Three initial public offerings opened for subscription this week, each indicating different levels of potential listing gains based on current grey market premiums. Shiprocket leads with an implied upside of 35%, while Behari Lal Engineering and Milky Mist Dairy Food show estimated gains of 26% and 17%.
Shiprocket’s strong demand in unofficial markets
Shiprocket’s IPO, valued at ₹1,617.48 crore, has the highest grey market premium among the three. As of midday on August 13, its shares traded at a premium of ₹34 in these markets. With an upper price band of ₹97 per share, the implied listing price reaches ₹131—reflecting a 35.05% potential gain.
The issue includes a fresh issuance worth ₹885.50 crore and an offer-for-sale of ₹731.98 crore. Subscription numbers reveal early investor interest, as the IPO was subscribed 2.05 times by the second day. Retail investors must commit at least ₹14,938 for one lot of 154 shares. Allotment is expected by August 17, with listing on the BSE and NSE scheduled for August 19.
The company provides logistics, supply chain, and aggregation solutions for MSMEs and direct-to-consumer brands. Axis Capital manages the book-running, while Kfin Technologies handles registrar duties.
Behari Lal Engineering and Milky Mist’s market stance
Behari Lal Engineering, a steel and iron products manufacturer, shows a grey market premium of ₹74. Its IPO, priced between ₹271 and ₹285 per share, suggests a potential listing price of ₹359—offering a 25.96% upside. The ₹301.62 crore issue includes a fresh component of ₹93 crore and an offer-for-sale of ₹208.62 crore. By the second day, it was subscribed 4.92 times. Retail investors need to bid at least ₹14,820 for a lot of 52 shares.
Related: Stock Market Snapshot Ahead of July 31 Trading
Milky Mist Dairy Food trades at a grey market premium of ₹26.5. Its ₹1,553 crore IPO, with an upper price band of ₹140 per share, points to a listing price of ₹166.5—a potential increase of 18.93%. Demand was strong, closing at 9.21 times on the final day. Retail investors must invest a minimum of ₹14,980 for 107 shares.
The dairy producer specializes in value-added products like paneer, cheese, and yogurt.
Unofficial signals and business fundamentals
Grey market premiums provide a glimpse of sentiment but do not ensure performance. Shiprocket’s premium may stem from its role in e-commerce logistics, a sector that has grown steadily. Behari Lal Engineering benefits from infrastructure demand, though its smaller issue size could affect liquidity after listing. Milky Mist’s focus on dairy aligns with India’s expanding packaged food market, but its lower premium indicates caution about valuation.
All three IPOs share the same tentative listing date of August 19. Investors often weigh these signals alongside business models and financial health. Final subscription numbers, which closed for Milky Mist on August 13 and end for the others on August 14, may offer more insight into demand.
Activity in unofficial markets remains speculative, and premiums can change quickly.
