Reliance mutual fund buys 30.51 lakh shares or 5.09% of company’s equity at Rs 98.50
Shares of Innoventive Industries Limited listed at the BSE and NSE on Friday the 13th of May. The opening price was Rs 110 on the BSE and Rs 111.95 on the NSE. The high was Rs 114.85 on the BSE and Rs 114 on the NSE. The low was Rs 86.30 on the BSE and Rs 86.25 on the NSE respectively. The closing price was Rs 93.60 on the BSE and Rs 94.05 on the NSE. The share lost Rs 23.40 on the BSE and Rs 22.95 on the NSE respectively.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume | Delivery | Del %age |
| BSE | 110.00 | 114.85 | 86.30 | 93.60 | -23.40 | -20.00 | 95.41 | 27037744 | 2362413 | 8.74 |
| NSE | 111.95 | 114.00 | 86.25 | 94.05 | -22.95 | -19.62 | 95.47 | 32468337 | 2966609 | 9.14 |
| Total | 59506081 | 5329022 | 8.96 |
The company had issued shares in a price band of Rs 117-120 and chose to allot at Rs 117 which happened to be the price at which the company had done a pre-IPO to Standard Chartered. The company had raised Rs 219.58 crs by issuing 1,87,67,521 equity shares. The share has been extremely volatile and moved in both directions in sharp movements. From the price chart given below one would notice that the share has moved from between Rs 95-105 in the first few minutes. Around 11.30 am there was a sharp drop from Rs 102 to Rs 94, and then just around 2pm there was a very sharp movement which saw the stock rise from Rs 93 to 101 and then drop to Rs 88 accompanied with huge volumes and all in a space of a few minutes. The low of the share was made around 2.15 pm and from there on the share showed signs of recovery.
The combined trading volumes were at 595.06 lacs which were 3.17 times the IPO size of 187.67 lac shares. The weighted average of the day’s trade was Rs 95.41 on the BSE and Rs 95.47 on the NSE. The delivery volume was 53.29 lac shares which was 8.96% of the traded volume and 28.39% of the IPO size. The delivery percentage of the IPO size is lower than normal indicating that people are holding on to the shares even though there is a 20% fall on day one. On the institutional side there has been buying support from Reliance mutual fund who have bought on the NSE 18.3 lakh shares at Rs 98.42 and 12.21 lakh shares on the BSE at Rs 98.60. The total buying of 30.51 lakh shares is 16.25% of the IPO size and 5.09% of the post IPO capital.
The share has performed poorly on day one and probably the saving grace is the fact that people have not sold inspite of the share having fallen 20%. The delivery volume is quite low and with buying interest having emerged it would be interesting to see how the share fares going forward.
