Punjab, Oct. 16 -- Two Indian companies opened IPOs in the same week. A defence imaging firm was nearly seven times subscribed by day two. A manufacturing-services unicorn was at 27 per cent. The gap is the most useful thing the market has said all month.
Tonbo Imaging
Tonbo Imaging, which makes imaging and sighting systems for defence, was about 4 times subscribed on day one with non-institutional investors leading demand, and close to 7 times by day two. It had raised Rs 255 crore from anchor investors beforehand.
NII money leading is the tell. That category - high-net-worth and corporate investors below the institutional threshold - is the most momentum-driven part of the Indian book and the quickest to arrive when a listing pop looks...