Mishra Dhatu Nigam Limited (MIDHANI) which had tapped the markets with its offer for sale of 4,87,08,400 shares in a price band of Rs 87-90 with a discount of Rs 3 for retail investors and eligible employees listed today. There was no anchor allocation as in PSU issues and the issue was subscribed 1.21 times. The QIB portion was subscribed 1.96 times, HNI 0.12 times. Retail 0.72 times and Employee 0.26 times.
The company is in a niche position and one of its kind titanium and super alloy maker and counts on who’s who of industry as its clients. It supplies to defence companies like HAL, Bharat Dynamics and BEL, to ISRO and companies like BHEL etc.
The discovered price on the BSE and NSE was Rs 87. This was the price at which effectively the retail investors and employees were allotted shares post discount. The low of the day was Rs 86.35 and Rs 86.05 respectively while the high was Rs 90.90 and Rs 91.00 respectively. The close of the day was Rs 90.00 on the BSE and Rs 90.05 on the NSE. The price was unchanged at the BSE and was up Rs 0.05 on the NSE.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 87.00 | 90.90 | 86.35 | 90.00 | 0.00 | 0.00 | 89.53 | 2447624 | 899565 | 36.75 |
| NSE | 87.00 | 91.00 | 86.05 | 90.05 | 0.05 | 0.06 | 89.50 | 16767810 | 8150564 | 48.61 |
| Total | 19215434 | 9050129 | 47.10 |
The traded volume was 192.15 lakh shares which was 39.45% of the IPO size of 487.08 lakh shares. Delivery volume was 90.50 lakh shares which was 47.10% of the traded volume. It was 18.58% of the IPO size. The weighted average of the day’s trade was Rs 89.53 on the BSE and Rs 89.50 on the NSE. There were two trades reported on the NSE. Both were sale trades done by PSU banks. The first was by Canara Bank which sold 9.69 lakh shares at Rs 89. The second was Union Bank which sold 10 lakh shares at Rs 90.03. There were no names reported on the buy side.
Yesterday was a crazy day when markets went on a roller coaster ride impacted by China declaring a second list of imports from US which would have duties. Secondly shares of ICICI Securities listed and were on the losing side, down about 14%. The fact that MIDHANI held its ground speaks well for itself. The share is likely to trade range bound until some more delivery volumes take place.
All in all, a decent listing considering market scenario.
