Shares of A2Z Maintenance & Engineering Services Limited, listed on the BSE and NSE yesterday. The share listed at Rs 398 on the BSE and Rs 500 on the NSE. The high was Rs 398.90 on the BSE and the open of Rs 500 on the NSE. The low was Rs 318.65 on the BSE and Rs 318.60 on the NSE respectively. The share crashed in the first hour of trading itself and then staged a recovery but was unable to hold on to the same.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 398.00 | 398.90 | 318.65 | 328.90 | -71.10 | -17.78 | 344.84 | 21416822 | 2389224 | 11.16 |
| NSE | 500.00 | 500.00 | 318.60 | 328.55 | -71.45 | -17.86 | 343.98 | 30723793 | 3522105 | 11.46 |
| Total | 52140615 | 5911329 | 11.34 |
The issue was not very well received and was subscribed 0.97 times. It received bids for a total of 176.154 lac shares against the offer of 181.93 lac shares. These numbers are of course after the consideration of allotment of 31.37 lakh shares to anchor investors. The final number of shares allotted including anchor investors was 1,94,07,750 shares.
The traded volume was 521.40 lac shares or 2.68 times the IPO size. The delivery volume was 59.11 lac shares and the delivery percentage of traded volume was 11.34% while percentage to IPO size was 30.45%. The weighted average was between Rs 344-345, a loss of Rs 55 or 13.75%. The share closed at Rs 328.90, a loss of Rs 71.10 or 17.78%.
In delivery data one found some very unusual things happening. The promoter of the company Mr Amit Mittal was a buyer of 8.95 lac shares on the BSE and 9.8 lac shares on the NSE. Similarly Mr Rakesh Jhunjhunwala who is an investor and was a selling shareholder in the issue has bought 5 lac shares each on the BSE and NSE while a further 3.75 lac shares have been bought by his family member. In all a staggering sum of 32.5 lac shares have been bought by the promoter and the Private Equity investor. There was only one seller reported in the bulk trade and that was one firm namely Bengal Finance & Investment Pvt Ltd which sold a total of 21,64,422 shares.
I am not sure whether any laws get violated or any provisions of the takeover code are triggered, but it sure is setting some ugly precedents in the market place. A selling shareholder buying shares on day one of listing sends some wrong signals to the investors and is setting up wrong precedents.
The share may hold steady today but there needs to be a lot done in terms of delivery for investor confidence to be restored.
