Shares of Music Broadcast Limited the owners of Radio City listed on the bourses very strongly. The discovered price was Rs 420 on the BSE and Rs 413 on the NSE. Thereafter they simply gave way and surrendered the larger part of the gains. The shares closed at Rs 373.15 on the BSe and Rs 372.90 on the NSE.

Music Broadcast Limited had tapped the capital markets with its issue which consisted of a fresh issue of Rs 400 crs and an offer for sale of 26.58 lakh shares in a price band of Rs 324-333. The company had allotted 44.01 lakh shares to 15 anchor investors comprising of 19 entities. The issue had received decent support and was subscribed an overall 39.67 times with QIB portion subscribed 39.78 times, HNI portion 109.13 times and Retail 9.85 times. There were roughly 9.2 lakh applications received which saw the issue in the retail portion getting subscribed just over 8 times.

The leveraged investor who managed to sell at open made money. Others failed to do so and were just about quits or lost money. The average cost of interest was 7% which meant that the funding cost was Rs48-49. The share closed with gains of Rs 40 and the weighted average close was just under RsRs 49.

The table shows the total traded volume on the two exchanges combined to be 222.02 lakhs which is 1.51 times the IPO size of 146.70 lakh shares and 2.16 times considering the non-anchor portion. The delivery volume is 63.38 lakh shares which is 28.55% of the traded volume. It is 43.21% of the IPO size and a significant 61.73% of the non-anchor portion. The weighted average of the day was Rs 382.36 on the BSE and Rs 381.84 on the NSE. In institutional trades HDFC Life Insurance bought 16,37,430 shares at an average price of Rs 377.54. There was a HNI buy from Esscee Trading ventures which bought 5,54,658 shares at an average of Rs 398.79.

Looking at the trading pattern it appears that the share opened higher to match trades which took place in the grey market. Therafter the share fell sharply and was under pressure, but partly supported by the massive buying by HDFC which bought a fourth of every share sold for delivery. With HNI’s seeing the market trading no better than their cot of acquisition the share closed near the day’s low which is certainly not a good sign.

One hopes the share price seems positive movement when trading begins for the new week.

C L Educate Limited which is launching a simultaneous issue with the fresh issue component of 21.80 lakh shares and an offer for sale of 25.80 lakh shares completed it allocation to anchor investors. The price band of the issue is Rs 500-502 and opens on Monday the 20th of March and closes on Wednesday the 22nd of March. The issue would raise Rs 238-239 crs.

The allocation was made to nine anchor investors comprising of 17 entities. Four anchor investors each have been allotted 1,99,230 shares or 13.95% of the anchor portion.

The full list of anchor investors and the allocation is given below: –