Punters almost double premium compared to Mahindra Holiday offer days.

After a brief lull following the closure of the initial public offer (IPO) of Mahindra Holidays & Resorts, the grey markets of Ahmedabad and Rajkot have again started to buzz with activity, as two power companies — Adani Power and National Hydro Power Corporation (NHPC) — get ready to hit the market in the next couple of weeks.

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Close on the heels of Adani Power, state-run NHPC is ready to hit the primary market in August to raise Rs 1,680 crore. The price band for the offer is likely to be Rs 30-34 per share.

Mahindra Holidays’ public offer did rejuvenate Ahmedabad and Rajkot grey markets, considered to be a litmus test for IPOs. However, the activity was largely restricted as investors chose to tread cautiously after they had burnt their fingers in the Reliance Power IPO.

Now, the upcoming NHPC and Adani Power IPOs seem to have revived the grey market activities. The momentum in the grey market could be gauged from the fact that while investors were offered a premium of Rs 2,000 for filing a form of Rs 1 lakh in Mahindra Holidays’ IPO, the premium amount in case of the NHPC offer has surged to Rs 3,500-4,000.

While punters were offering a premium as high as 40 per cent per share for NHPC, the premium quoted on Adani Power share was about 10-12 per cent, said sources familiar with the development.

Investors are being offered Rs 2,400 to Rs 2,700 per application for the Adani Power IPO. Punters in the grey market said that Adani and NHPC shares were being quoted at a premium of Rs 8-10 and Rs 10-12 per share, respectively.

According to Ahmedabad-based stock brokers, both these IPOs have infused a new life into the primary market. “With Adani Power and NHPC hitting the market, we expect a bull run in the primary market just like the bullish trend in the secondary market,” said a broker.

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