Ceigall India Ltd.’s shares had a poor opening on the market, debuting at ₹419 on the NSE, 4.49% above the issue price of ₹401 on Thursday, August 8. Similarly, the stock debuted on the BSE at ₹413, a 3% premium.
The listing mostly matches estimates from the grey market, where shares were being traded at a 4% premium. The grey market is an unofficial ecosystem in which shares begin trading far before the offer opens for subscriptions and continue to trade until the listing day.
Mehta Equities’ Prashanth Tapse advised investors to “Hold” the shares of Ceigall India’s IPO in the long run. Because of its intense focus on project execution, he believes the market may give the firm a premium multiple after listing, which might lead to healthy post-listing gains over its issue price.
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