Shares of L&T Infotech Limited listed yesterday and closed with losses of just under 3.90%. At this price even the discount of Rs 10 offered to retail investors disappeared and they were losing money.
The shares were issued at Rs 710 and the issue was overall subscribed 11.69 times. The QIB portion was subscribed 19.91 times, HNI 1076 times and retail portion 7.39 times. There were 10.90 lac applications received which is a record by itself.
The discovered price was Rs 666.60 on the BSE and Rs 667 on the NSE. The price recovered very quickly from here and the high on both the exchanges was Rs 710 which matched the issue price. The share traded in a narrow range and selling pressure at the send saw the price slip to the closing price of Rs 697.65 on the BSE and Rs 697.60 on the NSE. In terms of institutional trade, Kotak Mahindra International bought 13.35 lakh shares at Rs 700.26. There were no other names on the buying or selling side.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume | Delivery | Del %age |
| BSE | 616.60 | 710.00 | 666.00 | 697.65 | -12.35 | -3.90 | 698.78 | 2242495 | 506802 | 22.60 |
| NSE | 667.00 | 710.00 | 666.00 | 697.60 | -12.40 | -3.91 | 697.23 | 11824029 | 3174314 | 26.85 |
| Total | 14066524 | 3681116 | 26.17 |
| turnover | delivery | ||
| issue size | 17500000 | 0.80 | 21.03 |
| anchor | 5250000 | ||
| non anchor | 12250000 | 1.15 | 30.05 |
| total | anchor | issue | |
| nomura | 2889372 | 2202655 | 686717 |
| quantum m | 1955939 | 844480 | 1111459 |
| india opportunities | 1220318 | 0 | 1220318 |
| total | 3018494 |
From the table above one can see that the weighted average of the day was Rs 698.78 and Rs 697.23. The volume at the discovered price was decent with 8.71 lac shares traded on the BSE and 6.56 lac shares traded on the NSE. This means that roughly 11% of the volume happened at the discovered price. The traded volume for the day was 140.66 lac shares which was 80% of the offer for sale size of 1.75 cr shares and 1.15 times the size of the offer for sale after excluding the lock in shares of anchor investors. Delivery percentage was 26.17% of the traded volume and 21.03% of the IPO. In terms of non-anchor shares, the delivery percentage was 30.05%.
In terms of performance this would certainly go down as a lacklustre performance with the share closing with losses for the day. In the last six months or so this would be probably the worst listing on debut. One hopes that the management keeps the performance in mind when they launch their next issue L&T Technologies in the next six months.
