Laurus Labs Limited debuted on the bourses on Monday and made strong gains of 12.24%. The issue consisted of a fresh issue of Rs 300 crs and an offer for sale of 241.07 lakh shares in a price band of Rs 426-428. Earlier the company had allotted 92.38 lac shares to 25 Anchor Investors comprising of 43 entities. The issue was subscribed 4.57 times overall with QIB portion subscribed 10.54 times, HNI 4.58 times and retail portion 1.67 times.
The discovered price was Rs 490 and Rs 489.90 on the BSE and NSE respectively. The high of the day was an identical Rs 498 on both the exchanges while the low was also an identical Rs 475. The share closed at Rs 480.50 on the BSE a gain of Rs 52.50 or 12.27%. The closing on NSE was Rs 480.40 up Rs 52.40 or 12.24%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 490.00 | 498.00 | 475.00 | 480.50 | 52.50 | 12.27 | 481.40 | 3952346 | 1749096 | 44.25 |
| NSE | 489.90 | 498.00 | 475.00 | 480.40 | 52.40 | 12.24 | 481.91 | 17548335 | 7808546 | 44.50 |
| Total | 21500681 | 9557642 | 44.45 |
From the table above one can see that the total traded volume was 215 lac shares which was 69% of the IPO size. Delivery volume was 95.57 lac shares which was 44.45% of the traded volume and 30.72% of the IPO size. If one looks at it from non-anchor portion the delivery percentage increases to 43.69%.
The weighted average of the day’s trade was Rs 481.40 on the BSE while it was Rs 481.91 on the NSE. There were details of one institutional trade where Nomura India Investment Fund bought 7.35 lakh shares at Rs 477.56. This was the only institutional trade. Incidentally Nomura was an anchor investor in the IPO and was allotted the highest number of shares. The fund was allotted 5,04,665 shares which constituted 5.46% of the anchor book.
The share has had a great listing under the given circumstances. Food for thought would be on who benefits when the HNI subscription gets oversubscribed with borrowed money. More on that in later issues.
