Mrs Bectors Food Specialities Limited which had tapped the markets with its simultaneous offer, had a spectacular debut at the bourses and gained 106.79%. The company had issued shares at Rs 288 and they closed at Rs 595.55 on BSE.

The issue consisted of a fresh issue of Rs 40.5 crs and an offer for sale of Rs 500 crs. The issue was open from Tuesday the 15th of December and closed on Thursday the 17th of December. The issue was very well received and was subscribed 199.41 times overall with QIB portion subscribed 178.08 times, HNI portion 625.20 times, Retail portion 29.53 times and Employee portion 45.80 times. There were 25.82 lac applications in the issue.

Earlier the company had allotted 56,25,415 equity shares to 15 Anchor investors consisting of 31 entities. An identical 4,75,500 equity shares or 8.5% were allotted to 7 entities which included names like Franklin India, SBI Mutual Fund, Nomura, Goldman Sachs and Nippon India.

The discovered price on BSE was Rs 500 while it was Rs 501 on NSE. The traded volume at the discovered price was 1,53,304 shares at BSE and 28,18,219 shares on NSE. The high of the day was Rs 601.20 and low was Rs 500 on BSE. The weighted average of the day was Rs 577.81. The close was Rs 595.55, a gain of Rs 307.55 or 106.79%.

On NSE, the high of the day was Rs 600 and the low was Rs 500. The close was Rs 594.20, a gain of Rs 306.20 or 106.32%. The traded volume of the two exchanges combined was 408.48 lacs which was 2.18 times the IPO size and 3.11 times the non-anchor portion of 131.41 lac shares. Shares marked for delivery were at 115.99 lac shares which was 28.40% of the traded quantity. It was 61.81% of the IPO size and 88.28% of the non-anchor portion. There was just one name on the institutional side which was reported. Algorismus Advisors LLP bought 2.5 lac shares at the discovered price on a net basis.

The cost of funding for the leveraged HNI was in the region of Rs 212-217. Gains at the closing price were in excess of Rs 300. Even if one were to consider the weighted average, the gains were in the region of Rs 285-290. Clearly this would be yet another issue which has delivered stellar returns on day one for investors.

Going forward, the moot question would be on valuations. The company is now not only expensive but commands valuations which cannot be justified when compared to its peers. Further there would be issues with growth in this company and hence profits. One would have to watch the performance of this company to see what further steam if any, this company has.

The primary and secondary offering from Antony Waste Handling Cell Limited was subscribed 15.04 times. The company had tapped the markets with its fresh issue for Rs 85 crs and an offer for sale of 68,24,933 shares in a price band of Rs 313-315. The issue was open from 21st December to 23rd December. The price band of the issue was Rs 313-315.

Earlier the company had allotted 28,57,003 equity shares to 4 anchor investors comprising of 10 entities. The highest allocation was made to Massachusetts Institute of Technology who was allotted 12,69,564 shares or 44.44% of the anchor book. This was followed by an allocation of 11,11,139 shares or 38.89% to SBI mutual fund under six different schemes.

The issue saw the QIB portion subscribed 9.67 times, HNI portion 18.69 times and Retail portion was subscribed 16.55 times. There were 9.55 lac applications and on the basis of forms the retail portion was subscribed 13.47 times.

The grey market premium fluctuated very wildly in the share and it ranged from under 10% of the issue price to as high as 60%. With this kind of volatility, there was no HNI funding in this issue. This resulted in significantly lower subscription by HNI’s as this has been done by their own funds and not leverage.

Full details of the subscription category wise is given below: –