Shares opens strong but selling pressure brings stock down to issue price
Microsec Financial Services Limited which had launched its IPO for 1.25 cr shares in a price band of Rs 113-118 listed today. The company had opened its IPO on the 17th of September and closed on the 21st of September. The issue was subscribed 12.2 times overall with HNI category being subscribed 36 times.
The share listed at Rs 135.10 on the BSE and Rs 130 on the NSE respectively. The highs were Rs 141 on the BSE and Rs 142 on the NSE. The lows were Rs 111.30 on the BSE and Rs 111.20 on the NSE. The share saw huge volumes being traded and the first 100 minutes of trade saw a combined volume of 2.09 cr shares being traded. The issue size was 1.25 cr shares which mean that 1.67 times the IPO size has been traded.
| Exchange | Open | High | Low | Close | Net Change | % gain | Volume | Wt Avg |
| BSE | 135.10 | 141.00 | 111.30 | 117.40 | -0.60 | -0.51 | 8293911 | 121.20 |
| NSE | 130.00 | 142.00 | 111.20 | 117.50 | -0.50 | -0.42 | 12600287 | 121.08 |
| Total | 20894198 |
The weighted average for the first 100 minutes of trade is just a shade above Rs 121, while the share is currently being traded below issue price around the Rs 117.50 mark. The fact the weighted average is higher than the current market price shows the weakness in the share. It would be interesting to see where the share closes and also the delivery percentage at the end of the day.
Clearly the share is under pressure and if this share also closes below the issue price of Rs 118, this would be the third consecutive IPO after Indosolar and Tirupati Ink to close below issue price on day one.
