Astec Lifesciences Limited listed yesterday on the BSE and NSE. The issue was priced at the top end of the price band at Rs 82. The issue was for 75 lakh shares. The stock listed well at Rs 85.55 on the BSE and Rs 83 on the NSE respectively. The high was Rs 90.70 on both the exchanges. The share came under selling pressure towards the end of the day and closed at Rs 83.90 and Rs 84 on BSE and NSE respectively.
The total traded volume on the stock was 2.55 cr shares which is 3.40 times the IPO size. The delivery volume was 39.46 lakhs which as a percentage of trading was 15.48 and as a percentage of issued shares was 52.63%. The weighted average on the two exchanges was Rs 86.47 and Rs 86.54 respectively. One institutional investor has sold on day one.
| Exchange |
Open |
High |
Low |
Close |
Net Change |
% gain |
Wt Avg |
Volume |
Delivery |
Del % age |
| BSE |
85.55 |
90.70 |
80.00 |
83.90 |
1.90 |
2.32 |
86.47 |
12260573 |
2222243 |
18.13 |
| NSE |
83.00 |
90.70 |
83.00 |
84.00 |
2.00 |
2.44 |
86.54 |
13242907 |
1724727 |
13.02 |
| Total |
|
|
|
|
|
|
|
25503480 |
3946970 |
15.48 |
The share has provided listing gains and the large churn in delivery indicates that people have booked profits. I believe that this company has strong fundamentals and I have discussed the same in the IPO note earlier. If the share drops below issue price it would be a good opportunity to invest in the company simply because now there is no uncertainty about the issue and listing price.
There could however be some weakness in the share today looking at the high delivery volumes and no information being known about the buyers of these approximately 39.46 lakh shares.
