IPO grey market activity stalls

Grey market transactions ahead of an initial public offering (IPO) have come to a halt due to demonetisation. Market players say there have been no quotes or activity for the upcoming IPO of Sheela Foam due to shortage of cash. “A lot of investors take cues from the grey market before taking a call on subscribing to an IPO. Such investors could give the IPO a miss,” said a broker. Sheela Form's Rs 550-crore IPO will remain open between Tuesday and Thursday. The price band for the IPO is Rs 680 to Rs 730 per share.