Shares of Inox Wind Energy Limited listed on the BSE and NSE and were off to a flying start with the share gaining over 34% on day one. The share witnessed huge volumes with a combined turnover of 485.76 lac shares against a total issue of 326.26 lac shares. This meant that the share saw trading of almost 1.5 times the IPO size.

The company had tapped the capital markets with its IPO for Rs 700 crs and an offer for sale of 1 cr shares in price band of Rs 715-725. The issue was priced at the top end of the band and 94.25 lac shares were allotted to anchor investors. The total delivery for the day was a staggering 159.88 lac shares or 32.91% of the traded shares. IF one were to look at it yet another way of the shares offered in the IPO minus the anchor investor allocation which comes with a lock in the percentage of shares delivered is a staggering 68.91%. Who bought and who sold is the question.

Data from the exchange shows no names of sellers while two names for 13 lacs and 12.39 lacs are available for purchase. The first is Reliance mutual fund which bought 13 lac shares at Rs 410.29 while R G Capital bought 12.39 lac shares at Rs 429.88. The total shares which have been sold and no names available makes the maths very interesting and price movement going ahead would provide an insight into who bought or sold.

The fact that investors who applied and sold have made anywhere between 30-35% and an additional Rs 15 as discount in the case of retail investors. It’s a great listing where all have participated in prosperity and this should be a case study for future IPO’s for their promoters and merchant bankers. Decent valuation ensures success of the issue and good vibes for the issue, promoter and the market.

Let’s hope future issues are reasonably priced and not over agressivley.