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Ahead of the IPO, the shares were quoting at a premium of Rs 7.5 or close to 9% in the grey market. “Except Titan in listed space, most of the jewellery stocks are underperforming. On the financial front, growth looks tepid while the valuations looks expensive,” said grey market tracker Abhay Doshi, Founder, UnlistedArena.com.
Featured in CNBCTV-18- MTAR IPO: Massive response from investors rages grey market premium
On March 5, Grey-market tracker Abhay Doshi had tweeted: “MTAR Tech is in different zone! Solid response from HNI, QIB and ofcourse Retail as always. A blockbuster listing candidate. (sic)”
According to a report in LiveMint, Doshi, founder of UnlistedArena.com, which deals in pre-IPO and unlisted shares, said the oversubscription added fuel to the premium, which was already hot. He said that for a couple of days, the premium hovered around the Rs 440-450 range. It jumped to the Rs 540-545 range after the oversubscription.
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Founder at Gujarat-based at UnlistedArena.com, Abhay Doshi, who also tracks grey market, said the stock was commanding Rs 430 premium in the grey market, which has now surged to Rs 530-odd level, following the strong investor response to the issue.
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“The company operates in a cut-throat competitive industry. It has cut costs to boost the bottom line,” Abhay Doshi, a Gujarat-based dealer of unlisted shares, who tracks grey market. “But sentiment still remains weak for the industry.”
Doshi, founder of Unlistedarena.com, said the CAGR growth of gross booking revenue of the company was highest among competitors, adding to the fancy. “The issue might look expensive, but new-age digital companies are having a dream run, commanding desired valuations as the digital theme is playing out."
Featured in LiveMint- MTAR Tech IPO: Grey market premium rises after massive response, all eyes on share allotment
"As MTAR Tech has got dazzling response from all categories of the investors. The oversubscription added fuel to the premium which was already hot. From past couple of days the premium was around ₹440-450 which jumped to 540-545 ₹ levels after huge oversubscription. We may say its a doubler candidate on listing," said grey-market tracker Abhay Doshi, who is the founder of UnlistedArena.com, which deals in pre-IPO and unlisted shares.
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Abhay Doshi, Founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares, told Financial Express Online that Easy Trip Planners operates under a highly competitive sector. Covid-19 pandemic has highly dented the travel and tourism industry. However, the company offers a comprehensive range of travel-related products and services i.e Airline Ticket, Hotel, Holiday packages, Rail ticket, etc. Doshi said that the CAGR growth of gross booking revenue in fiscal 2018-2020 stood at 47 per cent which was the highest among competitors. “The issue may look expensive but the market is in no mood to value such ‘new-age/digital’ companies on traditional methods of valuations. Owing to digital themes playing out, this IPO too will gain elegant response,” Abhay Doshi said.
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Abhay Doshi, Founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares, told Financial Express Online that owing to the reasonable valuations and chemical sector being hot, Heranba Industries is expected to list at a significant premium. “I am expecting that shares may list in the range of Rs 840-860, implying a 35-40 per cent gain which is quite decent,” Doshi said. “In my personal opinion, I would choose to book profits on listing as strong options are available in this space with proven track records,” he further added.
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Grey Market Tracker
The shares of the company were commanding a premium of Rs 420 per share in the unlisted market, as per Manan Doshi, co-founder of Unlistedarena.com. "The company's operating margins are expected to rise further. The government's focus on 'Make In India', exports of defence equipment, and rising budgetary allocations along with entry barriers in the business should support the company in the longer-term," he says.
Featured in Mint- MTAR Technologies Grey Market Premium, Other Details in 10 Points
"Owing to current bull market sentiments and unique business, high operating and net margins, supportive government initiatives there is a huge fancy for MTAR Tech IPO. Grey market last heard for MTAR Tech was ₹450. From the trend, it seems that market is expecting almost 70-80% gains on listing," says grey-market tracker Abhay Doshi, who is the founder of UnlistedArena.com, which deals in pre-IPO and unlisted shares.
Featured in Mint- Heranba Industries’ grey market premium suggest strong listing gains
"Heranba brought the IPO at reasonable valuations leaving ample room for the investors. Markets sentiments are highly bullish and the company operates in one of the hottest sector on D-Street, the agrochemicals sector. These factors should lead to a decent debut on the bourses," said grey-market tracker Abhay Doshi.
"I am expecting Heranba to list in range of ₹860-890 implying around bulky 40% gains. Current grey market premium is around ₹255. Trend seems to be very bullish here as market has regained momentum after last week fall," said Abhay Doshi, founder of UnlistedArena.com, which deals in pre-IPO and unlisted shares.