During the financial year 2009-2010 a total of 35 IPO’s listed. Their performance is enumerated in the table below. Of the 35 issues as many as 24 or 68.57% ended in positive territory. Closing in the negative were 11 or 31.4% of the issues. The top gainer was Jubilant Foodworks Limited which gained 116.31%. The issue was priced at Rs 145 and closed at Rs 313.65, an absolute gain of Rs 168.65. The second top performer was yet another century maker ARSS Infrastructure Limited which issued shares at Rs 450, and gained Rs 478.50 or 106.33% to close at Rs 928.50.
The biggest loser was Euro Multivision which lost 67.81% of its issue price of Rs 75. The stock closed at Rs 24.14 down Rs 50.86. The second biggest loser was Rishabdev Technocables which lost 66.76%. The issue was priced at Rs 33, lost Rs 22.03 and is currently quoting at Rs 10.97.
| Name of Company | Listing date | Issue Price | High | Low | Close | Gain/Loss | % Change | |
| 1 | Jubilant Foodworks | 8th Feb | 145.00 | 361.80 | 161.60 | 313.65 | 168.65 | 116.31 |
| 2 | ARSS Infrastructure | 3rd Mar | 450.00 | 998.00 | 640.00 | 928.50 | 478.50 | 106.33 |
| 3 | Mahindra Holiday | 16th July | 300.00 | 574.00 | 0.00 | 543.85 | 243.85 | 81.28 |
| 4 | Syncom Healthcare | 15th Feb | 75.00 | 162.40 | 70.65 | 119.95 | 44.95 | 59.93 |
| 5 | Thinksoft Global | 26th Oct | 125.00 | 544.00 | 100.00 | 187.80 | 62.80 | 50.24 |
| 6 | Cox and Kings | 11th Dec | 330.00 | 504.90 | 304.10 | 481.65 | 151.65 | 45.95 |
| 7 | Man Infraconstruction | 11th Mar | 252.00 | 408.45 | 322.50 | 360.10 | 108.10 | 42.90 |
| 8 | DQ Entertainment (Int) | 29th Mar | 80.00 | 140.00 | 103.00 | 112.25 | 32.25 | 40.31 |
| 9 | Globus Spirits | 23rd Sept | 100.00 | 142.00 | 74.05 | 135.55 | 35.55 | 35.55 |
| 10 | MBL Infrastructure | 8th Jan | 180.00 | 247.60 | 182.20 | 225.65 | 45.65 | 25.36 |
| 11 | Aqua Logistics | 23rd Feb | 220.00 | 286.40 | 219.40 | 271.15 | 51.15 | 23.25 |
| 12 | Pipavav Shipyard | 9th Oct | 58.00 | 72.60 | 47.65 | 70.40 | 12.40 | 21.38 |
| 13 | Adani Power | 20th Aug | 100.00 | 117.80 | 90.25 | 115.95 | 15.95 | 15.95 |
| 14 | Infinite Computer | 3rd Feb | 165.00 | 222.90 | 178.35 | 190.85 | 25.85 | 15.67 |
| 15 | DB Corp | 6th Jan | 212.00 | 274.60 | 207.40 | 239.15 | 27.15 | 12.81 |
| 16 | JSW Energy | 4th Jan | 100.00 | 123.90 | 99.90 | 111.80 | 11.80 | 11.80 |
| 17 | Oil India | 30th Sept | 1050.00 | 1374.80 | 1019.00 | 1150.55 | 100.55 | 9.58 |
| 18 | Thangamayil Jewellery | 19th Feb | 75.00 | 82.40 | 62.00 | 81.35 | 6.35 | 8.47 |
| 19 | Jindal Cotex | 22nd Sept | 75.00 | 120.50 | 75.00 | 81.15 | 6.15 | 8.20 |
| 20 | IL&FS Transportation | 30th Mar | 258.00 | 295.00 | 270.10 | 278.45 | 20.45 | 7.93 |
| 21 | Godrej Properties | 5th Jan | 490.00 | 586.70 | 446.90 | 513.10 | 23.10 | 4.71 |
| 22 | United Bank of India | 18th Mar | 66.00 | 77.00 | 66.10 | 68.60 | 2.60 | 3.94 |
