IREDA IPO: GMP, what are the subscription status signals? Allotment Date, How to Check Status

The Indian Renewable Energy Development Authority (IREDA) IPO concluded its subscription period on Thursday, receiving robust interest from investors. The overall subscription status stood at 38.80 times, with the retail portion being subscribed 7.73 times. The tentative allotment date for the IREDA IPO is expected to be November 28, 2023, with the likely listing date set for November 29, 2023.

In the gray market, which operates as an informal trading platform, the premium for IREDA Ltd shares has risen to ₹13, reflecting the heightened interest in the public offering. Market observers noted a significant increase in the gray market premium (GMP) from ₹7 to ₹13 over the past week, underscoring the buzz surrounding the IREDA IPO in the primary market. Despite recent market fluctuations, the gray market has remained bullish, and analysts anticipate further upside if there is a reversal in the market trend when the Indian stock market reopens on Tuesday after the Monday holiday.

While the GMP serves as an indicator of market sentiment, experts caution that it does not necessarily determine the success or failure of an IPO. They emphasize the importance of considering fundamental factors and evaluating the company's balance sheet. It's noted that the gray market is speculative and unregulated, lacking a direct connection to the company's financials.

During the three-day bidding period from November 21 to November 23, 2023, the IREDA IPO garnered substantial interest across investor categories. Qualified Institutional Buyers (QIBs) led with a subscription of 104.57 times, followed by the non-institutional investor (NII) segment at 24.16 times, and the employee segment at 9.80 times.

Upon the announcement of share allotment, investors can check the IREDA IPO allotment status online through the BSE website or the official registrar's website, Link Intime Private Limited. The BSE direct link for checking allotment status is bseindia.com/investors/appli_check.aspx, and for Link Intime, investors can use the link linkintime.co.in/mipo/ipoallotment.html. The status can be accessed by entering the IREDA IPO application number and PAN details.

IREDA IPO GMP

iMotion Automotive Technology Aims for $100 Million IPO in Hong Kong

China's iMotion Automotive Technology plans to raise $100 million via an IPO in Hong Kong by the end of November, as per sources familiar with the matter.

The company, established in 2016, received approval from China's securities regulator earlier this year to issue shares overseas under new regulations introduced in March, as reported by Reuters in June. However, iMotion did not respond to Reuters' request for comment.

Headquartered in Suzhou, iMotion aims to commence its IPO subscription process next week, targeting a debut on the Hong Kong Stock Exchange (HKEX) in early December. Sources caution that market conditions, impacted by high inflation and rising global interest rates, may prompt alterations to these plans. They requested anonymity as the information isn't yet public.

Initially eyeing a $300 million raise, iMotion reportedly scaled back its fundraising goal, revising it downwards, as mentioned by Bloomberg News in March. In early October, China expressed its support for various firms within the smart car supply chain, forming a consortium focused on promoting innovation.

This IPO in the world's largest automobile market arrives amid a challenging phase for Hong Kong's IPO landscape, with new share sales in the city declining by 32.5% in the first three quarters of 2023, according to LSEG data.

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