Shares of RBL Bank Limited listed on the bourses and were off to a flying start. The company had issued through a simultaneous offer comprising of a fresh issue of Rs 832.5 crsn and an offer for sale of 1.61 cr shares in a price band of Rs 224-225. The company had allotted shares to 25 anchor investors comprising of 52 entities at Rs 225. The issue was very well received and was oversubscribed 69.62 times with QIB portion subscribed 85 times, HNI 198 times and retail 5.70 times.
The discovered price was Rs 273.70 at the BSE and Rs 274.20 at the NSE which incidentally was also the low. The high was Rs 305 on the BSE and Rs 305.50 on the NSE. The closing price was Rs 299.30 on the BSe a gain of Rs 74.30 or 33.02%. On the NSE the closing price was Rs 300.65, a gain of Rs 75.65 or 33.62%. Indeed this was an excellent performance by the company and all investors made money.
What is intriguing is that money making is becoming too easy. All HNI’s who applied with borrowed money and the average cost was Rs 42 per share have made handsome money even though the issue was subscribed 198 times. This seems too good to be true and is certainly not sustainable. Let the party last as long as it does as no one is complaining.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume | Delivery | Del %age |
| BSE | 273.70 | 305.00 | 273.70 | 299.30 | 74.30 | 33.02 | 290.96 | 20477923 | 10270798 | 50.16 |
| NSE | 274.20 | 305.50 | 274.20 | 300.65 | 75.65 | 33.62 | 288.19 | 79264509 | 26961879 | 34.02 |
| Total | 99742432 | 37232677 | 37.33 |
From the table above one can see that the weighted average was Rs 290.96 on the BSE and Rs 288.19 on the NSE which is below the closing price. This is a positive sign for the stock and indicates some upward movement from here. Secondly the delivery volume as a percentage of trading volume was 50.16% on the BSE and 34.02% on the NSE. As a percentage of the IPO size the delivery volume was 69.06% and the traded volume was 1.85 times IPO size. If one were to consider only the non-anchor portion than the delivery percentage was 98.66%. This implies that quite a few institutional investors have sold as well.
Delivery data on the exchanges show that institutions bought 45.53 lac shares and sold 48.87 lac shares on day one. This is a healthy sign and indicates interest on buying the share as well as interest in booking profits. The issue took quite some time in coming but has delivered on all fronts.
