Medplus Health Services Limited which is tapping the capital markets with its fresh issue for Rs 600 crs and an offer for sale of Rs 798.29 crs in a price band of Rs 780-796 completed allocation to anchor investors. The issue opens on Monday the 13th of December and closes on Wednesday the 15th of December.

The discovered price on BSE was Rs 1,015 at which price 2,35,329 shares were traded. The discovered price on NSE was Rs 1,040 at which price 39,65,005 shares were traded.

The company allotted 52,51,111 shares to 25 anchor investors comprising of 36 entities. The top allocation was made to four anchor investors equally who were allotted 3,46,086 shares or 6.59% each. These were Abu Dhabi, Blackrock, Fidelity and Nomura. This was followed by five domestic funds being allotted an equal 3,01,518 shares or 5.74% of the anchor book each. The top nine anchor investors were allotted 55.06% of the anchor book. Seven Domestic funds comprising of 18 entities were allotted 17,96,238 shares or 34.21% of the anchor book.

The overall issue was subscribed 53.67 times. QIB portion was subscribed 114.19 times, HNI portion was subscribed 87.08 times, Retail portion was subscribed 5.34 times and Employee portion was subscribed 3.12 times. There were 16.36 lac applications and on basis of lots, Retail portion was subscribed 4.81 times.

The high of the day on BSE was Rs 1,143.10, the low was Rs 1,015 and the close was Rs 1,120.85. The gain was Rs 324.85 or 40.81%. On NSE, the high of the day was Rs 1,143.90, low was Rs 1,040 and the close was Rs 1,121.15 a gain of Rs 325.15 or 40.85%.

The traded volume on the two exchanges combined was 196.06 lac shares which was 1.10 times the IPO size of 178.26 lac shares and 1.56 times the non-anchor portion of 125.75 lac shares. Delivery volume was 102.06 lac shares which was 52.05 % of the traded volume. It was 57.25 % of the issue size and 81.16 % of the non-anchor portion. The weighted average of the day’s trade was Rs 1081.95 on BSE and Rs 1087.40 on NSE.

In terms of institutional or bulk trade, none were reported on either BSE or NSE. The traded volumes were decent and so were the delivery volumes. Investors have chosen to cash out with decent gains of 40% on the counter. With no names available for buyers, one wonders who they are.

A decent listing on day one with appreciation for all investors. Retail participation was low and the stiff valuations with which the IPO came could have been a dampener.

Metro Brands Limited which had tapped the capital markets with its fresh issue for Rs 295 crs and an offer for sale of 2,14,50,100 shares in a price band of Rs 485-500 completed allocation to anchor investors. The issue had opened on Friday the 10th of December and closed on Tuesday the 14th of December.

The discovered price on BSE was Rs 436 at which price 26,011 shares were traded. The discovered price on NSE was Rs 437 at which price 19,92,117 shares were traded.

The company completed allocation to anchor investors by allotting 82,05,030 shares to 21 anchor investors comprising of 28 entities. Five anchors were each allotted 5,40,000 shares or 6.58% of the allocation. They were ICICI Prudential ESG Fund, Goldman Sachs, HDFC, Kotak and Abu Dhabi Investment Authority. This was followed by five entities being allotted 4,00,020 shares or 4.88% of the anchor book. The top ten anchors were allotted 57.30% of the anchor book. Nine Domestic Funds comprising of 11 entities were allotted 27,40,050 equity shares or 33.39% of the anchor book.

The overall issue was subscribed 3.63 times. QIB portion was subscribed 8.49 times, HNI portion was subscribed 3.02 times and Retail portion was subscribed 1.12 times. There were 3.03 lac applications and on basis of lots, Retail portion was subscribed a mere 0.95 times. Clearly the Retail investor is smarter than people think him to be.

The high of the day on BSE was Rs 507.70, the low was Rs 426.10 and the close was Rs 493.55. The loss was Rs 6.45 or 1.29%. On NSE, the high of the day was Rs 507.90, low was Rs 426 and the close was Rs 493.35 a loss of Rs 6.65 or 1.33%.

