B S Trancomm IPO extended

October 10th, 2010 No Comments

B S Transcomm which had opened its issue for 76.79 lakh shares in a price band of Rs 257-266 has been extended for want of adequate response. The issue was open from Wednesday the 6th of October to Friday the 8th of October. The new price band has been reduced to Rs 248-Rs 257 and the issue would now close on Wednesday the 13th of October.

The company would have raised between Rs 197.36 crs at the lower band and Rs 204.27 crs at the upper band. The fresh issue size would be Rs 190.45 crs at the lower band and Rs 197.36 crs at the upper end of the band.

The total subscription garnered at the end of the normal closure of the issue was 0.58 times the issue size, but there was virtually zero interest from institutional investors with a token bid for 9375 shares. The HNI portion was subscribed 2.01 times and the retail 0.78 times.

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Electrosteel Steels IPO: Listing day one

October 10th, 2010 No Comments

After weak start share recovers to close in positive territory

Electrosteel Steels Limited made its debut on the bourses by listing its shares on the BSE and NSE on Friday the 8th of October 2010. The company had issued shares in a price band of Rs 10-11. The issue raised Rs 285.28 crs at the top end of the price band and also included a green shoe option.
The share listed at Rs 12.35 on the BSE and at Rs 11.35 on the NSE respectively. The highs were the open of Rs 12.35 on the BSE and Rs 11.85 on the NSE while the lows were Rs 9.35 on both the exchanges respectively. All the action happened in the initial few minutes of listing and once the share had made its low the share began recovering and continued to do so, virtually for the entire day.

Exchange Open High Low  Close Net Change % gain Wt Avg Volume Delivery Del % age
BSE 12.35 12.35 9.35 11.25 0.25 0.08 10.79 141904149 42363485 29.85
NSE 11.15 11.85 9.35 11.25 0.25 0.08 10.78 229888785 73863017 32.13
Total 371792934 116226502 31.26

The traded volume was 37.18 cr shares which was 1.43 times the IPO size of 25.93 cr shares. The delivery volume was 11.62 crs which was 31.26% of the traded volume and 44.81 % of the IPO size. The weighted average was 10.79 which are significantly lower than the close of Rs 11.25.

On the institutional activity side there was only one name and that company Wellcome Vyapaar Private Limited bought 1,46,25,000 shares on the NSE at an average of Rs 10.67 and bought 1,26,17,030 shares on the BSE at Rs 10.46. The total that this firm has bought is 272.42 lakh shares which are roughly 23.44% of the total delivery volume on the two exchanges combined.

The share has recovered well from the lower levels and seeing this recovery one believes that there could be upside in the coming days.    

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Orient Green Power IPO: Day one of listing

October 10th, 2010 No Comments

Share under pressure but recovers to close 4.5% below issue price

Orient Green Power Limited listed on the BSE and NSE on Friday the 8th of October. The share price was extremely volatile. The share listed at Rs 45.70 on the BSE and NSE. The high was 46.60 on the BSE and Rs 46.65 on the NSE and the low was Rs 38.30 on the BSE and Rs 38.10 on the NSE. The difference between the high and low is huge and considering the issue price is fairly high. The difference is Rs 8.30 which is almost 18% of the issue price.

Exchange Open High Low  Close Net Change % gain Wt Avg Volume Delivery Del % age
BSE 45.70 46.60 38.30 44.90 -2.10 -4.47 43.55 25411202 4139077 16.29
NSE 45.70 46.65 38.10 44.70 -2.30 -4.89 43.44 39364686 10777884 27.38
Total 64775888 14916961 23.03

The company had launched its IPO to raise Rs 900 crs in a price band of Rs 47-55 and the response to the issue was not very encouraging. The issue was priced at Rs 47 which was the lower end of the price band and the issue was fully subscribed.

On day one we saw Reliance Life Insurance Company Limited buy 33.05 lakh shares of the company and at the same time we also saw Goldman Sachs sell 34,41,984 shares of Orient Green. Apart from these two deals there was no other institutional deal which was reported.

The total traded volume was 647.76 lakh shares which as a percentage of the IPO size was 33.8% of the 19.15 cr shares which were issued. The delivery volume was 149.17 lakh shares which was 23.03% of the traded volume and a mere 7.79% of the IPO size. This kind of delivery volume of IPO size is unheard of and indicates that institutional investors who have subscribed to this issue have a longer term view on the share or are quite confident that the price would improve in the near term. In any case with retail investors not participating in large numbers and Green Energy being the need of the hour, it would be institutional investors who would drive this stock.

Let us see whether once the price moves up institutional activity is stepped up or not and whether there is buying or selling that happens.  

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