Timbor Home Limited had a stellar debut at the bourses yesterday. The share listed at Rs 72 on both the BSE and NSE The high of the day was Rs 94.50 on the BSE and Rs 99 on the NSE. The open of Rs 72 was the low on both the BSE and the NSE. The share closed at Rs 91.20, a gain of Rs 28.20 or 44.76% on the BSE. The closing on the NSE was Rs 91.55, a gain of Rs 28.55 or 45.32%.
The company had issued shares in a price band of Rs 54-63 and the issue was overall subscribed 5.78 times. The retail portion did extremely well with the portion subscribed 14.22 times. The company is into the business of manufacturing and marketing modular kitchens.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume | Delivery | Del %age |
| BSE | 72.00 | 94.50 | 72.00 | 91.20 | 28.20 | 44.76 | 83.94 | 35433351 | 1505659 | 4.25 |
| NSE | 72.00 | 99.00 | 72.00 | 91.55 | 28.55 | 45.32 | 84.07 | 43714948 | 1789353 | 4.09 |
| Total | 79148299 | 3295012 | 4.16 |
The combined traded volume on the two exchanges was 791.48 lac shares which was 21.45 times the IPO size of 36.90 lac shares. The delivery volume was 32.95 lac shares or 4.16% of the traded volume and a staggering 89.30% of the IPO size. There appears to be some crazy interest built up into the share during the day’s trade and one is not sure about the reason for the same.
One financial television channel kept on flashing throughout the day that there were two block deals that were done on the counter and the size of the deal was 10 lac shares each. The source of the information certainly turned out incorrect and more importantly this assumption was wrong in the first place simply because the total issue was for 36.90 lac shares. The issue was oversubscribed in the HNI and retail category. The QIB portion was undersubscribed and all other shares other than the IPO issue were under compulsory lock-in. Very clearly the channel did not use logic to understand that what was being flashed is not possible even theoretically and they should have used caution before adding fuel to fire on listing day.
If one looks at the price chart one finds that the share after opening remained fairly steady in a broad band of Rs 77-83 right upto 11.15 am. The share took a sharp dip at that time and fell to Rs 74 and thereafter it has been a steady climb right through the day. The share closed virtually at the day’s high and had a great start to its innings at the bourses.
Retail investors have made good money in the share with the weighted average of the share being Rs 83.94 on the BSE and Rs 84.07 on the NSE. This clearly shows that all investors who have exited have made decent money and returns. The share closed with gains of about 45%.
On the buying side data and information available on the websites of the exchanges shows that there is one entity namely Albula Investment Fund Limited which has bought 1.5 lac shares on the NSE at an average price of Rs 91.80 while another fund Credo India Thematic Fund Limited has sold 91,688 shares at Rs 80.15. This data shows that there is no block deal either on the buy side or the sell side. One hopes that the regulators whether they are the exchanges or SEBI look into such issues as it is observed that many of these channels in their aim of being number one make statements or say incorrect things and misguide people.
