The last listing for the year 2010 was held at the BSE yesterday when shares of Punjab & Sind Bank were listed. This is also the last of the PSU banks to get listed and there is no unlisted PSU bank left.
The listing price on the BSE was Rs 146.10 while it was Rs 144 on the NSE. The high was Rs 149.70 on the BSE and Rs 146.70 on the NSE. The low was Rs 126.20 on the BSE and NSE and was made in the last few minutes of trade, indicating selling pressure.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 146.10 | 149.70 | 126.20 | 127.05 | 7.05 | 5.88 | 131.23 | 25432253 | 3907789 | 15.37 |
| NSE | 144.00 | 146.70 | 126.20 | 127.15 | 7.15 | 5.96 | 131.09 | 56675232 | 15375904 | 27.13 |
| Total | 82107485 | 19283693 | 23.49 |
The issue was for 4 cr shares and was subscribed over 50 times. HNI portion was subscribed over 85 times while the retail portion was subscribed close to 45 times. Allotment in the retail category was by lottery and all successful applicants received 50 shares each. In the case of leveraged HNI the cost of funding was Rs 34 which meant he was losing money first thing in the morning. The selling pressure seen in the last hour appears to be brought about by them and this could last for some more days.
The share saw volumes of 821.07 lacs which is 2.05 times the IPO size of 4 cr shares. The weighted average of the day was a shade over Rs 131 while the closing price was Rs 127.05 on the BSE and Rs 127.15 on the NSE. If one were to consider the delivery figures they were 192.83 lac shares which are 23.49% of the total traded volume and 48% of the IPO size.
In institutional activity Goldman Sachs bought 1436435 shares, while Hammon Asset Management bought 1200000 shares. Besides these two trades there were none that appeared either on the BSE or the NSE.
Retail investors who have sold at the weighted average have made a profit of Rs 11 which with the discount of Rs 6 to retail applicants means a total of 850 per successful applicant. The return is below expectation and has certainly dampened the spirit post Coal India.
As a matter of fact the case of leveraged HNI is even worse as this is the third successive issue from the PSU stable where he has lost money, the other two issues being SCI and MOIL.
The net gains in Punjab & Sind Bank were Rs 7 to 7.15 and the percentage gain was a mere 6%, certainly below expectations. The share could be under pressure going forward.
