Namo eWaste Management IPO Books 13.17x on Day 1, Retail Investors Drive Demand
Retail Investors Lead Subscription Drive
Namo eWaste Management's initial public offering (IPO) received an overwhelming response on its first day of bidding, with retail investors leading the charge. The IPO was subscribed 13.17 times overall, driven by strong demand from retail investors who subscribed 14.26 times their allotted portion.
Strong Institutional Demand
Institutional investors also showed strong interest, with the portion reserved for them subscribed 11.13 times. Qualified institutional buyers (QIBs) subscribed 9.71 times their portion, while non-institutional investors bid 13.44 times their quota.
Key IPO Details
- Issue Price: ₹330 - ₹335 per share
- Issue Size: ₹335 crore
- Opening Date: December 14, 2022
- Closing Date: December 16, 2022
- Listing Date: December 21, 2022 (expected)
Market Reaction
The strong response to the IPO has boosted Namo eWaste Management's shares in the gray market. As of December 15, 2022, the shares were trading at a premium of ₹45-50 per share over the IPO price.
Conclusion
The robust subscription to Namo eWaste Management's IPO reflects the growing investor confidence in the company's leadership, business model, and growth potential. The strong retail participation highlights the company's appeal to a broad investor base. Investors should closely monitor the IPO's progress and consider participating if they believe in the company's long-term prospects.
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