27, Sep 2023
Digikore Studios IPO Lights Up the Market: Oversubscribed 21.47 times on Day 1, Check Latest GMP
Mumbai, September 27, 2023: The much-anticipated Digikore Studios IPO subscription window is officially open starting today, Monday, September 25, 2023, and will close on Wednesday, September 27, 2023. The IPO offers a price range of 168 to 171 per equity share, with a face value of Rs. 10 each. Each lot of Digikore Studios IPO comprises 800 equity shares.
The IPO has already sparked remarkable interest, with a staggering subscription rate of 21.47 times recorded on the very first day. This enthusiasm is particularly prominent among retail investors, who have oversubscribed by 32.17 times their allocated portion. Non-institutional buyers have also shown significant interest, subscribing their portion by 15.69 times. Qualified Institutional Buyers (QIBs) have demonstrated their confidence by subscribing to their allotted portion by 7.09 times.
Notably, the company received bids for an impressive 2,12,17,600 shares, far exceeding the 11,23,200 shares initially on offer. Digikore plans to utilize the net proceeds from the IPO to fuel its strategic growth initiatives, including further innovation and expansion in the dynamic digital entertainment landscape.
For those looking to participate, retail investors can start with a minimum application size of one lot, while non-institutional investors have the option to apply for a minimum of two lots. Digikore is committed to promoting widespread participation, with a significant allocation set aside for retail investors.
Sarthi Capital Advisors Private Limited has been appointed as the Book Running Lead Manager to the offer, while Bigshare Services Private Limited will serve as the Registrar to the Offer. The market maker for the IPO is Gretex Share Broking Limited.
Grey Market Premium (GMP) Details
As of today, the grey market premium (GMP) of Digikore Studios stood at Rs. 175 per share. As per TopShareBrokers, this suggests a 102.34% premium listing to Rs 346 per share (upper price band of Rs 171 + Rs 175 per share). This ‘grey market premium’ reflects the willingness of investors to pay more than the issue price.
Digikore IPO Review
Based on the robust earnings for FY23, the issue may be considered fully priced. Informed investors with surplus funds may want to explore medium to long-term investment opportunities.
With its impressive track record in the digital entertainment sector, Digikore stands as a promising contender in the IPO market. The company’s financial performance underscores its unwavering commitment to excellence and innovation.