The National Stock Exchange’s (NSE) decision to cap the issue price of small and medium enterprises’ (SMEs) initial public offerings (IPOs) at 90% in the special pre-open sessions comes at a time when there has been growing concerns about the significant oversubscription and listing gains in the segment.

Sample this: In 2024, at least four SME IPOs were listed at a premium of a whopping 300-400%.

But that’s not all. Oversubscription has also been hitting new records. The recent example is HOAC Foods, which was subscribed a record 1,834 times and the retail investor portion received 2,350x subscription. The manufacturer of flour and spices launched its Rs 5.54-crore fixed price public issue on May 16 with an offer price of Rs 48 per share. It got listed at a premium of slightly over 200%.

The surge in the number of SME issues listing with exorbitant gains has been quite eye-popping. In the first six months of 2024, 39% of 117 SME IPOs were listed with o…

Oil rose in early Asian trade on Wednesday, supported by tightening global crude supply ahead of a panel meeting of OPEC+ ministers.

Brent crude oil futures rose 6 cents to $90.98 a barrel by 0004 GMT, while U.S. West Texas Intermediate crude (WTI), rose 11 cents to $89.34 per barrel.

The Organization of the Petroleum Exporting Countries and allies, or OPEC+, is expected to keep output policy unchanged when it meets on Wednesday, after members Saudi Arabia and Russia extended output cuts to the end of the year.

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Saudi Arabia is expected to raise its November official selling price…