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Ami Organics seems to have an upper hand over Vijaya Diagnostic in terms of listing expectations.
After a brief pause of around twenty trading sessions, next week would see two companies Ami Organics and Vijaya Diagnostics Centre get listed on the bourses. Both the companies have finalised the share allotment process and are likely to list on September 14. The Gujarat-based specialty chemical Ami Organics Rs 569.64 crore issue garnered enthusiastic response from the investors between September 1 and 3 as it got subscribed 64.54 times. The public offering received bids of over 42.22 crore shares against the total issue size of over 65.42 lakh shares, according to the data available with the National Stock Exchange (NSE). Ami Organics shares allocated for the qualified institutional buyers (QIBs) was subscribed 86.64 times. The portion reserved for non-institutional investors was subscribed a whopping 154.81 times while that of retail individual investors (RIIs) was subscribed 13.36 times.
“As overall IPO got subscribed 64.5 times and retail portion got subscribed by 13.36 times, so it is expected that one investor out of twelve will get the allotment. Ami Organics IPO was priced at Price to Earnings of 35.6 times and EV/EBITDA of 25.7 times at the upper price band of the IPO based on FY2021 numbers which is on the higher side, compared to the listed peer group. Short term investors to book profit on listing day if they receive the allotment,” said Yash Gupta, Equity Research Analyst of Angel Broking.
Ahead of the listing in the grey market shares of Ami Organics were quoting at Rs 760 apiece marking a premium of Rs 150 or 24.59% over its issue price of Rs 610.
“If sentiments remain stable during the long weekend, I believe, Ami Organics should list at a premium of around 25% which seems to be decent,” explained Abhay Doshi of Unlisted Arena.
Vijaya Diagnostic Centre
Unlike Ami Organics, shares of Vijaya Diagnostic Centre are exhibiting a different trend. In the grey market, they are quoting at a discount of Rs 12 or 2.26% over its issue price of Rs 531. “Ami Organics seems to have an upper hand over Vijaya Diagnostic in terms of listing expectations. Vijaya Diagnostic may disappoint on listing and won’t be surprised if it opens at par or even below issue price,” added Doshi.
Vijaya Diagnostic Centre Rs 1,895 crore IPO was subscribed 4.54 times between September 01 and 03. The issue received bids of over 11.36 crore shares against the total issue size of over 2.50 crore shares, according to National Stock Exchange (NSE). While the portion allocated for the qualified institutional buyers (QIBs) was subscribed 13.07 times. The quota set aside for non-institutional investors was booked 1.32 times and that of retail individual investors (RIIs) was subscribed 1.09 times.
“Vijaya Diagnostic IPO is priced at Price to Earnings of 64.3 times and EV/EBITDA (enterprise value to earnings before interest tax depreciation & amortization) of 30 times at the upper price band of the IPO based on FY2021 numbers, which is in line with the listed peer group. Not expecting any big listing gain as all the short-term positive has been priced in the IPO price i.e Rs 531,” said Gupta of Angel Broking.
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