QVC Exports IPO booked 535x on third bidding day led by NIIs; check GMP, subscription status

The IPO of QVC Exports commenced on Wednesday, August 21, and will conclude on Friday, August 23. The price range for the QVC Exports IPO has been set at ₹86 per share, with a face value of ₹10. Multiple shares are available, and a minimum of 1600 shares are open for bidding.

Equity shares have been allocated by the company to Non-Institutional Investors (NII) – up to 13,28,000 shares; Retail Individual Investors (RII) – up to 13,29,600 shares; and Market Maker – up to 1,40,800 shares.

The firm deals in ferro alloys, such as ferro silicon, low carbon silico manganese, high carbon ferro manganese, high carbon ferro chrome, and high carbon silico manganese, among others.

They have also been involved in the sale of raw materials used in the production of steel. Using a novel business strategy, they acquire the raw materials—manganese ore, chrome ore, coke—needed by ferro alloy producers, buy the completed products—which are various ferro alloy categories—and then resell them to domestic and foreign steel producers.

As of March 31, 2024, a significant portion of the company's operational revenue, amounting to 82.95%, was generated through their export activities. Additionally, the company has been consistently exporting its products to numerous countries, including but not limited to Taiwan, Japan, Bangladesh, Vietnam, Thailand, Turkey, Afghanistan, Korea, Italy, Ukraine, the United Kingdom, Belgium, and Oman. Furthermore, the company imports manganese ore and manganese ore lumps from well-established miners and manufacturers based in Hong Kong and France.

The firm stated in its prospectus that in India, there are no listed companies that are directly comparable in all aspects of their business operations. Therefore, it is not feasible to offer an industry comparison for their Company.

QVC Exports IPO subscription status

QVC Exports IPO subscription status is 535 times, on day 3.

The retail portion was subscribed 418.64 times, and NII portion was booked 596.57 times.

The company has received bids for 1,42,18,12,800 shares against 26,57,600 shares on offer, according to data on chittorgarh.com

QVC Exports IPO subscription status is 8.61 times, on day 1, and the issue has been booked 30.18 times.

QVC Exports IPO details

The IPO, with a face value of ₹10 each, is a mix of fresh issue of shares up to ₹17.63 crore and an offer for sale (OFS) of up to ₹6.44 crore by promoter selling shareholder.

The funds raised from the offering will be mainly used to repay the company's unsecured loans and meet its working capital needs.

The registrar for the QVC Exports IPO is Cameo Corporate Services Limited, while the book running lead manager is Khandwala Securities Limited. With regard to QVC Exports IPO, Aftertrade Broking is the market maker.

QVC Exports IPO GMP today

QVC Exports IPO GMP is +83. This indicates QVC Exports share price were trading at a premium of ₹83 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of QVC Exports share price was indicated at ₹169 apiece, which is 96.51% higher than the IPO price of ₹86.

According to recent grey market activities over the last 8 sessions, today's IPO GMP is showing an upward trend and is anticipated to have a strong listing. Analysts from investorgain.com have reported that the GMP ranges from a low of ₹0 to a high of ₹83.

'Grey market premium' indicates investors' readiness to pay more than the issue price.'

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.