Great Debut

MOIL Limited listed on the BSE and NSE today. The share has given returns of over 40% in the first 75 minutes of trade today. The share listed at Rs 551 on the BSE and Rs 565 on the NSE. Within seconds the high of Rs 591.05 on the BSE and Rs 590 on the NSE was made. The stock began falling thereafter and made a low of Rs 525 on the BSE and Rs 523.60 on the NSE. After the first seventy five minutes of trade the share is trading steady in a range of Rs 532-538, a gain of Rs 157-163 or between 41-43%.

The company had launched its IPO for 3.36 cr shares in a price band of Rs 340-375 between the 26th of November and 1st of December. The issue raised Rs 6300 crs at the upper band and was subscribed over 56 times.

There was huge response from all segments for the issue except the employee quota which remained under subscribed. The retail segment saw over subscription of over 32 times and all allotment was done through a lottery system. The final retail allotment saw 6.84 lac successful applicants and now shareholders, each allotted the minimum lot size of 17 shares.

The trading volume was very brisk and the first seventy five minutes saw a combined volume of 359 lac shares traded or 1.07 times of the IPO size of 336 lacs. The share was trading at Rs 337 which is well below the weighted average of Rs 549.74 on the BSE and Rs 550.23 on the NSE. At the current price investors are making over 40% gain, which is similar to what was made in Coal India, but with one difference, the allotment there was substantially larger. People therefore made huge returns and with the allotment being large the return percentage was close to 20% for all applicants. Here first of all the allotment is by lottery and the absolute return is approx Rs 2700.

Delivery statistics at the end of the day would make interesting reading and would indicate buying interest going forward.