Suryoday Small Finance Bank Limited which had tapped the capital markets with its issue of 190.93 lac shares comprising of a fresh issue of 81.50 lac shares and 109.43 lac shares through an offer for sale listed, and had a poor showing losing 9.44% on day one. The discovered price was Rs 293 on BSE and Rs 292 on NSE. The closing was much lower at Rs 276.20 and Rs 277.80 respectively.

The issue was subscribed overall 2.37 times. The QIB portion was subscribed 2.18 times, HNI portion was subscribed 1.31 times, Retail was subscribed 3.09 times and Employee Quota was subscribed 0.34 times. There were 3.44 lac applications and on basis of lots the retail portion was subscribed 2.60 times. The price band was Rs 303-305.

Earlier the company had allotted 55,77,920 equity shares to 13 anchor investors. The largest allocation was made to Axis Mutual Fund and ICICI Prudential Life Insurance Company Limited of an identical 7,38,283 shares or 13.24% of the anchor allocation.

The issue had opened on Wednesday the 17th of March and closed on Friday the 19th of March.

The high of the day was Rs 295.95 on BSE, low was Rs 262.05 and the close was Rs 276.20, a loss of Rs 28.80 or 9.44%. On NSE, the high was Rs 296.35, low was Rs 255 and the close was Rs 277.80, a loss of Rs 27.20 or 8.92%.

The traded quantity on the two exchanges combined was 46.80 lac shares which was 25% of the IPO size of 190.93 lac shares. It was 35% of the non-anchor portion of 135.15 lac shares. Delivery volume was 14.01 lac shares which was 29.94% of the traded volume. It was 7.34% of the IPO size and 10.37% of the non-anchor portion. One can say with confidence that this is the lowest delivery percentage based on issue size amongst all the 30 odd shares which have listed in 2020-2021. What this does indicate is that the pressure on the share persists and if prices do not move up in the next few days, there could be sharp selling leading to price erosion happening.

The weighted average of the day’s trade was Rs 281.22 on BSE and Rs 282.26 on NSE. The share was under severe pressure towards the end of the day and slipped substantially from the weighted average. The performance of the share was certainly below par and has fared poorly. The five percent premium that the company extracted compared to the pre-IPO price of Rs 291.75 has certainly cost the company dearly. Further the listing day lacklustre performance would haunt the company for time immemorial.

There were no institutional trades reported on the bourses on either the buy side or the sell side. With poor volume even intra-day traders and scalpers who are the norm in all listings on day one, were missing from this share.

All in all, a poor listing and pointing to further damage in the coming days.

Kalyan Jewellers Limited which had tapped the capital markets with its fresh issue of Rs 800 crs and an offer for sale of 375 crs in a price band of Rs 86-87 listed on Friday and had a bad start at the bourses. The share debuted at Rs 73.90 and recovered marginally but closed the day at Rs 75.30, a loss of Rs 11.70 or 13.45%.

The discovered price was Rs 73.90 on BSE and Rs 73.95 on NSE. Thereafter on BSE, the high was Rs 81.00, the low was Rs 73.00 and the close was Rs 75.30. On NSE, the high was Rs 81.00, the low was Rs 72.90 and the close was Rs 75.20, a los of Rs 11.80 or 13.56%.

The traded volume was 550.01 lac shares which was 41% of the IPO size of 1350.57 lac shares. It was 58% of the non-anchor portion of 946.09 lac shares. Delivery volume was 194.80 lac shares which was 35.42% of the traded volume. It was 14.42% of the issue size and 20.59% of the non-anchor portion. Weighted average of the day’s trade was Rs 77.31 on BSE and Rs 77.13 on NSE. The share as under pressure at the end of day.

Earlier the company had completed its allocation to anchor investors. The company allotted 4,04,48,275 equity shares at the top end of the band to 12 anchor investors comprising of 15 entities. The issue had opened on Tuesday the 16th of March and closed on Thursday the 18th of March.

The highest allocation was made to Government of Singapore who was allotted 1,17,27,992 equity shares or 29% of the anchor allocation. Another entity, Monetary Authority of Singapore was allotted 20,65,032 shares or 5.11% of the allocation making the total for Singapore Government, 34.11% of the anchor book. The next highest allocation was Sundaram Mutual Fund who was allotted 91,95,292 equity shares or 22.76% of the shares in three schemes. The third highest allocation was to Calypso Global Investment Fund who was allotted 57,47,036 equity shares or 14.21% of the shares.

The issue was subscribed 2.79 times by QIB’s, 1.93 times by HNI’s, 2.85 times by Retail and 3.78 times by Employees. There were 5.94 lac applications and on basis of lots, the retail portion was subscribed 2.17 times. Considering that this issue at Rs 1,175 crs was almost double in size compared with the other issues in the market currently, the number of applications received in this issue were substantially lower.

There were no institutional trades reported either on the buy side or the sell side on this counter. Considering the size of the issue of over 1350 lac shares, one would have expected some institutional activity to happen. With poor volume, one could expect the share to be under some pressure in the coming days until a fair amount of shares change hands.

All in all, it was a poor listing and it probably matches with the sector not being in favour and the issue being overpriced.

Barbeque Nation Hospitality Limited which had tapped the capital markets with its fresh issue of Rs 180 crs and an offer for sale of 54.57 lac shares was subscribed 5.97 times. QIB portion was subscribed 5.11 times, HNI portion was subscribed 3.10 times, Retail portion was subscribed 13.13 times and Employee quota saw no subscriptions. There were 2.98 la applications and on basis of lots the retail issue was subscribed 9.94 times.

Earlier the company had completed allocation to anchor investors. The price band is Rs 498-500. The company allotted 40,57,861 equity shares to 15 anchor investors comprising of 21 entities.

Each investor was given 2,70,510 equity shares or 6.67% of the anchor allocation. The anchor investors consisted of 7 foreign portfolio investors, 5 mutual funds, 2 Alternative investment Funds and 1 Life insurance company.

The issue was open from Wednesday the 24th of March and closed on Friday the 26th of March.

Full details of subscription are given below: –