Shree Ganesh Jewellery House Limited listed its shares this morning on the BSE and NSE. The company had issued 1.43 cr shares which comprised of a fresh issue of 1.21 cr shares and an offer for sale of 21.33 lac shares in a price band of Rs 260-270. The issue was subscribed 1.96 times and the issue price was fixed at Rs 260, which is the lower end of the price band.
The share opened at Rs 258 on the BSE and Rs 250 on the NSE respectively. The opening rates itself were the highs and the shares simply crashed thereafter. The low on the BSE was Rs 165.40 and on the NSE was Rs 165.55 respectively. Very clearly all that glitters is not gold and yet another company going public has shattered the confidence of the investing public. The fact that the share is down over 30% from its issue price shows the weakness in the share.
| Exchange | Open | High | Low | Close | Net Change | % gain | Volume | Wt Avg |
| BSE | 258.85 | 258.85 | 165.40 | 172.00 | -88.00 | -33.85 | 14041203 | 179.94 |
| NSE | 250.00 | 250.00 | 165.55 | 173.00 | -87.00 | -33.46 | 14272305 | 179.57 |
| Total | 28313508 |
The traded volume is 2.83 cr shares or just about twice the IPO sixe in the first 100 minutes of trade today. By the end of the day one should not get surprised if this increases to four or five times the IPO size or even more. This listing has taken people completely by surprise and the performance is shocking. I hope that the company releases its results for the quarter at the earliest so that atleast on the performance front the investing public can have comfort.
All in all a complete disaster and all concerned with the issue own investors an explanation. More on this issue at the end of the day once delivery details are available.
