If I didn’t get allotment and GMP is higher than HNI cost .
For example I didn’t get allotment in Devyani International IPO and I want to trade in pre-open session of IPO then at what price I need to place the limit order ?
You can place the limit order at any price as there are no price bands applicable in pre-market session on listing day. However, exchange will set dummy operating range of 25% to 75%, as the case may be.
Though, you can place the order at any price, the order matching will happen only at the equilibrium price discovered, which will also be the open price. While the unmatched orders will be moved to normal trading session.
Here’s how pre-market session works on listing day:
9 AM to 9:45 AM: During this period you can only place, modify and cancel your orders.
9:45 AM to 9:55 AM: This is order matching period. Orders will be matched at a single (equilibrium) price which will be open price. During this period you won’t be able to modify or cancel the orders.
If your order isn’t matched in this period, it will be moved to normal market hours at the limit price.
You can check out more information on this here.
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