The traded volume on the two exchanges combined was 204.92 lac shares which was 0.75 times the IPO size of 273.50 lac shares and 1.07 times the non-anchor portion of 191.45 lac shares. Delivery volume was 62.08 lac shares which was 30.30 % of the traded volume. It was 22.70 % of the issue size and 32.43 % of the non-anchor portion. The weighted average of the day’s trade was Rs 476.34 on BSE and Rs 475.61 on NSE.

In terms of institutional or bulk trade, none were reported on either BSE or NSE. The traded volumes were decent but delivery volumes were very low. Investors believe that the share price will recover in the coming days. Not sure whether this share would go the similar way as Star Health which after holding on day one, fell over the next few days and is currently lower by over 10-11%. No matter who backs the company, investors want some money on the table or will not invest or look to buy the share post listing.

Yet another disaster on listing day and there maybe more price damage as we go further. Wakeup time for merchant bankers and the need to be conscious of pricing the issue well rather than over aggressive.

C.E. Info Systems Limited who had tapped the capital markets with its offer for sale of 1,00, 63,945 shares in a price band of Rs 1,000-1,033, was subscribed 154.71 times. The issue has opened on Thursday the 9th of December and closed on Monday the 13th of December. Earlier the company had completed allocation to anchor investors by allotting 30,19,183 equity shares at Rs 1,033 which is the top end of the price band to 22 anchor investors comprising of 34 entities.

The discovered price was Rs 1,581 on BSE at which price 62,288 shares were traded. It was Rs 1,565 on NSE at which price 11,25,659 shares were traded.

The highest allocation was made to Fidelity who were allotted 4,64,688 shares or 15.40% of the anchor book. This was followed by Nomura who was allotted 5.77% or 1,74,258 shares. This was followed by an equal allotment of 1,54,896 shares or 5.13% to four anchor investors. The top six anchors were allotted 12,58,530 shares or 41.69% of the anchor book. In terms of domestic mutual fund participation, 10,06,395 shares or 33.33% of the anchor book was allotted to 9 anchors comprising of 17 schemes.

The issue saw the QIB portion being subscribed 196.36 times, HNI portion being subscribed 424.69 times and the Retail portion being subscribed 15.20 times. There were 31.54 lac applications and on the basis of lots the retail portion was subscribed 12.54 times. The cost of funding for the leveraged HNI was between Rs 715 to Rs 725 times. This means the issue must list at closer to Rs 1,800 g=for the leveraged HNI to make any money whatsoever.

The high of the day on BSE was Rs 1,586.85, the low was Rs 1,282.20 and the close was Rs 1394.55. The gain was Rs 361.55 or 35%. On NSE, the high of the day was Rs 1,590, low was Rs 1,282.60 and the close was Rs 1,393.65 a gain of Rs 360.55 or 34.91%.

The traded volume on the two exchanges combined was 145.38 lac shares which was 1.44 times the IPO size of 100.63 lac shares and 2.06 times the non-anchor portion of 70.44 lac shares. Delivery volume was 46.98 lac shares which was 32.32 % of the traded volume. It was 46.46 % of the issue size and 66.69 % of the non-anchor portion. The weighted average of the day’s trade was Rs 1,409.64 on BSE and Rs 1,412.20 on NSE.

In terms of institutional or bulk trade, two were reported on NSE. Fidelity bought 3,18,100 shares at an average price of Rs 1,404.47. The other trade saw Goldman Sachs buy 3,76,708 shares at Rs 1,392,99. The traded and delivery volumes were quite high.

The listing was good considering the share gained 35% at the end of day. The sad part was the oversubscription of the issue during subscription was so high that the cost of the leveraged HNI was in excess of Rs 670 which implied that the HNI needed the share to list and trade at Rs 1,700 which did not happen. While the share has done well, HNI’s have lost a bomb. Gong forward it would be interesting to see whether HNI’s can recover their cost in the next couple of days failing which they would have to book losses and exit.