Share closes with gains but under pressure
Godrej Properties Limited listed yesterday with a bang. We have had a listing of a new issue after quite some time and this was an important issue simply because the HNI category was subscribed a record 106 times, indicating huge investor interest. The discovered price for the issue was Rs 165.
The share listed at Rs 178.35 on the BSE and Rs 178 on the NSE respectively. The highs were Rs 205.80 on the BSE and Rs 206 on the NSE. The opening price itself was the low on both the exchanges.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 178.35 | 205.80 | 178.35 | 191.60 | 26.60 | 16.12 | 196.59 | 16382299 | 2215149 | 13.52 |
| NSE | 170.00 | 206.00 | 170.00 | 191.80 | 26.80 | 16.24 | 196.60 | 24435160 | 4013843 | 16.43 |
| Total | 40817459 | 6228992 | 15.26 |
The share was well received but the days performance was disappointing. With such a huge response and interest, fireworks were expected but that did not happen. It appeared as if the share was under selling pressure throughout the day. The total traded volume was 4.8 cr shares or 3.55 times the size of the IPO. Delivery volume of 62.29 lakhs was 15.26 % of the traded volume and roughly 54.16 % of the shares offered in the IPO. The listing has been decent, but the HNI’s who gave this issue a thumbs up by subscribing over 100 times are still losing money if their subscription was with leveraged funds. If they have not sold as yet and booked losses, it appears that this share is likely to perform in the near term as the issue looks attractive fundamentally and was reasonably priced at the time of the issue.
