Shares of Barbeque Nation Hospitality Limited had a great outing and gained over 18% on listing day. The company had tapped the capital markets with its fresh issue of Rs 180 crs and an offer for sale of 54.57 lac shares. The issue was subscribed 5.97 times. QIB portion was subscribed 5.11 times, HNI portion was subscribed 3.10 times, Retail portion was subscribed 13.13 times and Employee quota saw no subscriptions. There were 2.98 lac applications, and on basis of lots the retail issue was subscribed 9.94 times.
Earlier the company had completed allocation to anchor investors. The price band was Rs 498-500. The company allotted 40,57,861 equity shares to 15 anchor investors comprising of 21 entities.
Each investor was given 2,70,510 equity shares or 6.67% of the anchor allocation. The anchor investors consisted of 7 foreign portfolio investors, 5 mutual funds, 2 Alternative investment Funds and 1 Life insurance company. The issue was open from Wednesday the 24th of March and closed on Friday the 26th of March.
The discovered price was Rs 492 on BSE and Rs 489.85 on NSE. The traded volume at the discovered price was 1.18 lacs on BSE and 7.55 lacs on NSE. The low of the day on BSE was Rs 481.35 and the high was the upper circuit of Rs 590.40. The gain was Rs 90.40 or 18.08%. On NSE the low was Rs 481.85 and the high was the upper circuit of 587.80, a gain of Rs 87.80 or 17.56%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 492.00 | 590.40 | 481.35 | 590.40 | 90.40 | 18.08 | 559.37 | 897650 | 403178 | 44.91 |
| NSE | 489.85 | 587.80 | 481.85 | 587.80 | 87.80 | 17.56 | 543.32 | 5427365 | 2051830 | 37.81 |
| Total | 6325015 | 2455008 | 38.81 |
The traded volume on the two exchanges combined was 63.25 lac shares which was 70% of the issue size of 90.57 lac shares and 1.27 times the non-anchor portion of 50 lac shares. Delivery volume was 24.55 lac shares which was 38.86% of the traded volume. It was 27.10% of the IPO size and 49.10% of the non-anchor portion. The weighted average of the day’s trade was Rs 559.37 on BSE and Rs 542.32 on NSE. Very clearly it appears that the share which rallied very sharply and hit the upper circuit at around 10.30 am did not give intraday traders or short sellers an opportunity to cover back.
There were two institutional trades reported on the NSE in the counter. The first was a sell trade, which saw Integrated Core Strategies Asia, sold 4,01,815 shares at Rs 545.15. The second trade was a buy trade which saw UTI mutual fund buy 2,50,924 shares at Rs 579.62. Clearly shows that the buyer looks at the company and its future while the seller is happy at having made some 9% on listing day and exited.
Decent performance on day one and looking at the circuit right from the very first hour of trade appears that there should be more upside in the stock in the coming days.
