Grey market sees up to 80% listing pop for Mazagon, weak start for UTI AMC

The unlisted market is suggesting a robust debut for PSU mini-ratna Magazon Dock Shipbuilders on Monday, while mutual fund firm UTI AMC may open flat to marginally lower from its issue price.

According to the dealers of unlisted space, Magazon Dock Shipbuilders was available at a premium of somewhere between Rs 105-116 on Saturday morning, indicating listing gains of up to 80 per cent over the issue price. On the other hand, UTI AMC is available at a discount of Rs 5-11.

Abhay Doshi, an independent dealer in unlisted shares, said Magazon Dock Shipbuilders turned highly volatile after the allotment data. However, some strength in the secondary market again brings the premium back to above Rs 100 from Rs 95 earlier.

UTI AMC is available at a discount of Rs 11, he added.

Earlier, the IPO of Mazagon Dock witnessed a stellar response from investors with a subscription of a whopping 157.41 times.

The Rs 444 crore public offer received bids for 4,81,64,59,117 shares against 3,05,99,017 shares on offer, as per NSE data.

The portion reserved for non-institutional investors was subscribed 678.88 times, qualified institutional buyers 89.71 times and retail investors 35.63 times.

The price range for the IPO, which opened for bidding from September 29 to October 1, was at Rs 135-145 per share.

On the other hand, UTI AMC, which got subscribed 2.31 times, received bids for 6,31,02,348 shares against 2,73,50,957 shares on offer. The price range for IPO was set at Rs 552-554 per share.

Figures shared by Dinesh Gupta, Co-Founder, UnlistedZone also showed a premium of Rs 113-116 for Mazagon. On the other hand, he said that UTI is available at a discount of Rs 5-7 per share.