Metropolis Healthcare Limited which had tapped the capital markets with its offer for sale listed on the bourses and gained a little over 9% on day one. The issue consisted of an offer for sale of 1,36,85,095 equity shares. The price band was Rs 877-880. Earlier the company had completed allocation to anchor investors. The company allotted 60,23,293 equity shares to 21 Anchor Investors comprising of 26 entities at Rs 880 per equity share of face value of Rs 2 per share. The highest allocation has been made to Smallcap World Fund who has been allotted 20,45,882 equity shares comprising of 34% of the anchor allocation.

The discovered price was Rs 960 on the BSE and Rs 958 on the NSE. The high was Rs 981.30 and low Rs 934.80 on BSE. The close was Rs 959.55, a gain of Rs 79.55 or 9.04%. On the NSE the high was Rs 982.70 while the low was Rs 935. The close was Rs 959.85, a gain of Rs 79.85 or 9.07%.

The traded volume on the two exchanges was 78.92 lac shares which was 57.68% of the IPO size of 136.85 lac shares. Delivery volume was 33.53 lac shares which was 42.49% of the traded volume and 24.51% of the IPO size. If one flips these numbers to reflect the non-anchor portion, the traded volume is 103.02% of the non-anchor portion and delivery 43.77% of the non-anchor portion. Very clearly these numbers are high when compared with other issues in the last couple of years. The weighted average of the day’s trade was Rs 957.99 on BSE and Rs 956.09 on NSE.

Bulk data indicates that there were two deals reported on BSE and both were on the buy side. Small Cap World Fund which was the largest anchor investor added 6,86,545 shares at Rs 957.67. Ace investor Mr Radhakishan Damani through his investment company Bright Star Investments Pvt Ltd bought 7 lac shares at Rs 948.39.

The share has had a decent start but volumes have been larger than normal. With buyers for 40% of the delivery quantity being identified and named there would be further upside in the short term.