPO Allotment: Check Latest GMP, Steps To Verify Status

    Paradeep Parivahan IPO Allotment: Check Latest GMP, Steps To Verify Status

    The bidding for the Paradeep Parivahan IPO was open from March 17, 2025, to March 19, 2025. The basis of allotment is expected to be finalized on March 20, 2025. Here’s how you can check the allotment status for this BSE SME IPO.

    Check Paradeep Parivahan IPO Allotment Status Online on BSE

    1. Visit the official BSE IPO allotment status page.
    2. Select “Equity” in the Issue Type.
    3. In the Issue Name, select “Paradeep Parivahan”.
    4. Enter your Application Number or PAN Number.
    5. Click on “I am not a robot” for verification.
    6. Click on “Submit” to view your allotment status.

    IPO Details

    Paradeep Parivahan IPO is a book-built issue of ₹44.86 crores, consisting entirely of a fresh issue of 45.78 lakh shares. The price band is set at ₹93 to ₹98 per share, and the tentative listing date on BSE SME is March 24, 2025.

    Use of Proceeds

    The funds raised from the IPO will be utilized for:

    • Funding working capital requirements.
    • Repayment/pre-payment of certain borrowings.
    • General corporate purposes.

    Paradeep Parivahan IPO – Overall Subscription Status

    As of March 19, 2025, end of the day:

    Investor Category Subscription (times)
    Anchor Investors 1.00
    Market Maker 1.00
    Qualified Institutions 1.33
    Non-Institutional Investors 2.65
    Retail Investors 1.66
    Total 1.78

    GMP (Grey Market Premium) Details

    As of March 19, 2025, 5:01 PM, the GMP for Paradeep Parivahan IPO stands at ₹0, indicating no premium over the issue price. The estimated listing price is ₹98, which aligns with the upper price band of the IPO. The expected percentage gain/loss per share is 0.00%.

    Note: The Grey Market Premium (GMP) is based on market speculation and is not an official indicator of the listing price.

    Paradeep Parivahan Business Overview

    Founded in 2000, Paradeep Parivahan Limited is a port service provider specializing in logistics, ship husbandry, and stevedoring. The company operates primarily at Paradip Port, Odisha, and has an extensive presence across multiple locations, including Gopalpur, Haldia, Visakhapatnam, Jajpur, Joda & Barbil, Chandikhol, Cuttack, and Talcher.

    Services offered by Paradeep Parivahan:

    • Cargo Handling – Bulk cargo imports and exports.
    • Ship Husbandry – Partnering with leading global shipping lines.
    • Stevedoring – One of the largest fleet owners on India’s east coast.
    • Dredging – Operations in Indian and Southeast Asian ports.
    • Custom House Clearance – Providing forwarding and clearance services.
    • Transportation – Covering mine-to-port and intraport logistics.

    The company also specializes in handling bulk cargo, logistics, manpower supply services, and the manufacture of agricultural chemicals, particularly complex phosphatic fertilizers.

    As of March 2025, the company employs 1,124 people across various departments.

    Competitive Strengths

    • Over two decades of experience in port operations and cargo handling.
    • Extensive network across major industrial and port regions in eastern India.
    • State-of-the-art infrastructure with modern handling equipment and a robust transport fleet.
    • Customer-centric approach, ensuring efficient and cost-effective supply chain solutions.

    Investors are advised to check their IPO allotment status on the designated date and stay updated with official announcements regarding the listing and market movements.

    Disclaimer: This article is for informational purposes only and should not be considered as investment advice.

  • Laxmi Dental IPO Opens with a Premium Gain of 27% on Listing Day

    Laxmi Dental IPO Opens with a Premium Gain of 27% on Listing Day

    Laxmi Dental Limited made a notable entry into the stock market today, January 20, 2025, with its shares listing at a premium on both NSE and BSE. On the NSE, the stock opened at ₹542 per share, marking a 26.6% increase over the issue price of ₹428. Similarly, on the BSE, the shares opened at ₹528 per share, reflecting a 23.3% premium.

    Laxmi Dental IPO Subscription Highlights

    The initial public offering (IPO) of Laxmi Dental was met with strong investor enthusiasm. The subscription period, which ran from January 13 to January 15, 2025, saw the issue being oversubscribed 60.02 times. Retail individual investors showed significant interest, with their segment subscribing 12.40 times. Non-institutional investors subscribed 10.85 times, while qualified institutional buyers subscribed 13%.

