At which premium the fancied IPO of Madhusudan Masala can list?

As indicated by Chanakya in its IPO analysis, Madhusudan masala received highly impressive oversubscripton of 444 times. Here we have given subscription snapshot,

On 21 September2023 @ 5.00 (Day 3)
Review: Excellent response as indicated by us.
QIB:      646000 Shares     86.91 T
NII:      486000 Shares    574.08 T
RII:      1130000  Shares  592.73 T
Total:  2262000  Shares  444.27 T

This clearly shows NII portion is subscribed 574.08 times. Naturally, the allotment is tough and the interest cost for the NII investors can be estimated to be around Rs.  99000 and per share interest cost comes to Rs49.50. WE may consider grey market trends to ascertain the better picture.
Considering all these aspect, We estimate the listing price to be in the range of Rs 140-144.
Analysis and Estimate provided by Paresh Gordhandas, CA & Research Analyst.

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