Mobikwik vs Vishal Mega Mart vs Sai Life: Check odds of allotment & latest GMPs for these IPOs

Three listing bound companies- Vishal Mega Mart, One Mobikwik Systems and Sai Life Sciences- are set to finalise the basis of their allotment on Monday, December 16. Applicant investors of these issues will receive the notifications for the revocations of mandate or debit of funds their bids by Tuesday, December 17.

All three IPOs were open for bidding between December 11 and December 13 and the three listings will happen on Wednesday, December 18. The primary market offerings trio raised a total of Rs 11,615 crore from the investors. However, with multiple issues and combinations, investors are wondering their odds of allotment in these IPOs.

One Mobikwik Systems, the smallest issue among the three, was overall booked 119.38 times during the three-day bidding process. The Rs 572 crore IPO was sold in the range of Rs 265-279 apiece with a lot size of 53 shares. All categories including retail, non-institutional (NIIs) and qualified institutional bidders (QIBs) individually fetched more than 100x bidding.

In this case, big HNIs, who have made bids for more than Rs 10 lakh, two out of 43 will get 742 shares. On the other hand, small HNIs, who made applications between Rs 2-10 lakh, one out of 116 will get 742 shares. However, only one out of 115 bidders will get  53 shares in the retail category.

The largest issue among the three IPOs was that one of Vishal Mega Mart, which was overall booked 27.28 times during the bidding process. The Rs 8,000 crore IPO was sold in the range of Rs 74-78 apiece with a lot size of 190 shares. The IPO of Vishal Mega Mart fetched bids worth Rs 1.60 lakh crore for the issue net of anchor book.
 

Retail investors have a 50 per cent chance of allotment in the Vishal Mega Mart IPO as one out of two investors will get 190 shares in the IPO. In the big HNI category, two out of seven applicants will get 2,660 equity shares, while only one out of 10 applicants from the small HNI category will get 2,660 equity shares.

Last but not least, Sai Life Sciences' Rs 3,403 crore IPO was booked 10.26 times on an overall basis. The company offered its shares in the price band of Rs 522-549 per share with a lot size of 27 shares. The QIB portion was booked nearly 31 times during the three-day bidding process.

For the retail bidders of Sai Life Sciences, one lot is confirmed for the investors. In the small HNI category, two out of five investors will get 378 equity shares. Also, for big HNIs 378 shares confirmed and additional to it, they will get extra shares as per proportionate allotment in this issue.

The grey market premia for these issues has seen some improvement. Vishal Mega Mart was commanding a grey market premium (GMP) of Rs 20, suggesting a 25 per cent listing gains for the investors. GMP for Mobikwik stood at Rs 165 apiece, suggesting gains of 59 per cent. The IPO of Sai Life Sciences soared 4x to Rs 73 from Rs 19, indicating a 13 per cent listing pop.
 

The year-end rush for IPOs reflects a mix of optimism and strategic timing. Data shows IPO volumes in 2024 have climbed, with 298 listings a 22.6 per cent rise from 2023 and fundraising driven up by 139 per cent to Rs 1.41 lakh crore, said Trivesh D, COO at Tradejini.
 

"This growth is driven by attractive valuations following the September market correction, making entry points enticing for retail investors. Smaller IPOs, especially mid-sized ones, have seen stronger demand and listing gains compared to larger issues. However, I feel it’s crucial for retail investors to avoid the hype and focus on fundamentals," he said.
 

However, oversubscribed IPOs come with risks, especially in the SME segment, where a bubble may be forming. Profit booking on listing might be a prudent move, as long-term prospects can be unpredictable, Trivesh cautioned.