Delta Autocorp’s IPO has received an overwhelming response, with subscriptions surpassing expectations. Investors placed over 342 times the available bids on the company’s public issue.
Additionally, Delta Autocorp’s shares are performing exceptionally well in the gray market, trading at a premium of over 95%. This indicates a strong potential for a successful stock market listing.
The IPO, which opened on January 7, 2025, and closed on January 9, 2025, had a total size of ₹54.60 crore.
The gray market premium (GMP) is signaling a high likelihood of the shares being listed at a much higher price than the issue price.
Shares Expected to List Above ₹250
The issue price for Delta Autocorp’s IPO was set at ₹130 per share. In the gray market, the shares are currently trading with a premium of ₹125.
Based on this premium, the shares are expected to list around ₹255, offering investors a potential profit of over 95% on listing day.
The shares are scheduled to debut on the SME platform of the National Stock Exchange (NSE) on Tuesday, January 14, 2025.
IPO Subscription Details
The IPO attracted an impressive 342.1 times the total bids. Here’s a breakdown of the subscriptions:
Retail Investors: 314.33 times subscription
Non-Institutional Investors (NII): 624.28 times subscription
Qualified Institutional Buyers (QIB): 178.64 times subscription
Retail investors could apply for one lot, which included 1,000 shares, requiring an investment of ₹1.30 lakh.
About Delta Autocorp
Delta Autocorp, founded in 2016, specializes in manufacturing and selling electric two-wheelers and three-wheelers under the “Deltic” brand name.
The company operates through a network of over 300 dealers and focuses heavily on innovation through its in-house research and development (R&D) team based in Uttar Pradesh.
As of October 31, 2024, Delta Autocorp employed 139 people, including 11 team members dedicated to designing electric vehicles.