August 20th, 2010
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Gujarat Pipavav Port Limited IPO issue opens on Monday the 23rd of August and closes for QIB’s on Wednesday the 25th of August and for all other bidders on Thursday the 26th of August. The issue comprises of a fresh issue and an offer for sale by existing private equity investor. The issue size is Rs 510 crs plus the offer for sale of 1,17,07,369 shares. There is a reservation for employees of Rs 10 crs which would make the net offer to the public as Rs 500 crs.
The issue price band is Rs 42-48 which makes the total shares on offer including employee and offer for sale as 13,31,35,940 shares at the lower band making the issue size as Rs 559.17 crs. Similarly at the top end of the band the number of shares would be 11,79,57,369 shares valuing the issue at Rs 566.19 crs.
The pre issue capital is 31,48,64,019 shares which after the IPO would make a market cap between Rs 1832 crs at the lower band and Rs 2021 crs at the upper band. The promoters of the company are the APM group or the AP Moller and Maersk group from Holland.
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August 20th, 2010
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Bajaj Corp Limited listed its shares on the BSE and NSE yesterday. There was a listing ceremony held at the NSE. The share listed at Rs 730 on the BSE and Rs 760 on the NSE. The highs were Rs 812 on the BSE and Rs 816.95 on the NSE respectively. The low was Rs 730 on the BSE and Rs 747.65 on the NSE respectively.
| Exchange |
Open |
High |
Low |
Close |
Net Change |
% gain |
Wt Avg |
Volume |
Delivery |
Del % age |
| BSE |
730.00 |
812.00 |
730.00 |
758.25 |
98.25 |
14.89 |
768.83 |
3707538 |
484920 |
13.08 |
| NSE |
760.00 |
816.95 |
747.65 |
758.75 |
98.75 |
14.96 |
768.26 |
5863899 |
1044201 |
17.81 |
| Total |
|
|
|
|
|
|
|
9571437 |
1529121 |
15.98 |
The share saw a reasonable amount of trading and the total traded volume was 95.71 lac shares or 2.12 times the IPO size of 45 lakh shares. The delivery volume was 15.29 lakh shares which was just about 16% of the traded volume but almost 34% of the IPO size. Investors have made a clean Rs 100 on a minimum basis per share allotted. Retail investors who had applied for the maximum of Rs 1 lakh were allotted 23 shares implying that they have made a minimum of Rs 2300 per application. Readers would recall that the issue had closed on the 5th of August.
The share held steady throughout the day and moved in a narrow range after the first hour of trading. The listing has been good and well begun is half done. The launch of new products would be keenly watched by the markets and also the competitors.
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August 18th, 2010
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SEBI has put up on its website a discussion paper on definition of a retail applicant. It is in our interest to put up our views and comments on the same.
The last revision was done in 2005 and the present limit is certainly out of place. One must also remember that the days of at par issues is long gone and if one were to take the last few issues to hit the market, the issue prices on normalised face value of Rs 10 would be subsstantially higher.
| Engineers India |
Rs.580 |
| SKS Microfinance |
Rs.985 |
| Bajaj Corp |
Rs.1320 |
Looking at these prices a limit of Rs 5 lakhs may be appropriate. More of this over the weekend.
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