Windlas Biotech Limited which had tapped the capital markets with its fresh issue of Rs 165 crs and an offer for sale of 51,42,067 equity shares in a price band of Rs 448-460, listed on the bourses and had a poor outing. The share closed at Rs 406.70, a loss of Rs 53.30 or 11.59% on day one. The discovered price on BSE was Rs 439 at which price 14,714 shares were traded. On NSE, the discovered price was Rs 437 at which price 2,26,761 shares were traded.
Earlier the company had completed its allocation to anchor investors by allotting 26,18,706 equity shares at Rs 460 to 12 anchor investors comprising of 22 entities.
The highest allocation was made to ICICI Prudential Pharma Healthcare Fund of 5,43,450 equity shares or 20.75% of the anchor allocation. This was followed by an equal allotment of 2,17,410 shares or 8.30% to 8 anchors. This implies that the top nine anchors were allotted 87.15% of the anchor portion.
The issue had opened on Wednesday the 4th of August and closed on Friday the 6th of August.
The QIB portion was subscribed 24.10 times, HNI portion was subscribed 15.91 times while Retail portion was subscribed 24.54 times. There were 21.01 lac applications and on basis of applications, the retail issue was subscribed 20.63 times. The overall issue was subscribed 22.56 times.
The high of the day on BSE was Rs 452.10, low was Rs 405 and the close was Rs 406.70. The loss was Rs 53.30 or 11.59%. On NSE, the high of the day was Rs 452, low was Rs 405 and the close of the day was Rs 407.15, a loss of Rs 52.85 or 11.49%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 439.00 | 452.10 | 405.00 | 406.70 | -53.30 | -11.59 | 424.58 | 327180 | 128247 | 39.20 |
| NSE | 437.00 | 452.00 | 405.00 | 407.15 | -52.85 | -11.49 | 424.87 | 4103620 | 1770136 | 43.14 |
| Total | 4430800 | 1898383 | 42.85 |
The weighted average of the day was Rs 424.58 on BSE and Rs 424.87 on NSE. The traded volume was 3.27 lac shares on BSE and 41.03 lac shares on NSE. The traded volume combined of 44.30 lac shares was 55% of the IPO size of 81.22 lac shares. It was 78% of the non-anchor portion of 56.85 lac shares. Delivery volume was 18.98 lac shares which was 42.85% of the traded quantity. It was 23.37% of the IPO size and 33.39% of the non-anchor portion.
There was only one name which appeared in the institutional trade side of the two exchanges combined. This was a sell trade of 1.22 lac shares by ICICI Ltd -Trading A/c at Rs 417.62 per share.
The poor performance of the share where it failed to even cross the issue price at any point of time, indicates its extreme poor performance. It has closed substantially lower than the open and well below the weighted average indicating that the share was under severe pressure during the day’s trade. Further, the way issue prices and valuations have been pushed through the roof by selling shareholders (mainly Private Equity Investors), Promoters and ever willing and obliging merchant bankers, must realise that this is the beginning of the end. This time the end has come very fast because greed has risen too fast to digest. All the issues to list today have had a by and large poor performance, and these three categories are to blame.
While the issue has fared poorly, the significant poor trading and delivery as a percentage of issue size indicate that there could be more pressure in the coming days.
