Suryoday Small Finance Bank Limited which had tapped the capital markets with its issue of 190.93 lac shares comprising of a fresh issue of 81.50 lac shares and 109.43 lac shares through an offer for sale listed, and had a poor showing losing 9.44% on day one. The discovered price was Rs 293 on BSE and Rs 292 on NSE. The closing was much lower at Rs 276.20 and Rs 277.80 respectively.
The issue was subscribed overall 2.37 times. The QIB portion was subscribed 2.18 times, HNI portion was subscribed 1.31 times, Retail was subscribed 3.09 times and Employee Quota was subscribed 0.34 times. There were 3.44 lac applications and on basis of lots the retail portion was subscribed 2.60 times. The price band was Rs 303-305.
Earlier the company had allotted 55,77,920 equity shares to 13 anchor investors. The largest allocation was made to Axis Mutual Fund and ICICI Prudential Life Insurance Company Limited of an identical 7,38,283 shares or 13.24% of the anchor allocation.
The issue had opened on Wednesday the 17th of March and closed on Friday the 19th of March.
The high of the day was Rs 295.95 on BSE, low was Rs 262.05 and the close was Rs 276.20, a loss of Rs 28.80 or 9.44%. On NSE, the high was Rs 296.35, low was Rs 255 and the close was Rs 277.80, a loss of Rs 27.20 or 8.92%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 293.00 | 295.95 | 262.05 | 276.20 | -28.80 | -9.44 | 281.22 | 508343 | 121636 | 23.93 |
| NSE | 292.00 | 296.35 | 255.00 | 277.80 | -27.20 | -8.92 | 282.26 | 4172010 | 1279582 | 30.67 |
| Total | 4680353 | 1401218 | 29.94 |
The traded quantity on the two exchanges combined was 46.80 lac shares which was 25% of the IPO size of 190.93 lac shares. It was 35% of the non-anchor portion of 135.15 lac shares. Delivery volume was 14.01 lac shares which was 29.94% of the traded volume. It was 7.34% of the IPO size and 10.37% of the non-anchor portion. One can say with confidence that this is the lowest delivery percentage based on issue size amongst all the 30 odd shares which have listed in 2020-2021. What this does indicate is that the pressure on the share persists and if prices do not move up in the next few days, there could be sharp selling leading to price erosion happening.
The weighted average of the day’s trade was Rs 281.22 on BSE and Rs 282.26 on NSE. The share was under severe pressure towards the end of the day and slipped substantially from the weighted average. The performance of the share was certainly below par and has fared poorly. The five percent premium that the company extracted compared to the pre-IPO price of Rs 291.75 has certainly cost the company dearly. Further the listing day lacklustre performance would haunt the company for time immemorial.
There were no institutional trades reported on the bourses on either the buy side or the sell side. With poor volume even intra-day traders and scalpers who are the norm in all listings on day one, were missing from this share.
All in all, a poor listing and pointing to further damage in the coming days.
