PB Fintech Limited the holding company for Policy Bazaar which had tapped the capital markets with its fresh issue of Rs 3,750 crs and an offer for sale of Rs 1,933.50 crs and an offer for sale of 2,67,500 shares was subscribed 17.86 times. The price band was Rs 940-980 and at the top end of the price band the issue has garnered Rs 5,709.71 crs. The share had a decent listing on day one and gained 22.74% on day one.

The discovered price on BSE was Rs 1,150 at which price 2,95,981 shares were traded. On NSE, the discovered price was Rs 1,150 at which price 78,75,640 shares were traded. Approximately 81.70 lac shares were traded at the discovered price on the two exchanges combined.

The issue had opened on Monday the 1st of November and closed on Wednesday the 3rd of November.

The company had earlier allotted 2,62,18,079 equity shares to 155 entities. The company within this number allotted 33.53% of the shares to 18 domestic funds comprising of 69 entities. New World Fund was allotted the highest allocation at 14,82,435 equity shares comprising of 5.65% of the anchor book.

The QIB portion was subscribed 27.52 times, HNI portion was subscribed 8.15 times and Retail portion was subscribed 3.45 times. There were 10,95,622 applications and on basis of lots, the retail portion was subscribed 2.82 times.

The high of the day on BSE was Rs 1,249, the low was Rs 1,145 and the close was Rs 1,202.90. The gain was Rs 222.90 or 22.74%. On NSE, the high of the day was Rs 1,248.90, low was Rs 1,149 and the close was Rs 1,202.30 a gain of Rs 222.30 or 22.68%.

The traded volume on the two exchanges combined was 376.72 lac shares which was 0.65 times the IPO size of 582.62 lac shares and 1.18 times the non-anchor portion of 320.44 lac shares. Delivery volume was 223.32 lac shares which was 59.28% of the traded volume. It was 38.33% of the issue size and 69.69% of the non-anchor portion. The weighted average of the day’s trade was Rs 1,186.91 on BSE and Rs 1,190.99 on NSE.

In terms of institutional or bulk trade, just one buy trade was reported on NSE. Capital Research and Management Co bought 34,18,354 shares at Rs 1,192.96.

The issue has performed reasonably well and has ended with decent gains for all investors. Going forward, one would like to see which way the share goes. This would be the third of the large platform-based companies which have listed and investors would like to see how such companies perform.

SJS Enterprises Limited which had tapped the markets with its offer for sale of Rs 800 crs in a price band of Rs 531-542 debuted on the bourses and had a poor showing, losing 5.93%. The discovered price on BSE was Rs 540 at which price 7,617 shares were traded. On NSE, the discovered price was Rs 542 at which price 8,61,758 shares were traded. Approximately 8.68 lac shares were traded at the discovered price on the two exchanges combined.

The issue was subscribed 1.63 times. Earlier the company had completed allocation to anchor investors. The issue had opened on Monday the 1st of November and closed on Wednesday the 3rd of November.

The company allotted 44,28,043 shares to 13 Anchor Investors comprising of 18 entities. The top allocation was made equally to three funds, namely Axis Mutual Fund, Franklin and Goldman Sachs who were each allotted 18.75% of the anchor allocation. The top three anchors were effectively allocated 56.25% of the anchor book.

The QIB portion was subscribed 1.45 times, HNI portion was subscribed 2.36 times and Retail portion was subscribed 1.41 times. There were 2,36,809 applications and on basis of lots the retail portion of the issue was subscribed 1.24 times.

The high of the day on BSE was Rs 541, the low was Rs 505.50 and the close was Rs 509.85. The loss was Rs 32.15 or 5.93%. On NSE, the high of the day was Rs 551, low was Rs 510 and the close was Rs 510.20 a loss of Rs 31.80 or 5.87%.

The traded volume on the two exchanges combined was 56.68 lac shares which was 0.38 times the IPO size of 147.60 lac shares and 0.55 times the non-anchor portion of 103.33 lac shares. Delivery volume was 28.87 lac shares which was 50.93% of the traded volume. It was 19.56% of the issue size and 27.94% of the non-anchor portion. The weighted average of the day’s trade was Rs 529.53 on BSE and Rs 531.05 on NSE.

In terms of institutional or bulk trade, four were reported on NSE. There were two buy trades and two sell trades. The first was Goldman Sachs buying 2,54,786 shares at Rs 527.04 and the second was S I Investments buying 3 lac shares at Rs 542.32. On the sell side, the first was Credit Suisse selling 3,65,607 shares at Rs 530.78 and the second was Rashmi Kant Bhai selling 2,48,981 shares at Rs 542.

There was selling pressure witnessed on day one on the share as the closing price was significantly lower than the weighted average. The delivery volumes have been quite poor even considering the fact that four trades were reported in the bulk trades segment.

The issue has performed way below expectations and the track record of the selling Private Equity Investor continues to haunt. Everstone has had poor performances with S Chand and Indo star Capital in the past while Burger King did well.

It would be interesting to see which way the share performs. As mentioned earlier delivery volumes picking up is the key.

Sigachi Industries Limited which had tapped the capital markets with its fresh issue for 76.95 lac shares in a price band of Rs 161-163 was subscribed 101.91 times. The company created history with its shares gaining a massive 270.40% on debut. This is the best performance in the last 12-13 years. The discovered price on BSE was Rs 575 at which price 68,242 shares were traded. On NSE, the discovered price was Rs 570 at which price 8,92,690 shares were traded.

The company had earlier completed allocation to anchor investors. The issue had opened on Monday the 1st of November and closed on Wednesday the 3rd of November.

The company allotted 23,08,500 equity shares amongst two anchor investors equally. They are 3 Sigma Global Fund and Nexus Global Opportunities Fund Limited which were each allotted 11,54,250 shares at the top end of the price band of Rs 163.

The QIB portion was subscribed 86.51 times, HNI portion was subscribed 172.43 times and the Retail portion was subscribed 80.49 times. The overall issue was subscribed 101.91 times. There were 20,72,674 applications and on basis of lots, the retail portion was subscribed 69.26 times.

The share would trade in a trade-to-trade mode for ten trading sessions as the size of the issue is under Rs 250 crs. The pattern witnessed in the share was identical to the recently listed Paras Defence which was issued at Rs 175. The share hit a high of Rs 1,272.05 before correcting itself and now trades at Rs 789.55.

The high on BSE was Rs 603.75, the low was Rs 570.45 and the close was Rs 603.75. On NSE, the high was Rs 598.50, the low was Rs 570 and the close was Rs 598.50. The traded volume on the two exchanges combined was 20.60 lacs which was 27% of the issue size of 76.95 lac shares and 38.25% of the non-anchor size of 38.25%. Delivery volume was 100% of the traded volume as the share is in a trade-to-trade category. A weighted average of the share was Rs 599.59 on BSE and Rs 581.43 on NSE.

The share has had a phenomenal start at the bourses. On hopes that the share has financial performance which match the price-performance as well.