| Name | Date of listing | Issue Price | closing price | closing price | % gain loss | change over |
| 24th Dec | 16th Dec | over week | lssue price | |||
| Power Grid (FPO) | 25th Nov | 90.00 | 97.70 | 96.05 | 1.72 | 8.56 |
| R.P.P. Infra Projects | 6th Dec | 75.00 | 58.30 | 59.80 | -2.51 | -22.27 |
| MOIL | 15th Dec | 375.00 | 448.75 | 461.95 | -2.86 | 19.67 |
| SCI FPO | 15th Dec | 140.00 | 132.45 | 133.65 | -0.90 | -5.39 |
| Claris Lifesciences | 20th Dec | 228.00 | 218.65 | NA | -4.10 | -4.10 |
| A2Z Maint. & Engg | 23rd Dec | 400.00 | 333.00 | N A | -16.75 | -16.75 |
Performance of Newly Listed Shares 24th December 2010
December 25th, 2010
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A2Z Maintenance & Engineering Services IPO: Loses over 17.5% on day one
December 24th, 2010
Comments Off on A2Z Maintenance & Engineering Services IPO: Loses over 17.5% on day one
Shares of A2Z Maintenance & Engineering Services Limited, listed on the BSE and NSE yesterday. The share listed at Rs 398 on the BSE and Rs 500 on the NSE. The high was Rs 398.90 on the BSE and the open of Rs 500 on the NSE. The low was Rs 318.65 on the BSE and Rs 318.60 on the NSE respectively. The share crashed in the first hour of trading itself and then staged a recovery but was unable to hold on to the same.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 398.00 | 398.90 | 318.65 | 328.90 | -71.10 | -17.78 | 344.84 | 21416822 | 2389224 | 11.16 |
| NSE | 500.00 | 500.00 | 318.60 | 328.55 | -71.45 | -17.86 | 343.98 | 30723793 | 3522105 | 11.46 |
| Total | 52140615 | 5911329 | 11.34 |
The issue was not very well received and was subscribed 0.97 times. It received bids for a total of 176.154 lac shares against the offer of 181.93 lac shares. These numbers are of course after the consideration of allotment of 31.37 lakh shares to anchor investors. The final number of shares allotted including anchor investors was 1,94,07,750 shares.
The traded volume was 521.40 lac shares or 2.68 times the IPO size. The delivery volume was 59.11 lac shares and the delivery percentage of traded volume was 11.34% while percentage to IPO size was 30.45%. The weighted average was between Rs 344-345, a loss of Rs 55 or 13.75%. The share closed at Rs 328.90, a loss of Rs 71.10 or 17.78%.
In delivery data one found some very unusual things happening. The promoter of the company Mr Amit Mittal was a buyer of 8.95 lac shares on the BSE and 9.8 lac shares on the NSE. Similarly Mr Rakesh Jhunjhunwala who is an investor and was a selling shareholder in the issue has bought 5 lac shares each on the BSE and NSE while a further 3.75 lac shares have been bought by his family member. In all a staggering sum of 32.5 lac shares have been bought by the promoter and the Private Equity investor. There was only one seller reported in the bulk trade and that was one firm namely Bengal Finance & Investment Pvt Ltd which sold a total of 21,64,422 shares.
I am not sure whether any laws get violated or any provisions of the takeover code are triggered, but it sure is setting some ugly precedents in the market place. A selling shareholder buying shares on day one of listing sends some wrong signals to the investors and is setting up wrong precedents.
The share may hold steady today but there needs to be a lot done in terms of delivery for investor confidence to be restored.
A2Z Maintenance Services IPO: Listing is a disaster
December 23rd, 2010
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Share down over 19%
A2Z Maintenance Services Limited had launched its IPO with afresh issue of Rs 675 crs and an offer for sale of 45.56 lac shares in a price band of Rs 400-410. The issue was open between the 8th to the 10th of December. The company had allotted shares to anchor investors at the lower end of the price band. The response to the issue was lukewarm and the issue just about got subscribed.
The share listed on the BSE and NSE today. The opening price as per the exchange terminal on the BSE was Rs 390 and Rs 500 on the NSE. The high on the BSE was Rs 398.90 and the open of Rs 500 on the NSE was the high. Within the first 90 minutes of trade the low was Rs 318.65 on the BSE and Rs 318.60 on the NSE.
| Exchange | Open | High | Low | Close | Net Change | % gain | Volume | Wt Avg |
| BSE | 390.00 | 398.90 | 318.65 | 323.35 | -76.65 | -19.16 | 8219378 | 354.88 |
| NSE | 500.00 | 500.00 | 318.60 | 322.65 | -77.35 | -19.34 | 11001483 | 355.50 |
| Total | 19220861 |
The share is under terrific pressure from the time that trading began. Very clearly this is a thumbs down from the investing public and they have not liked the issue overall. Its weakness could be a combination of factors such as business model, financial performance and the issue price. It is an acceptance that the issue was hyped as a high profile issue and it has failed to deliver.
The share is trading at Rs 323 which is down Rs 77 or over 19% from the issue price. The traded volume is huge at 192.20 lacs. The final issue size is not known as of now but the fresh issue component is 208.06 lacs. The weighted average of the day’s trade so far is around Rs 355 indicative of the selling pressure on the stock.
It would be interesting to see what happens at the end of the day and whether there is any speculative buying or short covering which happens.
