Nityas Gems, Vishal Nirmiti IPO Allotment in Focus as Grey Market Premiums Cool Ahead of Listing

Investors who applied for the Nityas Gems & Jewellery and Vishal Nirmiti IPOs are now waiting for allotment, after both public issues wrapped up their subscription period on October 5. 

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The allotment for the two mainboard IPOs is expected to be finalised on Tuesday, October 6. Successful applicants are scheduled to receive shares in their demat accounts on October 7, while refunds for those who do not receive an allotment are also expected to begin the same day. 

Both companies are tentatively scheduled to make their stock market debut on the BSE and NSE on October 8. 

Ahead of allotment, however, the grey market is signalling only a modest premium for both issues. 

Nityas Gems GMP Slips to ₹1 

Nityas Gems & Jewellery shares were trading at a grey market premium of ₹1, according to Investorgain data cited by Livemint. 

With the IPO priced at the upper end of its ₹70-75 band, the latest GMP points to an estimated listing price of around ₹76. 

That would translate into a premium of roughly 1.33% over the issue price of ₹75. 

The grey-market indication has weakened considerably compared with earlier in the subscription period, when the stock had commanded a higher premium. 

Vishal Nirmiti GMP at ₹2 

The picture is similar for Vishal Nirmiti. 

Its shares were commanding a grey market premium of ₹2. Based on the upper end of the IPO price band of ₹220, that indicates a possible listing around ₹222. 

The implied premium works out to about 0.91%. 

Here too, the grey-market premium has cooled from earlier levels, leaving only a small gap between the issue price and the price being indicated in the unofficial market. 

Grey market premiums are not regulated and can change before listing, so they do not guarantee the price at which a stock will eventually debut. 

Nityas Gems Draws Stronger Subscription 

Nityas Gems & Jewellery saw comparatively stronger demand during the bidding period. 

The IPO was subscribed 2.14 times overall. Retail investors led the demand, subscribing 3.74 times their allocated portion. 

The non-institutional investor category was subscribed 2 times, while the qualified institutional buyer portion received 1.06 times subscription. 

The company offered shares in a price band of ₹70-75 apiece, with the issue size pegged at ₹108.42 crore. 

Nityas Gems & Jewellery operates in the lab-grown diamond jewellery business, designing, manufacturing and selling gold jewellery studded with lab-grown diamonds. 

Vishal Nirmiti IPO Subscribed 1.65 Times 

Vishal Nirmiti’s IPO was subscribed 1.65 times overall. 

Non-institutional investors subscribed 1.80 times their portion, while the retail category was booked 1.60 times. The qualified institutional buyer segment received 1.27 times subscription. 

The company offered shares at ₹208-220 apiece. Its ₹178 crore IPO includes a fresh issue of around ₹145 crore and an offer for sale worth approximately ₹33 crore at the upper end of the price band. 

Vishal Nirmiti operates across civil engineering, manufacturing and construction activities. 

With bidding now complete, attention has shifted from subscription numbers to allotment and the October 8 listing. While both issues managed to cross full subscription, their grey-market premiums have cooled sharply, making the actual stock market debut the next key event for investors.