"Zaggle has a major dependency on third parties and has faced negative cash flow and a decline in its profitability in recent years. The IPO valuation was also high. Investors should exit their positions, but those who want to hold for some gain should maintain a stop loss at 148," said Shivani Nyati, Head of Wealth, Swastika Investmart.
The issue comprised fresh issuance of equity shares worth Rs 1,200 crore and an offer for sale (OFS) up to 1.35 crore equity shares. The IPO was priced in the range of Rs 119-126 per equity share.
Samhi Hotels, which acquires or builds primarily business hotels, owns a portfolio of 4,801 keys across 31 operating hotels in key urban consumption centres in India as of August.
The grey market premium (GMP) that Samhi Hotels commands is between 3-6 percent over the issue price of Rs 126, dealers active in the unlisted market said. This indicates that investors should not expect a bumper gains on the first date