| Name | Date of listing | Issue Price | closing price | closing price | % gain loss | change over |
| 27th Aug | 20th Aug | over week | lssue price | |||
| Aster Silicates | 28th July | 118.00 | 64.15 | 73.65 | -12.90 | -45.64 |
| Midfield Industries | 4th Aug | 133.00 | 202.25 | 192.15 | 5.26 | 52.07 |
| SKS MicroFinance | 16th Aug | 985.00 | 1165.9 | 1211.5 | -3.76 | 18.37 |
| Bajaj Corp | 18th Aug | 660.00 | 729.2 | 725.45 | 0.52 | 10.48 |
| Prakash Steelage | 25th Aug | 110.00 | 219.95 | N A | 99.95 | 99.95 |
The IPO of Gujarat Pipavav Port was overwhelmingly subscribed by HNI’s and retail. The HNI portion was subscribed 85.7 times while the retail portion was subscribed 9.15 times. The overall issue was subscribed 19.94 times. The issue had opened on Monday the 23rd of August and closed on Wednesday the 25th of August for QIB’s and yesterday for all other categories of investors other than QIB’s. The price band was Rs 42-48 and the issue was to raise Rs 510 crs including an employee reservation of Rs 10 crs. There was an offer for sale of 1.17 cr shares which would entail a value of Rs 56.19 crs at the top end of the band.
The response from HNI’s and retail has been tremendous and the support demonstrates that pricing is a key for success. The investing public is now fully aware of the company, its present performance and likely performance going forward. The mantra for success is that there should be money on the table from day one.
The HNI oversubscription of 85.70 times means an interest cost of just about Rs 9 per share. This interest cost is based on the assumption of 8% interest for 10 days. This means that the retail investor has his insurance in place and he is most likely to get a gain of anywhere between Rs 9 and Rs 12 on listing day. There would be some withdrawals etc and that would alter things marginally.
Retail investors are likely to get around 228 to 230 shares for people who have applied for the maximum of 2080 shares.
Details of the subscription are as follows: -
| Category | Shares Offered | Shares Subscribed | Times |
| QIB | 56632410 | 747614660 | 13.20 |
| NII | 12852456 | 1101396790 | 85.70 |
| Retail | 38557368 | 352907880 | 9.15 |
| Employee | 2380952 | 203320 | 0.09 |
| Overall | 110423186 | 2202122650 | 19.94 |
BSE price & volume chart
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 118.55 | 201.90 | 117.00 | 187.95 | 77.95 | 70.86 | 148.50 | 46862627 | 2576818 | 5.50 |
| NSE | 122.00 | 200.00 | 117.00 | 185.35 | 75.35 | 68.50 | 150.13 | 61634263 | 2716349 | 4.41 |
| Total | 108496890 | 5293167 | 4.88 |
Trading volume which was 2.34 cr shares at the end of the first hour continued its momentum and in the last hour went crazy clocking a turnover of 4.68 crs on the BSE and 6.16 crs on the NSE. The total traded turnover was 10.85 cr shares which is 17.36 times the IPO size of 62.5 lakh shares. The delivery volume was 52.93 lakh shares or a mere 4.88% of traded volume. However as a %age of IPO size it was 84.69%.
Institutions have sold their shares and some of them include names like Somerset Emerging Opportunities Fund, Somerset India Fund, India Max Investment Fund Limited, Deutsche Securities Mauritius Limited and Taib Securities Mauritius Limited. It appears against the institutional and retail selling some corporate and HNI’s have bought shares and these names are available on the BSE and NSE bulk trades segment.
For the share to remain strong and continue to trade at current levels which are fundamentally unjustifiable, the people or entities who have bought yesterday should continue to hold their shares. The current price makes the share extremely expensive and though there has been unexpected movement yesterday, one should not get tempted to buy this share at current levels.
