Tarsons Products Limited which had tapped the capital markets with its fresh issue for Rs 150 crs and an offer for sale of 1.32 cr shares in a price band of Rs 635-662 listed on the bourses. The discovered price on BSE was Rs 700 at which price 1,30,926 shares were traded. On NSE, the discovered price was 682 at which price 18,90,503 shares were traded. Approximately 20.20 lac shares were traded at the discovered price on the two exchanges combined.

The QIB portion was subscribed 115.77 times, HNI portion was subscribed 184.58 times and Retail portion was subscribed 10.55 times. Employee quota was subscribed 1.83 times. There were 22.22 lac applications and on the basis of lots, the retail portion was subscribed 9.07 times. Overall, the issue was subscribed 77.49 times.

Earlier the company had completed allocation to anchor investors. The company allotted 46,21,757 shares at Rs 662 to 32 entities. The highest allocation was made to Government of Singapore who was allotted 8.66% of the anchor book with its associate, Monetary authority of Singapore who was allotted 4.41%. The total allotted was 13.05% of the anchor book.

This was followed by 9.80% allotted to First Sentier Investors ICVC. This was followed by an identical allotment of 9.80% to two domestic mutual funds who were allotted 9.64% each. They were ICICI Prudential and Aditya Birla Sun Life AMC. The top four anchor investors were allotted 42.13% of the anchor book. Seven domestic mutual funds through 19 schemes were allotted 45.64% of the anchor book.

The high of the day on BSE was Rs 840, the low was Rs 634 and the close was Rs 840. The gain was Rs 178 or 26.89%. On NSE, the high of the day was Rs 818.40, low was Rs 680 and the close was Rs 818.40 a gain of Rs 156.40 or 23.63%. Incidentally on both the exchanges the scrip was locked at the upper circuit.

The traded volume on the two exchanges combined was 158.40 lac shares which was 1.02 times the IPO size of 154.65 lac shares and 1.46 times the non-anchor portion of 108.44 lac shares. Delivery volume was 69.86 lac shares which was 44.10% of the traded volume. It was 45.17% of the issue size and 64.42% of the non-anchor portion. The weighted average of the day’s trade was Rs 803.55 on BSE and Rs 764.01 on NSE.

In terms of institutional or bulk trade, two buy trades were reported on NSE. First Sentier Investors ICVC, who was one of the prominent anchors, bought 8,17, 029 shares at Rs 751.80. Pacific Assets Trust PLC bought 6,14,773 shares at Rs 751.80. Effectively a total of 14.31 lac shares or 20.49% of the total delivery was absorbed by these two investors.

There was some unusual price movement witnessed at price discovery which seems unnatural considering the cost of funding was in the region of Rs 200plus. This implies that sellers have benefited on tax front as the discovered price was just around the issue price while buyers would have to do with profits and adjustment of grey market premium in cash. It would have to be seen how the stock price fares from hereon.

The issue price of the company was at PE multiples around the 47-49 times its earnings for March 2021. With the closing price being where it is, the PE has moved up to almost 62 times. One hopes the company declares results which would enthuse the market and assist in the party time continuing.

Latent View Analytics Limited had tapped the capital markets with its fresh issue for Rs 474 crs and an offer for sale of Rs 126 crs in a price band of Rs 190-197 listed on the bourses. The discovered price on BSE was Rs 530 at which price 2,00,214 shares were traded. On NSE, the discovered price was 512.20 at which price 36,35,249 shares were traded. Approximately 38.35 lac shares were traded at the discovered price on the two exchanges combined.

The issue had received massive subscriptions and was oversubscribed 338.51 times. The issue had opened on Wednesday the 10th of November and closed on Friday the 12th of November. HNI portion was subscribed 881.96 times, the Retail portion was subscribed 123.83 times and the Employee portion was subscribed 4.03 times. There were 37,61,441 applications and on basis of lots, the retail portion was subscribed 94.91 times. The issue garnered a subscription of Rs 1.13 lac crs against issue size of Rs 600 crs. This has now become the most subscribed issue in the last 12-13 years and has overtaken the recent issue of Paras Defence.

