HDFC Asset Management Company Limited which had tapped the capital market with its offer for sale of 2,54,57,555 equity shares in a price band of Rs 1095-1100 had a stellar debut gaining 65% on day one. Earlier the company had allotted 66,53,265 equity shares to 35 anchor investors comprising of 61 entities at Rs 1,100 which is the top end of the band of Rs 1095-1100.
The issue had received overwhelming demand and was subscribed 83.06 times with QIB portion subscribed 192.26 times and HNI portion subscribed 195.15 times. Retail portion was subscribed 6.73 times and a record 25.30 lac applications were received.
The price discovery on the BSE was Rs 1739 while it was Rs 1726.25 on the NSE. The traded volume at discovery price was 3.59 lacs on the BSE and Rs 19.66 lacs on the NSE. The high of the day was Rs 1842.95 on the BSE and Rs 1844 on the NSE. The low was Rs 1730 on the BSE while it was the open of Rs 1726.25 on the NSE.
The closing price was Rs 1815.15, a gain of Rs 715.15 or 65.01% on the BSE. On the NSE it was Rs 1815.95, a gain of Rs 715.95 or 65.09%. Traded volumes were at 223.82 lacs which was 87.92% of the IPO size. If one considers only the on-anchor portion than traded volume was 119.03% of the IPO size. Delivery volume was 82.47 lac shares which was 36.85% of the traded volume and 32.40% of the IPO size. Considering the non-anchor delivery was 43.86% of the same.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 1739.00 | 1842.95 | 1730.00 | 1815.15 | 715.15 | 65.01 | 1794.99 | 3076982 | 1222032 | 39.72 |
| NSE | 1726.25 | 1844.00 | 1726.25 | 1815.95 | 715.95 | 65.09 | 1800.57 | 19305566 | 7025377 | 36.39 |
| Total | 22382548 | 8247409 | 36.85 |
The weighted average of the day was Rs 1794.99 on the BSE and Rs 1800.57 on the NSE. The close of the day was higher than the average on both the exchanges indicating that there was no selling pressure on the stock. Leveraged investors have made huge money on the stock as their average cost of borrowing meant that the cost per share was between Rs 410-425 per share, leaving plenty of money on the table.
At the current gains of 65% on the issue price, the stock looks expensive under all conditions and consolidation would happen sooner than later. There were no bulk trades reported on the buying or the selling side. The key price to watch out for tomorrow would be the stock falling below the weighted average price of Rs 1800.
A great listing for the stock where people have made pots of money not just money.
