Mobikwik IPO booked 119 times on last day; Vishal Mega Mart, Sai Life Sciences garner good response

India's primary market saw robust momentum this week, with all five main board IPOs, which opened for subscription, garnering strong responses from investors. The initial public offerings (IPOs) of One Mobikwik Systems, Vishal Mega Mart, Sai Life Sciences were booked 119 times, 27 times, and 10 times, respectively, on the final day of bidding, while Inventurus Knowledge Solutions’ issue was subscribed 2.64 times on Day 2. The issue of Blackstone-owned gemstone certification firm International Gemmological Institute (India) Limited started on a slow note, with the IPO receiving 0.18 times bidding on Day 1.

Here’s how IPOs of Mobikwik Systems, Vishal Mega Mart, Sai Life Sciences have fared:

One Mobikwik Systems

The ₹572-crore IPO of One MobiKwik Systems received an overwhelming response from investors, especially from retailers, as the issue was subscribed 119.38 on the last day of bidding. The issue, which opened on December 11, received bids of 141.72 crore shares against the offered 1.18 crore equity shares at a price band of ₹265-279 per share.

The retail portion was subscribed 134.67 times bidding, while non-institutional investors (NII) segment was booked 108.95 times. The portion set aside for qualified institutional buyers (QIB) was subscribed 119.50 times.

Vishal Mega Mart

The ₹8,000-crore IPO of supermarket operator was subscribed 27.28 times on Day 3 of bidding. The issue was issue subscribed 2.3 times in the retail category, 80.75 times in QIB, and 14.25 times in the NII segment on the last day of bidding.

The IPO of Gurgaon-headquartered company is entirely an offer-for-sale (OFS) of shares by promoter Samayat Services LLP, which holds 96.55% stake in the supermart company, offered at a price band of ₹74-78 per share.

Sai Life Sciences

The ₹3,042.62-crore IPO of medical equipment manufacturer was booked 10.27 times on the last day, led by strong response from QIBs. The quote for QIB was subscribed 30.93 times, followed by 4.92 times in NIIs, and 1.37 times in retail portion.

The IPO of healthcare-focused firm is a mixture of fresh issue of 1.73 crore shares worth ₹950 crore and offer for sale of 3.81 crore shares aggregating to ₹2,092.62 crore, being offered at a price band of ₹522-549 per share. The minimum lot size for an application is 27 shares and in multiple thereafter.

Grey market trends

All these IPOs have also created buzz in the grey market, with their shares trading at premium over price bands, signaling strong listing on domestic bourses. Shares of Mobikwik were commanding a GMP of ₹150, indicating listing price to be around ₹429, up 53.76% over the issue price.

On the other hand, the shares of Vishal Mega Mart shares were commanding a grey market premium (GMP) of ₹19 in the unlisted market, signaling listing price to be around ₹97, up 24.36% over the IPO price. Sai Life Sciences shares were also trading at a premium of ₹25 in the grey market, signaling estimated listing price at ₹574, up 4.5%.

On Tuesday, all these three companies garnered a total of ₹3,570 crore from several global and domestic institutional investors via anchor book. Kedaara Capital-backed supermarket retain chain operator Vishal Mega Mart has raised ₹2,400 crore from anchor investors by allocating 30.76 crore equity shares at ₹78 per share. Sai Life Sciences, backed by the global private equity major TPG Capital, raised ₹912.78 crore via anchor book. The company has allocated 1.66 crore equity shares to anchor investors at a price of ₹549 per share. One Mobikwik Systems raised nearly ₹257 crore from anchor investors by allocating 92.26 lakh equity shares to 21 funds at ₹279 apiece.

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