Vishal Nirmiti and Nityas Gems IPOs see steady demand on second bidding day

Two ongoing public stock offerings are drawing investor interest as their bidding windows remain open.

Subscription Status

Vishal Nirmiti and Nityas Gems and Jewellery are both seeing steady demand on the second day of their share sales. Vishal Nirmiti's initial public offering is 57 percent subscribed, while Nityas Gems has reached a higher subscription rate of 69 percent. Both public issues opened for bidding on September 30 and will close on October 5.

Vishal Nirmiti Details

Vishal Nirmiti has set its share price band at 208 to 220 rupees each. The total issue size is about 178 crore rupees, made up of a fresh issue of up to 69.71 lakh equity shares worth 145 crore rupees and an offer for sale of 15 lakh shares valued at 33 crore rupees. The company works in civil engineering, manufacturing, and construction. Its grey market premium stands at plus 20, pointing to an estimated listing price of 240 rupees per share based on the upper price limit.

Nityas Gems Details

Nityas Gems and Jewellery has set its price band between 70 and 75 rupees per equity share to raise about 108.42 crore rupees. The issue includes 1.4456 crore equity shares, with plans to list on both the NSE and BSE. The firm designs, makes, and sells lab-grown diamond-studded gold jewellery. Its grey market premium is at plus 4, pointing to an estimated listing price of 79 rupees per share.

Context

Grey market premium refers to an unofficial indicator of how a company's shares might perform when they officially list on stock exchanges. Both companies intend to use their funds to cover working capital needs and general corporate tasks.