As of Thursday, shares of TMB were commanding a premium of Rs 20-25 in the unofficial market, which was Rs 3 a day ago, when the issue closed for subscription. Despite the rise, the premium is still less just five per cent compared to the IPO price.
Analysts said recovery in the secondary markets and a strong debut by the recently-listed companies have led to rise in the grey market premium.
Abhay Doshi, co-founder, Unlisted Arena, said that sentiments in the broader markets have improved in the last two days, providing support to grey markets.
“The recent listing of DreamFolks was a stellar one, whereas Syrma also debuted on a strong note, which is adding to the sentiment of new issues,” the grey market tracker said. “However, the valuations are moderate for TMB,” he added.
The IPO of TMB was open for subscription between September 5-7, 2022, with the company looking to raise Rs 831.60 crore from primary markets.
The issue garnered 2.86 times bids, with the retail portion subscribed 6.48 times. QIB and NII allocations fetched 1.62 times and 2.94 times subscriptions, respectively.
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