Emmbi Polyarns Limited listed on the BSE and NSE today. The share opened on the BSE at Rs 45.50 and made a high of Rs 48.35. On the NSE the open was Rs 46 and the high Rs 48.30. The share was trading in positive territory for about an hour, the share simply crashed and lost almost 1/3rd its value from Rs 48 to Rs 30. I have not seen something like this in a very long time and was completely taken aback at what happened. Very clearly over pricing is the cause and the concerns that investors have because of such pricing will haunt investors for a long time.

Emmbi Polyarns had issued 95 lakh shares in a price band of Rs 40-45. The issue was subscribed 1.2 times and was priced at Rs 45. The issue was extremely expensive and was not recommended for subscription by this analyst. The issue has seen mind boggling volumes today. In the first two hours of trade 9.05 cr shares or 9.5 times the IPO issue have been traded. It is huge by all standards.

The share crashing is indeed intriguing and defies logic. The weighted average is falling but at the time of writing was still at Rs 41.50. Delivery details at the end of the day would be important to watch but it appears that the delivery percentage is likely to be higher than the record 81% which was seen in the case of Aqua Logistics on day one.
More of Emmbi Polyarns tomorrow.