Performance of Newly Listed Shares as on 13th October 2017

Name Date of Listing Issue Price Closing Price Closing Price % Gain Loss % Change Over
13th October 6th October Over Week lssue Price
SIS (India) Limited 10th August 815.00 792.70 767.00 3.15 -2.74
Cochin Shipyard Limited 11th August 432.00 572.30 518.70 12.41 32.48
Apex Frozen Foods Limited 4th September 175.00 437.30 408.85 16.26 149.89
Dixon Technologies Limited 18th September 1776.00 2727.90 2677.60 2.83 53.60
Bharat Road Networks Limited 18th September 205.00 182.10 177.80 2.10 -11.17
Matrimony. Com 21st September 985.00 863.35 817.70 4.63 -12.35
Capacite Infraprojects Limited 25th September 250.00 343.45 335.45 3.20 37.38
ICICI Lombard Gen Ins Comp Limited 27th September 661.00 695.00 679.50 2.34 5.14
SBI Life Insurance Company Limited 3rd October 700.00 688.85 694.90 -0.86 -1.59
Prataap Snacks Limited 5th October 938.00 1218.70 1277.70 -6.36 29.85

Indian Energy Exchange Limited – Issue Subscribed 2.28 Times

Indian Energy Exchange Limited (IEX) which had tapped the capital markets with its offer for sale was just about subscribed. The company was offering 60,65,009 shares through an offer for sale in a price band of Rs 1645-1650. The company had earlier allotted 18,19,501 equity shares to 25 anchor investors comprising of 28 entities.

This allocation was then revised to become 7,89,120 equity shares to 11 anchor investors comprising of 16 entities. The entire allotment to FPI’s was cancelled as this is an issue of an exchange. One wonders whether merchant bankers who have handled umpteen number of issues did not have any inkling of this issue. They became aware only when the custodians of the FPI’s alerted them to this issue.

When this was done to the anchor investors it would logically apply to the QIB portion as well. While the company has issued a corrigendum to that effect that the allotment has been modified, what happens to the poor retail investor who has applied in the issue? Another very important and pertinent question would be whether these FPI’s can invest when the issue lists?

One hopes that the regulator makes the company and its BRLM’s address this issue and give an opportunity to investors to take a call on this IPO as such PE multiples can only remain if FPI’s can be there.

The QIB portion was subscribed 2.56 times while the HNI portion was undersubscribed at 0.85 times. Retail portion was subscribed 2.61 times.

The issue was offered at a PE multiple of 43.81 times based on financial year ended March 2017 earnings. The issue opened on Monday the 9th of October and closed on Wednesday the 11th of October.

The details of subscription are given below: –

Bucket Size Shares applied for Times oversubscribed
QIB 2243383 5738238 2.56
HNI 909752 769608 0.85
Retail 2122754 5538357 2.61
Total 5275889 12046203 2.28

MAS Financial Services Limited – Issue Subscribed 128 times

MAS Financial Services Limited which had tapped the capital markets with its simultaneous offer and fresh issue received excellent support and was subscribed 18.39 times. The company which is raising Rs 460.04 crs through a fresh issue of Rs 233 crs and an offer for sale of Rs 227.04 crs had earlier allotted 29,61,057 equity shares to 15 anchor investors comprising of 21 entities. The price band was Rs 456-459 and shares were allotted at Rs 459.

The issue opened on Friday the 6th of October and closed on Tuesday the 10th of October.

The issue was subscribed 148.33 times by QIB’s, 378.53 times by HNI’s and almost 16 times by retail investors. The cost of funding at 5.5% would be Rs 183 for the leveraged HNI.

The full details of subscription bucket wise is given below:-

Bucket Size Shares Applied for Times Oversubscribed
QIB 1987028 294737952 148.33
HNI 1490270 564117088 378.53
Retail 3477296

55532512 15.97
Employee Reservation 170316 409696 2.41
Total 7124910 914797248 128.39
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