Shares of GNA Axles Limited listed on the BSE and NSE and were off to a flying start gaining almost 20% on day one. The company had issued through a fresh issue offered 63 lakh shares in a price band of Rs 205-207. The company raised Rs 130 crs from this issue.It had allotted 18.30 lakh shares to three mutual funds namely UTI, Reliance and HDFC at Rs 207. The issue had received unprecedented success and was oversubscribed 54.88 times. The QIB portion was subscribed 17.18 times, HNI 217.47 times and retail 11.84 times. There seemed to be a fancy for this share and the issue was open for subscription what the decent sized L&T Technology Services Limited was open.
Shares listed for trading in the ‘trade to trade’ segment as the size of the issue was less than Rs 250 crs. The discovered price was Rs 248.50 on the BSE and Rs 252 on the NSE. The high of the day was Rs 260 on the BSE and Rs 261.80 on the NSE while the low was Rs 242.20 on both the exchanges. The total traded volume was 21,13,154 shares which was 33.54% of the issue size. As 100% of the trade has to result in delivery this was also the delivery percentage. IF one excludes the anchor portion which has a lock-in for 30 days the traded volume and delivery was 47.27%.
No names have appeared either on the buy or sell side of any institution. Things would become clearer as the trade to trade period of ten trading sessions comes to an end after two weeks. Currently the price would move in a daily circuit filter of 5% and volumes would get muted as we go forward.

From the table above one can see that the weighted average of the day was Rs 250.72 and Rs 251.12 on the two bourses, indicating that investors who sold at the open made decent gains. The share thereafter was under some pressure and closed lower than the day’s average at Rs 245.15 and Rs 248. The gains on day one were a healthy 18.43% and 19.81% respectively.
A good show by a small company from Punjab and opening the door for many more companies to tap the capital markets going forward.