Shares of Udayshivakumar Infra Ltd traded at a premium of Rs 15 per share on the grey market on Monday, according to topsharebrokers.com.

The initial public offering (IPO) price of Rs 35 per share is 42.86% higher than its estimated listing price of Rs 50 as of the current grey market premium.

The Grey Market Premium (GMP) the price investors are willing to pay above the issue price.

The brokerage said that the price trend in the grey market on Monday indicated a rise, and it is expected to be listed strongly. The minimum GMP is Rs 5, and the maximum is Rs 18.

The company has set the IPO price range at Rs 33 to 35 per share. The share allotment of the company’s IPO is scheduled for Tuesday, March 28.

On the 4th day of subscription, non-institutional investors (NII) subscribed 60.42 times, and the response was overwhelming, followed by qualified institutional investors (QIB) who subscribed 40.47 times. Retail investors subscribed 14.10 times. The issue received 30.63 subscriptions.

Udayshivakumar Infra IPO subscribed 58% on the first day, 2.20 times on the second day, and 5.15 times on the third day.

The public offering, which has a face value of Rs 10 per share, includes new share issuance worth Rs 660 crore. There is no offer for sale (OFS) portion of the offer.

About 60% of the offers are reserved for retail investors, while 30% are reserved for non-institutional investors. Meanwhile, 10% of the offering is reserved for qualified institutional buyers.

Saffron Capital Advisors Private Ltd is the sole book-runner (BRLM) for the offering, and MAS Services Ltd is the registrar.