uniparts india: Uniparts’ grip loosens in grey market as D-st turns volatile. Is a soft-landing on the cards?


Ahead of an action-pact week in the primary markets and its listing on the bourses on Monday, Uniparts India is apparently facing the heat of volatility of the secondary or the listed space as was evident from its unsatisfactory grey market premium.

The premium for Uniparts India has been correcting recently and is currently hovering around Rs 40 apiece over the issue price of Rs 577 apiece. It was around Rs 60-65 earlier. This is suggesting a soft landing for the company.

Analysts tracking the grey market said muted financial performance, less-than expected subscription and the latest volatility in broader markets are denting the listing prospects of the company.

Abhay Doshi, co-founder, UnlistedArena, said the company’s margin has remained under pressure and the growth has not been very impressive lately. He expects an up to 10% listing pop from the issue.

Also, the issue did not receive a robust subscription despite being an average offering, he added. “Furthermore, the latest round of correction is also affecting the premium for the company in the grey market.”

The Rs 835.6-crore IPO of Uniparts India was sold in the range of Rs 548-577 per share, and was overall subscribed over 25.3 times in the three-day bidding process between November 30 and December 2.

The quota reserved for qualified institutional buyers was subscribed 67.14 times while the one for non-institutional investors and retailers was subscribed 17.86 times and 4.63 times, respectively.

Despite the grey market signaling a single-digit listing pop, some market analysts remain positive on the counter, suggesting holding it as a long-term play.

Manish Khanna, Co-Founder, Unlisted Assets, who is bullish on the counter, has suggested IPO allottees to hold the stock with a long-term perspective.

“A solid rise in revenues, healthy rise in profits, a good runway for growth and reasonable valuations — we are positive on this stock,” he said, citing that the issue is reasonable for the investors.

Incorporated in 1994, Uniparts India is a manufacturer of engineered systems and solutions. It is a concept-to-supply player for precision products for off-highway vehicles.

The company has five manufacturing facilities, two at Ludhiana (Punjab), one at Visakhapatnam (Andhra Pradesh) and two at Noida (Uttar Pradesh). It also has a manufacturing, warehousing and distribution facility at Eldridge (US).

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)



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