Shares of Rites Limited had a dream run on Monday the 2nd of July when they listed on the bourses. The government of India had through an offer for sale sold 2.52 cr shares in a price band of Rs 180-185. There was a discount of Rs 6 for retail investors and eligible employees. The issue was very well received by all sections and was subscribed 67.24 times. QIB portion was subscribed 71.72 times, HNI portion 194.56 times and Retail portion subscribed 15.74 times. The Employee portion was marginally undersubscribed at 0.96 times. There were 13.76 lakh applications which implies based on forms the retail portion was subscribed 13.11 times.

The share price opened at Rs 190 on both the exchanges and this was also the low of the day. The high was Rs 224.40 on the BSE and Rs 224.50 on NSE. The close was 212.70 on the BSE and Rs 213.30 on e NSE. The gains on BSE were Rs 27.70 or 14.97% while it was Rs 28.30 or 15.30% on the NSE.

The traded volume on the two exchanges combined was 552.29 lakh shares which was 2.19 times the IPO size of 252 lakh shares. Delivery volume was 144.17 lakh shares which was 26.10% of the traded volume and 57.21% of the IPO size. The weighted average of the days trade was Rs 208.12 on the BSE and Rs 207.08 on NSE.

In recent times almost, all issues from the PSU stable barring Mishra Dhatu Nigam have not fared well. This issue from RITES has done exceedingly well and considering the high delivery volume without institutional trade being reported makes the counter interesting. One should not get surprised if this counter becomes another block buster in the immediate medium term.

Shares of Fine Organics Limited listed on the bourses on Monday the 2nd of July and gained 5%. The company had tapped the capital markets with its offer for sale of 76.65 lakh shares in a price band of Rs 780-783. The company had allotted 22.99 lakh shares to 15 anchor investors comprising of 23 entities. The issue was subscribed 8.99 times with QIB portion subscribed 12.85 times, HNI portion 21.01 times and Retail portion 1.62 times.

The share made its debut at a price of Rs 815 on both the exchanges. The high of the day on the BSE was Rs 834 while it was Rs 833.70 on the NSE. The low was Rs 787 on BSE and Rs 786.65 on NSE. The close of the day was Rs 822.80 on both the exchanges. The closing rice was a gain of Rs 39.80 per share 0or 5.08% over the issue price of Rs 783. A sedate but sure start for its listing journey.

The traded volume was 66.99 lac shares which was 87.40% of the issue size of 76.65 lakh shares. Delivery volume was 30.77 lakh shares which was 40.15% of the traded volume and 57.35% of the non-anchor portion. As allotment to anchor investors is not saleable for 30 days this is a reasonably high percentage of delivery. The weighted average of the days trade was Rs 812.98 on the BSE and Rs 813.02 on the NSE.

There was one institutional trade reported where Goldman Sachs India Fund bought 2,79,041 equity shares at Rs 815. The share has done reasonable well on day one and one would have to watch the next few days its performance.