TD Power systems Limited listed on the BSE and NSE with the opening price being Rs 251.60 on the BSE and Rs 260 on the NSE. The company had issued shares worth Rs 227 crs in a price band of Rs 256-261. The issue was oversubscribed an overall 2.92 times thanks to the QIB investors who subscribed their portion 6.52 times. The HNI and retail portion remained undersubscribed and received bids for 0.38 times the quota in each of the categories. The issue was open for subscription between the 24th and 26th of August.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume | Delivery | Del %age |
| BSE | 251.60 | 308.75 | 242.00 | 274.80 | 18.80 | 7.34 | 278.64 | 11672670 | 517819 | 4.44 |
| NSE | 260.00 | 309.70 | 242.00 | 275.25 | 19.25 | 7.52 | 278.72 | 15150467 | 886945 | 5.85 |
| Total | 26823137 | 1404764 | 5.24 |
The scrip made a high of Rs 308.75 on the BSE and Rs 309.70 on the NSE. The low was an identical Rs 242 on both the exchanges. The stock closed at Rs 274.80 a gain of Rs 18.80 or 7.34% on the BSE.On the NSE the stock closed at Rs 275.25, a gain of Rs 19.25 or 7.52%. The IPO of this company came in difficult times and it appeared that the issue which was expensive compared to its peers would have a tough time. The issue on account of the market conditions and the perceived perception of the non-institutional investors did not receive adequate response from them. It was the fundamentals of the company which had a rating of 4/5 from CARE which saw the issue sailing through on excellent support from institutional investors.
The share opened steady and within the first one hour of trade had settled down into a fine trading range oscillating between Rs 280 and Rs 288. This movement continued till 1 pm and then the stock suffered an attack. It fell within a couple of minutes from Rs 283-284 to make the low of the day at Rs 242 and then within minutes to move up sharply to touch the high of the day of Rs 309-310. All this happened in less than 20 minutes of trade and the stock movement was accompanied with huge volume. It indeed appeared that the stock which had a normal heart beat suddenly went into coma due to an attack, was revived and then tried to settle down but the heart beat was not as steady as the first three hours of trade.
Coming to the trading volume the total was 268.23 lac shares which was 3.02 times the IPO size of 88.67 lac shares. The delivery volume was a mere 14.04 lacs which was 5.24% of the traded volume and 15.84% of the IPO size.The weighted average of the day’s trade was Rs 278.64 on the BSE and a similar Rs 278.72, indicating that trading has been by and large range bound, but for the half hour when things appeared out of control. In terms of institutional activity, there is just one name available where Axis Bank has sold 1,90,878 shares. The names of none of the other institutional investors appears anywhere in the bulk deals of the day.
It makes one feel happy and satisfied that after a very long time there has been an issue which was subscribed because of its fundamentals and has given returns of about 7% plus to investors on day one. The institutional interest will be a key factor for further returns as they are the people who now own the free float of the company. Results of the September quarter will be a key element for the company and future price movement in the stock.
All in all the listing of TD Power Systems Limited was a decent listing and investors ended up making money.
