Leap India and Technocraft Ventures IPOs entered the second day of their subscription period on Monday, August 10, and both issues showed positive grey market premium (GMP) trends. Based on the current GMP levels, both IPOs had potential listing gains of around 10-11%.
However, the two public issues have seen a significant difference in subscription demand. Technocraft Ventures IPO was subscribed 3.01 times by 10:20 a.m. on Day 2, while the LEAP India IPO had received bids for just 0.31 times the shares on offer.
The latest GMP data suggested the listing price of LEAP India to be about Rs 175 against the upper price range of Rs 159. That is a gain of around 10.06%.
For Technocraft Ventures, the latest GMP of Rs 23 against the upper price band of Rs 212 indicated an estimated listing price of Rs 235, implying a gain of around 10.85%.
Both IPOs are expected to close share allotments on August 12 and will list on the BSE and NSE on August 14.
LEAP India vs Technocraft Ventures IPO: GMP comparison. IPO GMP Upper Price Band Estimated Listing Price Potential Gain. LEAP India Rs 16 Rs 159 Rs 175 10.06%. Technocraft Ventures Rs 23 Rs 212 Rs 235 10.85%
Based on the latest grey market indicators, Technocraft Ventures has a marginally higher potential listing gain than LEAP India. However, GMP is an unofficial indicator and should not be treated as a guarantee of the actual listing price.
LEAP India IPO GMP Today
According to InvestorGain data, the LEAP India IPO GMP was at Rs 16 on August 10.
With the IPO upper price band fixed at Rs 159 per share, the implied listing price based on the latest GMP is around Rs 175. This could lead to a listing gain of around 10.06% over the issue price.
The grey market premium indicates that investors in the unofficial market are currently willing to pay a premium over the IPO price, though actual listing performance can differ considerably.
LEAP INDIA IPO subscription status
The LEAP India IPO had been subscribed 0.31 times as of 10:20 a.m. on Monday.
The category-wise subscription figures were:
- Qualified Institutional Buyers (QIBs): 0.61 times.
- Non-Institutional Investors (NIIs): 0.18 times. R
- etail Individual Investors (RIIs): 0.19 times.
The subscription numbers indicate that the issue had yet to receive full subscription midway through Day 2 and institutional participation was ahead of the retail and non-institutional categories.
LEAP India IPO Details
LEAP India is launching a Rs 2,480 crore book-built IPO. The issue comprises a fresh issue of Rs 480 crore and an offer for sale (OFS) of Rs 2,000 crore.
The price band is fixed at Rs 151-159 per share with a lot size of 94 shares. Retail investors need a minimum investment of Rs 14,946 at the upper price band.
JM Financial Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar to the issue.
LEAP India is in the pallet pooling and reusable packaging solutions segment. Its services are intended to help businesses in FMCG, retail, automotive, and e-commerce improve logistics and supply chain efficiency.
Technocraft Ventures IPO GMP Today
Technocraft Ventures IPO GMP was at Rs 23 as of 8:55 a.m. on August 10, according to the data provided.
The company has fixed an upper price band of Rs 212 per share. Adding the latest GMP of Rs 23 to the upper price band gives an estimated listing price of Rs 235.
At this level, the IPO would gain about 10.85% in listing performance.
The slightly higher GMP compared with LEAP India gives Technocraft Ventures an edge in terms of the current unofficial listing premium.
Technocraft Ventures IPO Subscription Status
On Day 2, the subscription demand of Technocraft Ventures was much more robust.
As of 10:20 a.m. on Monday, the IPO had been subscribed 3.01 times overall.
Category-wise subscription was:
- Qualified Institutional Buyers (QIBs): 4.47 times.
- Non-Institutional Investors (NIIs): 4.40 times.
- Retail Individual Investors (RIIs): 1.51 times.
The strong subscription across all three investor categories indicates significantly stronger demand for Technocraft Ventures compared with LEAP India at the same stage of the IPO process.
Technocraft Ventures IPO Details
Technocraft Ventures is a Rs 251.88 crore book-built issue consisting of a fresh issue of Rs 201.51 crore and an offer for sale of Rs 50.37 crore.
The IPO has a price band of Rs 200-212 per share and a lot size of 70 shares. Retail investors need a minimum investment of Rs 14,840 at the upper price band.
Khambatta Securities Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. is the registrar of the issue.
A company founded in 1998, Technocraft Ventures is an infrastructure development company that provides turnkey engineering, procurement, and construction (EPC) projects for government agencies in northern India.
LEAP India vs Technocraft Ventures: Which IPO looks better?
Based on the latest GMP and subscription data, Technocraft Ventures appears to have the stronger listing setup.
Its GMP of Rs 23 implies a listing gain of about 10.85%, slightly higher than LEAP India’s estimated 10.06%. More importantly, Technocraft Ventures has attracted much stronger subscription demand, and the issue is already subscribed more than three times by the morning of Day 2.
LEAP India, in contrast, had a lower subscription level of 0.31 times at the same point, despite a positive GMP.
But listing gains should not be the only factor when evaluating an IPO. Investors should also look at the company's financial performance, valuation, business model, growth prospects, debt levels, competitive position, and the proportion of fresh issue versus OFS.
GMP is based on unofficial market activity and can change before listing. It is not an official indicator and does not guarantee that the shares will list at the implied price.
For investors focused on listing performance, Technocraft Ventures presently has a slight edge based on GMP and a clear advantage in subscription demand. Long-term investors should take stock of both companies on their fundamentals, valuations, and other factors before investing in them.
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