Latest GMP, subscription and other details

Car Trade vs Nuvoco Vistas IPOs: After two days of subscription opening, Car Trade IPO subscription status stands at 99 per cent while Nuvoco Vistas IPO subscription status is at 29 per cent. Final subscription of the two public issues will become available by today end of the day as 11th August 2021 is the last date for both IPO’s bidding. However, it seems that grey market is also keeping its eye on the subscription of these two public issues as Car trade IPO GMP today is steady at 255 while Nuvoco Vistas IPO GMP today is at 15, Re 1 down from its previous day’s grey market premium. According to market observers, car Trade IPO is expected to give moderate to reasonable gains while Nuvoco Vistas IPO looks risky. However, market experts have given ‘subscribe’ tag to both public issues.

– Grey market premium

Car Trade IPO GMP: Shares of Car Trade Tech today is trading at 255 premium in the grey market, which was same on yesterday. According to market observers, Car Trade IPO grey market premium began at robust 450 per equity share but it stablised at around 225 to 250 once its subscription opened. In the last four days, Car Trade IPO GMP has been oscillating around 225 to 250 that reflects moderate to reasonable gains for the bidders.

Nuvoco Vistas IPO GMP: Shares of Nuvoco Vistas today is trading at a premium of 15 in the grey market. According to market observers, Nuvoco Vistas shares have been to and fro in the grey market and it has been trading around 15 that is risky as issue price of the public issue has been fixed at 560 to 570.

– Subscription status

Car Trade IPO subscription status: After two days of bidding, Car Trade IPO has been subscribed 99 per cent. So, it is expected to get 100 per cent subscribed as there is one full day left for bidding.

Nuvoco Vistas IPO subscription status: After two days of bidding, Nuvoco Vistas IPO has been subscribed 29 per cent or 0.29 times. According to market observers, the public issue may fail to get 100 per cent subscribed if it fails to get robust response from bidders today.

– Experts’ verdict

Giving subscribe tag to Car Trade IPO; Astha Jain, Research Analyst at Hem Securities said, “Company is bringing the issue at price band of 1585 to 1618 per share at P/E multiple of 73 on post issue FY21 EPS (Earnings Per Share). Company being leading marketplace for automotive sales with a synergistic ecosystem has proprietary end-to-end technology platforms with focus on data science to provide solutions. Also company is only profitable automotive digital platform among peers with asset light model & decent EBIDTA margins. Hence we recommend subscribe on issue for both listing gain & long term purpose.”

Speaking on Nuvoco Vistas IPO; Saurabh Joshi, Research Analyst at Marwadi Shares and Finance Limited said, “Considering the FY-21 adjusted EBITDA of 1,460.5 crore on post issue basis, the company is going to list at an EV/EBITDA of 17.54 with a market cap of 20,357.9 crore while its peers namely Ultratech Cement and Shree Cement are trading at an EV/EBITDA of 21.00 and 26.15 respectively. We assign subscribe rating to this IPO as the company is the largest cement manufacturing company in East India with market-leading brands and strong R&D capabilities. Also, it is available at reasonable valuation as compared to its peers.”

– Allotment date

Both public issues are likely to finalise share allotment on 17th August 2021.

– Listing date

Tentative date for listing of Car Trade IPO and Nuvoco Vistas IPO is 23rd August 2021.

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