New Delhi, Sept. 29 -- Brokerage firm Anand Rathi Share and Stock Brokers, whose IPO garnered healthy investor interest with subscription crossing over 20 times, is set to debut on the bourses on Tuesday, September 30.

According to market sources, the company's shares are commanding a grey market premium (GMP) of Rs.27 ahead of listing. Based on the upper band issue price of Rs.414 and the current GMP, the estimated listing price comes at Rs.441 per share, about 6.52% higher than the issue price.

The grey market premium reflects the expected difference between an IPO's issue price and its anticipated listing price in the unofficial market. However, analysts caution that GMP is only an early indicator and should not be the sole factor in...