The premium on unlisted Angel Broking shares has fallen to 16 percent from 25 percent previously. Gray market traders said this may change as Angel’s IPO will hit the market on Tuesday, a day after the Chemcon and CAMS issues.
While Chemcon’s gray market premium stood at Rs 250-255, CAMS is at Rs 342-345 and Angel Broking at Rs 40-50.
On Monday, the two offers CAMS (Rs 2,242 crore) and Chemcon Specialty Chemicals (Rs 318 crore) will hit the market. Unlisted Zone’s Dinesh Gupta said the gray market premium stood at Rs 342 for CAMS and Rs 250 for Chemcon. Sandip Ginodia of Abishek Securities set them at 345 rupees for CAMS and 255 rupees for Chemcon, which in percentage terms stood at 28 percent and 16 percent, respectively.
In the case of Angel Broking, the gray market premium was reduced to Rs 50-55 from Rs 55-77 on Friday, the day the company announced the problem. Brokers trading unlisted stocks found Angel’s price band at Rs 25-30 higher than gray market expectations.
In the case of CAMS, the price band has been set at Rs 1,229-1,230 and prospective retail investors must invest a minimum of Rs 14,800 for a lot of 12 shares or in multiples thereof. Retail investors can bid for a maximum of 13 lots.
In the block are 1,82,46,600 shares of NSE Investments, which will discharge 37.4 percent of the stake, following a directive from Sebi on February 4 to NSE to exit the company entirely. The share for retail investors in CAMS IPO has been set at 35 percent of the net offering. The QIB fee is set at 50 percent and the NII fee at 15 percent. There is a reserve for employees of up to 1.82,500 shares.
Vadodara-based Chemcon Specialty Chemicals, serving the pharmaceutical and oil well industries, is offering a new issue of equity shares totaling up to Rs 165 million and an offer for sale of up to 45,00,000 shares of capital, which will be sold in the price range of Rs 338-Rs 340.
Angel Broking aims to raise Rs 300 million through the issuance of new shares and another Rs 300 million through an Offer for Sale (OFS) by existing shareholders, including the International Finance Corporation (IFC), a branch from the World Bank.
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