Welcome! This article provides a detailed look at the Day 3 subscription status for both the Aitya Infotech IPO and the Lakshmi India Finance IPO, for which today was the final day to apply. We will explore how much these IPOs were subscribed, which one broke an IPO record, and how this record-breaking performance has impacted its Grey Market Premium (GMP). Additionally, we’ll discuss the allotment chances for both IPOs.
Lakshmi India Finance IPO: Day 3 Subscription Analysis
The final application day for Lakshmi India Finance IPO was July 31st. The cut-off price was set at ₹158, and applicants selecting 94 equity shares at this price were eligible for allotment.
Anchor investors were already offered and allocated 479,379 equity shares, valued at ₹75 crore.
In the Qualified Institutional Buyers (QIB) category, the IPO was subscribed 1.30 times. This reflects a less than enthusiastic response from QIBs, dampening expectations for significant listing gains. For 3,186,000 offered equity shares, bids for 4,136,000 equity shares were received, amounting to ₹65 crore from QIBs.
The High Net Worth Individuals (HNI) category saw a subscription of 1.83 times, with bids for 4,379,000 equity shares against 2,389,000 offered. Specifically, the Big HNI category was subscribed 1.82 times, and the Small HNI category (often seeing significant retailer participation) was subscribed 1.86 times. These responses are not considered strong.
Retail investors subscribed 2.18 times. The Employee category was subscribed 1.53 times. The total subscription for Lakshmi India Finance IPO stood at 1.85 times. Given this subdued response, the chances of achieving substantial listing gains appear low.
Aitya Infotech IPO: Breaking Records and High Demand
Aitya Infotech IPO also had July 31st as its final application day, with a 5 PM deadline for mandate acceptance. To secure allotment through the lottery system, applications via net banking and ASBA needed to be completed before their respective cut-off times. The cut-off price was ₹675, with a minimum application of 22 equity shares required.
Despite a medium issue size of approximately ₹1300 crore, only 10% of the total shares were reserved for retail investors. This significantly reduces the chances of allotment for retail applicants, as the category saw substantial oversubscription.
Aitya Infotech IPO has remarkably broken the previous record set by GNG Electronics IPO. While GNG Electronics received bids worth ₹49,000 crore, Aitya Infotech garnered bids totaling approximately ₹76,000 crore, setting a new benchmark.
For Aitya Infotech, 862,666 equity shares were offered to anchor investors, with shares worth approximately ₹582 crore already allocated.
The QIB category witnessed an astounding subscription of approximately 140 times. Against 5,751,000 equity shares offered, bids for an incredible 80,016,792 equity shares were received, totaling ₹54,541 crore. This record-breaking oversubscription by QIBs suggests that the positive momentum could continue even after listing, driven by significant institutional investment.
The HNI category was subscribed 75.91 times. Against 2,875,000 offered equity shares, bids for 21,829,181 equity shares were received, amounting to ₹14,734 crore. Within HNI, the Big HNI category saw a subscription of 78.86 times (approximately 79 times). For 1,970,000 equity shares, bids worth ₹10,240 crore were placed, corresponding to 15,211,783 equity shares. This indicates a high chance of allotment for Big HNI applicants, with approximately 1 in 15 applications expected to receive shares – the highest probability across all categories.
The Small HNI category was subscribed 70.02 times, attracting bids worth ₹4,530 crore. Retail investors showed significant interest, subscribing 53.61 times, with bids amounting to ₹6,937 crore. Due to the limited 10% allocation for retailers, approximately 1 in 47 retail applications is expected to receive an allotment. For Small HNI, the chances are about 1 in 66 applications.
The Employee category was subscribed 8.96 times. Overall, the Aitya Infotech IPO was subscribed an impressive 106 times, attracting over 4 million applications. For 10,641,000 equity shares, bids for 112,990,000 equity shares were placed, totaling approximately ₹76,272 crore. This oversubscription significantly surpassed the previous record set by GNG Electronics IPO, which, despite a higher number of times subscribed (150 times), received bids worth only ₹49,000 crore, making Aitya Infotech’s total bid value a new record.
Grey Market Premium (GMP) and Listing Gains
Given the lukewarm response, Lakshmi India Finance IPO’s Grey Market Premium (GMP) is reported at ₹0.
In contrast, Aitya Infotech IPO, buoyed by its record-breaking subscription, commands a GMP of ₹290. This suggests a potential listing price of approximately ₹965 (cut-off price ₹675 + GMP ₹290). This translates to an expected listing gain of around 43% per lot, potentially yielding approximately ₹6,400 per lot in listing gains, according to SH reports.
Conclusion
In summary, while Lakshmi India Finance IPO received a modest subscription, Aitya Infotech IPO has set new records in terms of total bid value and garnered immense investor interest, particularly from QIBs. This strong performance is reflected in its high Grey Market Premium and promising listing gain projections.
