Shriram Properties Limited, a prominent real estate developer in South India, launched its Initial Public Offering (IPO) from December 8 to December 10, 2021, with a price band set between ₹113 and ₹118 per share. ​

Grey Market Premium (GMP) Prior to Listing:

Leading up to the IPO's listing on December 20, 2021, the Grey Market Premium (GMP) for Shriram Properties shares exhibited the following trends:​

• December 7, 2021: Shares were available at a GMP of ₹20, suggesting a potential listing price of approximately ₹138 (₹118 IPO price + ₹20 GMP), indicating a 17% premium. ​

• December 8, 2021: The GMP adjusted to ₹10, reflecting market recalibrations.

• December 9, 2021: The GMP further adjusted to ₹15, hinting at a modestly positive listing. ​

Listing Performance:

On December 20, 2021, Shriram Properties shares debuted on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) at an opening price of ₹90 per share, representing a 23.73% decrease from the IPO price of ₹118. The stock closed the day at ₹99.60 on the NSE, marking a 15.59% decline from the issue price.​

Post-Listing Observations:

The initial trading days saw the stock grappling with investor sentiment, primarily due to the company's financial performance, which included revenue declines and consistent losses during the fiscal years 2020 and 2021. Analysts noted that despite brand recognition, the company's financials were underwhelming, leading to a tepid market reception post-listing.​