Emmbi Polyarns Limited had a decent listing. Alas it was only the listing that was decent. Somewhere during the day huge selling emerged and the share was hammered out of shape. It ended the day badly bruised. I am not sure whether one can compare Emmbi with the way the South African bowlers must have felt with that hurricane innings of 200 not out played by Sachin Tendulkar to become the highest scorer in one day cricket and also the first to get a double ton.

Coming back to Emmbi, the shares were issued in a price band of Rs 40-45 and the issue was subscribed 1.2 times. The price was fixed at Rs 45 and a total of 95 lakh shares were issued. The share listed on the BSE at Rs 45.50 and made a high of Rs 48.35. Thereafter came the crash and the stock touched a low of Rs 26.50 before finally closing at Rs 28.65. On the NSE it opened at Rs 46 and then made a high of Rs 48.30. It fell all the way to Rs 26.65 and closed at Rs 28.75.

The share reported very high volumes which were 11.86 lakh shares or 12.1 times the IPO size of 95 lakh shares. The delivery percentage has set a new record as was being anticipated yesterday. 81 lakh shares or 6.83% were delivered. However when one looks at the same delivery volume of 8105631 shares as a percentage of the IPO, it is 85.32%, which can only be described as huge. This clearly shows that the issue did not merit attention and the way the share has listed and disappointed investors is clear that the share has simply been dumped on people who traded the share.

With the share down more than one third on day one, the future looks bleak and a lot of effort would have to be put in by the promoters in terms of performance and convincing to bring this share back in the limelight.

Even at this price, investors should not try bottom fishing.