As both companies finalize their IPO bids, Shiprocket’s higher grey market premium suggests a more substantial first-day listing gain, even as Behari Lal Engineering secures stronger subscription levels, signalling differing investor sentiments ahead of listing.
Shiprocket and Behari Lal Engineering have both drawn brisk investor attention as their initial public offerings reached the final day of bidding on Friday, with grey market pricing suggesting stronger upside for Shiprocket even though Behari Lal Engineering has attracted heavier subscription. NDTV Profit reported that Shiprocket’s latest grey market premium implied a possible 37.11% listing gain, while Behari Lal Engineering pointed to a 28.07% premium.
According to market updates from Moneycontrol, Shiprocket’s grey market premium stood at Rs 36 as of 11 a.m. on Friday, lifting the implied listing value to Rs 133 a share against the upper price band of Rs 97. The issue had been subscribed 10.62 times at that point, with retail, non-institutional and qualified institutional demand helping drive interest in the Rs 1,617.48 crore book-built offering. The issue comprises a fresh issue of 9.13 crore shares and an offer for sale of 7.55 crore shares. Allotment is expected on August 17, with listing tentatively set for August 19 on the NSE and BSE. Axis Capital is the lead manager and Kfin Technologies is the registrar.
Behari Lal Engineering has drawn even stronger subscription, with Moneycontrol putting total bids at 21.52 times by Friday. Its grey market premium of Rs 80 implied a notional listing price of Rs 365 a share, compared with the upper issue price of Rs 285, translating into a 28.07% expected gain. The company’s Rs 301.62 crore issue includes a fresh issue of 0.33 crore shares and an offer for sale of 7.55 crore shares. The lot size is 52 shares, requiring a minimum retail outlay of Rs 14,820 at the top end of the price band. Emkay Global Financial Services is the book-running lead manager and MUFG Intime India is the registrar.
On grey market numbers alone, Shiprocket appears to offer the larger potential first-day pop, but Behari Lal Engineering has commanded the firmer subscription response. Both metrics remain only indicative: grey market premiums are unofficial and can swing sharply before listing, while subscription levels do not guarantee post-listing performance. Investors typically look beyond the headline premium to the business outlook, valuation and broader market conditions before making a decision.
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