Shares of Advanced Enzyme Technologies Limited (AETL) listed on the bourses and made a great debut. The shares were issued in a price band of Rs 880-896 and there was a simultaneous offer of a fresh issue for Rs 50 crs and an offer for sale of 40,34,470 equity shares. The issue received excellent response and was oversubscribed 116.39 times with the QIB portion subscribed 94.53 times, HNI 394 times and retail portion 11.69 times. There were a total of 8.09 lakh applications received.
The funding rate for HNI’s was reduced significantly because of some demand supply mismatch and averaged about 5% against the normal 7%. The cost of finance per share was in the region of Rs 340 per share or in total Rs 1236 against the issue price of Rs 896.
The discovered price was Rs 1,210 on both exchanges and a total of 4.35 lakh shares were traded at this level. In the next half an hour the average of the half hours trade was about Rs 1,228 and the day’s high price was also recorded. The combined volume for this thirty minutes of trade was 29.17 lac shares. The price for the remainder time of the day was on a downward trend and the share saw selling pressure towards the last half hour of trading.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume | Delivery | Del %age |
| BSE | 1210.00 | 1242.75 | 1168.55 | 1178.30 | 282.30 | 31.51 | 1214.53 | 1157174 | 306543 | 26.49 |
| NSE | 1210.00 | 1244.00 | 1168.00 | 1178.10 | 282.10 | 31.48 | 1215.61 | 4996197 | 1692464 | 33.88 |
| Total | 6153371 | 1999007 | 32.49 |
The total trading on the two exchanges was 61.53 lakh shares which is 1.34 times the IPO size and 1.91 times the non-anchor size. Delivery volume was a healthy 20 lakh shares which was 32.49% of the day’s volume and 43.53% of the IPO size. If one were to consider the non-anchor portion, the delivery percentage moves up to 62.05%. The weighted average of the day was Rs 1214.53 on the BSE and Rs 1215.61 on the NSE which is a handsome gain of Rs 318 or 31%. The unfortunate part is the fact that those leveraged investors who sold have lost money.
In terms of institutional activity Reliance mutual fund bought 2 lac shares at an average of Rs 1,229.43. Besides this there were no other trades reported.
A good issue with decent gains for lucky applicants but bad for leveraged investors who sold out. With the floating stock absorbed, tomorrow the stock could go either way.
