Trades at Rs 67.50 slightly below issue price
Shilpi Cable Technologies Limited listed its shares on the BSE and NSE today. There was a listing ceremony at the BSE where the debut price or listing price was Rs 78.35. On the NSE the opening price was Rs 78. The high was Rs 84.65 on the BSE and Rs 84.70 on the NSE. The low was Rs 67.25 on the BSE and Rs 66.35 which is roughly 2% below the issue price.
| Exchange | Open | High | Low | Close | Net Change | % gain/loss | Volume | Wt Avg |
| BSE | 78.35 | 84.65 | 66.35 | 67.40 | -1.60 | -2.32 | 10964706 | 77.22 |
| NSE | 78.00 | 84.70 | 66.35 | 67.30 | -1.70 | -2.46 | 14460404 | 77.85 |
| Total | 25425110 |
The company had issued shares in a price band of Rs 65-69 and the issue was subscribed by HNI’s and retail to a large extent. The issue which raised Rs 5587.72 lacs was subscribed 3.48 times. This issue was from the new category of IPO’s who believe that there should be no road shows held for the marketing of the companies.
The traded volume in the first hour of trade was huge and 254.25 lacs shares were traded. This is roughly 2.95 times the IPO size of 85.96 lac shares. The disturbing part of the first hour’s trade is the weighted average which is at 77.22 on the BSE and Rs 77.85 on the NSE while the share is trading roughly 13% below at Rs 67.50.
In conclusion a strong start but tremendous selling pressure has made the issue slip below the issue price. Not good for either the company or the investors.
