Shares of MEP Infrastructure Developers Limited listed on the bourses yesterday amid a day of carnage in the markets. The benchmark indices recorded losses in excess of % on the day on account of concerns of MAT. In such a situation one could say with volumes of half the issue size on day one, the company has managed to hold on and survive what could otherwise have become a disaster.
From data of bulk deal from the exchanges there is one seller in the form of Credit Suisse who sold 16.60 lakh shares at an average price of Rs 62.71. This is more or less at cost and could be termed as an exit at virtually the issue price.
| Exchange |
Open |
High |
Low |
Close |
Net Change |
% Gain/loss |
Wt. Avg |
Volume |
Delivery |
Del %age |
| BSE |
63.50 |
63.50 |
55.45 |
60.95 |
-2.05 |
-3.25 |
60.47 |
8949853 |
3777518 |
42.21 |
| NSE |
65.00 |
65.00 |
52.80 |
58.40 |
-4.60 |
-7.30 |
60.15 |
17012497 |
4818054 |
28.32 |
| Total |
|
|
|
|
|
|
|
25962350 |
8595572 |
33.11 |
The traded volume shows that 259.62 lac shares were traded on the BSE and NSE combined which is effectively half the issue size of approximately 5.11 cr shares. The delivery as a percentage of traded quantity was 33.11% and the shares delivered to the issue size is roughly 16.82%.
The timing of the listing day could not have been worse and probably if the share survives any major damage from here in the next couple of days, there could be some revival in price with the rest of the market which is poised to gain after being in extremely oversold zones.
The closing price on the BSE was Rs60.95, a loss of Rs 2.05 or 3.25% while on the NSE it was Rs 58.40, a loss of Rs 4.60 or 7.30%. The interesting part is the weighted average which was at Rs 60.47 on the BSE and Rs 60.15 on the NSE. The huge difference in price between the BSE and NSE is the sharp fall on the NSE in the last 45 minutes of trade when the price fell from Rs 61.30 to Rs 57 before the weighted average adjusted price came to Rs 58.40. On the BSE there was a similar fall but some short covering and comparatively lower volumes saw the closing price at a higher Rs 60.95.
In conclusion oner more IPO, and one more listing with anet result of things could have been worse.