    Key Details About the IPO Structure

    The IPO comprised a fresh issue of 3.2 million shares, amounting to ₹138 crore, and an offer for sale of 13.1 million shares, totaling ₹560.06 crore, bringing the total issue size to ₹698.06 crore. The price band was set between ₹407 and ₹428 per share, with a minimum lot size of 33 shares, requiring a minimum investment of ₹14,124.

    Utilization of IPO Proceeds

    Proceeds from the IPO are earmarked for several strategic initiatives, including the repayment of borrowings, investment in subsidiaries for debt reduction, funding capital expenditures for new machinery purchases, and general corporate purposes.

    About Laxmi Dental Limited

    Laxmi Dental Limited is an integrated dental products company offering a comprehensive portfolio that includes custom-made crowns and bridges, clear aligners, thermoforming sheets, and pediatric dental products. With over two decades in the industry, the company has established itself as a key player in the dental products sector.

    What Awaits Investors Ahead

    The successful listing of Laxmi Dental’s shares underscores the robust demand for quality healthcare companies in the Indian stock market. Investors and market analysts will be closely monitoring the company’s performance in the coming months to assess its growth trajectory and market positioning.

  • NTPC Green Energy IPO Details, Open Date, Price, Lot Size & More

    NTPC Green Energy IPO Details, Open Date, Price, Lot Size & More

    NTPC Green Energy plans to raise ₹10,000 crore through a fresh issue of 92.59 crore shares.

    The IPO will open on Tuesday, November 19, and close on Friday, November 22. The company will finalize allotments on November 25, and it will credit the shares on November 26. NTPC Green Energy will get listed on Wednesday, November 27, 2024.

    The price band for the IPO ranges between ₹102 and ₹108 per share, with a minimum lot size of 138 shares.

    NTPC Green Energy Limited IPO Details

    IPO Date November 19, 2024 to November 22, 2024
    Listing Date November 27, 2024
    Face Value ₹10 per share
    Price Band ₹102 to ₹108 per share
    Lot Size 138 Shares
    Total Issue Size 925,925,926 shares
    Fresh Issue 925,925,926 shares
    Employee Discount Rs 5 per share
    Issue Type Book Built Issue IPO
    Listing At NSE, BSE
    Share holding pre issue 7,500,000,000
    Share holding post issue 8,425,925,926

    NTPC Green Energy IPO Timeline

    IPO Open Date Tuesday, November 19, 2024
    IPO Close Date Friday, November 22, 2024
    Basis of Allotment Monday, November 25, 2024
    Initiation of Refunds Tuesday, November 26, 2024
    Credit of Shares to Demat Tuesday, November 26, 2024
    Listing Date November 27, 2024
    Cut-off time for UPI mandate confirmation 5 PM on November 22, 2024

    NTPC Green Energy IPO Reservation

    Investor Category Shares Offered
    QIB Shares Offered Not less than 75% of the Net Issue
    Retail Shares Offered Not more than 10.00% of Net Issue
    NII (HNI) Shares Offered Not more than 15.00% of the Net Issue

    NTPC Green Energy IPO Lot Size

    Application Lots Shares Amount
    Retail (Min) 1 138 ₹14,904
    Retail (Max) 13 1794 ₹193,752
    S-HNI (Min) 14 1,932 ₹208,656
    S-HNI (Max) 67 9,246 ₹998,568
    B-HNI (Min) 68 9,384 ₹1,013,472

    About NTPC Green Energy Limited

    NTPC Green Energy Ltd, a subsidiary of NTPC Ltd (a Maharatna Central Public Sector Enterprise), plays a prominent role in India’s renewable energy sector, focusing on solar and wind energy. The company is launching its initial public offering (IPO). This overview provides details about the IPO, the company’s profile, its core strengths, and the potential risks involved.

    As part of NTPC’s renewable energy division, NTPC Green Energy works to advance India’s sustainable energy goals. The company specializes in solar and wind power projects and actively participates in long-term Power Purchase Agreements (PPAs) to supply power primarily to other public sector undertakings (PSUs) and private corporations.

