Vascon Engineers Limited listed this morning on the BSE and NSE. The share opened at Rs 170 on the BSE and made a high of Rs 173.45. The share then fell all the way to Rs 146.25 before recovering to Rs 149.30. On the NSE the share opened at Rs 156 and rose to Rs 171.95 before falling to 146.15 and similarly recovering to Rs 149.55.
| Exchange | Open | High | Low | Close | Net Change | % gain | Volume | Wt Avg |
| BSE | 170.00 | 173.45 | 146.25 | 149.30 | -15.70 | -9.52 | 2615865 | 156.48 |
| NSE | 156.00 | 171.95 | 146.15 | 149.55 | -15.45 | -9.36 | 3787967 | 156.30 |
| Total | 6403832 | |||||||
Vascon Engineers Limited was just about subscribed and received a total of 1.22 times the requisite 1.08 cr shares. The Non-institutional investors subscribed the issue 3.64 times while the QIB portion was subscribed 1.12 times. The retail portion remained undersubscribed with a mere 0.62 times. The price band was Rs 165-185 and the issue price fixed was at Rs 165, the lower end of the price band. The current fall indicates that though the business was good, the asking price was high and unjustifiable.
After 90 minutes of trade the share has registered volumes of 64 lakh shares or roughly 59% of the shares on offer. Very clearly at this point the share is under pressure and it would be interesting to see whether the bounce of its low is a technical bounce or sustained buying.
More of Vascon and how it performs for the remaining part of the day tomorrow.
