The IPO of India Shelter Finance Corporation Limited opened for subscription on December 13, 2023, and will close on December 15, 2023. Investors have only one day left to apply for this IPO. The public issue, valued at ₹1,200 crore, has garnered a strong response from investors in the first two days of subscription.
Here are key details and updates on India Shelter IPO:
1. **Issue Details:**
– IPO opened on December 13, 2023, and closes on December 15, 2023.
– The IPO size is ₹1,200 crore, and the price band is set at ₹469 to ₹493 per equity share.
2. **Grey Market Premium (GMP):**
– India Shelter Finance Corporation Limited shares are trading at a premium of ₹173 in the grey market.
– The GMP today is ₹173, which has risen by ₹21 from ₹152 on Wednesday.
– Bullish sentiments on Dalal Street and a positive response from investors are attributed to the increase in the GMP.
3. **Subscription Status:**
– In the first two days of subscription, the IPO was subscribed nearly 4 times.
– The retail category was oversubscribed around 5 times, and the Non-Institutional Investors (NII) portion was oversubscribed 6.25 times.
– The Qualified Institutional Buyers (QIB) portion was subscribed around 0.65 times in the first two days.
*(By 11:39 AM on the third day of bidding)*
– The IPO is oversubscribed 6.52 times.
– The retail portion is oversubscribed 6.71 times.
– The NII portion is oversubscribed 13.23 times, and the QIB portion has been subscribed 1.15 times.
4. **Analyst Recommendations:**
– Choice Broking gives a ‘subscribe with caution’ tag, citing a P/BV of 2.4x and advising caution due to certain financial ratios.
– Geojit Securities recommends a ‘subscribe’ tag, highlighting India Shelter Finance Corporation’s retail-focused approach in the affordable housing finance sector.
5. **Allotment and Listing:**
– With T+3 listing becoming mandatory from December 1, 2023, the India Shelter IPO allotment date is expected on December 18, 2023.
– The listing date is anticipated to be on December 20, 2023.
In summary, the India Shelter Finance Corporation Limited IPO has attracted substantial interest from investors, as reflected in the strong subscription numbers and the rise in the grey market premium. Investors are advised to consider these factors, along with analyst recommendations, when making decisions related to the India Shelter IPO.
