Weekly Performance of Newly Listed Shares week ended 1st Oct

October 3rd, 2009 No Comments

Name Date of listing Issue Price closing price closing price gain loss change over
1st Oct 25th Sept over week Issue price
NHPC 1st September 36 34.50 34.70 -0.58 -4.17
Jindal Cotex 22nd September 75 83.60 82.35 1.52 11.47
Globus Spirits 23rd September 100 85.45 91.05 -6.1 -14.55
OIL India Limited 30th September 1050 1166.80 N/A 116.8 11.12
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OIL India Listing Day One: Good start and even better finish

October 1st, 2009 No Comments

OIL India Limited was listed on the BSE and NSE yesterday. The company had issued 2.64 cr shares in a price band of Rs 950-1050. The issue was open during the period 7th September to 10th September. The issue received excellent response from institutional investors but HNI’s and retail investors did not subscribe in as large a number as in expected because of the losses suffered in the immediately preceding issue of NHPC. This issue was also from the government and has been the largest divestment till date.

The shares listed at Rs 1019 and Rs 1096 on the BSE and NSE respectively. The highs made were 1156 and 1156.70 respectively. The setting for listing day was what one could dream of. Markets were buoyant with the BSESENSEX gaining a staggering 273 points or 1.63% to close at 17126.84. The NSENIFTY gained 77.10 points or 1.54% to close at 5083.95. The previous day saw big brother ONGC put in a strong performance and gained Rs 32.35 or 2.79% to close at Rs 1189.65. A perfect setting for listing and OIL delivered. The stock closed at Rs 1140.55 and Rs 1135 on the BSE and NSE respectively.

Exchange Open High Low Close Net Change % gain Volume Delivery Del % age Wt Avg
BSE 1019.00 1156.00 1019.00 1140.55 90.55 7.94 8737957 2210695 25.30 1133.95
NSE 1096.00 1156.70 1090.00 1135.00 85.00 7.49 19748012 8321265 42.14 1133.66
Total 28485969 10531960 36.97

From the data given above it is clear that there has been a high delivery percentage on day one. Close to 37% of the shares traded were delivered. What is even more important is the fact that almost 40% of the 2.64 cr shares issued in the IPO have been delivered on day one. Very clearly these shares bought have not been by weak hands but by institutional investors. The most surprising thing that has happened is that the difference or gap between OIL and ONGC is now about Rs 26 or about 2.22%. The general consensus at the time of the IPO was that there should be a discount of about 10% between the price of ONGC and OIL as they had similar valuations and ONGC was ten times the size of OIL. The reason for the poor response was the belief was the overpricing. The next few days alone will clear the confusion on whether people perception was correct or incorrect.

In conclusion OIL India Limited won the day for investors on day one.

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Oil India Listing: Impressive debut; beats expectations

September 30th, 2009 2 Comments

Oil India shares listed today on the BSE and NSE. The opening price was Rs 1019 on the BSE and Rs 1096 on the NSE respectively. The company had issued 2.64 cr shares at Rs 1050. This is the second divestment by the government after shares of NHPC were offered at Rs 36 to the public. It may be mentioned that the retail interest in OIL India was poor as retail investors in general and HNI’s in particular lost money in the issue of NHPC. This mind you was after a lacklustre listing of the high profile issue from Adani Power.

Oil India is roughly 1/10th the size of ONGC and almost all analysts believed that looking at ONGC discovered price of around 1150 at the time of the IPO of OIL India at a price of Rs 1050, left nothing on the table. Yesterday the markets rallied strongly with the BSESENSEX gaining 159.91 points or 0.95% to close at 16852.91 points. The NSEINDEX gained a similar 47.90 points or 0.96% to close at 5006.85 points. The big gainer for the day was ONGC which gained Rs 32.35 points or 2.79% to close at Rs 1189.65.

The shares of Oil India were very actively traded and the interest in the stock was really amazing. The stock was trading at Rs 1145 on the BSE and Rs 1147 on the NSE at 10.15 am. The total traded volume in the first twenty minutes of trade was 1.22 cr shares or 46% of the shares offered. Surprisingly shares of ONGC also gained and were trading at Rs 1210 up 1.76 % for the day.

Exchange Open High Low Close Net Change Volume % gain Wt Avg
BSE 1019.00 1147.85 1019.00 1145.20 95.20 3456363 9.07 1122.19
NSE 1096.00 1149.00 1090.00 1147.70 97.70 8727071 9.30 1122.65
Total 12183434
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