Juniper Green Energy Ltd. saw its initial public offering subscription reach 48% [3] by the third day of trading in India.
These figures are critical for investors monitoring the grey market premium to determine if the stock is likely to list above its offer price. Fluctuations in these unofficial trades often signal shifting investor sentiment before the shares officially hit the exchange.
The company set an issue price range between ₹214 and ₹225 per share [2]. The total size of the IPO is Rs 1,800 crore [5].
Market data from the second day of the offering showed shares trading in the grey market at a premium of ₹17 per share [1]. This initial trend suggested a stronger demand for the stock among unofficial traders.
However, reporting from the third day indicated a sharp decline in that momentum. The grey market premium dropped to 1%, which is approximately ₹2 per share [4].
This discrepancy between day two and day three highlights the volatility of the grey market, an unregulated space where shares are traded before their formal listing. Investors used these subscription levels and premium shifts to decide whether to apply for the offering [1].
“The total size of the IPO is Rs 1,800 crore.”
The significant drop in the grey market premium from ₹17 to approximately ₹2 suggests a cooling of investor enthusiasm. When coupled with a subscription rate of 48% by the third day, it indicates that the market may be hesitant about the company's valuation or the broader energy sector's current appetite, potentially leading to a flatter listing price.