Earlier the company allotted 1,35,53,898 equity shares at Rs 197 to 19 anchor investors comprising of 34 entities. The highest allocation was made to the Abu Dhabi Investment Authority of 10,15,968 shares or 7.5% of the anchor book. The company also allotted an almost equal number of shares ranging between 6.7% – 6.9% of the anchor book to nine anchor investors. The company allotted 82,23,346 shares or 60.7% of the anchor book to 12 domestic mutual funds comprising 25 anchors. The names include Aditya Birla Sun Life AMC, Ashoka India, Axis Mutual Fund, Kotak, Nippon, and Mirae amongst others. Looking at the anchor book, one can surmise that the same has been very evenly distributed with the top 10 anchors being allotted roughly 69% of the anchor book.

The high of the day on BSE was Rs 548.75, the low was Rs 462 and the close was Rs 488.60. The gain was Rs 291.60 or 148.02%. On NSE, the high of the day was Rs 548, the low was Rs 461 and the close was Rs 488.75 a gain of Rs 291.75 or 148.10%.

The traded volume on the two exchanges combined was 308.96 lac shares which was 1.01 times the IPO size of 304.56 lac shares and 1.83 times the non-anchor portion of 169.02 lac shares. Delivery volume was 124.55 lac shares which were 40.31% of the traded volume. It was 40.90% of the issue size and 73.69% of the non-anchor portion. The weighted average of the day’s trade was Rs 503.99 on BSE and Rs 500.50 on NSE.

In terms of institutional or bulk trade, none were reported on either BSE or NSE.

There was some selling pressure witnessed on day one on the share as the closing price was lower than the weighted average. The delivery volumes have been decent and indicate that people who have been allotted shares have sold and made profits. What is intriguing however is the fact that people who have bought, their identity remains unknown. With no names appearing one can only hope that weak hands have not bought.

The issue price of the company was at PE multiples marginally lower than 40 times its earnings for March 2021. With the closing price being where it is, the PE has moved up almost 100 times. One hopes the company declares results that would enthuse the market and keep the party going.

Go Fashion (India) Limited which had tapped the capital markets with its fresh issue for Rs 125 crs and an offer for sale of 1,28,78,389 shares was subscribed over 135 times.

The QIB portion was subscribed 100.73 times, HNI portion was subscribed 262.08 times and the Retail portion was subscribed 49.39 times. There were 28.91 lac applications and on basis of lots, the retail portion was subscribed 41.35 times. The issue for Rs 1,013 crs at the top end of the band raised a subscription of Rs 75,900 crs. The cost of funding for the leveraged HNI would be in the region of Rs 310-320 implying that the share has to list in four digits and trade there for him to break even at the bare minimum.

Earlier the company had completed allocation to anchor investors. The company allotted 66,10,492 shares at the top end of the price of Rs 690. The company allotted the shares to 18 anchor investors comprising of 33 entities. The issue had opened on Wednesday the 17th of November and closed on Monday the 22nd of November. The price band was Rs 655-690.

The highest allocation was made to the Government of Singapore who was allotted 8,52,432 equity shares or 12.90% of the anchor allotment. Its associate, the Monetary Authority of Singapore was allotted 1,62,057 shares or 2.45% of the anchor book making a total of 10,14,489 shares or 15.35% of the anchor book. This was followed by Fidelity funds who were allotted 13.16% of the book to three entities. Three domestic funds, namely ICICI, HDFC, and SBI were allotted almost an identical 6.58% of the anchor book. This meant that the top 5 anchor investors were allotted 48.27% of the anchor book.

Domestic mutual funds were allotted 22,04,797 equity shares or 33.35% of the anchor book. This was to 7 mutual funds comprising of 18 schemes.

Full details of the subscription are given below: –