Shares of Repco Home Finance Limited listed on the BSE and NSE today. The company had tapped the capital markets with its IPO for 157.20 lac shares in a price band of Rs 165-172. The issue was open for subscription between the 13th and 15th of March 2013. The issue received poor response from HNI’s and Retail investors where the issue remained undersubscribed and it was only the QIB’s who subscribed and made the issue successful. The overall subscription was 1.65 times. Employees of the company were given a discount of 10% to the issue price of Rs 172 and even then the employee quota remained undersubscribed at 0.57%.
The discovered price on the exchanges was at Rs 165 which is a discount of Rs 7 to the allotted price of Rs 172. One fails to understand that with retail and HNI’s not participating in full strength why the discovered price should be at such a discount. The share after falling to a low of Rs 160 or thereabout has recovered.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume |
| BSE | 165.00 | 176.00 | 160.00 | 170.90 | -1.10 | -0.64 | 167.44 | 1031866 |
| NSE | 159.95 | 175.90 | 159.95 | 170.95 | -1.05 | -0.61 | 167.58 | 1914201 |
| Total | 2946067 |
The volume in the first hour has been brisk and a total of 29.46 lac shares have been traded so far. The traded volume is roughly 18.75% of the IPO size. The weighted average of the trades is Rs 167.52 which is a discount of Rs 4.48 to the allotted price and the closing price is almost Rs 171 or a loss of Rs 1 or 0.64% on the BSE and on the NSE as well.
The performance at this point of time could at best be termed as neutral and it would be important to see what percentage of trades result in delivery at the end of day. The story so far is one more issue where there was nothing left on the table for the investor.