rewrite this content using a minimum of 1000 words and keep HTML tags
Vishal Mega Mart (VMM) Listing Day Gain: Vishal Mega Mart—now traded with the symbol VMM on stock exchanges BSE and NSE—made a stellar entry into the listed space on Wednesday, December 18, with the stock of the fashion-led hypermarket debuting at a premium of 33-41 per cent over the issue price. At the end of its first day in the secondary market, Vishal Mega Mart shares stood at Rs 112 apiece on BSE and Rs 111.9 apiece on NSE, a premium of up to 43.5 per cent.
The stellar listing for the Vishal Mega Mart stock follows strong demand for the company’s IPO, which was open for subscription from December 11 to December 13.
Vishal Mega Mart (VMM) IPO Highlights
At the end of the three-day bidding process, the IPO secured an overall subscription of more than 27 times the shares on offer, according to provisional exchange data.
Investor category
Subscription (No. of times the equity reserved)
Qualified institutional buyers (QIBs)
80.8
Non-institutional investors (NIIs)
14.2
Retail investors
2.3
Overall
27.30
During the maiden session, the stock hit a high of Rs 115.6 apiece on BSE and Rs 114.4 apiece on NSE, a premium of 47-48 per cent over the issue price.
What market wizard Anil Singhvi suggests
Zee Business Managing Editor Anil Singhvi, who predicted a strong listing for Vishal Mega Mart, is positive on the stock from a long-term perspective.
The market guru suggests long-term investors hold on to the stock for gains to the tune of 100 per cent over the next 2-3 years.
He suggests short-term investors keep holding the stock with a trailing stop loss below Rs 87.
ALSO READ: MobiKwik ends listing day at 90% premium; catch key takeaways on latest market debutants
Anchor investors
Prior to the IPO, Vishal Mega Mart (VMM) secured Rs 2,400 crore from anchor investors including SBI Mutual Fund, ICICI Prudential Mutual Fund, Nomura Funds Ireland Public, HDFC Mutual Fund and the Government of Singapore.
Catch all the latest stock market updates here. For all other news, visit Zeebiz.com.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website http://defi-daily.com and label it “DeFi Daily News” for more trending news articles like this
Source link
