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According to the data from BSE, the company fetched bids for 1,36,10,900 shares as against 1,17,88,365 equity shares on offer, resulting in an oversubscription of 1.15 times as of 2.10 pm.

Retail investors perhaps expect high returns from the market and are acting on their ‘positive’ expectations by investing aggressively directly and through mutual funds, said Kotak Institutional Equities.

“IFB Agro is a debt-free company and valuation is at less than seven times FY23. They would do close to Rs 2,900 crore of revenue and about Rs 75 crore of profit and the market cap is only Rs 511-520 crore. It is pretty reasonably priced with the expected ROC of more than 20-22% in FY23. I would say that one can get a good 30-40% return in the stock if invested for one, one and a half years.”

As of 31-Dec-2021, promoters held 50.73 per cent stake in the company, while FIIs held 19.09 per cent and domestic institutional investors had 8.97 per cent.

Motilal Oswal Securities said Maruti Suzuki and Ashok Leyland remain its top OEM picks while suggesting Bharat Forge and Apollo Tyres among its top bets in auto ancillary pack. It also likes Tata Motors as a play on the global PV cycle.

Uprise of Non-Fungible Tokens (NFTs) and its impacts on the world.

Emkay said the Nifty valuation is still slightly expensive based on more recent valuations. At 19.4x currently, the index valuation appears to be expensive relative to the 20-year average of 16.1x. Though it is reasonable versus the 10-year average of 18.6x.

The portion reserved for retail bidders was subscribed 7.83 times, whereas HNI allocation was booked 1.22 times. The QIB book also sailed through. The issue will close for subscription today.

The stock quoted a 52-week high price of Rs 1267.5 and low of Rs 678.65.

A total of 85,871 shares changed hands on the counter till 01:44PM (IST).