Shares of Shankara Building Products Limited were off to a flying start and gained over 37% on the day of listing. The company had a listing ceremony at the BSE. The company had launched a simultaneous offer for its IPO which consisted o0f a fresh issue of Rs 45 crs and an offer for sale of 65,21,740 equity shares. The price band was Rs 440-460. The company had issued 22.5 lakh shares to 13 anchor investors comprising of 16 entities. The highest allocation was made to Franklin India and DSP Blackrock who were allocated 10.70 lakh a piece.
The issue had received excellent response and was oversubscribed 41.88 times. The QIB portion was subscribed 51.62 times, HNI 90.68 times and Retail 15.35 times. Retail portion in terms of lots was subscribed just under 13 times.
Coming to the trading itself, the share saw trading of a massive 247.30 lac shares which was 3.3 times the IPO size of 75 lakhs. The delivery volume was 40.52 lakhs which was 16.39% of the traded volume but 54.03% of the IPO size. If one were to exclude the anchor portion which comes with a lock in the same becomes 77.19%. This indicates that even if one were to assume that HNI’s and retail have completely sold out, even QIB’s have booked profit on day one.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 545.00 | 638.00 | 545.00 | 632.80 | 172.80 | 37.57 | 605.50 | 4173554 | 552270 | 13.23 |
| NSE | 555.05 | 636.20 | 555.00 | 632.45 | 172.45 | 37.49 | 602.64 | 20556468 | 3500174 | 17.03 |
| Total | 24730022 | 4052444 | 16.39 |
The price discovery was Rs 545 on the BSE and Rs 555.05 on the NSE which was a good Rs 105 and Rs 115 higher than the issue price. This incidentally was also the low price and from there the stock price rallied considerably. The high of the day was Rs638 and Rs 636.20 respectively. The share closed around the highs at Rs 632.80 on the BSE and Rs 632.45 on the NSE. The share closed with gains of Rs 172.80 or 37.57% on the BSE and Rs 172.45 or 37.49% on the NSE. The weighted average of the day’s trade was Rs 605.50 on the BSE and Rs 602.64 on the NSE.
The share had a great listing without doubt. In terms of institutional trades, there were none on the sell side but three trades were there on the buy side. Asoka PTE bought 4,00,221 shares, IIFL asset bought 1.50 lakh shares and Girik Wealth Advisors bought 1.34 lakh shares. It would be interesting to see how the share fares in the coming days as the delivery percentage has been very high.
