Shares of Angel Broking Limited debuted on the bourses and had a poor showing with losses recorded on day one. The company which had issued shares at Rs 306, saw its shares close at Rs 275.85 on BSE, a loss of Rs 30.15 or 9.85%. This is the first primary offering since the market revival which began with Rossari Biotech in July 2020 which has closed with losses on day one.
Earlier Angel Broking Limited which had tapping the capital markets with its fresh issue for Rs 300 cr and an offer for sale of Rs 300 crs completed allocation to anchor investors. The issue had opened on Tuesday the 22nd of September and closed on Thursday the 24th of September.
The company allotted 58,82,252 equity shares to 12 anchor investors comprising of 29 entities. The highest allocation was made to ICICI Prudential who was allotted 11,43,758 equity shares or 19.45% of the anchor portion. The next highest allocation was made to Nippon India of 14.22%. Thereafter the allocation of 11.11% or 6,53,562 shares was made equally to HDFC, Goldman Sachs and Aditya Birla Sun Life. In short, 5 anchor investors comprising of 9 entities were allotted 67.22% of the total anchor book.
The issue saw QIB portion subscribed 5.74 times, HNI portion subscribed 0.69 times and Retail portion subscribed 4.31 times. Overall, the issue was subscribed 3.94 times. There were just about 4.53 lac applications.
The discovered price on BSE and NSE was Rs 275. At the discovered price, 37,938 shares were traded at BSE and 3,06,762 shares were traded at NSE. The high of the day was Rs 296.45 on BSE and Rs 296.70 on NSE. The low was Rs 256.60 and Rs 257 respectively. The close was Rs 275.85 on BSE, a loss of Rs 30.15 or 9.85%. On the NSE, the close was Rs 275.80, a loss of Rs 30.20 or 9.87%. The weighted average of the days trade was Rs 279.81 on BSE and Rs 280.42 on NSE.
In terms of institutional trades there was just on reported on NSE where BNP Paribas Arbitrage sold 5,24,649 shares at Rs 280.13.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 275.00 | 296.45 | 256.60 | 275.85 | -30.15 | -9.85 | 279.81 | 894431 | 255767 | 28.60 |
| NSE | 275.00 | 296.70 | 257.00 | 275.80 | -30.20 | -9.87 | 280.42 | 8546238 | 2078844 | 24.32 |
| Total | 9440669 | 2334611 | 24.73 |
The traded volume combined was 94.40 lac shares which was 0.48 times the IPO size of 196.52 lac shares and 0.69 times the non-anchor size of 137.70 lac shares. Delivery volume was 23.34 lac shares which was 24.73% of the traded volume. It was 11.88% of the IPO size and 16.95% of the non-anchor portion. With a lacklustre performance and significantly lower volumes than witnessed in previous primary market issuances on listing day, expect the stock price to drift downwards in the coming days.
This was certainly an unsatisfactory listing and has dampened the euphoria witnessed in primary markets over the last couple of months.
