Exxaro Tiles Limited which had tapped the capital markets with its fresh issue for 1,11,86,000 shares and an offer for sale of 22,38,000 in a price band of Rs 118-120, debuted at the bourses and closed at the upper circuit of Rs 132.30. The share gained Rs 12.30 or 10.25%.
Earlier the company had completed allocation to anchor investors. The issue which had opened on Wednesday the 4th of August and closed on Friday the 6th of August, saw the company allotting 19,73,325 shares at Rs 120 per share. The company allotted the shares to two anchors comprising of three entities. The highest allocation was given to Quant Mutual Fund, who was allotted 15,56,500 shares or 68.88% of the anchor allotment equally in two schemes. The second mutual fund who was allotted shares was AG Dynamic Funds who was allotted 4,16,825 shares or 21.12% of the anchor book.
The QIB portion was subscribed 17.67 times, HNI portion was subscribed 5.36 times while Retail portion was subscribed 40.10 times. Employee portion was subscribed 2.53 times. There were 21.10 lac applications and on basis of applications, the retail issue was subscribed 34.58 times. Overall, the issue was subscribed 22.68 times.
The size of the issue was Rs 165 crs, hence the share would trade in the trade-to-trade category for ten trading sessions. The discovered price on BSE and NSE was an identical Rs 126. At this price the traded volume on BSE was 36,283 shares while it was 6,88,434 shares on NSE. The share closed at the 5% upper circuit of Rs 132.30 on both exchanges.
The high of the day on BSE and NSE was Rs 132.30 and the low was the discovered price of Rs 126 on both exchanges. Looking at the prices, it seems that there were vested interests at play in supporting the prices and allowing the share to have a smooth day on a day when bigger names fell by the wayside.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 126.00 | 132.30 | 126.00 | 132.30 | 12.30 | 10.25 | 129.02 | 740733 | 740733 | 100.00 |
| NSE | 126.00 | 132.30 | 126.00 | 132.30 | 12.30 | 10.25 | 128.93 | 4633233 | 4633233 | 100.00 |
| Total | 5373966 | 5373966 | 100.00 |
The weighted average of the day was Rs 129.02 on BSE and Rs 128.93 on NSE. The traded volume was 7.40 lac shares on BSE and 46.33 lac shares on NSE. The traded volume combined of 53.74 lac shares was 40.03% of the IPO size of 134.24 lac shares. It was 46.93% of the non-anchor portion of 114.50 lac shares. Delivery volume was 100% of traded volume as the share is in trade-to-trade category.
There were four trades which appeared on NSE. While two were on the buy side, two others were on the sell side. The names on the buy side included, Mansi Shares who bought 2.25 lac shares at Rs 132.30 and Vaibhav Doshi who bought 3.04 lac shares at Rs 128.74. On the sell side, were Plutus Wealth Management who sold 2.57 lac shares at Rs 127.67 and Morgan Stanley Asia who sold 2.54 lac shares at Rs 127.07.
While the performance of the share could be said to be good considering the market, one does get a feeling that things were ‘manged’. The share has another nine days to go under restricted trading and it would be interesting to see how it fares during these crucial nine days.
