There were 70 IPO’s which included India’s first IDR issue from standard Chartered Bank, 6 FPO’s and 63 IPO’s. The table below gives a detailed picture of the performance of these issues. The details are in basically two segments where in the first segment the high, low, close and percent change in the listing week or first five days trade is given. In the second segment the high and low for the whole year and the close is given. The absolute change in Rs and the percent change are also given. In the middle there is an interesting column which talks of the percentage fall from high. This column captures the difference in percentage terms from the high to the close divided by the issue price as a percentage.
Heroes & Zeroes Table
Coming to the Heroes of 2010, clearly the Hero was Jubilant Food works Limited which is the master franchisee of the pizza maker Dominoes in India, Sri Lanka and Nepal. The share which was issued at 145 has appreciated 330% to close at Rs 624.60.
The second hero was a little known Jewellery Company, Thangamayil Jewellery from down South headquartered in Madurai. This company had issued shares at Rs 75 which has appreciated to Rs 166.95, a gain of 122.6%. It becomes all the more creditable with two other jewellery players doing badly. Shree Ganesh Jewellery House from Kolkata which had issued shares at Rs 260 is down 23.94% at Rs 197.75 while Mumbai based Goenka Diamonds with an issue price of Rs 135, trading at Rs 76, down 43%.
The third hero was gymnasium services provider Talwalkar which issued shares at Rs 128 and have appreciated to Rs 269.85, up 110.82%.
Our hero numbers four and five are Gravita India which is up 102.68% and integrated textile player Mandhana Industries which is up 101.69%.
Coming to the zeroes of 2010, the pride of place is held by Aster Silicates which had issued shares at Rs 118. Within the first week of trade the high for the share was Rs 255.95 and the close at the end of the week was Rs 121.95. The low of the share for the year was Rs 29.50 and the close for the year Rs 36.30, a loss of 69.24%.
The second on the list is Tirupati Inks which issued shares at Rs 43 and within the first week itself the price had halved to Rs 25.15. The low for the share was Rs 10.90 and the share has closed at Rs 13.45, a net loss of 68.72%.
The third on the list is Emmbi Polyarns which against the issue price of Rs 45 lost 62.33% to close at Rs 16.95.
The other notable losers were CEBBCO and DB Realty.
A couple of high profile stocks were casualties this year. This included the like of SKS Microfinance which issued shares at Rs 985 and made a high of Rs 1490.70, and a low of Rs 559. The stock has lost close to Rs 930 from the high to the low. The entire fall has happened in a span of three months and one of the book running lead mangers even downgraded the stock to a sell with a price target of Rs 600. At the end of the year one of the expected high flyers of the year closed at Rs 643.85, down 34.63%.
Yet another high profile issue was the recent issue from A2Z Maintenance Services Limited. This was very well promoted and coming from the stable of India’s Warren Buffet was expected to be a money spinner for all concerned. The share was issued at Rs 400 and even a great buying support on day one of over 35.62 lacs or 4.8% of the company’s equity post IPO by the promoter and the key investor was not enough to save the share from slipping 19% to close at Rs 323.
A quick summary of the 70 shares performance could be presented in the following manner.
1 share gains 330%
4 shares gain more than 100% but less than 125%
2 shares gain more than 75% but less than 100%
5 shares gain more than 25% but less than 50%
9 shares gain more than 10% but less than 25%
6 shares gain more than 5% but less than 10%
3 shares lost less than 5%
6 shares lost more than 5% but less than 10%
12 shares lost more than 10% but less than 25%
13 shares lost more than 25% but less than 50%
9 shares lost more than 50% but less than 75%
In all there were 27 shares that gained while 43 shares that lost. Clearly it has not been a good year as a whole for investors in the primary market and one expects that looking at this performance, promoters and merchant bankers will bring about better valuations going forward.
Let’s hope that the year 2011 where there is a very healthy pipeline of IPO’s planned has a better performance and more rewarding for investors. Investor returns is a key to the health of the market.
Wishing all readers a healthy and prosperous New Year 2011.
