Shares of UTI Asset Management Company Limited (UTI AMC) listed on the bourses and had a poor showing, losing 14% on day one. The company had tapped the capital markets with its offer for sale of 3,89,87,081 shares in a price band of Rs 552-554. The issue was open from Tuesday the 29th of September and had closed on Thursday the 1st of October. The company had earlier completed allocation to anchor investors. The company allotted 1,16,36,124 equity shares to 33 anchor investors comprising of 67 entities. Included in this list, are 15 domestic funds who subscribed through 49 schemes. The highest allocation was made to ICICI Prudential who was allotted 11.61% of the anchor allocation. This was followed by allocating between 7.73% to 7.75% to three mutual funds, namely HDFC AMC, Aditya Birla Sunlife and Reliance Nippon India.
The issue was subscribed 2.31 times overall. The QIB portion was subscribed 3.34 times, HNI portion subscribed 0.93 times, Retail portion subscribed 2.32 times and Employee portion subscribed 1.34 times.
The opening price or discovered price on BSE was Rs 490.25 while it was Rs 500 on NSE. The high of the day was Rs 530 on BSE and Rs 529.95 on NSE. The low of the day was Rs 471.10 on both exchanges. The close of the day was Rs 476.60, a loss of Rs 77.40 or 13.97% on BSE. It was Rs 476.20, a loss of Rs 77.80 or 14.04% on NSE.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 490.25 | 530.00 | 471.10 | 476.60 | -77.40 | -13.97 | 507.21 | 1369454 | 762175 | 55.66 |
| NSE | 500.00 | 529.95 | 471.10 | 476.20 | -77.80 | -14.04 | 506.48 | 10808276 | 5403693 | 50.00 |
| Total | 12177730 | 6165868 | 50.63 |
The traded volume on the two exchanges combined was 121.77 lac shares which was 0.31 times the issue size and 0.45 times the non-anchor issue size of 273.51 lac shares. Delivery volume was 61.65 lac shares which was 50.63% of the traded volume. It was 15.82% of the issue size and 22.54% of the non-anchor issue size. The weighted average of the day’s trade was Rs 507.21 on BSE and Rs 506.48 on NSE.
It was a poor show considering this was India’s first mutual fund ever and has a history of over 55 years. With a delivery percentage of just about 22.54% of the non-anchor book, the share has to stabilise over next couple of weeks before one could say that the share is out of the woods.
After a spate of issues which saw listing day gains in the region of 80-100%, we have an issue where there have been losses on day one. This is the second issue after Angel broking to record losses on day one.
