Bikaji Foods IPO GMP today
Market observers said that Bikaji Foods IPO grey market premium (GMP) today is ₹40, which is ₹5 higher from its Friday GMP of ₹35. They said that Bikaji Foods IPO GMP has surged from around ₹15 to ₹40 in last four days, which can be attributed mainly to the trend reversal on Dalal Street. Indian stocks bouced back strong on Friday after losing on three straight sessions (Tuesday, Wednesday and Thursday). Strong response and subscription status is playing its role among the grey market players.
What this GMP means?
Market observers went on to add that Bikaji Foods IPO GMP today is ₹40, which means grey market is expecting that Bikaji Foods IPO listing would take place around ₹340 ( ₹300 + ₹40), which is around 13 per cent higher from its price band of ₹285 to ₹300 apiece. They went on to add that current grey market premium is a signal that Bikaji Foods shares may have a 'moderate' debut on Dalal Street.
However, stock market observers maintained that grey market premium is completely speculative number and its has no connect with company's fundamentals. They said that GMP is non-regulated as well. So, one should not rely heavily on GMP only. One needs to scan the balance sheet of the company as it gives concrete picture of the company's fundamentals.
Bikaji Foods IPO subscription status
After three days of bidding from 3rd to 7th November 2022, Bikaji Foods IPO was subscribed 26.67 times whereas its retail portion got subscribed 4.77 times. However, QIB portion of the public issue received strong response from the bidders as it got subscribed 80.63 times.
