Three main-board IPOs are currently open for subscription: Leela Hotels, Prostarm Info Systems and Aegis Vopak Terminals. The market is closely tracking subscription trends ahead of the May 29, 2025, deadline. However, two of the aforementioned three IPOs will close today.
Retail investors are showing strong interest in a few IPOs. Meanwhile, institutional buyers are cautious, especially for larger issues. Overall, market sentiment is selective and depends on sector and valuation
Grey market premiums (GMP) indicate strong investor demand for Prostarm, with a GMP of Rs 25, while Leela Hotels’ lower GMP of Rs 12.5 points to weaker interest.
Leela Hotels launched a Rs 3,500 crore IPO with a price band of Rs 413–Rs 435. The offer includes fresh issue of shares worth Rs 2,500 crore and OFS of shares worth Rs 1,000 crore. At 11:00 AM, subscription remained low at just 19%.
Leela Hotels' IPO garnered weak demand, falling short of expectations tied to its brand legacy. Only 48% of retail and 11% of QIB portions were subscribed. A muted GMP of 3% reflects limited excitement around the listing.
Prostarm Info, a power solutions provider, launched its Rs-168-crore IPO at a price band pegged at Rs 95–105 per share. It has already received bids for more than 7x the total number of shares on offer, with strong support from retail and non-institutional investors.
Retail investors placed bids for over 8x the number of shares reserved for this category. NII's portion received bids for over 14x the shares on offer for this category. High GMP and future growth plans made this issue popular ahead of its June 3 listing.
Aegis Vopak Terminals’ Rs 2,800 crore IPO will close today, May 28. It has seen just over 38% subscription so far. The price band is Rs 223–Rs 235. Proceeds from the issue will go to debt repayment and expanding an LPG terminal in Mangalore.
