Shares of Rail Vikas Nigam Limited or RVNL listed on the bourses yesterday. The company had tapped the capital markets through an offer for sale of 25,34,57,280 equity shares in a price band of Rs 17-19. There was a discount of Rs 0.50 for retail investors and eligible employees. The issue was open from Friday the 29th of March and closed on Wednesday the 3rd of April.

The issue was subscribed 1.83 times overall. The QIB portion was subscribed 1.36 times. HNI portion undersubscribed at 0.80 times, Retail portion subscribed 2.12 times and Employee portion subscribed 2.12 times. There were 2,19,380 application forms and on the basis of forms the retail portion was subscribed 1.93 rimes.

The discovered price on both the exchanges was Rs 19.00. The high was Rs 19.05 on the BSE while the low was Rs 18.60. On the NSE the high was Rs 19.80 while the low was Rs 18.65. The close on both the exchanges was Rs 19.05, a gain of Rs 0.05 or 0.26%.

The traded volume on the two exchanges combined was 10.02 cr shares which was 38.95% of the IPO size of 25.34 cr shares. Delivery volume was 3.90 cr shares which was 38.96% of traded volume and 15.42% of the issue size. The traded volumes and delivery volumes were healthy. The only thing negative was that the traded range was quite poor, a mere Rs 1.15 and yet we saw such huge volumes.

This could probably because the share price point at Rs 19 makes it a tempting price to trade. Well first day, nothing significant has happened and a little over a sixth of the issue sized has changed hands. We need to track this counter for a week before forming any views.

Polycab India Limited which had tapped the capital markets with its offer for sale of 1,75,82,000 equity shares and a fresh issue of Rs 400 crs in a price band of Rs 533-538 received overwhelming support. The issue was subscribed over 52 times.

The company had earlier allotted 74,54,119 equity shares at Rs 538 to 20 Anchor investors comprising of 25 entities.

The QIB portion was subscribed 93.09 times, HNI portion was subscribed 110.74 times, Retail portion was subscribed 4.66 times and Employee quota was subscribed 3.20 times. The overall issue was subscribed 52.16 times. There were 12,24,608 application forms making the retail portion subscribed 3.8 times on basis of forms.

The cost of interest has varied from 7% to 8% for this issue. Taking an average of 7.5% for 7 days, the same works out to Rs 85-86 Rs per share. This effectively means that the share must list and trade at a price of Rs 624 and higher for a breakeven to be achieved by the leveraged HNI.

Full details of the subscription are given below: –