Glass Wall Systems India Ltd ₹428-cr IPO 23% gray premium
Business
Glass Wall Systems India Ltd. is set to make a splashy entrance on the stock market, with shares were quoting at ₹223 in the gray market, a premium of ₹41, or 23%, over the IPO price of ₹182.
The ₹428-crore IPO, and investor demand was off the charts: 134.37 crore shares were bid for just 1.64 crore on offer.
Institutions bid 167.93 times their allotment
Institutional investors led the charge, bidding 167.93 times their allotted shares, while retail and noninstitutional buyers also piled in.
Most of the money raised will go toward building a new glass-processing unit in Maharashtra, with some funds set aside for general corporate needs.
Before going public, Glass Wall Systems had already secured backing from big names like HDFC Mutual Fund and Kotak Mahindra Life Insurance Company.