Top Subscribed IPOs of 2024 that Listed Below Grey Market Premium (GMP)

Year 2024 has been a roller coaster ride for the markets amid fears of recession in the US, the election outcome in the largest democracy in the world, and geopolitical issues. Despite these challenges, a host of IPOs were seen in 2024 so far. In this blog, we will check how many IPOs managed to list above the Grey Market Premium (GMP). We will consider only those stocks which saw a good subscription and listed below the GMP by a substantial amount. Here, we will discuss eight such IPOs.

Stanley Lifestyles

Stanley Lifestyles, attracted significant investor interest with a subscription rate of 97.16 times. Despite the high expectations and a GMP of Rs 173, the stock listed at Rs 494, below the estimated listing price of Rs 542 (Final Issue Price + GMP).

Awfis Space Solutions

Awfis Space Solutions, garnered an impressive subscription of 108.17 times. With a GMP of Rs 84, expectations were high, but the stock listed at Rs 435, below the estimated price of Rs 467. 

Indegene

Indegene saw a healthy subscription rate of 70.3 times. The GMP of Rs 275 set high expectations, yet the stock listed at Rs 655, falling short of the estimated listing price of Rs 727. 

SRM Contractors

SRM Contractors experienced a subscription rate of 86.57 times. With a GMP of Rs 70, the stock was expected to list at Rs 280 but instead debuted at Rs 215.25. 

Mukka Proteins

Mukka Proteins witnessed an extraordinary subscription of 136.99 times. With the huge demand for the IPO, Mukka Proteins GMP was at Rs 35, which is more than doubled the final issue price of Rs 2. However, the stock listed at Rs 40, below the expected Rs 63. 

Platinum Industries

Platinum Industries achieved a near 99 times subscription rate. The GMP of Rs 87 indicated a robust listing at Rs 258, but the stock opened at Rs 225. 

Exicom Tele-Systems

Exicom Tele-Systems enjoyed a substantial subscription rate of 133.56 times. With a GMP of Rs 160, expectations were set at Rs 302, but the stock listed at Rs 265.

Rashi Peripherals

Rashi Peripherals saw a subscription rate of 62.95 times. The GMP of Rs 34 suggested a listing at Rs 345, but the stock debuted at Rs 339.5.

Conclusion

Despite the market volatility in 2024, these IPOs saw significant subscriptions, reflecting investor interest and confidence. However, listing below the Grey Market Premium indicates a cautious market approach, balancing expectations with economic realities. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.