Adani Power shares listed today on the BSE and NSE. The listing ceremony was very well attended with eleven merchant bankers and was held at the convention centre of the BSE. The shares listed at Rs 105 on the BSE and Rs 108 on the NSE.
| Exchange | Open | High | Low | Close | Net Change | Volume | Delivery | Del % age | Wt Avg |
| BSE | 105.00 | 107.90 | 98.50 | 100.05 | 0.05 | 96423860 | 26057300 | 27.02 | 101.27 |
| NSE | 108.00 | 110.00 | 98.30 | 100.10 | 0.10 | 164328256 | 60240064 | 36.66 | 101.20 |
| Total | 260752116 | 86297364 | 33.10 | ||||||
The total traded volume in Adani Power on both the exchanges combined was 26.07 cr shares. The issue was for 30.165 cr shares of which 5.28 cr shares were reserved and allotted to anchor investors who have a lock in. If we were to consider the net offer the same was 24.885 cr shares. Simply putting it means that 1.047 times the shares on offer were traded on the first day. The shares marked for delivery were 26057300 (2.605cr) and 60240064 shares (6.024 cr) on the BSE and NSE respectively making a total of 8.63 cr shares or 33.1% of the total shares which were offered in the IPO.
This very high delivery indicates people wanting to exit on day one as they have not made money and therefore don’t want to continue holding the stock any further. Another way of looking at it is, that somebody or a group of people have bought shares because they believe it is at par and the waiting period and uncertainty of 20 days between the issue closing and listing does not exist. The pressure on the stock in the last hour was clearly visible and it appeared as if quarters close to management circles were supporting the counter and were determined to close the counter at atleast at the issue price. The stock finally closed at 5 paisa and 10 paisa higher on the BSE and NSE respectively.
Looking at the markets where the BSESENSEX opened at 14930, a gain of 121 points and the close at 15012.32 a gain of 202 points, it was certainly a good day at the markets. The NSENIFTY gained 59 points and closed at 4453. The poor listing even on a day when the rest of the markets performed extremely well indicates, that investors are not happy with the listing. NHPC premium was down by a rupee and rough quotes of about Rs 5.50 are being indicated but the volume is thin and people are not to keen on taking any fresh positions in lieu of the lacklustre performance of Adani Power.
The stock will be very closely watched tomorrow to see if there is any recovery or not and next week to see how the stock fares when world markets lead India down.
