IPO listings: Hero Motors' IPO investors could be in for a disappointment, while SS Retail and Jindal Supreme may see 30 per cent gains as the three companies gear up to list on the bourses on Wednesday, September 23. 

All three mainboard offers were available for bidding from September 16 to September 18, with listings slated to take place on BSE and NSE. 

Hero Motors IPO GMP

The biggest offer of the lot, Hero Motors IPO's grey market premium (GMP) has fizzled out over the last few days and is currently in negative territory. According to websites tracking the unofficial market, Hero Motors shares are trading at ₹2 or 2.38 per cent below the offer price of ₹84. At one point, the GMP was ₹24 or 28.5 per cent. 

Hero Motors IPO was subscribed 6.66 times at the end of the bidding period as it received 589.72 million shares as against 88.61 million shares on offer. The non-institutional investor (NII) category was booked the most at 9.86 times, followed by the retail segment at 8.23 times. The qualified institutional buyer (QIB) portion received 1.49 times bids. 

The ₹1,000 crore IPO by the automotive technology company was a mix of a fresh issue of ₹600 crore and an offer for sale (OFS) of ₹400 crore. The price band for Hero Motors IPO was set at ₹79-84 apiece. 

The company plans to use the funds raised for repayment of certain borrowings, capital expenditure purposes and funding acquisitions along with general corporate purposes. 

SS Retail IPO GMP

SS Retail IPO enjoys the maximum premium among the three offers at ₹142 or 33.49 per cent over the issue price of ₹424. At the current GMP, SS Retail shares could list at ₹566 apiece. 

This IPO was subscribed a whopping 103.30 times, with the QIB portion booked 203.61 times, the NII portion 143.32 times, and the retail category 36.36 times. 

SS Retail IPO, worth ₹500 crore, was a mix of a fresh issue of ₹360 crore and an offer for sale (OFS) of ₹140 crore. The price band for the offer was set at ₹403 to ₹424 apiece. 

The company plans to use the funds raised for capex for new stores in FY27 and FY28, incremental working capital and general corporate purposes. 

Jindal Supreme IPO GMP

Jindal Supreme IPO shares are commanding a GMP of ₹29 or 31 per cent, shows data available on websites tracking the unlisted market. At the prevailing GMP, the shares of Jindal Supreme could list at ₹122 as against the IPO price of ₹93.

The IPO received a massive demand from investors as it garnered bids for 1,701.98 million shares as against 9.39 million shares on offer, resulting in 181.07 times subscription. The NII portion was subscribed 327.99 times, the QIB segment received 126.41 times bids, and the retail quota was booked 149.34 times. 

Jindal Supreme IPO was a mix of a fresh issue of ₹100 crore and an offer for sale of ₹25 crore, with the total offer size of ₹125 crore. 

The company is engaged in the manufacturing and supply of steel pipes, tubes and other steel products catering to infrastructure and industrial applications for over five decades. It plans to use the fresh proceeds raised for repayment of certain borrowings and general corporate purposes.