NEW DELHI: Hinting at a strong debut on Monday, shares of Mazagon Dock Shipbuilders were trading at a premium of about 79 per cent in the unlisted market today.

The basis of allotment is expected to be finalised today while shares would get credited in demat accounts of successful applicants by Friday. Investors who could not get shares in the allotment process will get refunds on Thursday.

While UTI Asset Management Company (AMC) has been quoting at a discount in the unlisted market following its not-so-impressive subscription levels, Mazagon Dock Shipbuilders, due its small size of Rs 444 crore and a whopping 157.41 times subscription levels, is holding on to strong premium in the grey market.

Abhay Doshi, an independent dealer in unlisted shares, said improvement in the secondary market sentiment on a rally that entered the fifth day on Wednesday has lifted grey market premium for Mazagon Dock Shipbuilders to around Rs 115 level. It had fallen to Rs 95 earlier. UTI AMC, the other IPO, whose basis of allotment and listing date will be the same as Mazagon, is quoting at a discount of Rs 15-20, after widening as much as Rs 30 per share.

“For Mazagon Dock Shipbuilders, everyone is waiting for the allotment status. We see further upside in premiums, albeit a limited one, if the market sentiment stays strong,” Doshi said.

Sagar Shah of Ascent Wealth Advisors pegs Mazagon’s grey market premium at Rs 109. At these premium levels, the stock is expected to list at a premium of up to 79.31 per cent.

The IPO by the ‘Miniratna’ ran from September 29 and October 1 and was sold in the Rs 135-145 price band. Its response at 157.41 times was the highest-ever response to a PSU issue.

High net worth individuals (HNIs) flocked to the issue, and the portion reserved for them was subscribed nearly 679 times, while that reserved for retail investors was filled in nearly 35.63 times. The portion reserved for qualified institutional buyers (QIBs) was subscribed 89.71 times, while employee quota received 3.88 times bids.

Those who bid for the issue can check the allotment status via the stock exchange. On BSE, one can click
here.

Besides, investors can also check the status on the online portal of
Alankit Assignments, the registrar to the IPO. The registrar to an issue is a Sebi-registered entity, qualified to act as such, and which electronically processes all applications and carries out the allotment process as per the prospectus.

On Alankit Assignments’ web portal, one needs to select the IPO whose data will be populated only when the basis of allotment is declared. One also needs PAN or application ID or client ID and DPID (depository participant identification) to check the allotment status.

The registrar is responsible for complying with the time deadlines for updating the electronic credit of shares to successful applicants, dispatch and uploading of refunds and attending to all investor-related queries after the issue is completed.

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