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.

Tarsons Products Limited who is tapping the capital markets with its fresh issue for Rs 150 crs and an offer for sale of 1.32 cr shares in a price band of Rs 635-662 completed allocation to anchor investors. The company allotted 46,21,757 shares at Rs 662 to 32 entities. The highest allocation was made to Government of Singapore who was allotted 8.66% of the anchor book with its associate, Monetary authority of Singapore who was allotted 4.41%. The total allotted was 13.05% of the anchor book.

This was followed by 9.80% allotted to First Sentier Investors ICVC 9.80% of the anchor book. This was followed by an identical allotment of 9.80% to two domestic mutual funds who were allotted 9.64% each. They were ICICI Prudential and Aditya Birla Sun Life AMC. The top four anchor investors were allotted 42.13% of the anchor book.

The issue opens on Monday the 15th of November and closes on Wednesday the 17th of November.

Seven domestic mutual funds through 19 schemes were allotted 45.64% of the anchor book.

Full details of the anchor allocation are given below: –