| 23 | Texmo Pipes | 10th Mar | 90.00 | 162.80 | 90.20 | 92.35 | 2.35 | 2.61 |
| 24 | Den Networks | 24th Nov | 195.00 | 208.00 | 151.00 | 195.30 | 0.30 | 0.15 |
| 25 | DB Realty | 24th Feb | 468.00 | 540.10 | 407.00 | 458.50 | -9.50 | -2.03 |
| 26 | Vascon Engineers | 15th Feb | 165.00 | 173.45 | 119.00 | 155.30 | -9.70 | -5.88 |
| 27 | Hathway Cable | 25th Feb | 240.00 | 246.00 | 189.10 | 207.20 | -32.80 | -13.67 |
| 28 | NHPC | 1st Sept | 36.00 | 39.75 | 29.85 | 30.50 | -5.50 | -15.28 |
| 29 | India Bulls Power | 30th Oct | 45.00 | 45.50 | 28.65 | 30.75 | -14.25 | -31.67 |
| 30 | Astec Lifesciences | 25th Nov | 82.00 | 96.10 | 44.00 | 49.00 | -33.00 | -40.24 |
| 31 | Raj Oil Mills | 12th Aug | 120.00 | 133.70 | 56.10 | 59.70 | -60.30 | -50.25 |
| 32 | Emmbi Polyarns | 24th Feb | 45.00 | 48.35 | 20.10 | 20.75 | -24.25 | -53.89 |
| 33 | Excel Infoways | 3rd Aug | 85.00 | 128.40 | 37.15 | 39.10 | -45.90 | -54.00 |
| 34 | Rishabdev Technocables | 29th June | 33.00 | 47.00 | 10.01 | 10.97 | -22.03 | -66.76 |
| 35 | Euro Multivision | 15th Oct | 75.00 | 80.90 | 23.55 | 24.14 | -50.86 | -67.81 |
| FPO | ||||||||
| 1 | NTPC | 19th Feb 2010 | 201 | 241.7 | 196.1 | 207 | 6.00 | 2.99 |
| 2 | REC Ltd | 8th Mar 2010 | 203 | 274.5 | 205.15 | 249.9 | 46.90 | 23.10 |
| 3 | NMDC | 29th Mar 2010 | 300 | 571.8 | 283.5 | 294.15 | -5.85 | -1.95 |
The performance of the 35 IPO’s is as follows.
2 stocks gained 100% or more
1 stock gained 80% or more but less than 100%
2 stocks gained more than 50% but less than 60%
3 stocks gained more than 40% but less than 50%
2 stocks gained more than 25% but less than 40%
6 stocks gained more than 10% but less than 25%
4 stocks gained more than 5% but less than 10%
4 stocks gained less than 5%
On the negative side 4 stocks lost less than 25%
2 stocks lost more than 25% but less than 50%
5 stocks lost more than 50% but less than 67%
FPO
There were three follow on offers and all were from the government. They were from NTPC, REC and NMDC. The success story was REC which returned excellent returns to investors. The share gave returns of almost 15% on day one of the share being available for trading and has given returns of 23% till date.
NTPC has given very small returns of a mere 3% but the disappointment has been NMDC which is down 2% but the stock has fallen from a high of Rs 572 to below Rs 300, a fall of more than 47%.
It has been interesting during the year that pricing has been the key factor throughout the year. Wherever promoters have priced the issue reasonably and left money on the table for investors, there has been excellent response. However where pricing has been expensive, they have received poor response. I believe this should be a key factor to watch in future issues.
In conclusion let me repeat a statement which I had made about the full form of IPO – It’s Probably Overpriced.
