At close on Wednesday, the home services provider had a market capitalisation of ₹24,266.7 crore.
“Scarcity premium is driving the stock price in the short term as the issue size was very small,” said Sunny Agrawal, head of fundamental research at SBI Securities.
The ₹1,900-crore IPO was subscribed nearly 104 times. It was priced at ₹98- ₹103 per share.
Analysts said the robust response despite rich valuations was because the company is the only listed one in the online home services business. “A ‘Wait and Watch’ approach is advisable to assess any post-listing dip as a potential entry point,” said Prashanth Tapse, senior VP – research, Mehta Equities. Agrawal said new investors could allocate some money only in the event of a pullback as valuations have turned expensive post nearly 65% listing gains.
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