The initial public offering (IPO) of Rentomojo remained in strong demand on the second day of bidding, with the issue receiving 1.67 times subscription as of 10:20 am on September 10, according to NSE data.
In the grey market, Rentomojo shares were commanding a premium of 35.40 percent over the IPO's upper price band of Rs 404 per share on the morning of September 10, according to Investorgain. At this premium, the implied grey-market price stands at around Rs 547 per share.
Grey market premiums are unofficial indicators and are driven by market sentiment and speculation. They do not guarantee listing gains and should not be viewed as a measure of the company's financial performance or fundamentals.
Ahead of the IPO, Rentomojo raised Rs 376.07 crore from anchor investors on September 8. The company allocated 93.08 lakh equity shares to anchor investors at Rs 404 apiece.
The anchor book saw participation from global investors including BlackRock, Goldman Sachs and Theleme Partners. Domestic mutual funds accounted for 60.41 lakh of the anchor shares through 30 schemes across 16 fund houses, including Kotak Mahindra AMC, ICICI Prudential AMC, HDFC AMC, Aditya Birla Sun Life AMC, Mirae Asset, Edelweiss, HSBC Mutual Fund, Motilal Oswal AMC and Invesco.