C.Mahendra Exports had a listing ceremony at the BSE where the share listed at Rs 111 and at Rs 114 on the NSE. The high was Rs 120.90 on the BSE and Rs 121 on NSE while the low was the IPO price of Rs 110 on both the exchanges. The share closed at Rs 110.85 on the BSE, a gain of Rs 0.85 or 0.77% while it closed at Rs 110.75 on the NSE, a gain of Rs 0.75 or 0.68%. The share just about managed to close in positive territory and to its credit it never slipped into negative territory even once.

The company had launched its IPO on the 31st of December 2010 and closed the same on Thursday the 6th of January. The issue was for 1.5 cr shares and the issue was priced at Rs 110, which was the top end of the price band. The issue was overall subscribed 2.65 times. The trading volume started off on a brisk note and the first hour of trade saw volumes of over 153 lakh or more than once the IPO size. In comparison the total traded volume at the end of the day was 478 lacs or 3.18 times the IPO size which is poor by comparison of recent issues or the trading pattern observed these days. The delivery volume was 55.90 lacs which was 11.69% of the traded volume and 37.27% of the IPO size. This delivery volume percentage also appears substantially on the lower side where typically it is observed that the delivery percentage of the IPO size is anywhere between 60-80%.

From the above chart it can be observed that the share opened steady and was able to remain in the 120 range only in the first half hour of trade and thereafter the stock kept on slipping. The stock closed at Rs 110.75-110.85 and the weighted average was significantly higher at Rs 114.28 on the BSE and Rs 114.21 on the NSE indicating selling pressure.

The share is looking weak and any break below the issue price could bring selling pressure in the counter.