Goenka Diamonds and Jewels Limited which had tapped the capital markets with a public issue in the price band of Rs 135-145 for 100 lakh shares listed today. The issue was subscribed on day one and was oversubscribed 1.65 times. This issue at the end of subscription finally closed at 1.07 times subscription. The final allotment figure reduced further to 0.9371 times only.
The share opened at Rs 130 on the BSE and Rs 124 on the NSE. The highs were Rs 130 on the BSE and Rs 124 on the NSE, which were the opening rates itself. The lows were Rs 92.35 on the BSE and Rs 92.20 on the NSE. The share was under continuous selling pressure but seems to be holding on at current prices around Rs 110.
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The traded volume at 1.89 cr shares is already twice the final IPO size of 93.71 lakh shares. The share has an average traded price of just about 108-109 which is around current market price. The pressure is there and the last hour of trade will determine where the share closes. If the share is unable to move up there could be fresh selling and cause the share to break Rs 100 mark all over again.
More on the issue at the end of the day, when details about delivery details are made available.