Hey - Thanks. Much appreciated.
During IPO, The OFS component was 88%, which was ~28% of the shares held by pre-offer PE/ultra-HNI/HNI. The market was super-excited and IPO was subscribed 81.78 times - 12.24 times in the retail category, 91.18 times in QIB, and 112.02 times in the NII category @ IPO Price: ₹1125
However, the narrative around the current price fall:
- Lock-in expiry arriving for the rest of the ~72% of the shares held by pre-offer PE/ultra-HNI/HNI AND
- All will sell now AND
- All will sell in a blink AND
- All will sell due to MTM gains without any vision for the business AND
- All will sell now although they did not sell all or most at the IPO when the price offered was better than now!!!
Hence, IPO-Part 2 is unfolding and that too at a better price. IMO, this seems to be a case where the price is suffering more due to faulty imagination than reality.
Disc: Invested, expecting a hyper-revenue growth rate in the near term.
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