Indiamart Intermesh Limited (Indiamart) which had tapped the capital markets with its offer for sale of 48,87,862 equity shares listed on the bourses and had a great performance gaining 33.84% on debut. The company had earlier completed allocation to anchor investors and had allotted 21,95,038 equity shares to 15 anchor investors comprising of 28 entities. The highest allocation was made to three domestic mutual funds who were allotted an identical 2,05,950 equity shares or 9.38% of the anchor allocation. These three were ICICI, HDFC and SBI. The total allocation to domestic institutions was 49.29% while the balance was allotted to FII’s. The price band was Rs 970-973. The issue had opened on Monday the 24th of June and closed on Wednesday the 26th of June.
The issue was oversubscribed 36.21 times with QIB portion subscribed 30.83 times, HNI portion subscribed 62.13 times, Retail portion subscribed 14.07 times and Employee category subscribed 6.06 times.
The price discovery for the share was at Rs 1,180 on both the exchanges. The high was Rs 1,339 on the BSE and Rs 1,338 on the NSE. The low was the open of Rs 1,180 on both the exchanges. The share closed at Rs 1,302.55, a gain of Rs 329.25 or 33.84% on the BSE. The closing price on the NSE was Rs 1,301.95, a gain of Rs 328.95 or 33.81%. The weighted average of the days trade on BSE was Rs 1,272.71, which was lower than the close by almost Rs 30 indicating that the share was not under pressure. Similarly, the weighted average on the NSE was Rs 1,266.89.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 1180.00 | 1339.00 | 1180.10 | 1302.25 | 329.25 | 33.84 | 1272.71 | 689074 | 93675 | 13.59 |
| NSE | 1180.00 | 1338.00 | 1180.00 | 1301.95 | 328.95 | 33.81 | 1266.89 | 7561613 | 2071480 | 27.39 |
| Total | 8250687 | 2165155 | 26.24 |
The traded volume on the two exchanges combined was 82.50 lac shares which was 1.688 times the IPO size and 3.064 times the non-anchor portion of 26.92 lac shares. The delivery volume was 21.65 lac shares which was 26.24% of the traded volume and 44.30% of the IPO size. If one were to consider the non-anchor portion it was a staggering 80.40%. This kind of delivery number has not been seen in a very long time.
What should one make out of this number? There were no names in either the buying or selling side on the exchanges. While the selling side is understandable because no one individual or institution was allotted that quantity in the IPO for his name to appear, it is a little surprising that there is no name on the buy side. Is one to understand that there were a number of buyers in the scrip and there was no concentrated purchase?
Price movement in the coming couple of days will solve the mystery.
In conclusion an excellent listing or debut for Indiamart Intermesh Limited.
