Share closes with gains of 15%
Gyscoal Alloys Limited which had tapped the capital markets with its IPO for 77 lakh shares listed yesterday on the bourses. The listing price on the BSE was Rs 76.60 and on the NSE Rs 75.15. The high was Rs 112.70 on the BSE and Rs 112.50 on the NSE. The low were the open itself. The share closed at Rs 81.55 on the BSE and Rs 81.65 on the NSE. The gain on the share was a healthy 10.55% and 10.65%.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 76.60 | 112.70 | 76.60 | 81.55 | 10.55 | 14.86 | 97.26 | 38807984 | 2418735 | 6.23 |
| NSE | 75.15 | 112.50 | 75.15 | 81.65 | 10.65 | 15.00 | 97.25 | 51758463 | 3890311 | 7.52 |
| Total | 90566447 | 6309046 | 6.97 |
The trading volume was huge and as much as 905.66 lakh shares were traded. This is 11.76 times the IPO issue size of 77 lakh shares. The total delivery volume was 63.09 lakh shares which as a percentage of the traded volume was a mere 6.97% but of the IPO size was 81.93%.
The weighted average of the share was Rs 97.25 which is significantly higher than the closing price of Rs 81.55, indicating tremendous selling pressure at the end of the day. From the chart it is apparent that in the last one hour there was one big dip in which the share fell sharply from around Rs 95-97 to just about Rs 80.
The issue was very heavily subscribed to by HNI’s and retail investors whose category was subscribed 33.44 times and 8 times respectively. This subscription helped the overall issue to be subscribed 8.59 times. Investors have made money in this issue and if one were to assume the weighted average as a base they have made Rs 26 per share or about 36%, which is excellent by all standards.
On the institutional side, there was sale by institutions of 19.79 lakh shares by funds like India Max, Cresta Fund, Somerset emerging Opportunity and Deutsche Securities. On the buying side there was no activity.
The share has had a great start and performed well. The selling pressure at the end indicates the weakness in the share and the difference in the weighted average and the delivery percentage to total IPO size indicates the weakness which is apparent in the share.
