Glenmark Life Sciences Limited which had tapped the capital markets with its fresh issue for Rs 1,060 crs and an offer for sale of 63 lac shares in a price band of Rs 695-720, debuted on the bourses and the discovered price was Rs 751.10 on BSE and Rs 750 on NSE. At the discovered price, the volume was 1,26,901 on BSE and 25,34,970 on NSE.

The issue was subscribed 45.08 times. The company received excellent support and a new record of 39.5 lac applications were received. The previous best was just a week earlier when 32.44 lac applications were received in the issue of Tatva Chintan.

Earlier the company had completed allocation to anchor investors. The company on Monday had allotted 63,06,660 shares to 19 anchor investors at the top end of the price band. The issue was open from Tuesday the 27th of July and closed on Thursday the 29th of July.

The highest allocation was to Polar Capital Fund who was allotted 14,46,060 shares or 22.1% of the anchor book. This was followed by NT Asian Discovery Master Fund who was allotted 9,25,020 shares or 14.7% and HSBC Global Investment Fund who was allotted 8,06,580 equity shares or 12.8%. The top four anchor investors have been allotted 61.9% of the anchor book. At the bottom end, 7 funds have each been allotted 1.1% of the anchor book, indicating strong demand for the issue.

The high of the day on BSE was Rs 799.95, low was Rs 737.35 and the close was Rs 748.20, a gain of Rs 28.20 or 3.92%. On NSE, the high was Rs 799, low was Rs 738 and the close was Rs 748.50, a gain of Rs 28.50 or 3.96%.

The traded quantity on the two exchanges combined was 214.97 lac shares which was 1.02 times the IPO size of 210.22 lac shares and 1.46 times the non-anchor size of 147.15 lac shares. Delivery volume was 80.58 lac shares which was 37.49% of the traded volume. It was 38.33% of the IPO size and 54.76% of the non-anchor portion. The weighted average of the day’s trade was Rs 764.82 on BSE and Rs 764.22. The substantial difference between the weighted average and the closing price clearly indicate that the share was under pressure.

The performance of the share on listing has certainly been under par and way below expectation. Further in this IPO rush, this would be one of the poor performances and one would have to wait for the results for the June quarter which are slated to be announced on the 13th of August.

To sum up, this was a poor performance on listing day, by all standards.

Windlas Biotech Limited which had tapped the capital markets with its fresh issue of Rs 165 crs and an offer for sale of 51,42,067 equity shares in a price band of Rs 448-460, was subscribed 22.56 times.

Earlier the company had completed its allocation to anchor investors by allotting 26,18,706 equity shares at Rs 460 to 12 anchor investors comprising of 22 entities.

The highest allocation was made ICICI Prudential Pharma Healthcare Fund of 5,43,450 equity shares or 20.75% of the anchor allocation. This was followed by an equal allotment of 2,17,410 shares or 8.30% to 8 anchors. This implies that the top nine anchors were allotted 87.15% of the anchor portion.

The issue had opened on Wednesday the 4th of August and closed on Friday the 6th of August.

The QIB portion was subscribed 24.10 times, HNI portion was subscribed 15.91 times while Retail portion was subscribed 24.54 times. There were 21.01 lac applications and on basis of applications, the retail issue was subscribed 20.63 times.

Full details of the subscription are given below: –

Devyani International Limited, had tapped the capital markets with its fresh issue for Rs 440 crs and an offer for sale of 15.53 cr shares in a price band of Rs 86-90. The issue was subscribed 116.71 times overall.

Earlier the company had completed allocation to anchor investors by allotting 9,16,52,499 shares to 35 anchor investors comprising of 63 entities. The company allotted an equal 37,14,480 shares or 4.05% of the anchor to 17 anchor investors.

The list of anchors includes FPI’s large marquee investors and mutual funds from across the world, betting on consumption rising in India going forward.

The QIB portion was subscribed 95.27 times, HNI portion was subscribed 213.06 times while Retail portion was subscribed 39.52 times. Employee portion was subscribed 4.70 times. There were 38.40 lac applications and on basis of applications, the retail issue was subscribed 31.11 times.

Full details of the subscrition are given below: –