BhartiInfratel Limited (BIL) listed its shares on the BSE and NSE and has listing ceremonies simultaneously on both exchanges. The share however was a disaster on expected lines. The company had offered shares in a price band of Rs 210-240 with a discount of Rs 10 to retail investors. The issue which consisted of a fresh issue and an offer for sale was for 18.89 cr shares and was priced at Rs 220. Incidentally the anchor allocation was done at Rs 230 per share.
The discovered price was Rs 200 and within minutes the price fell to Rs 195. The low of the day on the BSE was Rs 192.80 while on the NSE it was Rs 192.00. The share has been under pressure and this is despite the fact that retail and HNI’s chose to ignore the issue and subscribed their portion a mere 22%. One wonders that ‘intelligent QIB’s’ discovered the price at Rs 220 and chose to panic on day one at under Rs 200.
| Exchange | Open | High | Low | Close | Net Change | %Gain/Loss | Wt. Avg | Volume |
| BSE | 200.00 | 200.00 | 192.80 | 195.55 | -24.45 | -11.11 | 196.45 | 6885970 |
| NSE | 200.00 | 200.85 | 192.00 | 192.45 | -24.55 | -11.16 | 196.39 | 19269125 |
| Total | 26155095 |
In the first two hours of trade the share has seen a total volume of 261.55 lacs which is 13.84% of the IPO size. The weighted average of the day is at Rs 196.45 on the BSE and Rs 196.39 on the NSE. So far history has been re-written as far as Bharti is concerned. The retail investor must be complimented for the fact that with three back to back issues he wholeheartedly subscribed to the first two which are trading at a premium and chose to ignore the third which is trading at a discount. It speaks volumes for the retail investor’s ability to spot what is good for him unlike what the management of the issuer may feel.
The performance at the end of the day and delivery figures would be keenly observed and analysed to decide the future trend of this share in the short to medium term.
