Shares of Home First Finance Limited listed on the bourses and had a great start debuting at Rs 612.15 on BSE against an issue price of Rs 518. The high on BSE was Rs 639.50, low Rs 521.65 and the close Rs 527.40. The gain was Rs 9.40 or 1.81%. On NSE the discovered price was Rs 618.80, high Rs 640.00, low Rs 522 and close Rs 527.55. The gain was Rs 9.55 or 1.84%.

Home First Finance Limited had tapped the capital markets with its fresh issue of Rs 265 crs and an offer for sale of 171.56 lac shares, was oversubscribed 26.71 times. The issue was in a price band of Rs 517-518 and was open from Thursday the 21st of January to Monday the 25th of January.

Earlier the company had allotted 66,81,766 equity shares to 23 anchor investors comprising of 51 entities. The highest allocation of 6,37,056 equity shares was made to 2 entities of Nomura. This was 9.54% of the anchor allocation. This was followed by an identical allocation of 5,40,540 shares or 8.09% to ICICI Prudential, Birla MF and Nippon India. This was followed by 4,82,608 shares or 7.22% to Fidelity.

The QIB portion was subscribed 52.63 times, HNI portion was subscribed 39.08 times while Retail portion was subscribed 6.60 times. There were 15.12 lac applications and on the basis of lots, the Retail portion was subscribed 5.43 times. Average lot size subscribed was 1.2 lots.

The volume at the discovered price was 1,18,146 on BSE and 24,42,406 on NSE. The traded volume on the two exchanges combined was 265.58 lac shares which was 1.19 times the IPO size of 222.72 lac shares and 1.70 times the non-anchor portion of 155.90 lac shares. Delivery volume was 103.06 lac shares which was 38.81% of the traded volume and 66.11% of non-anchor portion. The weighted average of the day’s trade was 588.97 on BSE and Rs 589.34 on NSE. The sharp fall in prices in the last half hour of trade indicates that in all probability HNI’s were sellers and that led to the difference between weighted average and closing price. There were no institutional trades on either BSE or NSE which indicates that QIB’s did not participate in either selling or buying on day one.

Indigo Paints Limited which listed on the bourses yesterday saw the share make spectacular gains. The company had issued shares at Rs 1,490 and after seeing a price discovery of Rs 2,607.50, they closed at Rs 3,118.65, a gain of Rs 1,628.65 or 109.31%.

The issue was open from Wednesday the 20th of January and closed on Friday the 22nd of January. The issue consisted of a fresh issue of Rs 300 crs and an offer for sale of 58.40 lac shares in a price band of Rs 1,490-1,500. The issue received excellent response and was subscribed 117.02 times with QIB portion subscribed 189.57 times, HNI portion subscribed 263.05 times and Retail portion subscribed 15.93 times. There were over 30.21 lac applications received which is a record by itself.

Earlier the company had allotted 23,35,020 equity shares to 25 anchor investors comprising of 35 entities. The highest allocation was made to Smallcap World Fund who was allotted 2,67,940 equity shares or 11.5% of the anchor portion. The list of allotments includes domestic funds and FPI’s.

The share at price discovery saw a volume of 59,502 on the BSE and 11,94,278 on NSE. The high of the day was Rs 3,129 on BSE while the low was Rs 2,428.20. The close was Rs 3,118.65, a gain of Rs 1,628.65 or 109.31%. On NSE, the open was the same at Rs 2,607.50 while the high was Rs 3,129. The low was Rs 2,436.05 while the close was Rs 3,117.15, a gain of Rs 1,627.15 or 109.20%. The traded volume was 136.87 lac shares which was 1.74 times the IPO size of 78.53 lac shares and 2.48 times the non-anchor portion of 55.18 lac shares. The delivery volume was 59.22 lac shares which was 43.27% of the traded volume and 107.32% of the non-anchor portion. On first count this would make people believe that punters have gone short on the counter. The reality may not be entirely correct as the company had during the course of its journey to the capital markets issued 4.55 lac shares to employees. This may explain the shortfall.

The weighted average of the days trade was Rs 2,714.01 on BSE and Rs 2,684.34 on NSE. There is a substantial difference between the weighted average and closing price, indicating that bulls had the upper hand.

There were five institutional trades reported on the NSE, four of which were on the buy side while one was on the sell side. The buyers were India Acorn ICAV who bought 5,38,135 shares at Rs 2,719.79, Nomura India who bought 5,30,868 shares at Rs 2,601.54, Abu Dhabi Investment Authority who bought 6,41,953 shares at Rs 2,730.29 and Al Mehwar Commercial Investments LLC who bought 4,13,846 shares at Rs 2,774.47. On the sell side, Edelweiss Finance sold 3,50,431 shares at Rs 2,613. This effectively meant that net total of 17.74 lac shares was acquired on day one.

The performance of the share on listing day is more than creditable. Whether such gains can be sustained going forward or not is highly debatable. As for today, it appears that Mr Cool M S Dhoni the brand ambassador for Indigo Paints has won the match in the slog overs.

Brookfield India Real Estate Trust which is tapping the capital markets with its initial public offering of Rs 3,800 crs, completed allocation to anchor investors. The company allotted 6,21,80,800 units to 33 anchor investors comprising of 39 entities. The issue is priced in a band of Rs 274-275. The public issue opens on Wednesday the 3rd of February and closes on Friday the 5th of February.

The highest allocation of 1,27,63,600 units or 20.5% has been made to 2 entities of HDFC. This is followed by SBI Life who has been allotted 83,63,600 units or 13.5% of the anchor portion. The third highest is to TATA AIG who has been allotted 61,81,800 units or 9.9%. This effectively means that the top three anchor investors which incidentally happen to be all domestic, have been allotted 43.9% of the total anchor book.

One always thought that with India and the real estate market in particular being so hot and sought after, Brookfield with its international expertise and dominance in the REIT market globally, would bring pedigreed investors through this REIT to India. It appears all those thoughts are belied and that is the reason that though a REIT is allowed allotment to Strategic Investors which come with a lock in of six months, they chose not to do so. The overall allotment to FPI’s is just about a third while it is slightly more than 2/3rd to domestic institutions.

The full details of anchor investors and their allotment is given below: –