    As of June 30, 2024, the company manages a portfolio of 14,696 MW in renewable projects, including 3,071 MW of operational solar capacity and 100 MW of wind capacity. The remaining 11,771 MW includes awarded or contracted projects that are not yet operational, highlighting significant growth potential.

    NTPC Green Energy Limited Financial Information

    Period Ended 30 Sep 2024 31 Mar 2024 31 Mar 2023
    Assets 32,408.30 27,206.42 18,431.40
    Revenue 1,132.74 2,037.66 170.63
    Profit After Tax 175.30 344.72 171.23
    Net Worth 8,189.18 6,232.14 –
    Reserves and Surplus 596.08 512.60 167.88
    Total Borrowing 17,057.50 12,796.74 –

    Key Performance Indicator

    KPI Values
    ROE 7.39%
    Debt/Equity 1.91
    RoNW 2.14%
    P/BV 9.89
    PAT Margin (%) 16.2

    NTPC Green Energy IPO Peer Comparison

    Company Name EPS (Basic) EPS (Diluted) NAV (per share) (Rs) P/E (x) RoNW (%) P/BV Ratio Financial Statements
    NTPC Green Energy Limited 0.73 0.73 10.90 – 5.53 9.91 Consolidated
    Adani Green Energy Ltd 6.21 6.20 62.08 259.83 12.81 28.82 Consolidated
    Renew Energy Global PLC 9.94 9.92 290.15 47.05 3.94 1.61 Consolidated

    Strengths of the Company

    1. NTPC Green Energy ranks among the top 10 renewable energy companies in India in terms of operational capacity as of mid-2024, providing a solid foundation and experience in project execution.

    2. Support from NTPC, a well-established player in India’s energy sector, offers NTPC Green Energy an advantage in executing large-scale projects. 

    3. With a portfolio of 14,696 MW in solar and wind projects across six states, the company minimizes geographical risk and expands its reach. 

    4. The company’s strong credit rating and growth in revenues allow it access to capital at lower costs, which enhances its financial flexibility. 

    5. NTPC Green Energy’s operating model includes robust revenue generation and a high EBITDA margin, underscoring its efficient project management and resource allocation.

    Risks Related to the Company

    1. Like many in the renewable energy sector, NTPC Green Energy faces potential cost overruns or delays in project completion, which could impact business results, financial health and cash flow stability.

    2. A significant portion of the company’s renewable energy operations is concentrated in Rajasthan. Any adverse economic, political, or natural disruptions in this region could negatively affect the business.

    3. NTPC Green Energy’s reliance on utility off-takers for revenue makes it vulnerable to delays or non-payment issues. 

    4. Renewable energy projects are capital-intensive and NTPC Green Energy may require additional financing to meet its expansion goals. 

    5. The company depends heavily on a limited pool of off-takers, with over 87% of revenue derived from the top five clients in FY 2024. 

    Investor Outlook

    NTPC Green Energy’s IPO presents a promising opportunity to invest in India’s renewable energy sector, backed by NTPC’s strong reputation and resource base. With an extensive portfolio, operational efficiency and solid financial performance, the company is well-positioned for future growth.

    However, potential investors should be mindful of the associated risks, including project completion timelines, geographic concentration and receivables management. Careful evaluation of these factors is essential for making an informed decision before applying for the IPO.

    Frequently Asked Questions

    The NTPC Green Energy IPO is a main-board IPO offering 925,925,926 equity shares. Each share has a face value of ₹10, with the total issue size amounting to ₹10,000 Crores. The minimum order quantity is 138 Shares.

    The IPO will open on November 19, 2024, and close on November 22, 2024.

    The registrar of NTPC Green Energy IPO is Kfin Technologies Limited.

    Contact Information

    Kfin Technologies Limited

    Phone: 04067162222, 04079611000

    E-mail: ntpcgreen.ipo @ kfintech.com

    Website: https://kosmic.kfintech.com/ipostatus/

    The IPO will open for subscription by November 19, 2024 and will close by November 22, 2024.

    Once the IPO will be live, you will be able to apply directly at Findoc website.

    The listing date is not yet announced. The tentative date of NTPC Green Energy IPO listing is Wednesday, November 27, 2024.