Shares of Adani Wilmar debuted on the bourses on Tuesday and caused many hearts to flutter when the discovered price was below the issue price. The fact that they recovered thereafter quite sharply is the other part of the story.
The company had tapped the capital markets with its fresh issue to raise Rs 3,600 crs in a price band of Rs 218-230. The issue was open from Thursday the 27th of January to Monday the 31st of January. The issue was subscribed 18.33 times overall with QIB portion subscribed 6.04 times, HNI portion subscribed 59.40 times and Retail portion subscribed 4.14 times. There were 24.22 lac applications in all.
The discovered price on BSE was Rs 221 at which price 3,18,533 shares were traded. On NSE, the discovered price was 227 at which price 2,20,35,044 shares were traded. Approximately 225 lac shares were traded at the discovered price on the two exchanges combined.
The high of the day on BSE was the upper circuit of Rs 265.20, the low was the open of Rs 221 and the close was the upper circuit at Rs 265.20. The gain was Rs 35.20 or 15.30%. On NSE, the high of the day was Rs 271.25, low was Rs 227 and the close was Rs 268.25 a gain of Rs 38.25 or 16.63%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 221.00 | 265.20 | 221.00 | 265.20 | 35.20 | 15.30 | 253.91 | 7510055 | 3077792 | 40.98 |
| NSE | 227.00 | 271.25 | 227.00 | 268.25 | 38.25 | 16.63 | 250.63 | 135533461 | 60165246 | 44.39 |
| Total | 143043516 | 63243038 | 44.21 |
The traded volume on the two exchanges combined was 1430.43 lac shares which was 0.91 times the IPO size of 1569.81 lac shares and 1.23 times the non-anchor portion of 1161.24 lac shares. Delivery volume was 632.43 lac shares which was 44.21% of the traded volume. It was 40.28% of the issue size and 54.46% of the non-anchor portion. The weighted average of the day’s trade was Rs 253.91 on BSE and Rs 250.63 on NSE.
In terms of institutional or bulk trade, none were reported on either BSE or NSE. One however heard during the day that large quantities were purchased by the largest anchor investor in the company. As there were no bulk trades reported this continued to remain a rumour only.
The opening price shook many and one began wondering at what had happened and was in store. The slow and steady rise thereafter reassured investors and traders and all those who were on the long side in the counter made money. The mystery that remains unanswered however is why was the discovered price below the issue price?
