MBL Infrastructure Limited listed yesterday on the bourses. The stock listed at Rs 190 on the BSE and Rs 185 on the NSE. The highs were Rs 218 and Rs 219.40 respectively. The lows were the respective openings. The share traded in a narrow range thereafter between Rs 203-209. The total traded volume was 1.37 cr shares or 2.4 times the IPO size of 57 lakh shares. Of the shares traded 15.15 lakh shares or 11.02% of the traded volume resulted in delivery. Yet another way of looking at this is that 26.57% of the shares offered in the IPO resulted in delivery.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 190.00 | 218.00 | 190.00 | 205.75 | 25.75 | 14.31 | 206.71 | 5299220 | 398226 | 7.51 |
| NSE | 185.00 | 219.40 | 185.00 | 206.55 | 26.55 | 14.75 | 206.87 | 8452266 | 1116823 | 13.21 |
| Total | 13751486 | 1515049 | 11.02 |
Readers would recall that this share has been controversial from day one and was not recommended on this site. Thereafter it had to give an option to investors to withdraw their applications from the issue because of inadequate disclosures. I am of the firm belief that any company who does not disclose adequately at the time of public issue is certainly not going to take care of its minority shareholders once the money is in the bag. It is best that investors should even now avoid this share. The fact that the stock is up 14-15% on day one is no indication of good fundamentals.
Day one is over and the share has done reasonably well with necessary support. Its performance during the rest of the week will determine what is the public response to this offering?
