Devyani International Limited, which had tapped the capital markets with its fresh issue for Rs 440 crs and an offer for sale of 15.53 cr shares in a price band of Rs 86-90 listed on the bourses. The discovered price was Rs 141 on BSE, at which price 9,27,668 shares were traded. On NSE, the discovered price was Rs 140.90 at which price there were 2,77,40,999 shares traded. The share closed the day with gains of 37.06%, far lower than expectation.
Earlier the company had completed allocation to anchor investors by allotting 9,16,52,499 shares to 35 anchor investors comprising of 63 entities. The company allotted an equal 37,14,480 shares or 4.05% of the anchor to 17 anchor investors.
The list of anchors includes FPI’s, large marquee investors and mutual funds from across the world, betting on consumption rising in India going forward.
The QIB portion was subscribed 95.27 times, HNI portion was subscribed 213.06 times while Retail portion was subscribed 39.52 times. Employee portion was subscribed 4.70 times. There were 38.40 lac applications and on basis of applications, the retail issue was subscribed 31.11 times. The issue was subscribed 116.71 times overall. The cost of funding was between Rs 35-36. At the closing price, leveraged HNI’s have lost money in the issue while at the weighted average or opening price they have made some money.
The high of the day on BSE was Rs 141.05, low was Rs 120.75 and the close was Rs 123.35. The gain was Rs 33.35 or 37.06%. On NSE, the high of the day was Rs 140.90 which was the open, low was Rs 120.80 and the close of the day was Rs 123.50, a gain of Rs 33.50 or 37.22%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 141.00 | 141.05 | 120.75 | 123.35 | 33.35 | 37.06 | 129.91 | 6915085 | 2622683 | 37.93 |
| NSE | 140.90 | 140.90 | 120.80 | 123.50 | 33.50 | 37.22 | 130.45 | 144302915 | 77972948 | 54.03 |
| Total | 151218000 | 80595631 | 53.30 |
The weighted average of the day was Rs 129.91 on BSE and Rs 130.45 on NSE. The traded volume was 69.15 lac shares on BSE and 1443.03 lac shares on NSE. The traded volume combined of 1512.18 lac shares was 74% of the IPO size of 2042.22 lac shares. It was 1.34 times the non-anchor portion of 1125.69 lac shares. Delivery volume was 805.95 lac shares which was 53.30% of the traded quantity. It was 39.46% of the IPO size and 71.60% of the non-anchor portion.
There were no institutional trades reported on either of the exchanges.
All in all, this was a poor performance for the share on listing day and is a setback for the current euphoric mood on Dalal Street for primary market issues.
