Entirely an Offer for Sale (OFS), the IPO involves the sale of 6.09 crore equity shares with a price band set between Rs 475 to Rs 500 per share, totaling an issue size of Rs 3,042.51 crore.
Analysts recommend subscribing to the IPO, citing improving financials, niche presence, strong brand legacy, and reasonable valuations compared to peers.
As of Day 2, the IPO is subscribed 10.76 times, with retail at 9.02 times, QIB at 4.15 times, and NII at 22.05 times, with a notable Grey Market Premium (GMP) of Rs 385 per share, indicating a 77% premium over the issue price.