Studds Accessories IPO subscribed over 72x times on Day 3
What's the story
The initial public offering (IPO) of Studds Accessories Ltd has witnessed an overwhelming response, being subscribed 72.33 times as of 3:54pm today, the closing day of the issue. The ₹455 crore IPO consists of an offer for sale (OFS), with the promoter group and other shareholders selling 77.86 lakh shares at a price band of ₹557-585 per share.
Investor interest
Strong demand from institutional investors
Institutional investors have led the demand for Studds Accessories Ltd's IPO. Qualified institutional buyers (QIBs) have subscribed 159.98 times, while non-institutional investors (NIIs) have subscribed 76.62 times. The retail portion of the issue has also seen a healthy subscription rate of 20.41 times. This strong interest from different investor categories highlights the market's confidence in Studds Accessories' growth prospects and business model.
Pre-IPO funding
Studds Accessories raised ₹137 crore from anchor investors
Ahead of its IPO, Studds Accessories raised nearly ₹137 crore from anchor investors. The IPO allotment is expected on November 4, with the shares set to list on November 7. At the time of writing, the gray market premium (GMP) stood at ₹63, indicating potential listing gains of around 11%.