C.E. Info Systems Limited who had tapped the capital markets with its offer for sale of 1,00, 63,945 shares in a price band of Rs 1,000-1,033, was subscribed 154.71 times. The issue has opened on Thursday the 9th of December and closed on Monday the 13th of December. Earlier the company had completed allocation to anchor investors by allotting 30,19,183 equity shares at Rs 1,033 which is the top end of the price band to 22 anchor investors comprising of 34 entities.

The discovered price was Rs 1,581 on BSE at which price 62,288 shares were traded. It was Rs 1,565 on NSE at which price 11,25,659 shares were traded.

The highest allocation was made to Fidelity who were allotted 4,64,688 shares or 15.40% of the anchor book. This was followed by Nomura who was allotted 5.77% or 1,74,258 shares. This was followed by an equal allotment of 1,54,896 shares or 5.13% to four anchor investors. The top six anchors were allotted 12,58,530 shares or 41.69% of the anchor book. In terms of domestic mutual fund participation, 10,06,395 shares or 33.33% of the anchor book was allotted to 9 anchors comprising of 17 schemes.

The issue saw the QIB portion being subscribed 196.36 times, HNI portion being subscribed 424.69 times and the Retail portion being subscribed 15.20 times. There were 31.54 lac applications and on the basis of lots the retail portion was subscribed 12.54 times. The cost of funding for the leveraged HNI was between Rs 715 to Rs 725 times. This means the issue must list at closer to Rs 1,800 g=for the leveraged HNI to make any money whatsoever.

The high of the day on BSE was Rs 1,586.85, the low was Rs 1,282.20 and the close was Rs 1394.55. The gain was Rs 361.55 or 35%. On NSE, the high of the day was Rs 1,590, low was Rs 1,282.60 and the close was Rs 1,393.65 a gain of Rs 360.55 or 34.91%.

The traded volume on the two exchanges combined was 145.38 lac shares which was 1.44 times the IPO size of 100.63 lac shares and 2.06 times the non-anchor portion of 70.44 lac shares. Delivery volume was 46.98 lac shares which was 32.32 % of the traded volume. It was 46.46 % of the issue size and 66.69 % of the non-anchor portion. The weighted average of the day’s trade was Rs 1,409.64 on BSE and Rs 1,412.20 on NSE.

In terms of institutional or bulk trade, two were reported on NSE. Fidelity bought 3,18,100 shares at an average price of Rs 1,404.47. The other trade saw Goldman Sachs buy 3,76,708 shares at Rs 1,392,99. The traded and delivery volumes were quite high.

The listing was good considering the share gained 35% at the end of day. The sad part was the oversubscription of the issue during subscription was so high that the cost of the leveraged HNI was in excess of Rs 670 which implied that the HNI needed the share to list and trade at Rs 1,700 which did not happen. While the share has done well, HNI’s have lost a bomb. Gong forward it would be interesting to see whether HNI’s can recover their cost in the next couple of days failing which they would have to book losses and exit.