The upper end of NSDL's offer price is at a ₹200 discount to the unlisted share price. However, the broker said that based on the grey market premium at ₹165 per share, NSDL's listing price is likely to be around the price on the unlisted market before it filed
Returns at upper end of the ₹760-800 offer needs to be seen.
The grey market, which is activated around the declaration of the offer price, is where bets are placed on the estimated premium or discount that a company lists at in comparison with its offer price.
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