Shares of S P Apparels Limited listed on the BSE and NSE on Friday and registered gains of 10% on the BSE and 7.74% on the NSE. The company had issued fresh equity worth Rs 215 crs and an offer for sale of 9 lac shares in a price band of Rs 258-268. The discovered price on the BSE was Rs 305 while on the NSE it was Rs 275. This created a bizarre situation intraday when shares on the NSE were locked down and those on the NSE were almost locked up. The difference in price discovery of almost 10% and a circuit filter of 5% was responsible for the same. Many investors were caught on the wrong foot when they realised a little bit late that trading of these shares was in the trade to trade segment.
The company had allotted 26.76 lac shares to seven anchor investors at Rs 268. The issue was subscribed 2.66 times with QIB’s subscribing 2.21 times, HNI’s 5.10 and retail 1.90 times.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume | Delivery | Del %age |
| BSE | 305.00 | 305.00 | 289.75 | 295.00 | 27.00 | 10.07 | 295.44 | 619737 | 619737 | 100.00 |
| NSE | 275.00 | 288.75 | 275.00 | 288.75 | 20.75 | 7.74 | 280.21 | 2003330 | 2003330 | 100.00 |
| Total | 2623067 | 2623067 | 100.00 |
The total traded volume was 26.23 lac shares which was about 29% of the IPO size of 89.24 lac shares. The delivery percentage was 100% as the shares were traded in trade to trade segment. The delivery was 29.40% of the IPO size and 42% excluding the anchor portion. Considering that the overall subscription was a little bit poor the performance on day one has been satisfactory. The share would continue to trade in the trade to trade segment for another nine days and the daily circuit filter would remain at 5%.
The share has performed better than expected so far and it remains to be seen what happens in the remaining nine days. So far so good.
