Aditya Birla Sun Life AMC Limited which had tapped the capital markets with its offer for sale of 3,88,80,000 equity shares debuted on the bourses. The discovered price was Rs 712 on BSE and Rs 715 on NSE. Approximately 15 lac shares were traded at the discovered price on the two exchanges combined.
Earlier the company had completed allocation to anchor investors. The company allotted 1,10,80,800 equity shares at Rs 712 to 24 investors comprising of 50 entities. The highest allocation was made to ICICI Prudential who was allotted 14,03,840 equity shares or 12.65% of the anchor book. This was followed by 11,23,580 equity shares or 10.15% to HDFC Mutual Fund and SBI Mutual Fund. Effectively the top three anchor investors were allotted 36,51,000 equity shares or 32.95% of the anchor book.
The price band of the issue was Rs 695-712, and had opened on Wednesday the 29th of September and closed on Friday the 1st of October.
The QIB portion was subscribed 10.36 times, HNI portion was subscribed 4.39 times and the Retail portion was subscribed 3.24 times. The reservation for shareholders was subscribed 1.68 times. There were 15.66 lac applications in all. Overall, the issue was subscribed 5.25 times.
The high of the day on BSE was Rs 721, the low was Rs 696 and the close was Rs 699.65. The loss was Rs 12.35 or 1.73%. On NSE, the high of the day was Rs 722.90, the low was Rs 695.35 and the close was Rs 699.45 a loss of Rs 12.55 or 1.75%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 712.00 | 721.00 | 696.00 | 699.65 | -12.35 | -1.73 | 707.80 | 679694 | 356655 | 52.47 |
| NSE | 715.00 | 722.90 | 695.35 | 699.45 | -12.55 | -1.76 | 708.15 | 7876940 | 5038899 | 63.97 |
| Total | 8556634 | 5395554 | 63.06 |
The traded volume on the two exchanges combined was 85.56 lac shares which was 0.24 times the IPO size of 356.88 lac shares and 0.34 times the non-anchor portion of 250.26 lac shares. Delivery volume was 53.95 lac shares which were 63.06% of the traded volume. It was 15.12% of the issue size and 21.56% of the non-anchor portion. The weighted average of the day’s trade was Rs 707.80 on BSE and Rs 708.15 on NSE.
In terms of institutional trade, none were reported on either BSE or NSE.
The performance of the share on listing could at best be described as lackluster and below expectations. This being the first new listing of the company in close to 14 years, one would have expected a better performance. The last listing was Idea Cellular.
Some technical trading details were not available at the end of day one, hence the article is being written on day two of the issue listing. Traded volume on day two was 19.26 lac shares combined and delivery volume was 14.41 lac shares. Clearly, investors have not taken a view on the share and volumes are poor. For any overhang on the share to disappear, trading volume has to improve significantly.
In conclusion, one can only say that this was a poor performance.
