Share down over 19%
A2Z Maintenance Services Limited had launched its IPO with afresh issue of Rs 675 crs and an offer for sale of 45.56 lac shares in a price band of Rs 400-410. The issue was open between the 8th to the 10th of December. The company had allotted shares to anchor investors at the lower end of the price band. The response to the issue was lukewarm and the issue just about got subscribed.
The share listed on the BSE and NSE today. The opening price as per the exchange terminal on the BSE was Rs 390 and Rs 500 on the NSE. The high on the BSE was Rs 398.90 and the open of Rs 500 on the NSE was the high. Within the first 90 minutes of trade the low was Rs 318.65 on the BSE and Rs 318.60 on the NSE.
| Exchange | Open | High | Low | Close | Net Change | % gain | Volume | Wt Avg |
| BSE | 390.00 | 398.90 | 318.65 | 323.35 | -76.65 | -19.16 | 8219378 | 354.88 |
| NSE | 500.00 | 500.00 | 318.60 | 322.65 | -77.35 | -19.34 | 11001483 | 355.50 |
| Total | 19220861 |
The share is under terrific pressure from the time that trading began. Very clearly this is a thumbs down from the investing public and they have not liked the issue overall. Its weakness could be a combination of factors such as business model, financial performance and the issue price. It is an acceptance that the issue was hyped as a high profile issue and it has failed to deliver.
The share is trading at Rs 323 which is down Rs 77 or over 19% from the issue price. The traded volume is huge at 192.20 lacs. The final issue size is not known as of now but the fresh issue component is 208.06 lacs. The weighted average of the day’s trade so far is around Rs 355 indicative of the selling pressure on the stock.
It would be interesting to see what happens at the end of the day and whether there is any speculative buying or short covering which happens.
