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In the grey market, Vedant Fashions is commanding a premium of Rs 20 over its issue price, which is merely 2 per cent higher than its issue price of Rs 866 apiece.

Shares of SpiceJet that have been under pressure due to the company being involved in a legal battle, including an insolvency proceeding, jumped following its earnings. The stock was up 7 per cent on BSE.

Sunil Chandak, Equity Strategist at Gennext Investrade said expensive pricing triggered the meltdown in the new-age companies, particularly fintech players. Easy money in the unlisted market is not possible now, he added.

If the same multiples of the embedded value are applied on LIC, the issue size is likely to be in the range of Rs 80,000-1,00,000 crore. However, a few analysts, being conservative, do not agree with such a mammoth issue size

Shares of Bajaj Finance have rallied 20 per cent in the last one year compared with an 8 per cent drop in HDFC shares. The BSE Sensex is up 10 per cent during the same period.

Oil markets rose about 2% on Monday. They eased early in the day as traders took note of reports that Russian officials remained willing to negotiate a potential settlement before climbing again in the afternoon. European natural gas prices rose about 6%.

According to merchant banking sources, the size of the IPO is expected to be Rs 5,000 crore.

Promoters held 66.33 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 17.25 per cent and 1.81 per cent, respectively.

According to the draft red herring prospectus (DRHP), the IPO will consist of a fresh issue of up to Rs 120 crore, a reservation of up to 77,000 equity shares for employees, and an offer for sale of up to 12,157,000 equity shares by the promoter.

The Relative Strength Index of the stock stood at 42.53 on Tuesday.