How it has done since the IPO
Closing prices since listing: 26 Oct ₹184.48, 27 Oct ₹186.57, 28 Oct ₹190.30, 29 Oct ₹191.12, 30 Oct ₹191.52, 2 Nov ₹196.31, 3 Nov ₹205.98, 4 Nov ₹207.23, 5 Nov ₹223.89, 6 Nov ₹215.80.
| Listing day | 12 Nov 2025 |
| Open / high / low / close | ₹112.00 / ₹134.40 / ₹112.00 / ₹131.33 |
| Shares traded on NSE | 52,38,38,472 |
| Market value at the listing-day close | ₹81,977 cr |
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The IPO's journey
Anchor3 Nov
Opens4 Nov
Closes7 Nov
Allotment10 Nov
In demat11 Nov
Listing12 Nov
Lock-in 50%9 Dec
Lock-in rest7 Feb
Subscription
Institutions (QIB)22.02×
HNI / NII14.20×
HNI, above ₹10 lakh16.28×
HNI, ₹2–10 lakh10.04×
Retail9.43×
Total17.60×
Shares offered and bid, by group
| Investor category | Shares offered | Shares bid for | Times subscribed |
|---|
| Institutions (QIB) | 19,89,69,016 | 4,38,03,79,950 | 22.02× |
| HNI / NII | 9,94,84,507 | 1,41,28,99,200 | 14.20× |
| HNI, above ₹10 lakh | 6,63,23,005 | 1,07,98,37,100 | 16.28× |
| HNI, ₹2–10 lakh | 3,31,61,502 | 33,30,62,100 | 10.04× |
| Retail | 6,63,23,005 | 62,54,21,250 | 9.43× |
| Total | 36,47,76,528 | 6,41,87,00,400 | 17.60× |
Bars on a log scale so small and very large numbers both fit. NSE and BSE bids together, as of 7 Nov 2025 19:00.
Chance of getting shares (retail)
At least 1 in 9retail applicants got one lot (4,42,153 lots for a retail portion subscribed 9.43×). Bidding for more lots does not raise the chance.
Who the issue was set aside for
Institutions 54.55%HNI / NII 27.27%Retail 18.18%
Bids by price
Top price ₹100 91.59%Cut-off 8.33%Lower prices 0.1%
An estimate from the times the retail portion was subscribed, as if every applicant bid for the minimum; many bid for more lots, so the real chance is usually better. Winners are picked by lottery.
Issue reservation
| Investor group | Shares | % of issue | Most applicants allotted |
|---|
| Institutions (QIB) | 19,89,69,016 | 54.55% | – |
| HNI / NII | 9,94,84,507 | 27.27% | – |
| HNI, above ₹10 lakh | 6,63,23,005 | 18.18% | 6,599 |
| HNI, ₹2–10 lakh | 3,31,61,502 | 9.09% | 15,791 |
| Retail | 6,63,23,005 | 18.18% | 4,42,153 |
Shares NSE lists as offered to each group, plus the anchor portion. "Most applicants allotted" is how many people can get the minimum application in that group when it is oversubscribed.
Lot size by investor type
| Application | Lots | Shares | Amount |
|---|
| Retail (minimum) | 1 | 150 | ₹15,000 |
| Retail (maximum) | 13 | 1,950 | ₹1,95,000 |
| Small HNI (minimum) | 14 | 2,100 | ₹2,10,000 |
| Small HNI (maximum) | 66 | 9,900 | ₹9,90,000 |
| Big HNI (minimum) | 67 | 10,050 | ₹10,05,000 |
At ₹100 a share. Retail bids go up to ₹2 lakh, small HNI from ₹2 lakh to ₹10 lakh, big HNI above ₹10 lakh.
Anchor investors
| Anchor bid date | 3 Nov 2025 |
| Lock-in ends for the first 50% (30 days) | 9 Dec 2025 |
| Lock-in ends for the remaining 50% (90 days) | 7 Feb 2026 |
Anchor investors are large funds that buy the day before the IPO opens. SEBI locks in half their shares for 30 days from the allotment and the rest for 90 days; they can sell from the next trading day. Traders watch these dates because extra selling can come in.
Financials and valuation
| At issue price | Now |
|---|
| Market value | ₹62,421 cr | ₹1,34,255 cr |
| P/E (last 12 months' profit) | 23.2 | 49.8 |
| Revenue, last 12 months | ₹5,724 cr |
| Profit, last 12 months | ₹2,694 cr |
| Return on equity | 23.3% |
| Debt to equity | 0.00 |
From results the company filed with NSE (latest period to 30 Sept 2026). Twelve-month figures need four quarters of results, so they fill in over the first year after listing.
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