Aditya Birla Sun Life AMC Limited which had tapped the capital markets with its offer for sale of 3,88,80,000 equity shares, was subscribed 5.25 times. Earlier the company had completed allocation to anchor investors. The
company allotted 1,10,80,800 equity shares at Rs 712 to 24 investors comprising of 50 entities.

The highest allocation was made to ICICI Prudential who was allotted 14,03,840 equity shares or 12.65% of the anchor book. This was followed by 11,23,580 equity shares or 10.15% to HDFC Mutual Fund and SBI Mutual Fund. Effectively the top three anchor investors were allotted 36,51,000 equity shares or 32.95% of the anchor book.

The price band of the issue was Rs 695-712, and had opened on Wednesday the 29th of September and closed on Friday the 1st of October.

The QIB portion was subscribed 10.36 times, HNI portion was subscribed 4.39 times and Retail portion was subscribed 3.24 times. The reservation for shareholders was subscribed 1.68 times. There were 15.66 lac applications in all.

Full details of the subscription are given below: –

Paras Defence and Space Technologies Limited which had tapped the capital markets with its fresh issue for Rs 140.6 crs and an offer for sale of 17,24,490 equity shares in a price band of Rs 165-175, had a stellar debut on day one. The discovered price was Rs 475 on BSE, at which price 1,40,132 shares were traded. The discovered price on NSE was Rs 469 at which price 21,32,033 shares were traded.

Earlier the company had completed allocation to anchor investors by allotting 29,27,485 equity shares at Rs 175 to five anchor investors. The highest allocation was made to Ashoka India of 10,00,025 shares or 34.16% of the anchor allocation. This was followed by 6,65,805 shares or 22.74% of the anchor book to Abakkus Emerging Opportunities Fund. The remaining allocation was made to Nippon Life, HDFC Mutual Fund and Saint Capital Fund.

The issue at the top end of the band would raise Rs 170.78 crs. The issue had opened on Tuesday the 21st of September and closed on Thursday the 23rd of September.

The issue saw QIB portion being subscribed 169.65 times, HNI portion was subscribed 927.70 and Retail portion was subscribed 112.81 time. Overall, the issue was subscribed 304.26 times. In terms of number of lots the retail portion of the issue was subscribed 89.98 times and average lot size per application was 1.31 lots or 111 shares against the lot size of 85 shares.

The high of the day on BSE was Rs 498.75, the low was Rs 456 and the close was Rs 498.75. The gain was Rs 323.75 or 185%%. On NSE, the high of the day was Rs 492.45, low was Rs 460 and the close was Rs 492.45 a gain of Rs 317.45 or 181.40%.

The traded volume on the two exchanges combined was 28.89 lac shares which was 0.29 times the IPO size of 100.68 lac shares and 0.40 times the non-anchor portion of 71.40 lac shares. Delivery volume was 100% of the traded volume as the share is in trade-to-trade category for 10 days. It was 28.70% of the issue size and 40.46% of the non-anchor portion. The weighted average of the day’s trade was Rs 492.61 on BSE and Rs 478.68 on NSE.

In terms of institutional trade none were reported on either BSE or NSE.

The price closed at upper circuit looking at the frenzy that the same had created during subscription. How much and how long are two questions which would remain difficult to answer at this time. Investors would be advised caution when looking at this stock from investment perspective at such elevated levels.