Electrosteel Steels Limited which had tapped the capital markets with an IPO to raise between Rs 259 to 285 crs in a price band of Rs 10-11 listed on the BSE today. The share listed at Rs 12.35 on the BSE and Rs 11.15 on the NSE. The high on the BSE was the open of Rs 12.35 itself while on the NSE it was Rs 11.85. The low on BSE was Rs 9.35 and this also happened to be the low on the NSE.
| Exchange | Open | High | Low | Close | Net Change | % gain | Volume | Wt Avg |
| BSE | 12.35 | 12.35 | 9.35 | 10.55 | -0.45 | -4.09 | 86008899 | 10.51 |
| NSE | 11.15 | 11.85 | 9.35 | 10.55 | -0.45 | -4.09 | 149448284 | 10.55 |
| Total | 235457183 |
The volume was brisk and in the first four hours of trade a total of 23.54 cr shares were traded. This volume is 0.9times of the issue size including the green shoe option of 25.93 cr shares. After the initial high and immediate lows that the stock made in the first few minutes of trade, the stock has steadied and is now trading in a more sedate fashion and narrow price band of Rs 10.40-10.75. The weighted average of the day’s trade so far is just around the current market price and it appears the stock could recover at the end of the day.
It would be interesting to see where the stock closes today and also what percentage of shares result in delivery.
