Share closes with gains of just over 2%
Ashoka Buildcon Limited which had tapped the capital markets with its issue to raise Rs 225 crs listed on the exchanges yesterday the 14th of October. The company had issued shares in a price band of Rs 297-324.
The share listed at Rs 333.55 on the BSE and Rs 342 on the NSE. The high was Rs 362.30 on the BSE and an almost identical Rs 362.70 on the NSE. The low was Rs 312.65 on the BSE and Rs 308.10 on the NSE. The share closed at Rs 333.35 on the BSE and Rs 330.75 on the NSE.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 333.55 | 362.30 | 312.65 | 333.35 | 9.35 | 2.89 | 343.09 | 8646033 | 1066484 | 12.33 |
| NSE | 342.00 | 362.70 | 308.10 | 330.75 | 6.75 | 2.08 | 341.84 | 14586970 | 1482836 | 10.17 |
| Total | 23233003 | 2549320 | 10.97 | |||||||
The total traded volume was 232.33 lakh shares which as a percentage of the IPO size of 69.44 lakh shares were 3.35 times. The delivery volume was 25.49 lakh shares or just under 11% of the traded volume. Delivery as a percentage of the traded volume was 36.71% which is significantly lower than what is seen in recent issues where the average is between 50 to 70% on day one. The lower delivery percentage is also an indication that the investors believe the share price is likely to rise and have therefore not sold.
The weighted average was 343 while the share has closed at Rs 333 indicating selling pressure. If one sees the price chart one would notice that the share was trading steady around the Rs 348-355 mark and selling pressure post 3 pm brought the stock to below the issue price. This did have some volume as well but was not significant.
The IPO was oversubscribed just under 16 times with the QIB book subscribed almost 25.6 times and the HNI book just under 14 times. The company has good prospects and looking at today’s trading trend indicates that the share needs some buying support to move up. The final close was Rs 333.35 on the BSE and Rs 330.75 on the NSE a net gain of 2.89% on the BSE and 2.08% on the BSE.
