Mandhana Industries Limited listed yesterday at the BSE and NSE. The company had a listing ceremony on the BSE. The company had issued 83 lakh shares through its IPO in a price band of Rs 120-130. The share issue received good response and was oversubscribed 6.32 times.

The share listed at Rs 132.70 on the BSE and Rs 131 on the NSE respectively. The highs were Rs Rs 139.15 and Rs 139.50 respectively. The lows were the issue price of Rs 130 itself. What is really noteworthy and striking is the narrow range in which the share traded, a mere 9.5 Rs or just a little over 7% of the issue price. I believe such a narrow range on listing day is indeed commendable and most striking. The share closed at Rs 133.65 on the BSE and at Rs 133.55 on the NSE respectively. The share closed with a gain no matter how small in a falling market.

The trading volumes were healthy and the total traded volume was 278 lakh shares or 3.35 times the IPO size of 83 lakh shares. The delivery volume was 50.29 lakh shares or 60.6% of the IPO size. Published data shows that two institutional investors have sold between them 6.45 lakh shares.

Yesterday Indian markets taking cues from overseas markets have been very weak and were in a down swing losing at close 467 points or 2.77% on the BSESENSEX and 146 points or 2.89% on the NIFTY. On such a day any listing would be disastrous and if Mandhana Industries has traded in a narrow range and managed to hold itself it sure is creditable. If the company is able to do so for the next two days it would have weathered the storm successfully.

Cautious, sedate and steady start to its innings on the bourses is how the listing day one of Mandhana Industries can best be described as.