Sanathan Textiles' Rs 550 crore IPO opens today. The offer includes fresh equity and an OFS. Bidding closes December 23. Proceeds will repay debt and fund subsidiary Sanathan Polycot. The price band is Rs 305-321 per share. Analysts recommend subscribing for the long term. Listing is expected on December 27.
DAM Capital Advisors' Rs 840 crore IPO opens today. The offer closes December 23. The price band is Rs 269-283 per share. Analysts recommend subscribing for the long term. The company plans to expand its fee-based businesses and global presence. Listing is expected on December 27.
Indian equity indices declined for a third consecutive session due to selling pressure in utility, capital goods, and metal stocks, coupled with foreign fund outflows. Technical analysts suggest Restaurant Brands Asia, Ambuja Cements, and Exide Industries are expected to decline further, with specific support and resistance levels identified for each stock.
Sanathan Textiles generates 77% of its revenue from polyester yarn, 18% from cotton yarn, and 5% from technical textiles. With a 5% market share in India's polyester yarn industry, the company operates a manufacturing facility in Silvassa with an annual installed capacity of 2.23 lakh tonnes.
Digital banking platform One MobiKwik Systems listed at Rs 440, about a 57.7% premium to its IPO (initial public offering) price of Rs 279 per share. The stock advanced 20% further to close at the day's highest tradable limit of Rs 528.
Despite the setback, analysts view the correction as a buying opportunity, citing the company's strong order book of 11,900 crore and robust long-term growth prospects.
Grey market premiums (GMPs) - the additional price investors are willing to pay over the IPO price in the grey market before the stock lists on the exchanges - of five IPOs are trading at 8-44% above the issue prices, according to sources. A higher premium indicates the market sentiment for the IPO in question. GMPs of IPOs with robust demand tend to be high, which implies a potential upside in the stock on listing.
