Nuvoco Vistas Corporation Limited which had tapped the capital markets with its fresh issue for Rs 1,500 crs and an offer for sale of Rs 3,500 crs debuted on the bourses. The issue had opened on Monday the 9th of August and closed on Wednesday the 11th of August. The price band was Rs 560-570. The discovered price on BSE was Rs 471 at which price 42,973 shares were traded. On NSE, the discovered price was Rs 485 at which price 17,04,960 shares were traded.
Earlier the company had completed its allocation to anchor investors. The company allotted 2,63,15,788 equity shares to 36 Anchor investors comprising of 66 entities at Rs 570 per share. The highest allocation was made to State Bank of India who was allotted 9.9% of the anchor book through five entities. SBI Life Insurance was allotted 8.7% of the anchor book.
The QIB portion was subscribed 4.30 times, HNI portion was subscribed 0.67 times and Retail portion was subscribed 0.74 times. There were 7.20 lac applications and on basis of lots the retail issue was subscribed 0.61 times. Overall, the issue was subscribed 1.74 times.531.30. The loss was Rs 38.70 or 6.79%. On NSE, the high of the day was Rs 550, low was Rs 485 and the close of the day was Rs 531.70, a loss of Rs 38.30 or 6.72%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 471.00 | 550.00 | 471.00 | 531.30 | -38.70 | -6.79 | 527.29 | 821048 | 167190 | 20.36 |
| NSE | 485.00 | 550.00 | 485.00 | 531.70 | -38.30 | -6.72 | 528.57 | 22080190 | 11301761 | 51.19 |
| Total | 22901238 | 11468951 | 50.08 |
The weighted average of the day was Rs 527.29 on BSE and Rs 528.57 on NSE. The combined traded volume was 229.01 lac shares which was 26 % of the IPO size of 877.19 lac shares. It was 37% of the non-anchor portion of 614.03 lac shares. Delivery volume was 114.69 lac shares which was 50.08 % of the traded quantity. It was 13.07 % of the IPO size and 18.68 % of the non-anchor portion. The share opened at the low of the day and moved up. In the process it cut substantial amount of the losses. It failed however to close in positive territory. The disturbing fact was the poor delivery volume when compared to the issue size.
There were no names on the institutional trade size either on the BSE or NSE. The overall support for the issue was lacklustre or lukewarm, considering the same was subscribed a mere 1.74 times.
This was the third IPO in succession which listed and closed at a discount. Clearly shows fatigue and tiredness in the market. On the valuation front one is not supposed to comment as all issues have been oversubscribed and there are enough people waiting to buy.
In conclusion, a poor listing strengthening the fact that all is not well on the primary front.
