The eagerly awaited listing date for Suraj Estate Developers Ltd.’s initial public offering (IPO) has been confirmed for December 26, 2023. The equity shares of Suraj Estate Developers Limited are slated to be listed and admitted to trading on both the BSE and NSE in the ‘B’ group of securities.
The announcement from BSE indicates that the listing will occur during a special pre-open session on Tuesday, December 26, 2023. The shares will be listed in the ‘B’ Group of Securities on the exchange.
Following this development, the grey market has exhibited a bearish trend on Suraj Estate shares. Market observers report that the Suraj Estate share price is currently trading at a premium of ₹18 in the grey market. This suggests a decrease from the Grey Market Premium (GMP) of ₹26 observed on Friday, now standing at ₹18.
Estimating the potential IPO listing price, the grey market signals a GMP of ₹18, implying a listing price of around ₹378 (₹360 + ₹18). This projected listing price represents a 5% increase from the Suraj Estate IPO price band, which ranged from ₹340 to ₹360 per equity share. Consequently, the grey market is indicating a potential 5% listing gain for IPO allottees of Suraj Estate.
It’s crucial to note that while the grey market provides insights into market sentiment, experts emphasize that it is a non-regulated and speculative arena. Grey market trends are not directly linked to a company’s financials, and investors are encouraged to rely on fundamental analysis, including a thorough examination of the company’s balance sheet, rather than solely relying on grey market indicators for investment decisions.
