Shares of Quess Corp Limited listed on the bourses on Tuesday and recorded gains of over 58% for successful applicants. The company had issued shares worth Rs 400 crs in a price band of Rs 310-317 and allotted at Rs 317. The issue had received tumultuous support and was oversubscribed a massive 144 times. The QIB portion was subscribed 54 times, HNI 392.21 times and retail portion 34.08 times. As far as the anchor allocation was concerned there were 15 anchor investors comprising of 22 entities which were allotted 56,78,234 equity shares.

The shares were listed on the bourses with the discovered price being Rs 499 on the BSE and Rs 500 on the NSE. The high of the day was Rs 508.60 and Rs 509.30 while the low was Rs 480.05 and Rs 480 respectively. Traded volume on a combined basis was 195.87 lac shares which was 1.55 times the IPO size of 126.18 lac shares and 2.82 times if one were to consider the non-anchor portion. Delivery volume at 48.14 lac shares was 24.58% of the traded volume and 38.16% of the IPO size. If one were to exclude the anchor allocation the delivery percentage was a steep 69.38%. what is however surprising is that there are no names of either buyers or sellers in bulk trade on either of the exchanges.

From the table above it is clear that besides HNI and retail who were allotted 25% of the issue, even QIB’s have sold as 38.16% of the issue size has been delivered. The floating stock is reduced significantly. On the other hand at Rs 500 which is 158% the issue price there may not be enough takers for the share. The next few days would decide the fate of this share and what direction it would move.

Currently the share has recorded impressive gains and made a whopping 58% return for the handful of lucky and successful applicants.