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Senco Gold is likely to debut on the stock market at a premium of around 37%, with grey market premiums sitting at approximately INR115-120 ($1.54-$1.60) ahead of listing, according to industry sources. The INR405 crore ($54.2m) IPO was well subscribed, with the QIB-pool generating 180 times coverage.
Cyient DLM has initiated its initial public offering for subscription, with a price band of INR250-265 ($3.36-$3.55) and a proposed market capitalisation of INR2,102 crore. The entire IPO comprises fresh equity shares worth up to INR592 crore. Analysts recommend subscribing to the issue for the long term, given attractive valuations, strong growth potential and the company's focus on the entire life cycle of a product. Cyient DLM is a printed circuit board assembly solutions specialist with long-term relationships with customers such as Bharat Electronics and Thales Global Services.
Ikio Lighting's shares listed at a premium of 38% over the issue price of INR 285 and rallied further to trade at INR 404 on BSE. Analysts suggest investors hold the stock as the company has lucrative business opportunities and a consistent financial performance. They advise that the stock has higher growth potentials and suggest holding the stock for medium to long-term, keeping a stop loss of 10% below its listing price. The Rs 607 crore IPO with a fresh issue of Rs 350 crore received a tremendous response from investors and got subscribed 67 times.
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Indian shares opened lower on Wednesday, tracking a slide in U.S. and Asian peers, after negotiations over the U.S. debt ceiling continued without a resolution nine days ahead of a potential default.
(Updates levels in paragraph 2, adds index details in paragraphs 3-5, analysts' comments in 6, stock moves in paragraphs 7-11) BENGALURU, May 24 (Reuters) - Indian shares erased early losses but remained subdued... | 01:12am